Michael Bloomberg makes record US$1.8 billion donation to The Johns Hopkins University, marking the largest contribution to a private educational institution in modern history. Michael Bloomberg’s donation has allowed his alma mater, one of the world’s leading private universities in the world, to adopt need-blind admissions forever. Bloomberg announced the donation through an opinion editorial for The New York Times in which he added that his own fortunate access to the university motivated him. As the son of a bookkeeper, it was only through a loan that he was able to afford the university’s elite education, Bloomberg wrote. For him, college education is a “great leveler” and providing an equality of opportunity to access it may be the best form of private social investment today.
Hyosung chairman Cho Hyun-joon supports rehabilitation program for families with disabled children. Hyosung executives and employees took a trip with the families of disabled children as part of a rehabilitation program in partnership with the Purme Foundation, a nonprofit organization founded in 2005 to support the independence and rehabilitation of disabled individuals. The effort follows six years of continued support by Cho for the rehabilitation of disabled children. By coming together as part of the initiative, families who otherwise find it hard to enjoy such trips were able to spend quality time outside their homes.
Asia inches closer to realizing its potential as wealthy investors actively pursue philanthropy. Asian High Net Worth Individuals (HNWIs) have hesitated to engage in philanthropy in the past due to a lack of clear regulations and lack of trust from scandals involving charities. This hesitation represents an enormous missed opportunity: Asian philanthropists are capable of giving eleven times more than the US$45.5 billion they give right now. However, recent cases of high-profile CEOs retiring to pursue philanthropy full-time provides hope. Alibaba’s Jack Ma and Hong Kong billionaire Li Ka-shing are inspiring their peers in the region and could help Asia realize its true philanthropic potential.
Michael Bloomberg’s record-breaking donation does little for students most at risk, argues author. In the wake of Bloomberg’s recent US$1.8 billion donation to The Johns Hopkins University, Helaine Olen argues that the money could have been spent better. The recipient university admits only 10% of its undergraduate applicants, and only a tiny fraction are first-generation or minority students. Olen suggests Baruch College, a public institution, as a direct contrast that provides education to a significant number of low-income and minority students. However, recent budget cuts and declining official support for Baruch College have contributed to declining standards and infrastructure. Olen concludes that Bloomberg’s donation is situated within the trend of “top-heavy” philanthropy, whereby the giver’s own interests are the chief driver of such mega-donations.
Doing Good Index 2020 will ascertain effectiveness of Myanmar’s attempts to catalyze philanthropy. The Myanmar Centre for Responsible Business has partnered with CAPS to study the country’s philanthropic ecosystem. Data collected from social delivery organizations and relevant experts will determine whether policy instruments have assisted in increasing philanthropic activity or streamlined processes for social delivery organizations. The study’s pan-Asian approach will allow Myanmar’s performance to be compared to that of its Asian peers, creating invaluable insights for stakeholders such as policymakers. Myanmar was found to be not doing enough to encourage philanthropy and charity in the index’s first iteration in 2018.
Tata Trusts and Tata Football Academy partner with Atlético Madrid to develop football in India. The Tata Trusts, India’s oldest philanthropic organization, has partnered with the Spanish football giant to further its extensive youth development portfolio. The partnership will provide expert coaching to budding footballers and training on all aspects of football such as video analysis and strength training. Talented players will also partake in a residential program in Madrid, Spain. The Tata Trusts has been an active contributor to the global sport in India, managing over 80 training centers, producing 24 members who served as national team captains across different age groups, and boasting a winning record in various tournaments in the country.
India’s “solar gal pals” bring clean, renewable energy to rural homes and fight patriarchy. Indian social enterprise Frontier Markets is on a mission to promote the use of clean energy products. The social enterprise does so by placing women at the center, helping them receive training and serve as entrepreneurs who persuade families in remote villages to adopt solar energy. One of such “Solar Sahelis” (or “friends of solar power”), Bassi from Rajasthan is profiled in the story. Through her work with Frontier Markets, Bassi sells rugged solar torches to families, earning up to US$28 per month. This income has helped women such as Bassi to command greater share in household decisions amid a deeply patriarchal social fabric. To date, “Solar Sahelis” have earned more than US$2.5 million and reached over 500,000 homes.
Bill & Melinda Gates Foundation partners with Japan Sports Agency to promote Sustainable Development Goals (SDGs) at Tokyo 2020 Olympic Games. The initiative named “Our Global Goals” will involve using the Tokyo 2020 Olympic Games as a platform for raising awareness of the 17 SDGs listed by the United Nations. These goals cover areas such as education, climate change, poverty, economic development, and clean water. Speaking at a press conference, Bill Gates, co-chair, and trustee stated that the global love for sports can be channeled to develop interest in the challenges faced by the world. The Tokyo 2020 Olympic Games are expected to attract over 11,000 athletes from over 200 nations.
Support campaign for wartime sex victims led by fans of K-Pop band goes viral. Fans of the globally popular group, BTS, donated generously to help elderly Korean women who had been forced to serve as “comfort women” in World War II. Responding to a controversy involving a shirt worn by member Jimin, fans began channeling small individual donations to the House of Sharing, a shelter for wartime sexual slavery victims in Korea. The organic campaign spread largely over social media outlets such as Twitter and Instagram and has led to donations totaling US$3,300 and counting in just a single weekend. The House of Sharing provides individual rooms to former “comfort women,” as well as three meals through the facility’s own restaurant. Ahn Shin-kwon, head of the shelter, said their organization was overwhelmed by the flurry of incoming donations.