Financial Collapse Hits Local Grantees

Reuters has a pretty wild story about the demise of CME Group, which has given roughly $22 million to Chicago schools and charities in recent years, thanks to the collapse of MF Global Holdings, Inc, its parent company. Big recipients over the past six years have been Renaissance Schools Fund ($3.1M), University of Chicago ($2.5M), the Erikson Institute ($1.625M), and the Ounce of Prevention Fund ($1M).  Thanks to Rod for passing this along.

 

Advertisement:

Comments

Leave a comment
  • Hmm how many businesses fail due to bad administrators! A hell of a lot! CPS... the same!

  • When I read this story and sent it off to Alexander and others I was sort of both not surprised and depressed at the same time. Generally there are a lot of debaters points that can be made about the CME closing down its foundation just after its tax break was approved by the General Assembly, but there are bigger implications.

    As many are aware major business entities in Chicago have supported the Chicago Public School's movement towards both privatization and increased choice options within the existing public sector. We may be entering a phase when corporate angels will no longer be able to supplement funding for these projects, because they simply have to take care of themselves and their shareholders.

    So if that is evolving then what is plan B for CPS? Right now I don't see one and that is depressing in a way. It is easy to cheer and say go back to traditional schools and all will be good, but all was not good and funding for traditional schools is in a state of chaos in our state. We always have Gates and the Walton foundation. But these national funders work in tandem with local angels and if the local angels are in trouble then many projects are in very big trouble indeed.

    Rod Estvan

  • This should come as no surprise – it was foreseeable from the start.

  • There was an increasing view in central office that with reduced budgets, we should lean on corporate America to fund needed programs. I don't know if this has changed under the new administration, but it's very concerning to me that CPS doesn't see the need for being able to sustain core programs across time without relying on corporate dollars.

  • We all should be very fearful.

    Today that champion of educator announced a new group:

    Gov. Quinn said the makeup of the group is modeled on similar panels that have brought about major education overhauls and changes to the state's workers' compensation system.

    "This process seems to me to be the very best way to make sure that everyone has a voice," Quinn said. "We will work together to go forward on the common good when it comes to pensions, public pensions in Illinois."

    The changes he is talking about are SB7.So here we go again wonder who will serve on this committee?

    Bob

  • a bit more about the CME fiasco and fallout from david ormsby

    http://www.huffingtonpost.com/david-ormsby/cme-charitibale-giving_b_1158396.html

Leave a comment