Word: nonprofit
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Dates: during 1960-1969
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...shrewd trading (TIME, April 6), his flourishing empire is worth about $175 million, includes 14 newspapers, five TV and three radio stations, Street & Smith Publications Inc. and Condé Nast Publications Inc. (Vogue, House & Garden, Glamour). To keep it flourishing, the empire at his death will go into a nonprofit educational trust, the Newhouse Foundation; the business will be run by his two sons, S.I. Jr., 32, and Don, 30. This week the first fruit of the plan dropped on Syracuse University: $2,000,000 for an imaginative expansion of the university's journalism school, to be known...
...city of Philadelphia tried to solve its problem in a different way. In effect, it took over operation of the Pennsylvania and Reading railroads' commuter lines in the city by setting up a nonprofit corporation to run the lines. The city will control the corporation with eleven directors, give two directors to the railroads, two more to 23 labor unions whose members work on the roads. The corporation will set all schedules, collect all revenues, pay the roads for the use of their facilities at a guaranteed rate of $1,400,000 for the first year. It will...