College donors want wiser decisions
Share Now on:
College donors want wiser decisions
TEXT OF STORY
Lisa Napoli: Colleges and universities are having a harder time keeping their donors happy. Marketplace’s Amy Scott has this case study.
Amy Scott: Back in 1961, Charles and Marie Robertson gave Princeton University a pile of money to train students for government service. Now, the late couple’s children claim Princeton misspent the money. They’re suing for control of a nearly $900 million endowment.
Frederick Fransen heads the nonprofit Center for Excellence in Higher Education. He says together, both sides have spent more than $40 million duking it out.
Frederick Fransen: Those are $40 million that could have been much better spent on providing education, either the way that Princeton sees it or the way that the Robertson family sees it.
Fransen’s group hosts a conference today on the growing problem of donor discontent. He says schools should strictly define the terms of gifts. And donors would do well to make short-term bequests, in case a school’s circumstances change.
In another case, descendants of a Tulane University benefactor say the school broke the terms of a gift she made more than a century ago.
I’m Amy Scott for Marketplace.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
