Word: profits
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Corlette added that when Harvard research does lead to profit for a private firm, the University follows longstanding federal regulations that require it to devote the money to research and education...
...There’s no profit to the University,” she said...
City councillors accused Cambridge universities of cheating the city out of tax revenue by conducting for-profit research on tax-exempt property at a meeting of the council’s University Relations Committee yesterday...
...with taking this from a smaller level that worked and taking it to a national level,” Pope said. “But ultimately, the responsibility shouldn’t fall on non-profit groups. It’s the responsibility of the government...
Harvard is far and away Cambridge’s largest landowner, owning around ten percent of the city’s real estate along with MIT. However, because of the University’s non-profit status, the city of Cambridge loses out on over $30 million worth of property taxes per year. In an agreement reached in 1990, Harvard had been paying the city an annual PILOT of $1.7 million in addition to the $4.3 million it already pays on non-exempt land. Under the new agreement reached Monday, Harvard will pay $2.4 million in 2006 with provisions...