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From: The Chronicle of Philanthropy
Subject: George Soros’s Open Society Refocuses to Fight Authoritarianism Globally
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Foundation LeadershipThe transition will lead to cuts in grant-making programs that focus on scholarship, migration, and the future of work. It will also involve elimination of 200 jobs at Open Society.
Nonprofit News From Elsewhere
The Biden administration’s proposed tax hikes would give the wealthy more incentive to make charitable donations, a Biden aide told nonprofit leaders last week. Biden’s plan would nearly double the capital-gains tax rate for those who earn more than $1 million annually and would likely send those taxpayers looking for more deductions. The aide’s admission was implicit acknowledgment that the wealthy will look for ways around the tax hike. Some organizations are already pointing out to potential donors the increased value of gifts under the proposal, and one scholar said the enhanced tax break could give wealthy donors an excuse to give more to charities and leave less for their heirs. (New York Times)
Bill Gates’s objections to lifting patent protections for Covid vaccines raise questions about his foundation’s hold on intellectual property and the resulting implications for global public health. For example, the Bill & Melinda Gates Foundation owns a stake in a company that has agreed to supply 405 million doses of a Covid vaccine it is developing for the European Commission, “a deal that seems to raise new questions about Gates’s role in perpetuating vaccine apartheid,” given the relative scarcity of the vaccines in poorer countries. The foundation has said in the past that it uses its stakes in companies and intellectual property protections to channel innovation into solving public health issues in the developing world, but critics say these arrangements highlight the built-in conflict of interest among Bill Gates’s roles as philanthropist, businessman, investor, lobbyist, and adviser to policymakers. (Nation)
- The Gates Divorce Is About More Than a Marriage (Atlantic)
- Chicago Suburb Set to Pay Reparations, but Not All Are on Board (Associated Press)
- Millennial Philanthropy May Forever Change Finance (Financial Times — subscription)
- Judge Blasts San Antonio-Based Nonprofits as ‘Dangerous, Unsafe’ for Foster Children (San Antonio Express-News)
- Covid and George Floyd Spur $250 Million Joyce Foundation Pledge (Crain’s Chicago Business)
Arts and Culture
Coronavirus ReliefThe catastrophic wave of Covid-19 in India has prompted donors to send millions of dollars to the country, which Tuesday crossed the grim mark of more than 20 million cases of the killer disease.
Philanthropy TodayPlus, Rockefeller heirs launch a campaign to block oil and gas development, and a global response to gender inequality is needed as women and girls lose ground in the pandemic (opinion)
New Report Says Charities Lost $300 Billion in 5 Years in Part Because Donors Stashed Money in Advised FundsNew research from a critic of donor-advised funds is based on tax records that show just how much charities received over five years.
OpinionInstitutional investors have forced corporate boards to change. Now it’s time for wealthy trustees to take the same approach at the biggest and most powerful institutions.
Individual GivingAfter putting in $30 million of their own into the fund, the Rockefeller descendants want to raise $100 million to cut off the supply of fossil fuels by supporting legal challenges and protest activities.