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Endowment

NEWS
May 23, 2013 | BY JOHN MORITZ, Daily News Staff Writer moritzj@phillynews.com, 215-854-5938
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.
NEWS
April 18, 2013 | By Peter Dobrin, Inquirer Culture Writer
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.
NEWS
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.
BUSINESS
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.
BUSINESS
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.
BUSINESS
April 3, 2013 | By Erin E. Arvedlund, Inquirer Columnist
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)
NEWS
April 2, 2013 | By Erin Arvedlund, SPECIAL TO THE INQUIRER
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)
NEWS
March 20, 2013
With a $10 million gift from a member of its board of trustees, the University of Pennsylvania will establish a "world house" on campus to consolidate its global activities, officials announced. The gift comes from trustee Richard C. Perry and his wife, Lisa A., and also will be used to establish the Richard Perry Endowed Professorship to be affiliated with the house. The Perry World House, on Locust Walk at 38th Street, will include a "global solutions program" in which world leaders and faculty experts will take on a new problem every year - such as access to clean water - and develop solutions.
NEWS
March 2, 2013 | By Susan Snyder, Inquirer Staff Writer
The University of Pennsylvania exceeded its recent fund-raising goal by almost $1 billion, 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 that the campaign was launched just before the country plunged into recession. The university has used the money to increase financial aid, support research and interdisciplinary programming, and boost its 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.
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