“School reform gets private boost.” By Esther Zuckerman. Yale Daily News. October 23, 2009. The donor dollars for Mayor John DeStefano Jr.’s expansive school reform plans are starting to flow. Fifteen local private businesses and institutions have donated $103,500 to get the school reform organization The New Teacher Project to improve New Haven public schools. The money — which is a combination of the funds raised by the 15 businesses, as well as a matching contributing by The New Teacher Project — will be handled by the Community Foundation for Greater New Haven, which will work with school officials to implement The New Teacher Project’s reforms.
“Boston pilot school wins $100,000.” By Stewart Bishop. Boston Globe. October 23, 2009. A Boston pilot school has won $100,000 for its dramatic improvement in academic performance, school officials said. The Boston Community Leadership Academy beat out three other finalists for the Thomas W. Payzant Prize, presented by EdVesters, a local nonprofit organization that seeks to promote change in urban schools through private investment, said Bryan Spence, EdVestor’s director of philanthropic services. Formally Boston High School, the academy became one of Boston’s first pilot schools in 2002. Pilot schools are independently governed, and teachers are exempt from typical union contract work rules. The schools are subject to state and federal laws but are exempt from district policies and mandates.
“University Pays $500 Million To Cut Losses.” By Peter F. Zhu. Harvard Crimson. October 19, 2009. Harvard’s decision to use derivative investments to lock in low interest rates on the school’s mounting debt cost the University $500 million this past year and will cost it at least $425 million more over the next few decades.
“Alumni Call for Lower Pay for Harvard Endowment Managers; Say endowment growth should be reduced to a more sustainable rate.” By Peter F. Zhu. Harvard Crimson. October 21, 2009. A small group of alumni from the Harvard Class of 1969 renewed its criticism of compensation paid to University endowment managers in a letter sent to President Drew G. Faust, citing the nearly 30 percent investment loss sustained this past year. “This unprecedented loss is treated as a rather small blip on a generally upward curve, giving us little confidence that Harvard is addressing the scope and nature of the current problems,” the nine alumni wrote. They said that the University’s annual financial report, which was released on Friday, “fail[ed] to acknowledge any fundamental mistakes or to suggest any major changes in the way the endowment is managed.”
“University plans targeted cuts.” By Vivian Yee. Yale Daily News. October 23, 2009. Some Yale departments will shed entire programs and projects due to budget cuts this year, not just trim as they have been doing since last year.
Instead of asking all departments to reduce costs in equal proportion, the University is now targeting some specific units for deeper reductions than others, administrators said. The University’s new strategy for cutting costs on the heels of after two rounds of across-the-board cuts designed to help close a $150 million gap in the operating budget caused by the endowment’s 24.6 percent tumble.
“UC announces ambitious fundraising campaign.” No by-line. Los Angeles Times. October 23, 2009. As the University of California seeks to sharply increase student fees, its president, Mark G. Yudof, today announced plans to soften the impact with an ambitious campaign to raise $1 billion for financial aid and a policy change widening the aid eligibility for more middle-income families.
The 10 UC campuses have committed to raise the $1 billion in private funds for student aid over the next four years, Yudof said. That would be double the amount the system garnered for that purpose over the last five years.