Quick Takes: Ky. College Loosens Baptist Ties, Albany Colleges Fight With Philanthropist, Nonprofit Governance Reform
Submitted by Scott Jaschik on October 18, 2005 - 4:00am
Georgetown College and the Kentucky Baptist Convention jointly announced a plan Monday under which the convention would give up its control over appointments of trustees and also phase out its financial support for the college, which is currently about $1.3 million annually. The plan, which still requires formal approval, would continue some programs designed to keep the college's Baptist heritage.
Four colleges in Albany are in a messy fight with a philanthropist who has been a generous donor to their institutions, The Albany Business Review reported. Morris Silverman is demanding that the colleges pay him $24 million or vacate facilities that they have built on 31 acres of land. Silverman says that he never donated the land, and the colleges say that they have been trying to negotiate a fair settlement. The institutions involved are Albany College of Pharmacy, Albany Law School, Albany Medical School, and the Sage Colleges.
Although the federal Sarbanes-Oxley Act in 2002 applied to the governance of for-profit businesses, it is having a significant impact on nonprofit governance, according to a report released Monday by Standard and Poor's. The report said that many nonprofit groups are reviewing their governance systems and that states are increasing oversight.