January 11, 2015 |
Doane Academy, a small prep school in Burlington City, was "in pretty tired shape" when John McGee interviewed for the headmaster's job 15 years ago. "Everyone felt tired and discouraged," he told a news conference Friday. Enrollment across all 13 grades was only about 100, the aged brick buildings had grown unsafe, and "financially, we were really up against a wall. " But the threat of bankruptcy that once hovered over this quaint, 178-year-old campus has been banished, perhaps forever.
December 16, 2014 |
The board chair of the Curtis Institute of Music has pledged two new gifts to the school totaling $11.5 million. Baroness Nina von Maltzahn is making a $10 million gift to the endowment to establish the Nina von Maltzahn President's Chair, a post currently held by Roberto Díaz, plus $1.5 million to underwrite the Curtis on Tour program during the next three years. The endowment gift helps to continue Curtis' tuition-free practice, and the investment in the touring program extends its concerts in Europe, Asia, and South America and related student-recruitment and fund-raising there.
June 21, 2014 |
Few would argue that tobacco has any redeeming qualities, but is it a "moral evil"? That's the question members of the University of Pennsylvania's board of trustees likely will grapple with Friday when they consider a proposal to prohibit the investment of university endowment funds in tobacco products. The discussion follows an open letter signed by 530 senior Penn faculty members, urging divestment from tobacco companies, and a 17-page proposal authored by Penn professors and several others.
June 5, 2014 |
The property containing the Suzanne Roberts Theatre, the Center City home of the financially troubled Philadelphia Theatre Company, is up for sale at $7.5 million. TD Bank, which foreclosed on the company for failing to make mortgage payments, retained NAI Mertz of Mount Laurel to put the three-story property at Broad and Lombard Streets on the market just before Memorial Day, said John Adderly, an agent with the commercial real estate brokerage. A spokesman for the bank could not be reached for comment Tuesday night.
May 16, 2014 |
Philadelphia philanthropists Ralph and Suzanne Roberts may provide a gift that could resolve the Philadelphia Theatre Company's financial struggle, but first, they have asked for help in determining whether the company is viable. The Comcast Corp. founder and his wife have hired outgoing Kennedy Center president Michael M. Kaiser to examine the theater's finances and operations. He is expected to issue a report at the end of May to help guide their next step. "I think, in this case, Ralph and Suzanne want to do the right thing, but have significant financial concerns about the future of the company," said Kevin Feeley, their spokesman.
March 20, 2014 |
When St. Joe's students root for their basketball team, they chant, "The Hawk will never die. " That's helped get them to the first round of the NCAA tournament. Now if there were only a fight song for their school's financial health. The Catholic university that straddles the Philadelphia-Lower Merion line faces perhaps the most tumultuous test in its 163-year history. At stake: its academic mission. Hit by an $8.7 million shortfall, St. Joseph's is cutting positions, slashing budgets, and digging deeper into endowment earnings.
February 17, 2014 |
Seven years ago, Patricia Blakely was hired to make "most purposeful in the 21st century" a Philadelphia charitable agency whose minutes include a notation from 1865 denouncing "the horrid murder of one so greatly and justly beloved by all true and loyal hearts. " It was a reference to the assassination of President Abraham Lincoln. The organization was the Merchants Fund. Established in 1854, its mission did not waver for more than 150 years: to provide help to Philadelphia's indigent merchants, either those actively working who met with hard times or those who retired and couldn't make ends meet.
February 12, 2014 |
Page Talbott, a museum and exhibition consultant, curator, and author, has been named president and chief executive of the Historical Society of Pennsylvania, the society's board of councilors announced Monday. Talbott, 63, has been acting head of the society since April 2013, when former president Kim Sajet departed to become head of the National Portrait Gallery in Washington. Bruce Fenton, chairman of the society's board, said he is "thrilled" that Talbott will take over, noting she has "worked closely with historic societies and organizations across the region" for four decades.
December 19, 2013 |
The Philadelphia Museum of Art will announce Wednesday that it has successfully completed a five-year, $54 million campaign to endow 29 staff positions across the full range of museum departments, from painting and sculpture to digital technology. The campaign began in 2008 when H.F. "Gerry" Lenfest, then chairman of the museum's board of trustees, and his wife, Marguerite, offered a $27 million grant and challenged donors to match it, million for million, for the right to endow and name the positions.
September 25, 2013 |
In a significant break from custom, a new foundation has been formed to manage charitable fund-raising for the Archdiocese of Philadelphia, a move designed to reengage disaffected Catholics and boost giving. The Catholic Foundation of Greater Philadelphia made the announcement Tuesday. It follows the formula used last year in turning over management of archdiocesan high schools to the Faith in the Future Foundation. It gives lay leaders more say over church functions that have long been kept under tight control by the hierarchy.