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Questioning Harvard’s Tax Exempt Status?

What’ll they think of next?

Harvard University is one of 40 colleges that will be audited this year as part of the Internal Revenue Service’s review of the tax-exempt status of some nonprofit organizations, the school said in bond offering documents.

… Harvard is the world’s richest college with an endowment of $26 billion as of June 30, down from a peak of $36.9 billion in 2008. An alumni group criticized pay at the school’s endowment, known as Harvard Management Co., in 2003 after the top six in- house managers earned a combined $107.5 million the prior year.

… Senator Charles Grassley, an Iowa Republican, has been examining finances at universities, including how much funding rich schools give to student financial aid, and drug company payments to university researchers. Grassley called the IRS probe “long overdue” when it began in 2008.

Margaret Soltan, January 11, 2010 2:21PM
Posted in: harvard: handouts

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