Word: hoardingã
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...accumulated wealth, the number that Harvard claims is its goal. Payout rates have become a hotly debated issue in higher education in the last year as Senator Charles E. Grassley, the ranking member of the Senate Finance Committee, began attacking what he saw as “hoarding?? among schools with large and fast-growing endowments. Grassley, an Iowa Republican, floated the possibility of mandating a minimum five-percent payout rate for higher education endowments, similar to the current standards for foundations and other charities that receive tax-exemptions. Harvard sets five percent as its payout goal...
...center of the school spending debate since Grassley and Senate Finance Committee chair Max Baucus first raised the issue last year. At $34.9 billion as of June 2007, Harvard boasts the largest endowment in higher education. Grassley has criticized colleges and universities for “hoarding?? growing endowment returns instead of spending more on financial aid. But he did praise a slew of financial aid increases last year from the nation’s wealthiest universities, including a $22-milion expansion at Harvard, as “self-correcting.” Harvard and other schools with...
...want to show alumni and others that we are using—not just saving, not simply hoarding??resources,” Kirby said...
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