• Senator Grassley considers legislation that would hold nonprofit hospitals more accountable for the billions of dollars in tax exemptions they enjoy.  [Wall Street Journal]

• The losses the Shapiro Foundation has sustained due to Madoff have Boston-area nonprofits on edge.  [Boston Globe]

• The Broad Foundation donates $25 million to UC San Francisco for stem cell research.  [Los Angeles Times]

• Outraged philanthropists worldwide reel from Madoff scam.  [Reuters]

• Bill Clinton's foundation has raised at least $46 million from Saudi Arabia and other foreign governments that his wife may end up negotiating with as the next secretary of state.  [Associated Press]

• After 146 years, the Sisters of Mercy close down the Convent of Mercy in Brooklyn due to structural and accessibility problems.  [New York Times]

• Yale's endowment drops 25% due to the recession, prompting the delay of construction projects on campus.  [Associated Press]

• The LeBron James Family Foundation cuts some of its staff.  [Associated Press]

• Barack Obama's interest in early education sparks hope in charities and philanthropies working to educate and care for the very young.  [New York Times]

• The Toys for Tots program receives more requests for toys than ever.  [Washington Post]

• Steven Spielberg, Eric Roth, and Jeffrey Katzenberg are among those who suffered losses in Madoff's fraud.  [Los Angeles Times]

• The nonprofit community continues to reel from the Madoff scandal.  [New York Times]

• The Brooklyn Museum transfers its rich collection of costumes to the Metropolitan Museum of Art.  [New York Times]

• Senator Frank Lautenberg's foundation is among the groups that has lost money in Bernard Madoff's fraud.  [Bloomberg]

• City officials have taken unprecedented steps to prevent a next wave of veterans from sleeping on its streets.  [New York Times]

• Arts organizations around Long Island try to cut spending and replace income with creative fundraisers.  [New York Times]

• Nonprofits around the nation brace for fallout following the arrest of New York money manager Bernard Madoff.  [Bloomberg]

• A report from the National Endowment for the Arts indicates vulnerability for new theatrical organizations.  [Associated Press]

• Goldman Sachs will donate $100 million to develop and enhance business education programs for women at universities in Africa, the Middle East, and other developing regions.  [New York Times]

• The Gates Foundation announces a new Grand Challenges Explorations program that will award grants for unorthodox, unproven ideas that may help against infectious diseases.  [Associated Press]

• The author who made up her memoir "Love and Consequences" also made up the nonprofit she claimed was helping to reduce gang violence.  [New York Times]

• Some viewers have misgivings about Oprah's new philanthropy show.  [Chicago Tribune]

• The director of the Guggenheim Museum resigns; takes job at Sotheby's North America.  [Associated Press]

• The Denver Foundation's portfolio takes a big hit with the collapse of a hedge fund in Boston.  [Rocky Mountain News]

• Five thieves rob a French art museum, stealing four masterpieces in a matter of minutes.  [Washington Post]

• In a rare interview, Shelby White discusses the Metropolitan Museum of Art's new Greek and Roman Galleries; questions those who have criticized her collection.  [New York Sun]

• An increasing number of U.S. businesses merge for-profit money-making with nonprofit mission.  [New York Times]

San Francisco Chronicle:  Stanford University's endowment grew to $14 billion in 2006, cementing its ranking for another year as the third-wealthiest university in the nation behind Harvard and Yale.

The Seattle Times:  For a charitable foundation investing money to fund good works, whether to own British Petroleum stock is a complicated question. 

Los Angeles Times:  In a significant change, the Bill & Melinda Gates Foundation announced Wednesday that it would review its investments to determine whether its holdings were socially responsible.