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Senator Charles E. Grassley??a leading critic of low spending from colleges and university endowments—proposed stricter disclosure requirements in federal tax filings for schools on Monday, suggesting a willingness to stop short of threatened legislation on the issue. “I would like to ask [federal agencies] to develop a Form 990 schedule for colleges and universities,” Grassley said in reference to the form required for tax-exempt and non-profit organizations. He added that he wanted a specialized form to require information about “student populations or costs...
...short cover letter addressed to the senators, Faust stressed Harvard’s commitment to expanding access to those from poorer backgrounds, while suggesting that a blanket policy—like Grassley??s talk of mandating a five percent payout rate—might be ill-advised...
...Grassley??s investigation made ripples for legislators outside of Washington. Three months after Grassley sent his questionnaires, a Massachusetts state representative—building on the senator’s contention that universities are hoarding wealth—introduced an amendment to the state budget that would impose a 2.5 percent annual tax on every dollar of endowment in excess of $1 billion. The amendment did not pass, but has been submitted to the Department of Revenue for further study...
...look at it as an opportunity, if it’s seriously a fact-finding matter, to help broaden Mr. Grassley??s perspective about what the endowment is all about,” Casey said...
...It’d be good to see the very elite institutions, with the richest endowments, take the lead and create a ripple effect throughout higher education to make college more affordable for everyone,” Grassley said in a statement to The Crimson. Jill Gerber, Grassley??s press secretary, said it is unlikely that the Finance Committee will take immediate action on university endowments, even though the Senate is scheduled to address higher education tax legislation later this month. “It depends on the timing,” she said...