Several US colleges with multi-billion dollar endowments have been tapping into the massive coronavirus stimulus passed by Congress and signed into law by President Trump in January.
As part of the $2 trillion Coronavirus Aid, Relief and Economic Security Act (CARES), $14 billion was set aside to support higher education institutions - ostensibly those without billions already in the bank.
Harvard, for example, which has a $40 billion endowment, will receive $8.7 million in federal aid. Harvard points out that at least half of which has been mandated for emergency financial aid grants to students, which we would note that they can cover themselves.
Hilariously, Harvard's Crimson points to the risk that their endowment could shrink due to market volatility, and that the University's financial situation is "grave." On the other hand - buried halfway through the article, Rutgers Business School professor John Longo points out that "it is conceivable that Harvard's market neutral and long/short hedge funds actually delivered positive returns," adding "If this is the case, it would materially soften the blow from the sharp drop in equities from around the world."
Let's look at which other financially sound universities stuck their hands in the cookie jar, courtesy of Twitter user @Oilfield_Ranndo:
CARES Act funds to Univ of Pennsylvania:
$9,907,683
Univ of Pennsylvania President Amy Gutman’s salary:
$3,908,031
Univ of Pennsylvania endowment:
$14,650,000,000
Univ of Pennsylvania undergrad tuition:
$60,042 up 3.93% from 2019-2020
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CARES Act funds to Univ of Michigan (Ann Arbor):
$25,244,052
Univ of Michigan President salary:
$852,346
Univ of Michigan endowment:
$12,400,000,000
Univ of Pennsylvania undergrad tuition:
$15,558 in state, $51,200 out of state
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