AUSTRALIA: Universities turn to philanthropists

Philanthropy is becoming big business for Australian universities as they seek to prop up income from government and student fees, writes Yuko Narushima for The Sydney Morning Herald.

With the University of Sydney last week set to sell a donated Picasso for an expected $18 million (US$18,9 million), the tertiary sector is embracing new methods of gleaning gifts. Some universities in New South Wales employ their students in call centres to help raise donations. They ring alumni to ask them to invest in a stranger's future.

Universities receive property, books, manuscripts, artworks and millions of dollars in cash for scholarships and research. The University of Sydney reported donations and bequests of more than $44 million (US$46,2 million) last year.
Full report on The Sydney Morning Herald site