Except for the equipment storage shed next to the multi million dollar sports stadium...
Poor universities, they have to make due with regular old domestic Marble instead of imported Italian marble!
Posted on 02/02/2018 12:41:32 PM PST by Academiadotorg
Universities that cry poor while entertaining themselves lavishly are finding it harder to keep up their public service facade, even in publications that would normally be sympathetic to them.
"When Congress asked dozens of schools to report on their spending in 2016, for instance, Harvard declined to say exactly how much of its $37 billion endowment is paid to the people who manage it.," Neena Satija wrote in The Washington Monthly. "While most colleges did tell Congress what percentage of their annual endowment payout goes to financial aid, they generally didn't elaborate further--such as on the proportion of aid that’s based on academic merit, which tends to benefit upper-middle-class students, versus financial need."
As it happens, late last year, another writer, writing in that same publication, outlined exactly that trend. "Since the late 1990s, nearly two-thirds of selective public universities reduced the share of traditional-aged students they enrolled from the bottom 40 percent of the income scale," Meredith Kolodner reported in The Washington Monthly. "In addition, two-thirds of these universities increased the share of students from the top 20 percent of the income ladder."
"And half of them did both at the same time, meaning the wealthiest students took seats at the expense of poorer students." Kolodner drew on the research of the New America Foundation, a left-wing think tank.
“————such as on the proportion of aid that’s based on academic merit, which tends to benefit upper-middle-class students, versus financial need.”
What this idiot is really saying is that poor people aren’t smart.
Unbelievable.
.
It doesn’t take too much in commission for these people to make 10’s of millions of dollars managing 35 billion. There’s more hands in the pie that you even know about. Charges are measured in ‘basis points’ which is 1/100 of 1% and our higher for fresh accounts/fresh money than the residuals from continued maintenance. Think in terms of .05% .
The people who manage these and manage to keep them funded by investment returns are gifted individuals and usually worth every penny of commissions and residuals the may make. For an endowment of 37billion dollars probably takes a 3 floor office building consisting of accounts, advisors, bankers, compliance and security.
Except for the equipment storage shed next to the multi million dollar sports stadium...
Poor universities, they have to make due with regular old domestic Marble instead of imported Italian marble!
I’m sorry, but *WHY* isn’t this reporting mandatory? $$$$ of *TAXPAYER* monies, and they’re not audited?? (rhetorical, unions + (D) + $$$)...
What nobody has figured out yet is the government has given upper education a huge grant of money. It is called the student loan program. They give the money to the students, who gives the money to the college ... then they make the students pay it back. This is a huge ripoff and nobody is seeing it!
I do.
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