Nonprofit Newswire | June 11, 2009

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Two Accused of Embezzling $200,000 From South Bronx Nonprofit Group They Headed
Jun 10, 2009; New York Times
| Once again, a local politician or two is charged with plundering nonprofit assets.  The politicians involved are identified in the complaint only as Assembly member no. 1 and City Council member no. 1, but like other such indictments, it’s generally easy to figure out who’s behind these stage names.  Like other situations, the constituents of this South Bronx-serving nonprofit housing manager will probably never recover the resources that they should have received but were spent on Caribbean trips, shopping sprees, and credit card meals at fancy restaurants. —Rick Cohen

Rhode Island Senate Approves Nonprofit Pot Stores
Jun 10, 2009; All Headline News | The Rhode Island Senate has passed a bill by a 30-2 margin allowing nonprofit stores in the state to sell marijuana to medical patients.  The bill now heads to Governor Donald Carcieri for approval, although he vetoed similar legislation last year. – Jon Pratt

GETTING PERSONAL: Lost Wealth Means Big Changes For Charities
Jun 9, 2009; Wall Street Journal |
Speakers at a Boston College conference on wealth and philanthropy generally concluded that the effects of the recession on their endowments and giving will not be easily undone, lost endowment values will take many years to replenish and nonprofits’ expectations of grants will be disappointing.  However, not all nonprofits are the same.  While bemoaning the difficulties of fundraising, a Boston University spokesperson noted that BU had received six $10 million gifts in the past 15 months—compared to one $10 million gift in the university’s entire history. —Rick Cohen

Grant encourages struggling nonprofits to merge
Jun 10, 2009; Minneapolis/St Paul Business Journal | Foundations increasingly want to see nonprofits merge, witness The Jay and Rose Phillips Family Foundation, which has given an $80,000 grant to a nonprofit group that helps other nonprofits through realignment or merger options … – Jon Pratt

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