Several colleges make below-market loans to top officials, IRS finds
A new, wide-ranging report on colleges and universities by the Internal Revenue Service has found that a number of institutions make loans with below-market interest rates to their top administrators.
The May 7 report was part of an IRS review into universities' compliance with tax laws. The agency is looking for possible targets for investigation as the federal budget gets tighter, Inside Higher Ed reports.
While the report zeroes in most sharply on executive compensation and taxes on unrelated business income, it also notes that a number of colleges make loans to their six highest paid officers, directors, trustees and key employees.
Of the 344 colleges and universities that responded to the IRS survey, 28 reported making loans or offering lines of credit to these top administrators. In a large percentage of these cases, the loans were offered on terms below
Parents using lemonade, other resources to stave off school budget cuts
The May 7 report was part of an IRS review into universities' compliance with tax laws. The agency is looking for possible targets for investigation as the federal budget gets tighter, Inside Higher Ed reports.
While the report zeroes in most sharply on executive compensation and taxes on unrelated business income, it also notes that a number of colleges make loans to their six highest paid officers, directors, trustees and key employees.
Of the 344 colleges and universities that responded to the IRS survey, 28 reported making loans or offering lines of credit to these top administrators. In a large percentage of these cases, the loans were offered on terms below
Parents using lemonade, other resources to stave off school budget cuts
The lemonade stand used to be the go-to fundraiser for children wanting field trips, new sports uniforms and marching band outfits. In the Santa Cruz mountains, parents hope the tangy homemade drink can help save their schools.
Disappointed that voters in the recent election defeated a $95-a-year-tax that would have raised about $200,000 for schools, parents in the Loma Prieta Joint Union School District have turned to lemonade.
According to the San Jose Mercury News, Loma Prieta parents worry that school budget woes would lead to staff job losses, mushrooming class sizes, and the elimination of music and art classes. So this Sunday, expect to see adults manning lemonade stands. The price? $95 a-cup.
"Hopefully, we will get $100,000 if the people who said yes will still contribute," said Jennifer Straw, one of the
Former CalPERS chief received $200k for unused leave
Disappointed that voters in the recent election defeated a $95-a-year-tax that would have raised about $200,000 for schools, parents in the Loma Prieta Joint Union School District have turned to lemonade.
According to the San Jose Mercury News, Loma Prieta parents worry that school budget woes would lead to staff job losses, mushrooming class sizes, and the elimination of music and art classes. So this Sunday, expect to see adults manning lemonade stands. The price? $95 a-cup.
"Hopefully, we will get $100,000 if the people who said yes will still contribute," said Jennifer Straw, one of the
Former CalPERS chief received $200k for unused leave
Federico Buenrostro Jr., former head of the California Public Employees' Retirement System, allegedly received the keys to a Lake Tahoe condominium and a six-figure salary when he left state service in 2008 to start work for an investment consulting firm, according to a civil fraud lawsuit filed last week by Attorney General Jerry Brown.
