And still the Feds continue to pump money into these extremely wealthy institutions. Your money and my money going to already wealthy individuals while we get poorer.
People do not understand college endowments. These are monies given to colleges by donors for specific, well-defined purposes, to fund a chair in Medieval French literature, for example. The monies are entailed, and may not be used for purposes other than that specified in the gift. The interest on the gift is also entailed. In fact, it is expected that the activity specified will be funded by the earned interest, so the gift operates indefinitely. As a consequence, very little of the endowment can be used for general purposes. Harvard's $50 billion becomes zero.
Nevertheless, by what rationale should hard working citizen taxpayers be forced to pay taxes that go to universities to prop them up so they can afford to educate foreign students, many of whom openly despise America and American citizens?
And still the Feds continue to pump money into these extremely wealthy institutions. Your money and my money going to already wealthy individuals while we get poorer.
ReplyDeletePeople do not understand college endowments. These are monies given to colleges by donors for specific, well-defined purposes, to fund a chair in Medieval French literature, for example. The monies are entailed, and may not be used for purposes other than that specified in the gift. The interest on the gift is also entailed. In fact, it is expected that the activity specified will be funded by the earned interest, so the gift operates indefinitely. As a consequence, very little of the endowment can be used for general purposes. Harvard's $50 billion becomes zero.
ReplyDeleteNevertheless, by what rationale should hard working citizen taxpayers be forced to pay taxes that go to universities to prop them up so they can afford to educate foreign students, many of whom openly despise America and American citizens?
ReplyDelete