Inspired by a May report by the Tellus Foundation about financial strategies at America’s most exclusive private colleges, Massachusetts State Senator Patricia Jehlen has proposed a new bill about college investments.
According to an Associated Press article in the Boston Globe:
Tax-exempt colleges and universities in Massachusetts would be required to turn over more financial information under a bill being unveiled on Beacon Hill.
Somerville Democratic state Sen. Patricia Jehlen and Boston Democratic Rep. Michael Moran say the public has a right to more information about the financial health of universities that enjoy the public’s support through their exemption from certain taxes.
This means that if the bill passes Massachusetts private colleges with more than $10 million in investments would have to publicly reveal all of this wealth and also, oddly, “calculate the benefits they receive from tax exemptions,” according to the Globe article. Colleges would also be required to disclose consultant fees.