The heirs of the late businessman and philanthropist Norman Levy have reached a settlement with the Bernard Madoff bankruptcy trustee to pay $220-million to settle a claim over the money in the estate that came from the Madoff fraud, according to papers filed Wednesday in U.S. Bankruptcy Court, says Bloomberg.

The trustee, Irving Picard, will not pursue the family’s charitable foundation, he said, because the money had been given to charity.

College endowments lost an average of 18.7 percent on their investments last year, the worst showing by far in the nearly 40-year history of the National Association of College and University Business Officers’ annual survey, The Chronicle of Higher Education reports.

The poor returns, combined with a significant drop in giving, sent the value of endowments down by 23 percent on average, according to the study, results of which were announced Wednesday. In a reversal of past trends, the largest endowments took the biggest hits, with the five biggest — Harvard, Yale, Stanford, Princeton, and the University of Texas — reporting investment losses of 22.6 to 27.3 percent for fiscal 2009.

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The Associated Press reports that music impresario Quincy Jones is planning a new version of “We Are the World,” one of the first major all-star charity recordings, to benefit Haiti relief.

The 1985 hit was written by Michael Jackson and Lionel Richie to raise money to combat famine in Africa and featured Bruce Springsteen, Bob Dylan, Stevie Wonder, and dozens of other performers. Mr. Jones said the new recording will take place Monday in Los Angeles.

Also: A global education organization is offering emergency grants of up to $2,000 for Haitians studying in the United States who are facing financial difficulties following the Haiti earthquake, according to the Associated Press.

The New York Institute of International Education says more than 850 Haitians are attending U.S. colleges on student visas. Schools can nominate eligible students for the aid.

You can find an archive of Chronicle articles about the Haiti disaster here.

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The Getty Foundation announced a $3.1-million round of grants to support an ambitious group of exhibitions devoted to post-World War II art in Southern California, reports the Los Angeles Times.

“Pacific Standard Time: Art in L.A., 1945-1980,” is scheduled to open in fall 2011 in more than two dozen museums and galleries. Getty had already committed $3.6-million to the project, which has been in the works since 2002.

In other arts news, the Los Angeles Opera unveiled a trimmed-back schedule for 2010-11, its 25th season, the Times reports.

The opera will present 42 performances of six productions, down from peaks of 75 performances and 10 productions in 2006 and 2007. The opera has struggled with the financial demands of its upcoming production of Wagner’s Ring cycle and last month took a $14-million emergency loan from Los Angeles County.

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Abortion-rights groups are calling on CBS to pull an advertisement by the Christian advocacy organization Focus on the Family, which the network has accepted for airing during next month’s Super Bowl, write The Washington Post and the Los Angeles Times.

The critics cite past instances in which the network rejected advocacy ads from groups such as the liberal organization MoveOn.org and the pro-gay-rights group United Church of Christ.

CBS said it had already altered its policy on such commercials before it agreed to sell time to Focus on the Family for an ad featuring University of Florida football star and evangelical Christian Tim Tebow and his mother. The network said it would “continue to consider responsibly produced ads from all groups for the few remaining spots in Super Bowl XLIV.”

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Nonprofit Continuum Health Partners, one of New York’s largest hospital systems, has made an offer to take over the financially ailing St. Vincent’s hospital, the city’s last Catholic general hospital, and turn it into an outpatient center, reports The New York Times.

St. Vincent’s has been losing millions of dollars a month and is facing a possible second bankruptcy three years after emerging from its first. The Greenwich Village hospital gained iconic status in the aftermath of the September 11, 2001, terror attacks, when it became a gathering place for people searching for loved ones.

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President Obama gave few clues in his State of the Union speech Tuesday night about what his proposed 2011 budget might hold for social services or other areas of interest to nonprofit groups, The Chronicle of Philanthropy reports.

Fifteen days after the massive earthquake struck Haiti, donors have contributed more than $528-million to 40 U.S. nonprofit groups, a Chronicle tally finds.