Harvard Business school stands to lose more than $1 million through the bankruptcy of a philanthropic organization, according to a story in yesterday's Boston Herald.

The B-school is one of many local institutions, including the Gordon-Conwell Theological Seminary and Boston College, which might be forced to return donations made by a Philadelphia-based charitable group, Foundation for New Era Philanthropy.

New Era donated $502,000 to the B-school, a gift which was then matched by a third party.

Under bankruptcy law, the federal trustees administering the case may try to regain all the money involved in the New Era grants. The money would then be used to pay off other claims against New Era.

New Era is also under fire for allegedly collecting money for donations through questionable means.

The philanthropic organization allegedly obtained funding for donations, including those given to the B-school, from other high-profile charities and non-profit organizations by telling them that their contributions would be doubled in six months by unnamed wealthy donors, the Herald reported.

B-school administrators contacted by the Herald were unaware of the potential loss.

"That's the first I've heard of this," B-school spokesperson Jim Aisner told the Herald when asked to comment on the school's potential liability