Foundation

NEW YORK — A nationwide network of charitable foundations is encouraging its members to emphasize their positive contributions to American life, a 250th anniversary campaign aimed at quelling what it calls the “greater intensity” of scrutiny felt from the federal government and populist movements.

Popular notions of philanthropy as merely a game for the ultrawealthy to fund partisan projects and commit fraud have left the sector vulnerable to political attacks, as the Council on Foundations sees it, influencing policies that hamper essential community services. The advocacy group, which represents about 1,000 nonprofits, hopes to overcome what CEO Kathleen Enright calls the sector’s “perception gap” with its “Generosity Builds” campaign, launched Monday.

Enright believes most Americans don’t recognize their reliance on the charitable sector. Just about 1 in 20 adults said they or anyone in their immediate family received nonprofit services in the past year, according to a 2023 Indiana University Lilly Family School of Philanthropy report.

“This week, I got an MRI at Georgetown University Hospital, I participated in my church at St. Columba’s, my daughter was inducted into National Junior Honor Society. Four or five nonprofits have been instrumental in my life this week,” she said. “Folks just aren’t putting that tag on it.”

And that tag is growing increasingly important, Enright said. Last year, negotiations over President Trump’s tax and spending bill included proposals to levy new taxes on private foundations that Enright said would have taken resources from communities if they made it into the final law.

The battle over defining what nonprofits actually do has recently been amplified from the highest rungs of the Trump administration, which has upended decades of partnerships built with nonprofits. Trump froze, cut or threatened a sweeping range of social service grants characterized by the White House as “government largesse that’s often riddled with corruption, waste, fraud, and abuse.” More recently, the Department of Justice charged the Southern Poverty Law Center — a civil rights nonprofit accused by Republicans of targeting conservatives in its work tracking extremists — with defrauding donors through payments to informants.

Vice President JD Vance described the Ford Foundation, the Gates Foundation and the Harvard University endowment as “cancers on American society” back as a 2021 U.S. Senate candidate, telling Tucker Carlson that “we are actively subsidizing the people who are destroying this country and they call it a charity.”

“All across our country, we have nonprofits — big foundations — that are effectively social-justice hedge funds,” he said in a talk that year on “woke capital.”

Narratives about nonprofits being “overly politicized” or wasteful are “extreme minority stories” that don’t reflect how philanthropy operates, according to Enright.

Across many surveys, trust in the nonprofit sector has remained higher than most others. But its impact is sometimes difficult to measure and explain. The sector hasn’t faced an environment this challenging in almost six decades, according to Kathryn Thomas, the vice president of communications for the Charles Stewart Mott Foundation in Flint, Michigan.

She cited the congressional effort to increases taxes on foundations’ investment incomes and acknowledged the Trump administration’s federal funding cuts.

“In an era when everything is under partisan attack and there’s so much polarization, we really have to do a better job of emphasizing why we exist,” Thomas said.

Enright said the story of philanthropy is not one where a rich person “saves the day.” She sees growing concerns about billionaires’ influence fueling suspicion about philanthropists’ motivations. Some argue the charitable sector allows moneyed interests to decide how tax dollars are spent rather than elected officials.

The campaign will emphasize that most donors “have just a little bit more than they need and therefore want to give back,” she said, especially at the local level.

“Money does not solve problems. It’s a tool that creative people and institutions inside communities use to solve problems,” she said. “The real heroes of most of these stories are nonprofit leaders, religious leaders, civic leaders who just roll up their sleeves and get something done — but do it with some financial underpinning by charitable foundations.”

That’s the story told by the Gulf Coast Community Foundation in Sarasota, Florida. A 10-apartment affordable housing complex for military veterans opened last year with the foundation’s support.

The area has an “embarrassingly high” number of veterans without housing, according to Jon Thaxton, the foundation’s director of policy and advocacy. Many are priced out in Sarasota, increasingly a luxury destination with high real estate prices.

Local donors had been trying to build a similar project when they approached the foundation in 2020 for help. Thaxton secured land already vested for affordable housing, corralled $2.2 million in donations, got $800,000 from the city and won the backing of their U.S. representatives.

The foundation’s leaders believe their track record made that possible. Phillip Lanham, the president and CEO, noted the project was completed across multiple election cycles and a pandemic, suggesting that community foundations are well situated to “play the long game.”

“Most people think that foundations like us deal with money and donors. We really don’t. We deal with relationships and trust,” Thaxton said. “That’s our commodity. That’s what we earn. That’s what we save. And that’s what we contribute back to the community.”

The Council on Foundations will also elevate examples of early, ordinary philanthropists as part of its case for philanthropy as an integral “part of the American story.” Enright credited a formerly enslaved man with donating land in North Carolina that became an African Methodist Episcopal church that endures as a pillar of the local community.

Lillian Kuri, the president and CEO of the Cleveland Foundation, welcomed the focus on everyday philanthropists. The Cleveland Foundation is considered the first community foundation, established in 1914 by lawyer Frederick Harris Goff as a way to fund durable change in the city.

The foundation aims to find new ways to expand today’s tent of philanthropists dedicated to improving their surrounding areas. It announced new investments this week in a fund dedicated to turn vacant industrial land into job-ready work sites. They’ve also launched a fund that allows donors to invest in major Northeast Ohio companies, supporting local business growth while that money increases into a sizable amount that can be donated to nonprofits.

“Generosity cuts across everybody,” she said, adding that community foundations offer “a way for everyday people — not just the largest, wealthiest people — to participate in the change they want to see in their communities.”

Pollard writes for the Associated Press.

SEOUL, June 5 (UPI) — South Korea’s KB Securities said Friday it teamed with global blockchain network operator Canton Foundation and domestic digital asset company Wavebridge.

The Seoul-based brokerage said the three firms would explore ways to take advantage of the Canton Network, a blockchain platform built for regulated financial markets, to support distributed ledger-based capital market transactions.

Over the longer term, they also hope to collaborate on adopting distributed ledger-based financial products in South Korea.

KB Securities said that its ultimate goal is to enable the issuance and cross-border distribution of financial products backed by Korean assets.

Enabled by smart contracts, Canton Network allows participants to exchange data and value for the trading of real-world assets.

Several major global financial organizations participate in the Canton ecosystem, including Goldman Sachs, BNP Paribas, HSBC and Nasdaq, according to KB Securities.

“The transition to a distributed ledger-based capital market is an essential step for future finance. This transformation is already moving from concept to execution globally,” KB Securities CEO Kang Jin-doo said in a statement.

Canton Foundation leader Viv Diwakar welcomed the three-way partnership.

“Korea’s capital markets have the institutional depth and regulatory foundation to move decisively in the shift to distributed ledger infrastructure,” he said.

“This partnership with KB Securities and Wavebridge is an important first step in building that future, and Canton Foundation is committed to supporting Korea’s leadership in this space.”

KB Securities is not publicly listed. The share price of its parent company, KB Financial Group, rose 4.51% on Friday, while the benchmark KOSPI plunged 5.54%.

BOSTON — Former Federal Reserve Chair Jerome Powell used one of his first major public appearances since leaving office to defend independent institutions while accepting an award Sunday honoring his efforts to preserve the central bank’s independence.

Speaking at the John F. Kennedy Presidential Library overlooking Boston Harbor, Powell called universities, courts, Congress and the central bank “the foundation and the embodiment of our democracy” and argued that the Fed’s independence was a “priceless asset” that must be protected.

It was one of his most direct defenses of Fed independence, warning that a single administration’s decision to remove bank officials over policy differences would open the way for future elected officials to follow suit, ultimately undermining the credibility that the Fed has spent decades building.

Powell, who frequently clashed with President Trump during his eight years as chair, stepped down as his term expired in May. He was succeeded by Kevin Warsh, whom Trump selected to lead the central bank.

After stepping down as chair, Powell took the unusual step of keeping his seat on the Fed’s governing board, which he has until January 2028. By doing so, he has deprived the Trump administration of an opportunity to appoint another member of the board.

The Trump administration has also sought to fire Fed governor Lisa Cook, which would open an additional seat on the rate-setting committee the president could fill. Yet Cook sued and the courts have so far let her keep her seat.

While Powell never mentioned Trump by name Sunday, he repeatedly returned to the importance of protecting institutions from political pressure and preserving public trust in their independence.

“Like many other institutions, the Fed has been undergoing a stress test,” he said. “Congress wisely chose to insulate monetary policy decisions from political pressure. All other advanced economy nations have done the same.”

Since 1989, the John F. Kennedy Profile in Courage Award has recognized public servants who make what the foundation describes as courageous decisions of conscience despite personal or professional consequences.

Previous recipients include former Presidents Barack Obama and George H. W. Bush, Ukrainian President Volodymyr Zelensky and former Vice President Mike Pence.

In March, the foundation said it was awarding Powell for protecting the independence of the Federal Reserve “despite years of personal attacks and threats from the highest levels of government.”

Trump harshly criticized Powell throughout his tenure as chair, frequently attacking the Fed’s interest-rate decisions and urging the central bank to cut borrowing costs more aggressively.

