Daily Mail: 'The taxpayer gravy train needs to end': Ivy League colleges received $41 billion in tax dollars over six years from federal payments and entitlements
March 29, 2017 09:05 PM
'The taxpayer gravy train needs to end': Ivy League colleges received $41 billion in tax dollars over six years from federal payments and entitlements
- Payments and entitlements to Ivy League colleges cost taxpayers $41.59 billion from 2010 to 2015, according to a new report
- The report was compiled by non-profit group Open the Books
- Ivy League schools also received $25.73 billion worth of federal payments
- The report shows Ivy League endowment funds in 2015 exceeded $119 billion, which is the equivalent to nearly $2 million per undergraduate student
By Emily Crane For Dailymail.com
PUBLISHED: 21:02 EDT, 29 March 2017 | UPDATED: 21:05 EDT, 29 March 2017
America's Ivy League colleges have received tens of billions of dollars in taxpayer money through federal contracts and grants over the past six years, according to a new report.
The report, compiled by non-profit group Open the Books, shows payments and entitlements cost taxpayers $41.59 billion from 2010 to 2015.
Ivy League schools also received $25.73 billion worth of federal payments during this period.
The eight colleges - including Brown University, Columbia University, Cornell University, Dartmouth College, Harvard University, the University of Pennsylvania, Princeton University and Yale University - received more money on average in federal funds than 16 state governments.
The report shows Ivy League endowment funds in 2015 exceeded $119 billion, which is the equivalent to nearly $2 million per undergraduate student.
As a non-profit education institution, the Ivy League pays no tax on investment gains. They received a $9.6 billion tax break on the $27.3 billion growth of their endowment funds between 2011-15, according to the report.
'The Ivy League needs to pay its own way… The taxpayer gravy train needs to end,' Adam Andrzejewski, founder of Open the Books, told Fox News.
While Andrzejewski applauded the contributions of Ivy League schools and graduates, he said: 'They don't need taxpayer help, they don't need taxpayer assistance.'
He argued that Ivy League schools could use their endowed funds to fund important studies, including Harvard's AIDs research.
Princeton vice president Robert Durkee said most of the tax incentives the school receives is reinvested back into libraries, laboratories, classrooms, research and financial aid.
Yale spokesman Tom Conroy said the Ivy League college had attracted large financial investments for New Haven and the surrounding towns.
'Since 2000, over 50 startups based on Yale inventions and located in New Haven have attracted over $5 billion in investment to New Haven and surrounding towns,' he said.
'Alexion, which employs 1,200 people in New Haven, is a prime example of Yale's impact.'