Colleges with more wealth than dozens of countries get another $360+ million from taxpayers
Colleges around the country are receiving billions from the coronavirus relief package.
Many of those universities, however, already have billions in their endowments.
UPDATE: Harvard, Yale, Princeton, and Stanford now say they will not take the money.
Editor’s note: After the initial publication of this article, Harvard University and Stanford University announced they will not take the money from the CARES Act. Yale University and Princeton University later made similar statements.
---
Original story below...
The Coronavirus Aid, Relief, and Economic Security Act provides billions of dollars to American universities to help them recoup lost revenues as a result of the global pandemic. However, many of those universities already have billions of dollars in their endowments.
In fact, the ten universities receiving the most money from the coronavirus relief bill have more wealth than dozens of the world’s countries, according to one analysis. Campus Reform identified the ten U.S universities with the largest endowments and how much they’re receiving from the CARES Act.
In total, these same ten countries are receiving more than $360 million from American taxpayers. Amid backlash, however, Harvard announced it would distribute all of the nearly $9 million it is receiving directly to students.
[RELATED: Ivy League bailout: Colleges with billions get more millions]
Harvard University
Endowment: $40.9 billion
Money from CARES Act: $8.6 million
More wealth than: 109 countries
.jpg)
University of Texas System
Endowment: $30.9 billion
Money from CARES Act: $173.1 million
More wealth than: 102 countries
Yale University
Endowment: $30.3 billion
Money from CARES Act: $6.8 million
More wealth than: 102 countries
Stanford University
Endowment: $27.7 billion
Money from CARES Act: $7.3 million
More wealth than: 100 countries
Princeton University
Endowment: $26.1 billion
Money from CARES Act: $2.4 million
More wealth than: 98 countries
Massachusetts Institute of Technology
Endowment: $17.4 billion
Money from CARES Act: $5 million
More wealth than: 86 countries
University of Pennsylvania
Endowment: $14.7 billion
Money from CARES Act: $9.9 million
More wealth than: 73 countries
Image source: YouTube/University of Pennsylvania
Texas A&M University
Endowment: $13.5 billion
Money from CARES Act: $98.8 million
More wealth than: 73 countries
Image source: YouTube/Texas A&M University
University of Michigan
Endowment: $12.4 billion
Money from CARES Act: $36.8 million
More wealth than: 70 countries
Columbia University
Endowment: $10.9 billion
Money from CARES Act: $12.8 million
More wealth than: 63 countries
.jpg)
Follow the author of this article on Facebook: @JonStreetDC and Twitter: @JonStreet
