Over a period of six years, Ivy League schools have received tens of billions of taxpayers ‘ dollars, bringing in more money from the taxpayer than from undergraduate student tuition fees. In fact, they received more federal money than 16 governments of the member states.
The beautiful songs are all part of a new report, for the first time, seen by Fox News, released Wednesday by the Opening of the Books, a non-profit group whose mission is to capture and post online all released expenditure at each level of the government.
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The 43-page report shows the huge amount of money in not-for-profit Ivy League schools, including payments and rights, cost taxpayers more than $41 billion from fiscal year 2010 to fiscal year 2015.
The expenditure is controversial, because these eight schools — Brown University, Columbia University, Cornell University, Dartmouth College, Harvard university, the University of Pennsylvania, Princeton and Yale University — have enormous resources at your fingertips, including mixed funds (money raised from donors) in 2015, over $119 billion. Take that total and divide it among the Ivy League undergrads, and it comes out to $2 million each.
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Other federal perk — the schools pay no taxes on capital gain on their endowment — a tax benefit, is estimated at $ 9.6 billion over the six years of the study.
Some question whether these schools received a federal funding…a lot less, such a large amount.
Here is a reality check list:
- With donations at the current rate, the money could provide free education to the whole student population in the eternity,
- Without new donations, the fund could arrange for a full ride scholarship to any Ivy League students for 51 years
The report also shows that in fiscal year 2014, the balance sheet for all eight Ivy League schools combined showed the accumulated gross assets of more than $194 billion euros, or the equivalent of $3.35 million per student.
“The Ivy League should pay its own manier…De taxpayer gravy train needs to end,” Adam Andrzejewski, founder of Open the Books, told Fox News.
His report says that the Americans should be proud of the schools and “round of applause for the many contributions of the Ivy League colleges and graduates.” But he told Fox News that he feels that “they do not need taxpayer help, they do not need the taxpayer to help.”
Some of the federal spending makes sense, as the study of AIDs. But, he said, some are less defensible.
A grant was given to Cornell for nearly $1 million to study whale presence in the Virginia offshore wind energy area. Other grants to the Ivy League schools were to study college binge drinking, ethics in Tanzania and the sex chromosomes in turtles.
“They have a gift, yet?” Andrzejewski said. “They can use their endowed funds – they do not need public funds to finance studies.”
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He went on to compare what he calls Ivy League, Inc. “a hedge fund with lessons.”
Finally, the report elaborates on a number of the big money being paid out to the Ivy League employees. It shows more than $62 billion in salaries, benefits and reporting fee for faculty, staff, and other employees from fiscal year 2010 to fiscal year 2014, and took four employees more than $20 million and three more, who has more than $13 million.
Fox News reaches every Ivy League school for comment Wednesday morning, and has not yet heard of one of them.
The full report can be read here.