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.
September 3, 2013 |
Thomas J. Lynch lives in Newtown, just 10 miles from where he grew up in Levittown. If that doesn't sound far, consider: 88,000 people at 100 factories from Harrisburg to China now call him boss. Lynch, 58, has parlayed an accounting career into the top job at TE Connectivity Ltd., a formerly profit-challenged Berwyn business whose share price has risen an average of 50 percent a year since 2009 on Lynch's program of relentless cost-cutting and targeted growth, much of it in the United States.
June 12, 2013 |
Some big careers have grown up behind two inscrutable facades on Spruce Street, and now those buildings have grown to three. The Academy of Vocal Arts, long resident at 1918 and 1920 Spruce, acquired the brownstone at 1916 five years ago. But the recession and the related dip in the school's endowment prevented breaking through, renovating, and fully annexing it. The training program for opera singers bided its time, though, and this fall, after...
June 10, 2013
Tycoons hoping to better society from beyond the grave might consider living (and dying) somewhere other than Pennsylvania. This is, after all, the state where Albert Barnes' idiosyncratic suburban art school was repurposed as a downtown museum, and where the school underwritten by Milton Hershey's fortune has become mired in inexplicable investments and state investigations. Yet another dead capitalist's construct is unraveling at Philadelphia's Girard College. The boarding school for needy children, built in the mid-19th century with the massive fortune of financier Stephen Girard, is undergoing a radical restructuring.
May 23, 2013 |
THE PRESIDENT of La Salle University said yesterday that he will step down in May 2014 after 15 years, to allow the school to transition into a new era of leadership. Michael McGinniss, 65, known as "Brother Mike," grew up in Olney and graduated from La Salle in 1970. He has a Ph.D. from Notre Dame and has headed La Salle since 1999. Under his three terms, the Logan-based Catholic institution nearly doubled its endowment, increased its enrollment and expanded its footprint in the northern part of the city.
April 18, 2013 |
The Free Library of Philadelphia Foundation would take over the Rosenbach Museum and Library under the terms of a letter of intent approved Tuesday by their boards. The memorandum of understanding leaves important details to be negotiated, but aims to make the Rosenbach a subsidiary of the library by June 30. Such a deal would likely require the approval of the Pennsylvania Office of Attorney General, and, depending on the way it is structured, perhaps also of Orphans' Court.
April 8, 2013
With museums across the country trying to bring more patrons through their doors - some by waiving admission fees, others by regularly seasoning high culture with cabaret-style entertainment - the Philadelphia Museum of Art recently unveiled a promising strategic plan that shows the city-owned museum has no intention of being left behind. In fact, the Art Museum has set an aggressive goal of boosting annual visits to its grand home atop the Rocky steps by no less than 45 percent over the next five years or so. That would add more than 300,000 patrons and pass the one million mark.
April 4, 2013
In the Region DEP radiation study detailed The Pennsylvania Department of Environmental Protection on Wednesday released detailed plans for its comprehensive radiation study of oil and gas development and said it intends to begin sampling this month. The agency plans to analyze radioactivity levels of flowback waters, treatment solids, drill cuttings, and drilling equipment, along with the transportation, storage, and disposal of drilling wastes. DEP says current data do not indicate any health risks, but activists have raised concerns about naturally occurring radioactivity in materials extracted from the mile-deep wells.
April 4, 2013
Pennsylvania State University had the nation's fourth-fastest-growing endowment from 2009 through 2012, according to a ranking from Bloomberg News. The value of Penn State's endowment climbed to $1.78 billion, from $1.23 billion, for a three-year annual average growth rate of 14.46 percent. The University of Pittsburgh ranked fifth. Its endowment averaged 13.66 percent annual growth to reach a value of $2.62 billion. Swarthmore College and the University of Pennsylvania were also on the list, which included endowments worth at least $1 billion last year.
April 3, 2013 |
Class starts with an outlook on the U.S. economy and consumer confidence, and then the analyst's sales pitch begins: Will the fund be spending its precious dollars buying shares of VF Corp. (VFC), maker of North Face, Nautica, Timberland and Vans fashions, and Lee and Wrangler jeans? The fund just bought 75 shares in Qualcomm (QCOM) last week at $65.84, making a bet on a rebound in 2013 sales of chips for mobile handsets. And in April, the investment committee will hear a pitch for Caterpillar Inc. (CAT)