Elite universities grew endowments by $65 billion while raking in taxpayer cash

Elite universities grew their endowments by billions while using federal grants and contracts to fund their activities, according to a new report from a government watchdog.

The report from Open The Books showed how institutions like Harvard University take in taxpayer subsidies, even though they have plenty of money to spend. The leader of the watchdog group said elite universities need to “start paying their own way.”

“What’s clear is that the enormous endowments these schools are sitting on could fund their activities entirely if they chose to invest in their education mission,” Adam Andrzejewski, founder of Open The Books, said in an email to The College Fix.