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February 17, 2017

Daily News Roundup: Bob Jones University Regains Charity Status

College in Landmark Discrimination Case Is Again Nonprofit: South Carolina's Bob Jones University, which lost its tax exemption after a landmark 1983 Supreme Court ruling on the Christian college's ban on interracial dating, has regained its charity designation 17 years after it renounced the discriminatory policy, The Greenville News reports.

British Construction Tycoon Makes $258 Million Stock Gift: Steve Morgan gave 42 million shares, or an 11 percent stake, in his construction company, Redrow PLC, to the Morgan Foundation in what the charity reputed to be the largest donation ever by a Briton, the Daily Mail writes.

Ohio College Students Call for Endowment to Drop Hedge Funds: Students at Wright State University in Dayton plan to protest the institution's investments Friday as an advocacy group called Hedge Clippers issues a report calling on 12 Ohio colleges to pull money from hedge funds, citing the funds' poor recent returns and a lack of transparency about where money invested in them goes, Bloomberg writes.

Wave of Bomb Scares Rattles Jewish Community Centers: CNN reports on growing unease among Jewish charities after 48 centers across the country received threatening phone calls last month, most in three waves on January 9, 18, and 31. Though no bombs have been found, some families have removed children from day care and preschool programs at targeted centers.

At Elite Colleges, Hard to Separate Charity From "Dirty Money": As Yale removes John Calhoun's name from a campus college due to the 19th-century politician's defense of slavery, Quartz looks at the dark backgrounds of the university's founding father and those of other Ivy League institutions to explore the modern moral issues of charity from "tainted" sources.

Former U. of Louisville Foundation Head Got $6 Million in Deferred Pay: The additional pay for James Ramsey, who resigned last year as the university's president and head of its nonprofit affiliate amid a financial scandal, was part of more than $19 million in deferred compensation the foundation paid or owes to university administrators, reports Louisville television station WDRB.

Spain's Princess Cristina Acquitted in Charity Fraud Case, but Spouse Guilty: The sister of King Felipe VI was found not guilty Friday of involvement in an alleged multimillion-dollar embezzlement from the Nóos Institute, a sports nonprofit headed by her husband, former Olympic athlete Iñaki Urdangarin, The New York Times reports. Mr. Urdangarin was convicted and sentenced to six-plus years in prison.