“more than $41 billion from fiscal year 2010 to fiscal year 2015”
Harvard’s endowment is worth billions. Same thing at Yale and other Ivy League schools.
Why do they need tax dollars?
This report from FOX News is enlightening:
Critics to Ivy Leagues: ‘Taxpayer gravy train needs to end’
Over a six-year period, Ivy League schools have received tens of billions in tax dollars, bringing in more money from taxpayers than from undergraduate student tuition. In fact, they received more federal cash than 16 state governments.
The stunning numbers are all part of a new report, first seen by Fox News, released Wednesday by Open the Books — a non-profit group whose stated mission is to capture and post online all disclosed spending at every level of government.
The 43-page report shows the massive amount of money flowing into not-for-profit Ivy League schools, including payments and entitlements, costing taxpayers more than $41 billion from fiscal year 2010 to fiscal year 2015.
The spending is controversial because these eight schools — Brown University, Columbia University, Cornell University, Dartmouth College, Harvard University, the University of Pennsylvania, Princeton University and Yale University — have enormous resources at their fingertips, including endowment funds (money raised from donors) in 2015 exceeding $119 billion. Take that total and split it up among Ivy League undergrads and it comes out to $2 million each.
Donations tax deductible
to the full extent allowed by law.