N.C. Community Foundation gets $20 million bequest
The North Carolina Community Foundation has received a $20 million bequest from a Wilmington philanthropist.
The gift from the estate of Louise Oriole Burevitch, who died in September 2014 at age 97, will support an endowment created at the Foundation in 2008 at her direction.
The Foundation expects by this summer to establish a grants committee to administer a grants program to support areas of interest Burevitch had identified.
Beth Boney Jenkins, who is vice president of development at the Foundation and worked for many years on philanthropic matters with Burevitch, says her charitable interests focused mainly on animal causes, education, and women and children.
Big gap found in local spending on N.C. schools
North Carolina’s 10 highest-spending counties spend $56,758 more per classroom, on average, than the 10 lowest-spending counties, a new study says.
In 2012-13, the real-estate “capacity” — local property-tax base — available per student in the 10 wealthiest counties averaged over $2 million, compared with only $339,146 in the 10 poorest counties, says the 2014 Local School Finance Study from the Public School Forum of North Carolina.
The gap has widened by over $1.2 million since the 1997 Leandro decision by the North Carolina Supreme Court that held all children living in North Carolina have a fundamental state constitutional right to the “opportunity to receive a sound basic education.”
The 10 highest-spending counties spend $2,855 per child, on average, compared to $672 per child in the 10 lowest-spending counties.
Orange County spent $4,145 per child, the most of any county, and roughly the same amount per child as the seven lowest-spending counties combined, and more than 10 times the total spent by Swain County, which spent $384 per child, the least of any county.
Wealthier counties “are able to spend more on schools while simultaneously making less taxing effort,” says the Public School Forum, which this year for the first time included charter-school enrollment in its annual study. “Because wealthier counties have more taxable resources, they can keep taxes low while still generating significant revenues.”
At the same time, counties with fewer taxable resources “need to make greater taxing effort to support their schools at comparable levels,” the Public School Forum says.
U.S. colleges, universities raise $37.45 billion
Charitable giving to U.S. colleges and universities grew 10.8 percent in 2014 to $37.45 billion, the highest rate of growth since 2000, when giving grew 13.7 percent, a new study says.
The total given was the biggest since 1957, when the Voluntary Support of Education survey, conducted by the Council for Aid to Education, was launched.
Gifts from alumni grew 9.4 percent, gifts from non-alumni grew 4.8 percent, and contributions from organizations grew by double-digit percentages.
Gifts for current operations grew 7.9 percent, and gifts for capital purposes grew 15.1 percent.
Harvard University raised $1.16 billion, the most of any school, and followed by Stanford University which raised $928 million, and the University of Southern California, which raised nearly $732 million.
The 20 schools that raised the most generated a total of $10.7 billion, or 28.6 percent of all gifts to higher-education institutions in the U.S.
Duke raises $437.4 million, most among N.C. colleges and universities
Duke University raised $437.4 million in 2014, the most of any college or university in North Carolina, says the Voluntary Support of Education survey conducted by the Council for Aid to Education.
Trailing Duke among the 12 North Carolina schools that raised the most were the University of North Carolina at Chapel Hill, $298.8 million; North Carolina State University, $117.5 million; Wake Forest University, $91.8 million; Davidson College, $45.9 million; East Carolina University, $18.7 million; Elon University, $16.5 million; UNC-Charlotte, $15.4 million; Queens University of Charlotte, $14.6 million; Appalachian State University, $14.5 million; Catawba College, $13.5 million; and UNC-Greensboro, $10.6 million.
Investment returns on education endowments grow
Investments returns for endowments at 832 U.S. colleges and universities with a total of $516 billion in investment assets averaged 15.5 percent, net of fees, in the fiscal year ended June 30, 2014, up from 11.7 percent a year earlier, a new study says.
Seventy-four percent of schools responding to the 2014 NACUBO-Commonfund Study of Endowments said they increased their spending from endowments to support student financial aid, faculty research and other activities, with a median increase of 9.3 percent.
Annual endowment funds accounted for 9.2 percent, on average, of schools’ total operating budgets, up from 8.8 percent a year earlier.
Domestic equities generated the highest return in fiscal 2014, 22.8 percent, net of fees, followed by international equities, 5.1 percent, and short-term securities, cash and other, 1.9 percent.
Returns for all five assets classes were higher in fiscal 2014 than a year earlier.
Financial outlook seen worsening
Eighteen percent of Americans said in a new survey they planned to give more in 2015, up from 13 percent in 2014.
Saying they plan to give more were 33 percent of African-Americans, and 28 percent of people who attend religious services more than once a week, says the 2015 Dunham+Company/Wilson Perkins Allen State of Philanthropy Study.
Conducted for Dunham+Company by Wilson Perkins Allen Opinion Research, the study is based on phone interviews with 1,015 adults.
Of the African-Americans who said they planned to give more this year, 50 percent make less than $35,000 a year, 49 percent attend religious services at least once a week and 45 percent live in the South.
Only 8 percent of Americans said they planned to give less this year compared to 24 percent in 2014.
Twenty-five percent said their personal financial situation improved in the last year, down from 35 percent who said that a year ago.
And 26 percent of households said their financial condition had worsened, up from just 19 percent a year ago.
