Word: tax-exempt
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...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...
...responsibility. If Harvard is to receive so much from tax-payers, it must provide secure jobs that support the economy.” But Harvard does have an enormous responsibility—that of educating around 20,000 individuals a year. The university is tasked with producing knowledge and research that ranges from cures for diseases to models for understanding modernity. Harvard exists as a center of teaching and scholarship, and it is these activities that the government and taxpayers have deemed valuable enough to afford it tax-exempt status...
...University’s liquidity position has suffered recently due to endowment losses and stress in the debt and swap markets. In December and January, Harvard completed $2.5 billion in bond sales to guarantee cash flexibility and refinance risky variable rate debt.According to the report, disruptions in the tax-exempt variable rate debt markets last fall “increased the perceived risk that Harvard could experience a failed remarketing of its debt.” While no such failure occurred, the disruptions hampered the University’s liquidity position by forcing it to keep cash on hand...
...that trade-off,” Scudder said.With the global financial market in free fall and the University’s endowment shrinking by at least 22 percent over the course of four months, Harvard issued $1.5 billion in taxable bonds on Dec. 5 and another $1 billion in tax-exempt debt five days later, bringing the University’s total debt in bonds and commercial paper to over $6 billion, according to a Dec. 5 credit report issued by Standard & Poor’s rating services. Despite the debt increase, S&P reaffirmed Harvard?...
Today, Boston is forecasting a shortfall of $140 million, Mayor Thomas M. Menino said last week. The government is eyeing tax-exempt non-profits like educational institutions and hospitals to make up a portion of the difference...