Harvard University raised a record $1.16 billion in donations in a single year, beating rival Stanford for the first time in a decade.Shouldn't Harvard and Stanford check their special privilege at the door and start paying real estate and endowment taxes to help fight "inequality" ?
Harvard’s haul, the largest ever in higher education, represents more than the entire endowments of all but about 70 U.S. colleges. Stanford came in No. 2, with $928 million, its third-biggest total, according to a survey by the New York-based Council for Aid to Education, which tracks university giving.
The gifts to Harvard show that the nation’s wealthiest colleges are attracting a disproportionate share of higher education philanthropy, cementing their competitive positions, even as less fortunate universities find their finances weakening as they look for customers to afford soaring tuition. Such inequality is growing, said Ronald Ehrenberg, an economist at Cornell University.
“The richer institutions are pulling away from everyone one else in terms of their endowment resources and the vast annual giving sums they generate, much of which goes towards building their endowments,” Ehrenberg said. “At poorer places, you need the money for current operating and also for construction projects.”
Wednesday, January 28, 2015
Harvard Beats Stanford, Raising Record $1.16 Billion in a Year
Bloomberg reports:
