Word: tax-exempt
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Reaction in the City Council, the State Legislature, and the press ranged from high praise to charges of a "land grab" and demands that Harvard, whose facilities are tax-exempt, should stop taking over valuable Cambridge property...
...June 1958, therefore, the official headquarters of Veritas action moved from Boston to New York, where the Foundation was formed with three new officers as Trustees. Set up as an "educational group," the Foundation claims tax-exempt status, "in the opinion of counsel"--an opinion which has yet to be tested. As any member of either group will admit, the now inactive Committee and the new Foundation are one in spirit, and cooperate closely...
Defending the tax-exempt status of educational institutions, Pusey said this status is a "recognition of the need for colleges and universities in our state and nation--a public need." He pointed out that if Harvard had not been left to private support, the burden of providing such facilities would have fallen on the state, and Cambridge taxpayers would have carried a share of this burden...
Administration officials saw little chance last night that Harvard would make use of the "Pomona Plan," a scheme offering a tax-exempt life income plan to persons giving donation to a university...
Under the terms of the plan, an upper-bracket taxpayer can give a college securities, which are then re-invested in tax-exempt municipal bonds. The donor collects income from these bonds during his lifetime, with the principal going to the college on his death...