Word: non-profit
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Chief among the competing concerns surrounding the move across the Charles is the matter of how Harvard will financially support its new neighborhood. As a non-profit entity, Harvard is not compelled to make any tax payments to the municipalities in which it resides. Instead, it has taken it upon itself to make payments in lieu of taxes (PILOT) to those communities. PILOT payments are an admirable consolation prize when Harvard takes up land that would otherwise bring valuable tax revenue. And as the University increases its presence in its Allston campus, it must be willing to increase its PILOT...
Since Quad Bikes is to be a non-profit enterprise—all revenues will be put back into the bikes—students will not be gouged in their search for the perfect two-wheeled transport. Quad Bikes will also be a valuable source of term-time employment for students, providing an interesting alternative to hours slaving away at jobs in Lamont or a lab. It will fill their pockets in other ways, too. Biking is always a frugal choice for tight-budgeted students, but most bike shops in the area are too expensive or too distant for Harvard?...
When he announced the proposal last month to the Education Finance Council, a non-profit in his home state, McKeon said he knew that it would impose a hardship on many colleges...
...that although all of the land—including the 1.4 acre parcel—could be useful to Harvard in the far-off future, he said that the University is too greedy a buyer and unfairly enabled by tax breaks from the state that it gets as a non-profit institution...
...order to take a property off the tax rolls, it needs to be clear that the property is used for non-profit, tax-exempt use,” Power said. “I’m not aware of any examples when that’s not the case...