Word: exempted
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Meanwhile, the IRS is unhappy about the unspent cash that is piling up in the fund's accounts. Although the fund disbursed $134,163 in scholarship aid last year, its income from investments totaled $325,000. The IRS requires all tax-exempt foundations to pay out at least 5.5% of their net asset value each year in the form of charitable contributions...
...educational institution to take such property off the tax-rolls. However, of the 29 single-family homes involved, all but the houses of Presidents Bok and Horner and of Krister Stendahl, dean of the Divinity School, are taxed. (Cambridge City Council promised last year to examine the tax-exempt status of the three non-taxed houses.) As for expansion, Harvard attempts to contain its student population so that it won't flood the Cambridge apartment market, and since the 1972 Daly Report it has limited its new purchases...
...Skirted restrictions against political activities by tax-exempt organizations by using such organizations as a source of political research and personal publicity...
Although it is the largest single landowner and the richest locally-based corporation in town, Harvard tries for the most part to keep out of Cambridge's official affairs. All the University's land is, under state law, tax-exempt, but to keep town-gown relations smooth Harvard pays the city about $500,000 a year in in-lieu-of-tax payments. And whenever and wherever the name of Harvard is likely to be mentioned in public, the University sends a representative from its Office of Government and Community Affairs to sit quietly in the back of the room...
CARO sometimes writes as if he were lecturing his readers about very difficult subjects, and leads them through the not-very-complicated reasons why New York banks were anxious for Moses's Port Authority bonds (they were tax-exempt, very safe, and paid higher interest than similar bonds) as if he were explaining the Federal Reserve System to a group of ten year olds. But The Power Broker is one of the most interesting books to appear recently on the tired subject of New York. Caro concludes that a democratically-biased system of checks and balances is unable to build...