4 ms·

These elite colleges are non-profit institutions, not government-funded. I'm not surprised they occasionally want to "waste their academic offerings" on billio

by zach 19y ago

These elite colleges are non-profit institutions, not government-funded. I'm not surprised they occasionally want to "waste their academic offerings" on billionaire's children with middling resumes. The situation is much better than in years past, but you'll never escape it. Quite simply, Harvard didn't come by that $35 billion endowment on the basis of SAT scores alone. Everyone else in that stratus has to compete with that figure as well. This is simply an economic problem, compounded by wealth concentration. Who's going to make a college turn down a potential huge bequest in return for a handful of slightly-less-meritorious admissions? They can admit everyone alphabetically if they want to. If anyone you know is surprised by this, tell them that you just found out that politicians listen to the people who write the biggest checks instead of the people who have the best ideas! They'll be appalled!

robg 19y ago
Actually a good chunk of their operating budgets comes from government grants. And a requirement of tenure is ability to the get said grants. That's the cudgel the government holds - follow our regulations or get government funds cut (see stem cell research). Meanwhile, don't you think it's a tad weird that you could be considered non-profit and carry a $35 billion "endowment"? Or earn a few million in salary (as some football coaches do) and work for a "non-profit"? And I don't think anyone would naively argue against all nepotism. But would you have guessed that twice as many non-qualified students get in based on their family than on their race? The popular debate has made the latter seem much more prevalent, as if minorities were solely responsible for squeezing out qualified whites.
- robg 19y ago
  "The larger question on the senators' minds was whether private colleges and universities are abusing the public trust. After all, they pay no taxes on tuition revenue or on the income from their endowments, of which Harvard boasts the largest -- $35 billion, which has lately been earning around $5 billion a year. In order to keep their tax-exempt status, other nonprofit institutions (charitable foundations, for example) are required to give away a hefty percentage of their money. Hospitals are required to care for indigent patients. But what, exactly, are colleges doing to justify their public subsidies?" http://www.nytimes.com/2007/09/30/magazine/30wwln-lede-t.html?ref=magazine&pagewanted=all http://www.nytimes.com/2007/09/30/magazine/30wwln-lede-t.htm...
moonman 19y ago
Why does any institution of higher learning need a $35Billion dollar endowment?

by zach 19y ago

robg 19y ago

Actually a good chunk of their operating budgets comes from government grants. And a requirement of tenure is ability to the get said grants. That's the cudgel the government holds - follow our regulations or get government funds cut (see stem cell research). Meanwhile, don't you think it's a tad weird that you could be considered non-profit and carry a $35 billion "endowment"? Or earn a few million in salary (as some football coaches do) and work for a "non-profit"? And I don't think anyone would naively argue against all nepotism. But would you have guessed that twice as many non-qualified students get in based on their family than on their race? The popular debate has made the latter seem much more prevalent, as if minorities were solely responsible for squeezing out qualified whites.

robg 19y ago
"The larger question on the senators' minds was whether private colleges and universities are abusing the public trust. After all, they pay no taxes on tuition revenue or on the income from their endowments, of which Harvard boasts the largest -- $35 billion, which has lately been earning around $5 billion a year. In order to keep their tax-exempt status, other nonprofit institutions (charitable foundations, for example) are required to give away a hefty percentage of their money. Hospitals are required to care for indigent patients. But what, exactly, are colleges doing to justify their public subsidies?" http://www.nytimes.com/2007/09/30/magazine/30wwln-lede-t.html?ref=magazine&pagewanted=all http://www.nytimes.com/2007/09/30/magazine/30wwln-lede-t.htm...

moonman 19y ago

Why does any institution of higher learning need a $35Billion dollar endowment?