Victor Fleischer, a professor of law at the University of San Diego, kicked off the endowment-bashing this year with an August opinion piece in The New York Times. He opened with a startling statistic: Yale University paid about $480 million to its private-equity managers in 2014, nearly three times the amount that the endowment paid out for tuition assistance, fellowships, and prizes... An often-cited benefit of endowments is the cushion they provide during downturns. But Brian Galle, a professor at Georgetown University Law Center who studies endowments and taxation, testified at the hearing that Harvard has taken its "rainy day" account to an absurd extreme. The endowment could cover Harvard’s entire budget for 12 years, Mr. Galle said...
Full story at https://philanthropy.com/article/College-Endowments-Are/234363
An
often-cited benefit of endowments is the cushion they provide during
downturns. But Brian Galle, a professor at Georgetown University Law
Center who studies endowments and taxation, testified at the hearing
that Harvard has taken its "rainy day" account to an absurd extreme. The
endowment could cover Harvard’s entire budget for 12 years, Mr. Galle
said. - See more at:
https://philanthropy.com/article/College-Endowments-Are/234363?cid=pm&utm_source=pm&utm_medium=en&elq=cc19118131da4073ae20d037f80753fb&elqCampaignId=1961&elqaid=7063&elqat=1&elqTrackId=0d265e71776c4231a36887fa2774b0ef#sthash.tHrbLfuW.dpuf
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