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How do they have the money to do this, sustainably?
by jczhang 8y ago
How do they have the money to do this, sustainably?
- pcurve 8y agoBy creating a giant endowment that can be used to generate cash. In this case, $600 million lump sum.
- scarface74 8y agoWhile I’m glad that billionaires are donating, why should colleges be dependent on the largess of private benefactors to ensure that our healthcare system is sustainable?
- naveen99 8y agowe want the most capable doctors. This will help keep more of top candidates from choosing other careers.
- scarface74 8y agoI didnt mean to imply that the donors were doing anything wrong, but that the government should do more to make sure that there are enough qualified general practitioners and obstetricians. There is far more of a need for those specialties than higher paying plastic surgeons.
- the_economist 8y agoOne possibility is paying for it from their endowment. NYU's endowment is $4.1 billion. They make 7.5%/year on that according to this report: https://www.nyu.edu/content/dam/nyu/investmentOffice/documents/2017-08-31%20NYU%20Endowment%20Fact%20Sheet.pdf https://www.nyu.edu/content/dam/nyu/investmentOffice/documen... That's $300 million/year in growth, not counting donations. Their medical school apparently has 679 students. At $50k/year each, that's $34 million a year. Or approximately 10% of the appreciation in their endowment.
- EliRivers 8y agoThe article says they believe they can fund the programme in perpetuity with 600 million dollars to invest. The article says they've raised three quarters of that. They have that money by asking people to give it to them.
- neuromantik8086 8y agoMaybe they purchased real estate in NYC and are charging companies to rent space there. Historically that's how the Cooper Union has been tuition free (since they own the space under the Chrysler Building) [0]. [0] https://wernercohn.com/Chrysler.html https://wernercohn.com/Chrysler.html