With nonprofit status, 'Super rich' Harvard University set to become richer!

Cambridge, September 11: Harvard University on Monday received a gift of $350 million from Hong Kong-based billionaire brothers- Ronnie Chan and Gerald Chan, through their charitable foundation.

With the most ever-expensive gift in its kitty, Harvard will rename its Public Health School in honor of the brothers' late father, as a token of gesture.

Gerald Chan pursued his master's degree in medical radiological physics and a PhD in radiation biology in the 1970s from the Harvard School.

The New York Magazine report said that the "Harvard is a real-estate and hedge-fund concern that happens to have a college attached."

The "super rich" Harvard University is all set to become more richer as with its, 'nonprofit status', the admission fees is expected to go up.

"It charges its rich students and they are mostly from rich families, with many destined to be rich themselves, hundreds of millions of dollars in tuition and fees", the report further mentioned.

A number of legislators and economists in Washington and Massachusetts have suggested that some of the tax exemptions of Harvard should be taken away, to ensure that it is contributing ot public welfare.

With no shareholders, Harvard manages about $32 billion.

The report also said that if Harvard loses its nonprofit status, then it would owe the state of Massachusetts $80 million a year.

It's high time that Harvard should lose its nonprofit status - a hedge fund & real-estate firm with a university attached, that pays no taxes.

OneIndia News