Beyond filling gaps: Philanthropy moves to guiding economic development
Crain’s Detroit Business (subscription required)
Sherri Begin Welch
…Ford Foundation offered one of its largest-ever economic development grants — $25 million — to spur additional foundation investment in an initiative to help restore Southeast Michigan to a leadership position in the global economy.
The Battle Creek-based W.K. Kellogg Foundation provided the match for the grant, and eight others chipped in the difference between 2006 and early 2007 to establish the $100 million New Economy Initiative of Southeastern Michigan, the largest foundation-led economic development initiative in the country.
Other funders were: the Detroit-based Community Foundation for Southeast Michigan, Southfield-based Max M. and Marjorie S. Fisher Foundation, Detroit-based Hudson-Webber Foundation, Miami-based John S. and James L. Knight Foundation, Troy-based Kresge Foundation, McGregor Fund in Detroit, Flint-based Charles Stewart Mott Foundation and Skillman Foundation in Detroit. Read full text.
Practice Management: New Tools Help Advisers Counsel Clients
The Wall Street Journal
By Shelly Banjo
Results-minded philanthropists are increasingly turning to their financial advisers for help choosing the highest performing nonprofits to direct their donations.
With many advisers already giving advice on investments, estate planning, taxes and even where to purchase a car, providing expertise in a client’s particular area of charitable interest can be challenge. Read full text.
Chicago News Venture to Sell Content to New York Times
New York Times
By Richard Perez-Pena
Former top editors of The Chicago Tribune and other journalists, backed by a public television station and a major foundation, on Thursday announced formation of a nonprofit news organization in Chicago, which will provide pages of local news for a Chicago edition of The New York Times, to be started next month. Read full text.