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Nonprofit News From Elsewhere
‘Insider giving’ — donations of stock from large shareholders that happen just before the stock drops in value — is widespread and underregulated, according to a new study. Looking at nearly 10,000 gifts of common stock from 1986 to 2020, researchers found the donated stocks rose by 6 percent on average the year before the gift and fell by an average of 4 percent the year after. The pattern suggests “more than chance,” one researcher said. Instead, it points to “the sharing of material nonpublic information by corporate executives.” Given that the gifts are tax deductible, donors end up with a significant deduction for a “trivial gift.” (Wall Street Journal — subscription)
One father’s quest for a cure for his son’s Type 1 diabetes has led to a $160 million research fund fed by philanthropy and fat investment returns. Sean Doherty began the nonprofit T1D investment fund four years ago, drawing on his experience working for Bain Capital and a rather deep-pocketed network. The minimum donation is $500,000 and returns — so far, $50 million — are plowed back into the fund. Doherty said he wanted to absorb the risk that drug companies are reluctant to take and to get the market to pay attention to the often-overlooked disease. One promising avenue of investment has been stem-cell research, while efforts to create new companies out of early lab work have not panned out. (New York Times)
The Ford and Andrew W. Mellon foundations are giving $5 million directly to Latino artists, a group that typically receives little philanthropy. The Latinx Artist Fellowship will kick off with $50,000 grants to 15 artists, to be parceled out over the next five years. During that same period, administrators of the fund — the US Latinx Art Forum and the New York Foundation for the Arts — will split $3.75 million among 75 artists. Officials with the two funding foundations said Latino artists typically get a small piece of the modest philanthropy dollars that Latino causes in general attract. By one estimate, Latino arts and culture grants fell from $40.2 million in 2013 to $13.4 million in 2019. (New York Times)
More News
- Major League Baseball Announces 10-Year, $100 Million Commitment to the Players Alliance Social Justice Nonprofit (Washington Post)
- 3 Years After Tree of Life Massacre, Penn. Lawmakers Eliminate Nonprofit Security Funding (Jewish Telegraphic Agency)
- How a Nonprofit Leader Got HSBC to Swear Off Coal (Quartz)
Opinion
- A Governor Can Send the National Guard out of State. Can a Wealthy Donor? (Washington Post)
Nonprofits and Journalism
- 5 Pieces of Good News About the News (New York Times)
- Community Foundation Support for Journalism Is Increasing — but Still Has a Long Way to Go (Nieman Lab)
Arts and Culture
- 9/11 Museum’s 20th-Anniversary Exhibitions Become Victims of Cuts (New York Times)
- Patricia Marroquin Norby Is Bringing a Native Perspective to the Met (New York Times)
- SNAP Clients Get In Free to Art Museum of South Texas (101 Corpus Christi)
- An All-White Cast at WaterTower Theatre Has Sparked Outrage. After Last Summer, Critics Ask, ‘How?’ (Dallas Morning News)
