TCU 360: TCU has $1 billion endowment; Congress wants to know why
By Kaylee Bowers
Congress sent TCU and 55 other private schools a letter in February asking how they use their endowments of over $1 billion.
The Senate Finance Committee and the House Ways and Means Committee want to make higher education more affordable, wrote David Pasch, the communications director for Rep. Peter Roskam, R-IL, the chairman of one of the subcommittees, in an email.
Both the schools and their endowments are tax-exempt because the IRS defines them as charitable institutions that advance education, Pasch wrote.
“The committees will review to what extent these colleges and universities are serving their charitable purpose, especially since the cost of private four-year schools has increased 146 percent in 30 years,†Pasch wrote.
In other words, similar schools went from costing an average of about $13,000 to about $31,000, Pasch wrote. …
Read the rest at https://www.tcu360.com/2016/03/tcu-has-1-billion-endowment-congress-wants-to-know-why/