Among those making less than $35,000 a year, 36 percent said their financial condition was worse, up from 26 percent a year ago.
Forty-five percent of those who make $100,000 or more a year said their financial situation had improved, down from 51 percent a year ago, and 43 percent said it had stayed the same.
Center on Wealth and Philanthropy closing
The Center on Wealth and Philanthropy at Boston College is shutting down, the Boston Globe reported.
Paul Schervish and John Havens, the two leaders of the Center, are retiring and not interested in continuing to raise the money needed to keep it open, the Globe reported.
Founded in 1970, the Center is known for a report that estimated $40 trillion in wealth would be transferred between generations over a period of 50 years, with at least $6 trillion of that going to charity.
Charitable giving reported to improve well-being
New research finds that donating to charity can improve a giver’s physical and emotional well-being, The Wall Street Journal reported.
The research by Baris K. Yoruk, an associate professor of economics at the University at Albany of the State University of New York and published in the Journal of Economic Psychology, also suggests a link between increases in charitable tax subsidies and improvements in the perceptions people have of their own health, the newspaper reported.
Reynolda House launches $5 million campaign
Reynolda House in Winston-Salem has kicked off a $5 million capital campaign that already has raised 83 percent of its goal, including a $1 million commitment from the Reynolds American Foundation.
The campaign, “Reynolda at 100,” is timed to end with centennial of the estate of tobacco magnate R.J. Reynolds and the 50th anniversary of the Museum, both in 2017.
The campaign is raising funds to help pay for a range of projects and endowment to support the museums.
Projects to be funded include capital improvements such as restoration and preservation of the landscape; updates to heating, ventilation and cooling systems; a catalog featuring new scholarship on the museum’s collection and new tools for sharing the Reynolda story throughout the estate using technology and signage; and a series of public events planned to celebrate the centennial.
The Museum’s campaign is part of Wake Will: The Campaign for Wake Forest, announced by Wake Forest University in 2013.
Reynolda House formally affiliated with the university in 2002.
Co-chairing the museum’s campaign are Dianne Blixt, president of the museum’s board of directors, and Tom Lambeth, former president of its board of directors and former executive director of the Z. Smith Reynolds Foundation.
Winston-Salem Hospice leader joins task force on Alzheimer’s
The Carolinas Center for Hospice and End of Life Care, an association representing over 100 hospice providers in the Carolinas, has been invited by the Task Force on Alzheimer’s Disease and Dementia of the North Carolina Institute of Medicine to participate in its year-long efforts to define a plan for managing Alzheimer’s disease in the state.
Linda Darden, president and CEO of Hospice & Palliative CareCenter in Winston-Salem, will represent The Carolinas Center for Hospice and End of Life Care on the task force.
The Institute is holding the Task Force in partnership with the Division on Aging and Adult Services of the state Department of Health and Human Services; AARP North Carolina; Alzheimer’s NC; the Alzheimer’s Association; and LeadingAge NC.
Lawson joins Museum of Life and Science
Jean Lawson, major gifts coordinator at Hospice of Wake County Foundation, has been named manager of development at the North Carolina Museum of Life and Science.
Meyer named special events manager at Stop Hunger Now
Jane Meyer, executive assistant at Stop Hunger Now in Raleigh, has been named special events manager.
Youth Villages North Carolina gets $860,000
Youth Villages North Carolina has received $860,000 from Phillips Foundation to support a program that provides access to transitional-living services for youth who age out of the foster-care, juvenile-justice and mental-health systems in Guilford County.
Financial Pathways gets $50,000
Financial Pathways of the Piedmont has received a two-year, $50,000 grant from the Z. Smith Reynolds Foundation to support a pilot a new effort by the Winston-Salem/Forsyth County Asset Building Coalition to improve the financial security and stability of local residents.
Old Salem gets $25,000
Old Salem has received a two-year, $25 ,000 grant from the Z. Smith Reynolds Foundation to support its capital campaign to restore the 1794 Boys’ School.
Habitat Greensboro names new board members
Habitat for Humanity of Greater Greensboro has named new members of its board of directors. They include Rob Arnett, M/A/R/C Research; Jim Compton, Davenport & Co.; Kellye Gordon, VF Corporation; John Hodgin, John Hodgin Construction; Sarah Hutchinson, CCCS of Greater Greensboro; Margaret Kantlehner, Elon School of Law; Ike Oglesby, Oglesby Realty; Gayle Rose, Girl Scouts Carolinas; and Jim Wilkie, Compass Financial Partners.
Davidson County Hospice offers volunteer training
Hospice of Davidson County has scheduled a training session for new volunteers. The sessions will be held February 17 through February 19 from 1 p.m. to 5:00 p.m. at the Administrative Building on the campus of Hospice of Davidson County at 200 Hospice Way in Lexington.
Event to benefit Pat’s Place
Pat’s Place Child Advocacy Center in Charlotte will hold its 2nd Annual Rhythm & Brews event at the Peninsula Club on March 28.
Our Towns Habitat to hold ReStore event
Our Towns Habitat for Humanity will hold its fifth annual ReStore ReStyle event on April 28 at its Mooresville ReStore at 121 Norman Station Blvd. in Mooresville.