Some Rich Colleges Aren't Sharing With the Locals
Of the 28 richest schools, only 11 gave cash with no strings attached to their municipality last year.
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Free art walks and lectures aren’t cutting it anymore.
With U.S. university endowments at record values, the public’s enchantment with the small perks that tax-exempt private schools provide to their hometowns has faded. Two dozen New Jersey residents grew so frustrated that earlier this year they joined a lawsuit challenging Princeton University’s property-tax exemption, with one plaintiff calling the state’s only Ivy League school a “hedge fund that conducts classes.”