Dirty little secret: private foundations that receive tax exemption must annually spend 5% of their funds, but 9 colleges of Massachusetts, who have more than one billion dollars, have no such need. It: Amherst, BC, BU, Harvard, MIT, Smith, Tufts, Wellesley and Williams.
With these huge fortune, who daily earn a large amount of interest, is colleges, a student appeal for additional financial assistance will respond by saying that "not enough money". When it comes to discussing finances, these colleges do not have confidence, as their public statements mislead the mind.
Here is an example:
Last year, Boston College has justified an increase of tuition fees on the basis of the fact that health care and energy costs costs are rising. To add insult to damage to an increase in spending on education, in the article "The Boston Globe" quoted official BC: "Excellence is expensive – opinion." In order not to go too far in the department of elitism when President BR, Rev. William Leah, asked about the charity school to pay a billion dollars, and if this would mean that the increase in tuition fees stay at BC, he replied: "A billion dollars a lot of money, but it may in no case does not remove all the pressure. "
Pressure? "The Boston Globe" reported that BC was able to defeat the purchase of real estate near its campus for nearly $ 100 million in "cash." That's BC determines the pressure – it is necessary to do trading with $ 100 million in cash. I was probably naive to suggest to do it, but maybe their tax exemption helps to relieve some of this pressure. You think?
Derek Bok, the former president of Harvard University, said in a recent book: "The universities share one characteristic with compulsive gamblers and exiled royalty: there is never enough money to satisfy their desires."
Members of Parliament of Massachusetts are considering the elimination of tax exemptions. They want to put a miserable tax of 2.5%, for which private funds are required to pay. But I think that these colleges do not worry. They did not even get to send their lobbyists to protest against the proposed tax. If this happens, the colleges will do what you can already predict: raise tuition and fees.
With good intentions, mixed with a lot of razdumvannyav, Massachusetts policy is likely to impose this tax, and the parents who send their children to these schools, will pay more.
Now you know why these colleges, as these do not care what you think about the fact that they take. While the demand for admission to these schools is much greater than the supply of places, colleges will continue to market the audacity to touch or bite the hands that feed them.
After the design: Harvard tries to be an exception: students whose parents earn less than 60,000 dollars a year, receive free training. But how exceptionally bright students to meet the requirements of the Harvard come from homes earning less than $ 60,000 a year? It is not surprising that Harvard is not reads. Could it be that their own press releases Harvard would have us all thinking that does not want that no child is left behind? My cynicism should appear ….