Association of Philanthropic Counsel
Association of Fundraising Professionals
Council for the Advancement and Support of Education
interNational Advancement Counsel
Challenges that the Nonprofit Community Faces:
Dirty Money? Is there such a thing?
On March 12, 2008, Stephen Schwarzman, the cofounder and chairman of the private equity firm the Blackstone Group L.P., pledged $100 million to the New York Public Library. The gift was the single largest donation the library had ever received, and the library will rename its main Manhattan building after him. A donation of this size is not an unusual occurrence. For generations, wealthy entrepreneurs have made pivotal donations to all kinds of nonprofits. When all goes well, wealthy benefactors give, and nonprofits name things after them—a building, a school, a program or hallway—and all is well. But what happens when a benefactor gets embroiled in a scandal after the donation has been made? How should a nonprofit react?
