This Seminary Built on Slavery and Jim Crow Has Begun Paying Reparations

#black-people, #colleges-and-universities, #endowments, #labor-and-jobs, #race-and-ethnicity, #reparations, #slavery-historical, #virginia-theological-seminary

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The Gateses’ Public Split Spotlights a Secretive Fortune

Their marital estate is enormous and complex, containing assets as varied as stocks and farmland. Divvying it up could have implications for philanthropy.

#amazon-com-inc, #asset-allocation-personal-finances, #bezos-jeffrey-p, #buffett-warren-e, #cascade-investment-llc, #computers-and-the-internet, #endowments, #four-seasons-hotels-ltd, #gates-bill, #gates-bill-and-melinda-foundation, #gates-melinda, #high-net-worth-individuals, #hotels-and-travel-lodgings, #philanthropy, #scott-mackenzie, #stocks-and-bonds, #suits-and-litigation-civil

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David Swensen, Who Revolutionized Endowment Investing, Dies at 67

At Yale, a colleague said, he showed “there was a way to compete hard and well in financial markets, but to have our lives be about something that mattered more.”

#colleges-and-universities, #deaths-obituaries, #economic-recovery-advisory-board, #endowments, #finances, #financial-aid-education, #swensen-david-f, #yale-university

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Yale’s longtime — and legendary — endowment chief, David Swensen, has passed away at age 67

David Swensen, among the most highly regarded money managers in the world after growing Yale’s endowment from $1 billion when he joined as a 31-year-old former grad student of the school to the second-largest school endowment in the country after Harvard, has passed away at age 67. The cause was cancer, which Swensen had been battling since first being diagnosed in 2012.

The news is likely sending shockwaves and sadness throughout endowment offices around the country, largely because so many chief investment officers admired Swensen — who famously pulled the school into non-traditional asset classes like hedge funds, private equity, venture funds, and real estate — but also because many learned from working with him directly.

As a WSJ piece about his death notes, Princeton’s endowment chief for the past 26 years, Andrew Golden, spent five years as a senior associate in Yale’s investment office in the 1980s, yet it helped him form a blueprint for his career. As he told the outlet in 2017, “90% of my good ideas on how to organize the office and develop a culture I’ve stolen from Yale.”

The University of Pennsylvania, Bowdoin College, Wesleyan University and the Massachusetts Institute of Technology have also recruited Swensen protégés over the years. Robert Wallace, who has headed up the Stanford Management Company since 2015, is another former Yale investment manager.

Indeed, in 2015, wealth management recruiter David Barrett told the WSJ that when hiring an investment chief, wealthy universities were interested in more than an Ivy League pedigree. Specifically, he said, their top question was: “Is there anyone at Yale?”

Even as he battled cancer, Swensen was pulling the industry in new directions. In 2018, despite, or because of, extreme volatility in the world of cryptocurrencies, he approved investments in two then-new crypto funds, one the inaugural fund of Andreessen Horowitz and the debut fund of Paradigm, cofounded by the cofounder of Coinbase, Fred Ehrsam, and former Sequoia Capital partner Matt Huang.

In a separate but meaningful decision that’s expected to have lasting impact on the broader industry, Swensen last fall told the firms that manage Yale’s money that they risked losing the school’s backing if they didn’t hire more women and minorities into their ranks — and keep them there.

It was a decision that was years in the making, Swensen suggested, telling the Journal that he’d held off on any kind of systematic effort relating to diversity because he long believed there existed an insufficient pipeline of diverse candidates; he said the Black Lives Matter movement helped him to recognize that far more needed to be done — and that Yale could do nothing or that it could be part of the solution.

 

#david-swensen, #diversity, #endowments, #tc, #venture-capital, #yale

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National Endowment for the Humanities Announces New Grants

The first round of funding for the year totals $24 million and will support 225 projects across the country.

#archives-and-records, #childrens-museum-of-indianapolis, #columbia-university, #culture-arts, #endowments, #historic-buildings-and-sites, #judd-foundation, #los-angeles-county-museum-of-art, #michigan-state-university, #museums, #national-endowment-for-the-humanities, #new-york-botanical-garden, #new-york-university, #united-states

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Trump Tried to End Federal Arts Funding. Instead, It Grew.

Each year, President Trump’s proposed federal budget eliminated funding for the National Endowment for the Arts. But the agency survived, largely by relying on bipartisan support in Congress.

#carter-mary-anne, #culture-arts, #endowments, #federal-aid-us, #federal-budget-us, #house-of-representatives, #national-endowment-for-the-arts, #senate, #trump-donald-j, #united-states-politics-and-government

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Giving Billions Fast, MacKenzie Scott Upends Philanthropy

Through a streamlined operation, Ms. Scott has given away $6 billion this year, much of it to small charities and nonprofits.

#bezos-jeffrey-p, #bezos-mackenzie, #endowments, #high-net-worth-individuals, #nonprofit-organizations, #philanthropy

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‘I Was Stunned’: Big Gifts to Small Colleges From an Unexpected Source

MacKenzie Scott’s donations to colleges serving often overlooked students were a surprise — and potentially transformational.

#bezos-mackenzie, #borough-of-manhattan-community-college, #colleges-and-universities, #coronavirus-2019-ncov, #endowments, #historically-black-colleges-and-universities, #philanthropy, #prairie-view-am-university

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MacKenzie Scott Announces $4.2 Billion More in Charitable Giving

“She’s disrupting the norms around billionaire philanthropy by moving quickly,” an expert on charities said.

