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Check out this self-proclaimed constitutional lawyer who apparently hasn& #39;t heard of Uniform Prudent Management of Institutional Funds Act, which is . . . a law passed by the body to which he belongs.
I& #39;m not saying I& #39;m happy that very wealthy universities are getting big bailouts, but it& #39;s not as simple as "everyone can solve this by raiding their endowments!" Non-profit law* is complex, and institutions are limited in how much and how they can spend restricted funds.
*You know, law, that kind of thing Congress does.
And if I want to get outraged by CARES Act allocations, I can look through the sortable list at https://www.chronicle.com/article/How-Much-Coronavirus-Stimulus/248471?utm_source=at&utm_medium=en&utm_source=Iterable&utm_medium=email&utm_campaign=campaign_1135830&cid=at&source=ams&sourceId=5172070">https://www.chronicle.com/article/H...
Oh, look here! Liberty University, clocking in at a cool $15 million and change! University of Phoenix is getting $6 million. Grand Canyon University,* a private Christian for-profit institution that is majority online, will be pulling down $22 million.
*For those of you who were wondering, the GCU graduation rate for 2012 entrants is 37% and the eight-year rate balloons to 44%. #general">https://nces.ed.gov/collegenavigator/?id=104717 #general">https://nces.ed.gov/collegena...
I understand that a lot of the support is based on how many students are using Pell Grant funds at these institutions. But that re-raises the fundamental question of whether we should be authorizing Pell funds to flow to private, for-profit, predatory institutions.
As I recall, that used to be a concern in some circles. But, well, here we are.
