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First BA philanthropy students Elizabeth Wells (left to right), Arishaa Khan, Hannah Croucher, Brittany Sears, Mark Lighthizer

The first five students to earn a bachelor's degree in Philanthropic Studies will graduate May 13 in Indianapolis. Less than two years after the program was launched, 21 undergraduate students are now officially majoring in Philanthropic Studies.

A new survey of financial managers at mid-size nonprofit organizations reveals gaps in their financial knowledge, even as they grapple with economic challenges. The study was conducted by the Center on Philanthropy at Indiana University to help nonprofits understand and increase their financial knowledge levels and improve their effectiveness. Nonprofits' knowledge, policies and procedures were studied; some results were positive, while others revealed a clear need for financial education.