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Endowment

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 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.
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
July 6, 2012 | By Peter Dobrin, Inquirer Culture Writer
Buoyed by the success of its expanded slate of pop acts, the Mann Center for the Performing Arts is adding a second stage. The Skyline Stage and Lawn, opening at the end of July with two concerts by ethereal Icelandic band Sigur Rós, perches on a newly annexed three or four acres of Fairmount Park leased to the Mann by the city. The patch of green, where listeners will stand, is larger than the current lawn; the stage is smaller and portable. The changes are in response to an evolving relationship between musicians and fans, says Mann president and CEO Catherine M. Cahill.
NEWS
May 31, 2012 | By Peter Dobrin, Inquirer Culture Writer
To a greater degree than before, the Annenberg Foundation is requiring accountability from the Philadelphia Orchestra in exchange for the $50 million gift the foundation made in 2003. That grant was the largest in the orchestra's history. But even after it was paid out, its use and destiny were never entirely left to the orchestra. The foundation reserved the right to recall the gift and any accumulated investment income if the orchestra ever filed for bankruptcy. Although the philanthropy, now based in Los Angeles, did not exercise that right when the orchestra filed for Chapter 11 in April 2011, a new and more controlling donor agreement has been crafted as part of the reorganization plan filed last week by the orchestra in U.S. Bankruptcy Court.
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