Word: tax-exempt
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...While college fraternities and social clubs are tax-exempt organizations—the A.D. bills itself as a “members only social club of alumni of Harvard University” on the tax filing—the club rents the first floor of the building to Adidas and must pay taxes on that income...
...year of threats from some lawmakers—notably Republican Senator Charles E. Grassley—to mandate a minimum level of endowment spending, which they say would increase college affordability. The five-percent proposal would extend to colleges and universities the level of endowment spending required of other tax-exempt charities and foundations...
...Harvard, every donation is crucial to the growth of the institution and any move by the IRS to tax donations to universities would have a devastating effect on the educational landscape of this country. While schools with larger endowments might be able to weather such a change in policy, the inevitable disappearance of smaller schools would result in more limited access to higher education in the United States. The harm that would be caused by the removal of the tax-exemption status of American universities is much greater than the benefit would be. That said, American universities need...
...Internal Revenue Service will request new financial data from 400 colleges and universities—potentially including Harvard—in an effort to further study the financial practices of the tax-exempt schools, the agency announced this week...
...This questionnaire is overdue. Colleges and universities should be much more transparent about their activities, just as tax-exempt hospitals are being asked to do,” Grassley said. “They need to show they’re making good use of the tax exemption and other federal subsidies they receive...