After nearly five years, a settlement in the battle over the estate of philanthropist Brooke Astor has been reached. As a result, some $100 million will be released to educational and cultural institutions in New York City, Crain's New York reports.
Nonprofit organizations across the country are concerned that a budget plan on the verge of adoption in New York State limiting charitable deductions for “high earners” could catch on with other cash-starved state governments — and Congress — and cause a loss of significant contributions.
New York passed a budget plan that has a provision that would cut deductions taxpayers who earn more than $10 million annually can claim in half.
Jan. 25, 2010, The New York Times — Cultural support in New York State would be cut $9.6 million under the 2010-11 budget proposed by Gov. David A. Paterson on Tuesday. A final version of the budget is due to be enacted by April 1. The governor’s proposal would cut funds to the New York State Council on the Arts by $6.5 million for its grant-making and by $600,000 for its administrative budget. In addition state support would be eliminated for the Egg performing arts center in Albany and begin to be phased out for the New York State Theater Institute in Troy. (There would also be a decrease of $400,000 from the 2009-10 budget because of the elimination of one-time funds for grants to arts and cultural organizations provided under the American Recovery and Reinvestment Act of 2009.) “I’m deeply disappointed and distressed,” said Norma P. Munn, the chairwoman of the New York City Arts Coalition, referring to the proposed reduction in arts council funds. “That’s an extraordinary cut.”
August 8, 2009, The New York Times— A $35 million gift from George Soros, the financier and philanthropist, will allow for a $200 back-to-school bonus for each of more than 850,000 low-income children in New York State this fall, state officials said on Friday.
NEW YORK, April 9, 2009 — Two of New York City’s highest-performing nonprofit, public charter school management organizations – Uncommon Schools and the Success Charter Network – will receive a total of $2.5 million to fund schools that provide a high quality public education for thousands more city students, The Eli and Edythe Broad Foundation announced today.