Liberty Blitzkrieg – by Michael Krieger
Open the Books is back in the spotlight today with another deep-dive report, this time looking into U.S. taxpayer subsidies, tax breaks and federal payments into Ivy League colleges.
Below are a few key findings from the report, titled: Ivy League, Inc.
1. Ivy League payments and entitlements cost taxpayers $41.59 billion over a six-year period (FY2010-FY2015). This is equivalent to $120,000 in government monies, subsidies, & special tax treatment per undergraduate student, or $6.93 billion per year.
2. The Ivy League was the recipient of $25.73 billion worth of federal payments during this period: contracts ($1.37 billion), grants ($23.9 billion) and direct payments – student assistance ($460 million).
3. In monetary terms, the ‘government contracting’ business of the Ivy League ($25.27 billion – federal contracts and grants) exceeded their educational mission ($22 billion in student tuition) FY2010-FY2015.
4. The eight colleges of the Ivy League received more money ($4.31 billion) – on average – annually from the federal government than sixteen states: see report.
5. The Ivy League endowment funds (2015) exceeded $119 billion, which is equivalent to nearly $2 million per undergraduate student.6. As a non-profit, educational institution, the Ivy League pays no tax on investment gains. Between FY2011-FY2015, the Ivy League schools received a $9.6 billion tax break on the $27.3 billion growth of their endowment funds. In FY2014, the tax-free subsidy on endowment gains amounted to $3.4 billion, or nearly $60,000 per student.
7. With continued gifts at present rates, the $119 billion endowment fund provides free tuition to the entire student body in perpetuity. Without new gifts, the endowment is equivalent to a full-ride scholarship for all Ivy League undergraduate students for 51-years, or until 2068.
8. In FY2014, the balance sheet for all Ivy League colleges showed $194,332,115,120 in accumulated gross assets. This is equivalent to $3.35 million per undergraduate student.
9. The Ivy League employs 47 administrators who each earn more than $1 million per year. Two executives each earned $20 million between 2010-2014. Ivy League employees earned $62 billion in compensation.
10. In a five-year period (2010-2014) the Ivy League spent $17.8 million on lobbying, which included issues mostly related to their endowment, federal contracting, immigration and student aid.
Nice gig if you can get it.
Read the entire report here.
Open the Books is a nonpartisan, non-profit organization focused on providing transparency in government. I’m honored to have them as a Liberty Blitzkrieg partner since 2015.
In Liberty,
Michael Krieger
What do you expect when every politician and US president has come from an Ivy League school. Gee….what are the chances? That’s like the Jews who make up less than 1% of the population, own everything.
Nah…It’s all random luck. Anyone can become president or the richest man in the world. (sarcasm)
Unfrigginbelievable…….