> Suppose you were to start "a hedge fund with a university attached to it", in order to use the university's non-profit status to minimize paying taxes. Who i

> Suppose you were to start "a hedge fund with a university attached to it", in order to use the university's non-profit status to minimize paying taxes. Who is "you"? Certainly not someone who expected to ever extract cash from their hedge fund in order to make it part of their income for that year. Now you might say the school is a lavish club for students and faculty, but who benefits from that? Not the donors. If they're wealthy, they've got far more efficient spending options to enjoy marble floors and leather sofas.