National / International News
In Boston, highways started filling up with cars. In Rhode Island, the governor called up 270 national guardsmen to help get the power back on. In New York, the subway resumed regular service.
Three magic money making words: "It's Harvard calling." The ivy league school raised more money last year than any U.S. college ever. But they're not the only ones seeing booms in donations. Plus, there's more money on the way at Yahoo once it transfers ownership of its remaining stake in Alibaba. So what's next for the company? And the next time you're reading a magazine, the article you're perusing could very well be an ad. More on that. Also on the program, we'll talk about how the number of homeless children in the U.S. has grown to an all-time high, but the number of resources allocated to help them has not.
Harvard University raised more money last year than any U.S. school ever: $1.16 billion dollars in the 2013/2014 fiscal year, according to an annual survey from the Council for Aid to Education. That brings the school’s endowment to $36.4 billion as of June; Stanford is runner up with $21.4 billion.
Part of the explanation is that Harvard kicked off a capital campaign to raise $6.5 billion by 2018, but 2013/14 was a great year for American colleges and universities in the aggregate: they received almost $38 billion dollars, an 11 percent increase over the previous fiscal year and one of the biggest jumps in more than a decade.
Donations of property – largely art or land – have increased dramaticallyCouncil to Aid for Education
The bumper year has to do in part with giant gifts of private art collections, but it also has to do with the stock market. Many gifts to schools come as securities or stocks, and the period saw tremendous gains for markets. Endowments in general grew by around 15 percent in the same period.
But just as with personal income in the United States, there is palpable inequality in this accumulation of wealth. Less than 2 percent of colleges raised 30 percent of the money. Even the percentage of alumni who donate is shrinking, while the amount they gave rose.
Nearly 44 percent of donations are earmarked for student financial aid.
More money than ever is flowing into the top funded institutions. But how much money are we talking about?
1. Harvard University ($1.16 billion)
2. Stanford University ($928.46 million)
3. University of Southern California ($731.93 million)
4. Northwestern University ($616.35 million)
5. Johns Hopkins University ($614.61 million)
6. Cornell University ($546.09 million)
7. University of Texas at Austin ($529.39 million)
8. University of Pennsylvania ($483.57 million)
9. University of Washington ($478.07 million)
10. Columbia University ($469.97 million)