Word: nettingã
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According to Rose, HMC frequently under-reported its income from outside money management firms by “netting?? it, or cancelling it out, with management fees paid out by the University. This practice, which reduces HMC tax obligations, is questionable because much of the income that Harvard receives from the firms actually derives from management fees that the firms collect from other investors—activities unrelated to the University’s tax-exempt purpose...
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