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Endowment

NEWS
March 1, 2013 | By Susan Snyder, INQUIRER STAFF WRITER
The University of Pennsylvania exceeded its fundraising goal by almost a billion dollars, bringing in $4.3 billion in its "Making History Campaign," officials announced Thursday. Penn surpassed the $3.5 billion target, announced in 2007, 16 months before the official end of the campaign in December. That's especially noteworthy considering the campaign was launched just before the country plunged into a recession. The university has used the funds to increase financial aid, support research and interdisciplinary programming and boost its endowment.
NEWS
January 1, 2013 | By Jeremy Roebuck, Inquirer Staff Writer
With a $60 million endowment on the line, a fight is brewing over the NCAA's plans for abuse prevention in the wake of the Jerry Sandusky child-sex scandal. College sports' governing body hopes to use the money - funded by fines assessed against Pennsylvania State University - to tackle the problem nationwide. Meanwhile, Pennsylvania lawmakers argue the state's money should be spent entirely within its borders. But amid the increasing tension, child advocates worry that the territorial debate over the money has overshadowed more critical questions of how the money could best be used.
NEWS
October 24, 2012
N.Y. Central Park to get $100M gift NEW YORK - Mayor Michael R. Bloomberg and the Central Park Conservancy announced Tuesday that the hedge fund billionaire John A. Paulson, along with the Paulson Family Foundation, was giving $100 million to the conservancy. It is believed to be the largest gift ever to a public park. Paulson, a lifelong New Yorker, said that as an infant he was pushed around in a baby carriage in the park and that he later remembered going to Bethesda Fountain as a teenager and seeing it covered in graffiti, with no water flowing.
NEWS
October 3, 2012 | By Martha Woodall, Inquirer Staff Writer
The University of Pennsylvania's partnership with the national network of KIPP charter schools is getting a big financial boost. Penn President Amy Gutmann and KIPP cofounder Mike Feinberg are scheduled to announce Tuesday that Martha and Bruce Karsh, former Penn parents and philanthropists from Los Angeles, are donating $2.5 million over several years to create an endowment to aid some KIPP grads who attend Penn. "This is set up to try to provide for their full financial needs," said Martha Karsh, who will attend an afternoon ceremony at Penn that will cement a partnership with KIPP that aims to increase the number of the network's graduates on campus.
NEWS
September 22, 2012 | By Peter Dobrin, Inquirer Culture Writer
The Philadelphia Orchestra Association's 15½ months in Chapter 11 lowered some expenses, removed pension-funding risk, and eliminated a modest amount of debt owed to vendors. But seven weeks after exiting bankruptcy, the organization that presents the world-renowned ensemble is far from fiscally secure. The association, with a $45.5 million annual budget, has only about $3.7 million in cash on hand, says board chairman Richard B. Worley. Ticket income will be freed from escrow as performances start taking place in October.
NEWS
September 20, 2012 | By Michael Rubinkam, Associated Press
A 10-member task force has been named to come up with guidelines for how to distribute the record $60 million fine that Pennsylvania State University will pay in the wake of the Jerry Sandusky scandal, the NCAA said Tuesday. The money will fund programs designed to combat child sexual abuse and help victims around the country. The task force will set policy for the endowment and hire a third-party administrator who will choose which nonprofit groups receive funding each year. "This fund will exist, presumably, for a long, long time, and putting it together right, putting a good solid foundation under it, a thoughtful philosophy under it, is just going to mean it will be an effective, respected source of funding in this area for a long time," said task force member Nan Crouter, dean of Penn State's College of Health and Human Development.
NEWS
September 1, 2012
Football is unlikely to be the only thing on the minds of the thousands of fans who stream into Beaver Stadium before the noon kickoff. As the first gathering of Nittany Nation since former Pennsylvania State University assistant coach Jerry Sandusky was convicted of sex attacks on 10 boys, the season opener also represents the unofficial launch of the next stage in Penn State's response to the scandal. There have been devastating revelations about the failure of university officials, including disgraced football coaching legend Joe Paterno, to root out Sandusky.
NEWS
August 3, 2012 | By Julie Zauzmer, Inquirer Staff Writer
The Red Cross House in West Philadelphia has two storage rooms in its basement. The first is subdivided into 26 sections, one for each of the families that could live in the facility at a time. Though the areas set aside for each family are spacious, most contain just a baby seat or a folded wheelchair or a trash bag full of clothing. Many have nothing at all. By the time people reach the Red Cross House, they have usually lost almost everything. Next door is the second storage room.
NEWS
August 1, 2012 | By Peter Dobrin, INQUIRER MUSIC CRITIC
The Philadelphia Orchestra Association is out of bankruptcy. U.S. Bankruptcy Judge Eric L. Frank approved the association's reorganization plan June 28, but with the writing of checks and completion of other administrative matters Monday and Tuesday, the curtain officially has come down on perhaps the most perilous episode in the history of the organization that supports and presents the storied ensemble. "I feel like I'm getting out of jail," said orchestra chairman Richard B. Worley.
NEWS
August 1, 2012 | By Peter Dobrin, Inquirer Music Critic
The Philadelphia Orchestra Association is out of bankruptcy. U.S. Bankruptcy Judge Eric L. Frank approved the association's reorganization plan June 28, but with the writing of checks and completion of other administrative matters Monday and Tuesday, the curtain officially came down on perhaps the most perilous episode in the history of the organization that supports and presents the storied ensemble. "I feel like I'm getting out of jail," said orchestra chairman Richard B. Worley.
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