Word: overheads
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Dates: during 1990-1999
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...suit comes amidst national media attention devoted to costs for overhead--such as utilities and depreciation related to research--included in the federal grants. A widely publicized government investigation of Stanford University found that a number of items were inappropriately billed as indirect costs...
...years, private universities charged the government millions of dollars for overhead on federal research grants and drew little attention from Congress or the public. But recent headlines and closer scrutiny have put these schools on the defensive...
...wake of these disclosures, the Office of Management and Budget has said it will likely overhaul the regulations that determine proper overhead billings--known in contracting circles as "indirect costs...
...Throughout the 1970s and 1980s, the federal government paid Harvard millions of dollars more than the University actually spent on allowable overhead costs. A major bargaining point in a 1987 negotiation concerned how much Harvard actually owed the government. Vice President for Finance Robert H. Scott said recently that the resulting rate--77 percent--was artificially low because it was adjusted to account for this discrepancy...
...cash shut down their pension plans and pocketed the so-called excess funds. Some clearly acted irresponsibly, imperiling the future security of aging members of the corporate family for quick financial gain. Others terminated the plans as a defensive measure against hostile takeovers, knowing that the buyout buzzards circling overhead saw the cash from their well-stocked pensioners' funds as a tempting target and were eager to pick them clean...