Beyond the Federal Reserve, Powell defended U.S. universities and research institutions, the Constitution, Congress and the court system.

“The United States has long been the leader of the world’s freedom-seeking people — the indispensable nation. Other countries know us as a nation built on integrity, and that integrity must be maintained,” he said.

In his remarks, Powell indirectly acknowledged mistakes as chair. The Fed is legally required to seek stable prices, but inflation surged amid the pandemic’s supply chain crunch. Many economists believe the central bank should have raised interest rates more quickly in response.

“At the Fed, we are, of course, human and thus imperfect,” Powell said. “When we make mistakes, we acknowledge them and change course.”

Powell was honored alongside residents of Minnesota’s Twin Cities, who received the award for what the Kennedy Foundation described as acts of courage during a federal immigration crackdown that led to thousands of arrests and the deaths of Minneapolis mother Renée Good and nurse Alex Pretti, both of whom were killed while observing or documenting enforcement activity.

“It’s wonderful just to be invited, honoring Renée,” Good’s father, Tim Granger, said as he entered the library with family members.

Kennedy’s only surviving child, Caroline Kennedy, and her son, Jack Schlossberg, said in a statement that without people like Powell and those in Minnesota “willing to put their lives on the line to hold America to its promises, our democracy can’t survive.”

Attendee U.S. Sen. Amy Klobuchar, who is running for governor of Minnesota next year, reflected that the award was unusual because it recognized ordinary residents rather than elected officials.

“This didn’t go to an elected leader for a reason,” Klobuchar said. “It’s because the people stood up. They stood up by marching 50,000 strong. They stood by bringing kids they didn’t even know — strangers’ kids — to school, by bringing them groceries and they didn’t blink. And that’s what this award is about. It’s about courage.”

Willingham writes for the Associated Press. AP journalist Christopher Rugaber contributed to this report from Washington.

Matthew Perry’s collection of “Friends” memorabilia, fine art and other prized possessions is going up for auction next month, nearly three years after the actor died at age 54.

Auction house Heritage Auctions announced Tuesday that it will partner with the Matthew Perry Foundation to sell the late actor’s collection. The proceeds will go toward the nonprofit, which seeks to support people living with addiction and move past the stigma that surrounds substance use abuse disorder.

The auction for items from Perry’s estate officially begins June 5, but interested buyers can preview the items from May 18 to May 29 at Heritage Auction’s showroom in Beverly Hills. They can also start placing proxy bids. The listed items notably include plenty of “Friends” memorabilia, ranging from art pieces depicting the TV cast to magazines featuring the “Friends” crew and Perry to episode scripts signed by the cast. Currently, the bid for the signed script of the “Friends” pilot is set at $3,600.

Perry’s painted portraits are up for sale as are his Screen Actors Guild Award from 1995 (he and his co-stars won the prize for performance by an ensemble in a television comedy) and trio of nomination certificates. Perry famously portrayed the wisecracking Chandler Bing in the hit sitcom, which aired on NBC from 1994 to 2004. He starred alongside Courteney Cox, Matt LeBlanc, Lisa Kudrow, David Schwimmer and Jennifer Aniston.

Before his death, Perry shared his love for Batman via social media, often calling himself “Mattman.” His Batman fandom is also abundantly clear in the more than two dozen items of Batman-inspired art, furniture and trinkets that are also up for sale.

The actor and author’s personal art and vintage movie posters collection — including a pair of Banksy works, a piece by Pablo Picasso and a framed “It’s a Wonderful Life” movie poster signed by its star James “Jimmy” Stewart— are among the listings. A handful of miscellaneous items — sports gear and equipment, a Nintendo GameCube, accessories and fine jewelry and a black bi-fold wallet — are also up for auction. The full catalog of listed items can be found on the website for Heritage Auctions.

“Matthew believed addiction should be met with compassion and science, not stigma and silence,” Lisa Kasteler Calio, chief executive of the Matthew Perry Foundation, said in Tuesday’s announcement. “This auction fuels the Foundation’s work to expand access to evidence-based care and confront stigma. It is one more way we ensure that no one has to fight this disease alone.”

Perry, who had been open about his struggles with addiction, died Oct. 28, 2023, from acute effects of ketamine, a drug sometimes used to treat depression, officials said. The woman known as the “ketamine queen” who provided the drugs that killed Perry was sentenced last month to 15 years in prison. Jasveen Sangha pleaded guilty in September to one count of maintaining drug-involved premises, three counts of distribution of ketamine and one count of distribution of ketamine resulting in death or serious bodily injury.