The commissioners of the Salvation Army’s four territories may be singing “I’m Lovin’ It” when they are to meet next week at national headquarters in Alexandria, Va. On the agenda is the late Joan Kroc’s $1.5 billion gift, announced last month, to be divided equally among their regions and used to build and endow community centers.
But Kenneth Baillie, commissioner of the central territory based in Des Plaines, and his counterparts won’t be hauling home money anytime soon.
“We have not received one penny and don’t expect any distribution for at least six months, and it probably will be a partial distribution” as the Kroc estate winds down, said Maj. George Hood, the army’s national community relations and development secretary.
Hood also said it might take the rest of this year before the army indicates where the first centers might be built. The organization works methodically. He noted that four years elapsed between when Kroc, widow of McDonald’s Corp. founder Ray Kroc, announced a $92 million gift for a San Diego community center and the building opened, in 2002. She died last fall.
Hood said each region will decide where its quarter of the gift is invested, but they will work to develop common guidelines for selecting communities for centers. He said some 30 or so centers may be built, but given regional differences in development costs, it’s hard to predict how many each territory will build.
SEEING CRIMSON: The market value of Harvard University’s huge endowment rose a healthy 10 percent, to $18.85 billion, in 2003, easily topping (see chart) other higher education funds in a recent National Association of College and University Business Officers survey.
But according to the Chronicle of Higher Education, contributors are upset to learn that Harvard Management Co., the school unit supervising the endowment, paid a total of more than $100 million in salary and bonuses to six of its employees, including about $35 million each to two men. The company defended the salaries, saying outside managers would have cost more.
CAMPAIGN TRAIL: The Jewish United Fund of Metropolitan Chicago said its annual campaign raised $67.1 million in 2003, just shy of its record $67.2 million in 2001. Another $3.8 million was given in 2003 to a supplemental Israel Emergency Campaign, bringing that two-year effort’s total to $36.2 million. “In an extremely demanding year for the non-profit sector,” said JUF President Steven Nasatir, “Chicago’s Jewish community really stepped to the plate.”
PEOPLE: Catherine Carabetta is the new director of public policy at Donors Forum of Chicago. She had been a program associate with Pew Charitable Trusts in Philadelphia.
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Higher ed endowments
Top 10 ranked institutions, scale in billions
%% RANK/INSTITUTION 2003 % CHANGE
ENDOWMENT FROM
FUNDS 2002
1. Harvard University $18.8 +9.8%
2. Yale University $11.0 +4.9%
3. Princeton University $8.7 +4.9%
4. University of Texas System $8.7 +0.9%
5. Stanford University $8.6 +13.1%
6. MIT $5.1 +4.2%
7. University of Calif. $4.4 +4.0%
8. Columbia University $4.4 +2.6%
9. Emory University $4.0 -11.70%
10. The Texas A&M University System $3.8 +1.6%
NEXT WEEK: Illinois school endowments
%% Note: Percentage change is in market value.
Source: National Association of College and University Business Officers
Chicago Tribune
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Charles Storch is at cstorch@tribune.com.
