Word: nonprofiteers
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...more than a year ago (TIME, Jan. 26, 1953). After hitting a peak of almost 22,000, circulation slipped, and a few weeks ago the Freeman was about ready to fold. Last week it had some fresh help. It was taken over by the Foundation for Economic Education, a nonprofit organization, which has turned it into a monthly. The magazine also had a new editor: Frank Chodorov, 67, director from 1936 to 1941 of the Henry George School of Social Science and author of The Income Tax: Root of All Evil...
Coffee & Cake. Recovery, Inc. (a nonprofit organization in which members are nevertheless encouraged to make "freewill offerings") somewhat resembles Alcoholics Anonymous, but instead of keeping members off the bottle, it keeps them listening to Low. The patient joins a local Recovery chapter, meets at least once a week with fellow members to exchange symptoms over coffee and cake. He is assigned the telephone number of a cured "senior" to call when in trouble. Dr. Low treats members through lectures, reinforced by Recovery's 400-page bible, Mental Health Through Will-Training (5,000 copies sold to date), a newsletter...
...support the organization by buying race tracks and putting them on a taxfree, charitable basis; he has already appealed to the Treasury Department for a favorable ruling. Said Murchison: "If I can, I'll buy every blamed track in the country and turn them all into nonprofit corporations to supply funds for Boys...
Even among such well-established plans as the nonprofit Blue Cross and Blue Shield, there are shortcomings. Most group policies do not cover dependents over 18. Many do not provide benefits high enough to compensate for the soaring costs of hospitalization, and most do not provide long-term care for such diseases as polio, TB and cancer. Another frequent weakness: if an illness runs longer than a specified time (seldom more than 120 days), benefits stop and the patient has to wait sometimes for months before they start up again. Meanwhile, he has to pay all expenses himself, just when...
...behind the project. Among them: Hughston M. McBain, chairman of Marshall Field & Co., Willis D. Gale, chairman of Commonwealth Edison, and Arthur T. Leonard, president, Chicago Association of Commerce and Industry. The sponsors feel that financing will not be a major problem. One suggested plan: establishment of a nonprofit corporate body eligible for city, state and federal land-clearance grants, plus "interested" Eastern insurance money...