#amazon-com-inc, #bezos-jeffrey-p, #bezos-mackenzie, #black-people, #coronavirus-2019-ncov, #endowments, #high-net-worth-individuals, #historically-black-colleges-and-universities, #nonprofit-organizations, #philanthropy

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Why This Billionaire Will Never Leave New York

For the cosmetics mogul and philanthropist Leonard Lauder, the city, with its museums, public transit and parks, is an explorer’s delight.

#bloomberg-michael-r, #books-and-literature, #coronavirus-2019-ncov, #endowments, #harrison-rex, #lauder-judy-glickman, #leonard-a-lauder, #metropolitan-museum-of-art, #museums, #schraffts, #whitney-museum-of-american-art, #world-war-ii-1939-45

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This School Was Built for Idealists. It Could Use Some Rich Alumni.

For the past century, the New School produced iconoclastic thinkers. Now it is finding that idealism is very expensive.

#colleges-and-universities, #endowments, #layoffs-and-job-reductions, #manhattan-nyc, #new-school-for-social-research

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What Should Companies Do on Juneteenth?

The holiday commemorating the end of slavery in the U.S. has become a focus of corporate responses to the reckoning on racial discrimination.

#colleges-and-universities, #endowments, #hastings-reed, #hertz-global-holdings-inc, #holidays-and-special-occasions, #juneteenth, #morehouse-college, #netflix-inc, #philanthropy, #race-and-ethnicity, #small-business, #spelman-college, #stocks-and-bonds, #united-negro-college-fund

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Netflix C.E.O. Reed Hastings Gives $120 Million to Historically Black Colleges

The Silicon Valley executive said he hoped his contribution would lead other wealthy individuals to give. “Generally, white capital flows to predominantly white institutions,” he said.

#black-people, #colleges-and-universities, #endowments, #hastings-reed, #morehouse-college, #netflix-inc, #patty-quillin, #philanthropy, #spelman-college

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Leading Foundations Pledge to Give More, Hoping to Upend Philanthropy

The Ford Foundation and four others plan to dramatically increase their spending, a splurge financed in part by issuing debt.

#coronavirus-2019-ncov, #duke-doris-charitable-foundation, #endowments, #ford-foundation, #kellogg-foundation, #macarthur-john-d-and-catherine-t-foundation, #mellon-foundation, #nonprofit-organizations, #philanthropy, #police-brutality-misconduct-and-shootings, #stocks-and-bonds, #walker-darren-1959

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Colleges’ Endowments Could Help During the Covid-19 Pandemic

They’re acting like they exist to protect their endowments, instead of the other way around.

#colleges-and-universities, #coronavirus-2019-ncov, #endowments

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Think Twice, Mnuchin Tells Prep Schools Seeking Virus Loans

The treasury secretary ordered elite schools with “significant endowments” to return loans intended to help small businesses pay employees during the coronavirus pandemic. Some are resisting.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #endowments, #mnuchin-steven-t, #pingry-school-basking-ridge-nj, #private-and-sectarian-schools, #sidwell-friends-school, #st-andrews-episcopal-school-potomac-md, #trump-donald-j

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Elite Prep Schools, Set Back by Virus, Face a Quandary on Federal Aid

The loans were meant as a payroll lifeline for small businesses. Many of the schools had endowments in the tens of millions. Their administrators grappled with a question: to take or not to take?

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #endowments, #pingry-school-basking-ridge-nj, #private-and-sectarian-schools, #sidwell-friends-school, #st-andrews-episcopal-school-potomac-md, #wages-and-salaries

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Maskless Mike Pence

Readers are disturbed that the vice president would set such a bad example while visiting the Mayo Clinic. Also: The president at West Point; how universities struggle during the crisis.

#colleges-and-universities, #coronavirus-2019-ncov, #endowments, #mayo-clinic, #pence-mike, #united-states-military-academy, #united-states-politics-and-government

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Harvard Won’t Take Coronavirus Relief Money After Trump’s Criticism

The university said it did not request $8.6 million in federal aid and would not apply for it.

#colleges-and-universities, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #cruz-ted, #devos-elizabeth-1958, #endowments, #harvard-university, #trump-donald-j, #united-states-politics-and-government

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Trump Says Harvard Must Pay Back Relief Money He Signed Into Law

Joining a chorus of critics, the president appeared not to realize that Harvard had received $8.6 million in stimulus funding as part of a federal aid package to universities.

#arizona-state-university, #colleges-and-universities, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #endowments, #harvard-university, #mnuchin-steven-t, #trump-donald-j, #united-states-politics-and-government

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After Coronavirus, Colleges Worry: Will Students Come Back?

The pandemic has already cost universities millions of dollars. As they consider the possibility of remote classes into the fall, they’re worried about losing students, too.

#admissions-standards, #american-council-on-education, #arizona-state-university, #colby-college, #coleman-david, #college-board, #colleges-and-universities, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #e-learning, #endowments, #financial-aid-education, #hampshire-college, #layoffs-and-job-reductions, #moodys-investors-service-inc, #sat-college-admission-test, #shutdowns-institutional, #syracuse-university, #syverud-kent-d, #university-of-chicago, #zimmer-robert-j

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