Kiwi Hamish McKenzie's Substack raises $168m at $1.8b valuation
McKenzie - a former freelance writer for the Listener and Otago University graduate who now lives in San
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Otago Daily Times
2 hours ago
- Otago Daily Times
University unfazed by dwindling donations
The University of Otago is brushing off another dramatic drop-off in donations to its Foundation Trust, saying donors continue to seek other ways to contribute. The trust's annual report for 2024, released last week, records that the trust received $3.87 million in new donations for the year. That was down from $7.1m in 2023 and $12.3m in 2022. Otago University chief financial officer Brian Trott said there had not been a drop-off in donations, rather there had been a change in giving patterns. Donors were opting to support immediate and short-term projects managed directly through the university ledger and not endowments that would traditionally go to the trust, he said. "In 2024, total donations to the university amounted to $8.3m, with $3.87m donated to the Foundation Trust and $4.43m allocated to university-managed projects. "Overall donations to the university for 2024 were still healthy. The drop in donations to the foundation does not have any immediate effect on operations." The trust provides funding for research, teaching, scholarships and prizes. Dr Trott said the university's development and alumni relations office had active staff who were experienced in networking with alumni and developing "philanthropic and alumni engagement strategies" to support the university's priority projects. Last year, the university attributed 2023's $5m drop in donations to the trust compared with 2022 partially to the ongoing impact of Covid-19, the economic recession and the prevailing cost-of-living crisis but otherwise gave the same reasoning as Dr Trott for there being no real concern — people donating in other ways. In 2023 and 2024 a controversial rebrand, particularly a new logo, together with significant staff cuts led some donors to threaten pulling their donations or endowments. Asked whether rebranding had affected overall donations, Dr Trott said total "donations to the university itself were in line with expectations". Universities New Zealand chief executive Dr Chris Whelan said tertiary institutions — and indeed the whole country as a rule — did not have the philanthropic culture of universities in the United States, for instance. "In world terms, we're not talking big numbers for donations — although every university in New Zealand welcomes them when they arrive." Donations could "fluctuate" depending on what was going on with the university. Many donors were alumni who contributed widely to further a personal area of interest in study or research and therefore gave for scholarships or equipment or funded specific research, Dr Whelan said. During Covid-19, the university launched a wide-ranging campaign seeking donations or funding to help to cover electricity bills, accommodation costs, travel costs back to campus, essential groceries and toiletries for struggling students. During that period donations to the trust nearly doubled, from $6.8m in 2019 to $12.3m in 2022. Established in August 2002, the trust has a target of making a return on investment of 6.5% a year — it distributes about 4.5% of its returns a year. It made returns of 11.14% last year compared with returns of 9.37% in 2023. During the past year, the trust distributed $11.67m to the university, an increase of about $0.56m on the previous year.
Otago Daily Times
2 hours ago
- Otago Daily Times
University unfazedby dwindling donations
The University of Otago is brushing off another dramatic drop-off in donations to its Foundation Trust, saying donors continue to seek other ways to contribute. The trust's annual report for 2024, released last week, records that the trust received $3.87 million in new donations for the year. That was down from $7.1m in 2023 and $12.3m in 2022. Otago University chief financial officer Brian Trott said there had not been a drop-off in donations, rather there had been a change in giving patterns. Donors were opting to support immediate and short-term projects managed directly through the university ledger and not endowments that would traditionally go to the trust, he said. "In 2024, total donations to the university amounted to $8.3m, with $3.87m donated to the Foundation Trust and $4.43m allocated to university-managed projects. "Overall donations to the university for 2024 were still healthy. The drop in donations to the foundation does not have any immediate effect on operations." The trust provides funding for research, teaching, scholarships and prizes. Dr Trott said the university's development and alumni relations office had active staff who were experienced in networking with alumni and developing "philanthropic and alumni engagement strategies" to support the university's priority projects. Last year, the university attributed 2023's $5m drop in donations to the trust compared with 2022 partially to the ongoing impact of Covid-19, the economic recession and the prevailing cost-of-living crisis but otherwise gave the same reasoning as Dr Trott for there being no real concern — people donating in other ways. In 2023 and 2024 a controversial rebrand, particularly a new logo, together with significant staff cuts led some donors to threaten pulling their donations or endowments. Asked whether rebranding had affected overall donations, Dr Trott said total "donations to the university itself were in line with expectations". Universities New Zealand chief executive Dr Chris Whelan said tertiary institutions — and indeed the whole country as a rule — did not have the philanthropic culture of universities in the United States, for instance. "In world terms, we're not talking big numbers for donations — although every university in New Zealand welcomes them when they arrive." Donations could "fluctuate" depending on what was going on with the university. Many donors were alumni who contributed widely to further a personal area of interest in study or research and therefore gave for scholarships or equipment or funded specific research, Dr Whelan said. During Covid-19, the university launched a wide-ranging campaign seeking donations or funding to help to cover electricity bills, accommodation costs, travel costs back to campus, essential groceries and toiletries for struggling students. During that period donations to the trust nearly doubled, from $6.8m in 2019 to $12.3m in 2022. Established in August 2002, the trust has a target of making a return on investment of 6.5% a year — it distributes about 4.5% of its returns a year. It made returns of 11.14% last year compared with returns of 9.37% in 2023. During the past year, the trust distributed $11.67m to the university, an increase of about $0.56m on the previous year.
Otago Daily Times
18 hours ago
- Otago Daily Times
CEO resigns after viral video from Coldplay concert
The chief executive of an American IT company captured in a widely circulated video showing him embracing an employee at a Coldplay concert has resigned. Andy Byron resigned from his job as CEO of Cincinnati-based Astronomer, according to a statement posted on LinkedIn and X by the company on Saturday. "Astronomer is committed to the values and culture that have guided us since our founding. Our leaders are expected to set the standard in both conduct and accountability, and recently, that standard was not met," the company said in its post on LinkedIn. The move comes a day after the company said that Byron had been placed on leave and the board of directors had launched a formal investigation into the jumbotron incident, which went viral. The pair were captured embracing at the Coldplay concert. Image: YouTube A company spokesman later confirmed in a statement to AP that it was Byron and Astronomer chief people officer Kristin Cabot in the video. The short video clip shows Byron and Cabot as captured on the jumbotron at Gillette Stadium in Foxborough, Massachusetts, during a Coldplay concert on Wednesday. Lead singer Chris Martin asked the cameras to scan the crowd for his Jumbotron Song, when he sings a few lines about the people the camera lands on. "Either they're having an affair or they're just very shy," he joked. Internet sleuths identified the man as the chief executive officer of a US-based company and the woman as its chief people officer. Pete DeJoy, Astronomer's cofounder and chief product officer, has been tapped as interim CEO while the company conducts a search for Byron's successor. Most concert venues warn attendees that they can be filmed and it is common practice especially when bands like to use performances for music videos or concert films. Once captured, a moment can be shared widely. "They probably would have got away with it if they hadn't reacted," said Alison Taylor, a clinical associate professor at New York University's Stern School of Business. And by the time the alleged identities emerged on social media, it hit a classic nerve around "leaders acting like the rules don't apply to them", she added.
