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Funding

NEWS
May 30, 2016 | By Chris Mondics, Staff Writer
Fund-raising for the Democratic National Convention in Philadelphia has been a tougher slog this year than in the past, but convention host committee chair Ed Rendell says he expects to meet the party's financial targets by the time the convention opens two months from now. The party plans to raise some $64 million for the conclave, which will run July 25-28. Rendell said Saturday the party was $9 million to $10 million short of that goal now. Rendell attributed the difficulty to congressional budget cuts - lawmakers once appropriated $18 million each to the Republican and Democratic conventions, but no more - and a drop in corporate giving.
NEWS
May 29, 2016
A former Atlantic County firefighter was sentenced Thursday to one year of probation for stealing more than $75,000 from a benevolent association fund, prosecutors said. Michael C. Palmer, 36, of Somers Point, also was ordered to pay full restitution to the New Jersey Fireman's Mutual Benevolent Association Local 41. While employed as a lieutenant with the Margate Fire Department, Palmer used his position as secretary-treasurer of Local 41 to take the money from its bank accounts from 2011 until 2014.
BUSINESS
May 28, 2016 | By Erin Arvedlund, Staff Writer
When investors think of Vanguard, they think of index funds. But the $3 trillion mutual fund giant oversees more than just low-cost passively managed benchmark funds linked to the S&P 500 and other indexes. New Vanguard fund launches in the U.K. on Wednesday highlight how the low-cost king of mutual fund investing is expanding its footprint overseas - continuing to extend its low-fee brand to active management as well, in what may be a test-run at product launches back home. Currently, out of its total $3.2 trillion in assets, $2.2 trillion that Vanguard manages for investors is in index funds.
NEWS
May 28, 2016 | By Jonathan Lai, Staff Writer
New Jersey higher-education grants totaling about $11 million to Beth Medrash Govoha yeshiva and Princeton Theology Seminary are unconstitutional, a panel of state appellate judges ruled Thursday. The American Civil Liberties Union led a lawsuit filed in June 2013 against Rochelle Hendricks, the state secretary of higher education, and Andrew P. Sidamon-Eristoff, then the state treasurer. The ACLU says the grants of $10.6 million to the yeshiva and $645,000 to the seminary were unconstitutional because of the schools' religious nature.
NEWS
May 27, 2016 | By Karen Langley, HARRISBURG BUREAU
HARRISBURG - Legislators on Wednesday approved taking a key school funding decision from behind closed doors and instead running increased money through a bipartisan-supported formula. The House voted overwhelmingly to require increases in the state's main K-12 education funding line to be distributed under a formula recommended nearly a year ago by a commission of Republican and Democratic legislators and the Wolf administration. The measure now goes to Gov. Wolf, whose spokesman said he will sign it into law. Education groups said the law will be a welcome change from a system in which the distribution of money among Pennsylvania's 500 school districts has been decided each year in private negotiations over the state budget.
NEWS
May 24, 2016 | By Claudia Vargas, Staff Writer
John F. Street, Lynne Abraham, and Sylvester Johnson are long gone from city government, but certainly not forgotten. In fact, taxpayers continue to send each more than $100,0000 a year for their former service as mayor, district attorney, and police commissioner, respectively. The trio of retirees are among 33 former city employees, including elected officials, who are paid more than $100,000 a year, despite no longer coming to work. Johnson tops the list with an annual pension of $152,439.
BUSINESS
May 22, 2016 | By Harold Brubaker, STAFF WRITER
Philadelphia College of Osteopathic Medicine started a $5 million venture capital fund that will make investments focused on primary care, the college said Friday. The money for the Primary Care Innovation Fund came from the school's foundation, PCOM said. The fund will consider investing in companies nationwide, but will concentrate on the Philadelphia region and on the Atlanta region, where PCOM has a branch campus. Dean Miller, CEO of the Philadelphia Alliance for Capital & Technologies and a partner at private investment firm Evergreen Industries, will manage the PCOM fund.
NEWS
May 20, 2016 | By Susan Snyder, Staff Writer
Since 2008, state funding for higher education has eroded significantly across the country, and Pennsylvania has been one of the hardest-hit states, says a new report being released Thursday. State funding per student for public colleges and universities in Pennsylvania is down 33 percent from 2007-08 when adjusted for inflation, according to the report by the Center on Budget and Policy Priorities, a Washington think tank. In March, the Assembly approved the first increase in higher education funding for the 14-university State System of Higher Education since 2008-09.
NEWS
May 18, 2016 | By Stephanie Farr, Staff Writer
Nearly $5.5 million collected from fines for red-light violations at 28 Philadelphia intersections will fund 23 safety-improvement projects in 18 municipalities across the state, Gov. Wolf announced Monday. The biggest chunk of money - $2.8 million - will go to five projects in Philadelphia, including $1 million for safety improvements at 30 to 50 "crash locations," according to a news release. Michael Carroll, acting commissioner of the Philadelphia Streets Department, said the city would have three years in which to identify the sites and use the Automated Red Light Enforcement grant.
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