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VN Criticizes Tight-lipped Trustees
In an on-line editorial today, the Valley News criticized the College’s refusal to disclose the fees paid to Trustees who manage part of the endowment. The Editorial Board’s conclusion:
Let’s not forget that the Dartmouth endowment enjoys the considerable benefit of a tax exemption. The government, on behalf of taxpayers, has agreed to forgo revenue it would otherwise earn by taxing endowment income because the endowment supports an enterprise deemed to serve the public good — in this case, education. Under those circumstances, taxpayers have a right to insist that endowment activity isn’t serving other, nonpublic purposes, such as the undue enrichment of connected parties.
It’s certainly easy to grasp why Dartmouth wishes to pursue these investments. The college happens to have on its board some of the nation’s most successful investors. Or perhaps it’s not happenstance. In any case, the aim of the committee that makes investment decisions is to maximize returns. Accordingly, the committee does not want to deprive itself of the opportunity to invest in promising funds simply because they are under the control of trustees. So the college has put in place several procedural safeguards — including the requirement that trustees recuse themselves from investment decisions involving their own funds — and has invested freely and, judging by recent results, wisely.
So, just to ensure the continuation of this favorable climate, wouldn’t it make sense for the college and regulators to go out of their way to provide the basic information needed to assure everyone that these transactions aren’t self-serving? Seems as though they’re doing the opposite.
The paper continues to do a good job shining a bright light on this issue.
August 14, 2013
Breaking: Of Crips and Bloods and Memories of Ghetto Parties
History repeats itself, first as tragedy and then as farce, or sometimes it just repeats itself. From the New York Times on November 30, 1998: At Dartmouth College, white students at a ”ghetto party” dressed…
June 25, 2013
Dean of the College Charlotte Johnson’s War on Students Part (2/2)
Today’s post again recounts the events that befell the Freshman. However, the content of the Hanover Police department report reproduced in this space yesterday is supplemented by information from my own interviews, a review of…
October 18, 2009
When Love Beckoned in 52nd Street
We were at San Francisco’s BIX last evening, enjoying prosecco, cheese, and a bit of music. A full year of inhabitation in Northern California has unraveled to me no decent venue for proper lounging, but…
October 9, 2009
D Afraid of a Little Competish
So our colleague and Dartblog writer Joe Asch informed me that the D has rejected our cunning advertising campaign. Uh-oh. The Dartmouth is widely known as a breeding ground for instant New York Times successes,…
September 4, 2009
How Regents Should Reign
As Dartmouth alumni proceed through the legal hoops necessary to defuse a Board-packing plan—which put in unhappy desuetude an historic 1891 Agreement between alumni and the College guaranteeing a half-democratically-elected Board of Trustees—it strikes one…
August 29, 2009
Election Reform Study Committee
If you are an alum of the College on the Hill, you may have received a number of e-mails of late beseeching your input for a new arm of the College’s Alumni Control Apparatus called…