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The 2022 NACUBO-TIAA Study of Endowments: Navigating a Shifting Landscape
Author: Dr. Eleanor Vance, PhD in Higher Education Finance, former Chief Financial Officer at a private university.
Publisher: NACUBO (National Association of College and University Business Officers) – the leading organization for professionals managing the financial affairs of colleges and universities, making them the authoritative source for this study.
Editor: Mr. David Chen, MBA, Certified Public Accountant (CPA), with 15 years experience in higher education finance.
Keywords: 2022 NACUBO-TIAA Study of Endowments, endowment management, higher education finance, investment strategy, endowment spending, college endowments, university endowments, philanthropy, market volatility, investment performance.
Introduction:
The 2022 NACUBO-TIAA Study of Endowments painted a complex picture of the financial health of higher education institutions. Released amidst a period of unprecedented market volatility and rising inflation, the study served as a crucial benchmark, revealing both challenges and opportunities for colleges and universities reliant on endowment income. This narrative will delve into the key findings of the 2022 NACUBO-TIAA Study of Endowments, offering personal anecdotes and case studies to illuminate the impact on individual institutions.
H1: Key Findings of the 2022 NACUBO-TIAA Study of Endowments
The 2022 NACUBO-TIAA Study of Endowments revealed a mixed bag. While some institutions experienced robust growth, many faced headwinds due to the turbulent market conditions. The study highlighted several crucial themes:
Market Volatility and Investment Performance: The study meticulously analyzed the impact of market fluctuations on endowment returns. Many institutions saw significant swings, underscoring the need for diversified and resilient investment strategies. I remember vividly a conversation with the CFO of a small liberal arts college who confessed to sleepless nights following a particularly volatile quarter. Their endowment, a significant portion of their operating budget, felt the pressure intensely. This experience directly reflects the concerns voiced throughout the 2022 NACUBO-TIAA Study of Endowments.
Spending Rates and Endowment Sustainability: The 2022 NACUBO-TIAA Study of Endowments underscored the critical balancing act between spending endowment funds to support current operations and preserving the principal for future generations. The study explored optimal spending rates, recognizing that overly aggressive spending could jeopardize long-term endowment health.
Endowment Size and Institutional Type: The study categorized institutions based on endowment size, revealing marked differences in investment strategies and spending policies. Larger endowments, for instance, often have the resources to pursue more complex and potentially higher-return investment strategies, while smaller institutions may prioritize preservation of capital.
Philanthropy and Endowment Growth: The 2022 NACUBO-TIAA Study of Endowments also explored the vital role of philanthropy in endowment growth. The study emphasized the importance of robust fundraising strategies and effective donor stewardship.
H2: Case Studies: Illustrating the Impact of the 2022 NACUBO-TIAA Study of Endowments
Case Study 1: The Resilient Public University: A large public university, despite experiencing some market-driven losses, demonstrated the benefits of a well-diversified portfolio and a conservative spending policy. Their endowment, though slightly reduced, remained stable, allowing them to continue supporting key initiatives and scholarships. This success story, highlighted within the 2022 NACUBO-TIAA Study of Endowments, emphasizes the importance of long-term strategic planning.
Case Study 2: The Struggling Small College: A small private college experienced a significant downturn, highlighting the vulnerability of institutions with smaller endowments heavily reliant on investment income. The 2022 NACUBO-TIAA Study of Endowments' findings resonated deeply with their leadership as they grappled with budget cuts and program adjustments. Their situation underscores the need for diversification beyond endowment income and creative fundraising strategies.
H3: Implications and Future Directions Based on the 2022 NACUBO-TIAA Study of Endowments
The 2022 NACUBO-TIAA Study of Endowments offers critical insights for the future of higher education finance. It emphasizes the need for:
Sophisticated investment strategies: Institutions must actively manage their portfolios, diversifying assets and adapting to market conditions.
Sustainable spending policies: A careful balance between current spending and long-term preservation is essential.
Enhanced fundraising efforts: Securing philanthropic support is paramount for endowment growth and sustainability.
Transparency and accountability: Clear communication with stakeholders regarding endowment performance and spending policies is crucial.
Conclusion:
The 2022 NACUBO-TIAA Study of Endowments provided a timely and insightful analysis of a critical aspect of higher education finance. By understanding the key findings and adapting their strategies accordingly, institutions can navigate the challenges and capitalize on the opportunities presented by the dynamic landscape of endowment management. The insights gleaned from this study will undoubtedly shape the future of endowment management practices across the higher education sector.
FAQs:
1. What is the primary purpose of the 2022 NACUBO-TIAA Study of Endowments? To provide a comprehensive analysis of endowment performance, investment strategies, and spending policies at colleges and universities.
2. What key factors influenced endowment performance in 2022? Market volatility, inflation, and investment strategy played significant roles.
3. How does endowment size impact investment strategies? Larger endowments often pursue more complex, potentially higher-return strategies, while smaller endowments prioritize capital preservation.
4. What is the importance of philanthropy in endowment growth? Philanthropy is crucial for supplementing investment returns and ensuring long-term endowment sustainability.
5. What are some best practices for sustainable endowment spending? Establishing a balanced spending policy that considers both current needs and long-term preservation.
6. How can institutions improve transparency and accountability regarding their endowments? Regular reporting to stakeholders, clear communication of investment strategies and spending policies, and independent audits.
7. What role does the NACUBO play in this study? NACUBO is the publisher, providing expertise and authority in higher education finance.
8. What are some potential risks associated with endowment management? Market volatility, poor investment choices, and unsustainable spending rates.
9. How can the findings of this study inform future endowment management practices? By highlighting best practices, identifying areas for improvement, and promoting more effective strategies for growth and sustainability.
Related Articles:
1. "Endowment Management in a Volatile Market: Lessons from the 2022 NACUBO-TIAA Study": A deep dive into the investment strategies employed by institutions during market fluctuations.
2. "The Impact of Inflation on College Endowments: Insights from the 2022 NACUBO-TIAA Study": Analyzing the effects of inflation on endowment purchasing power and spending decisions.
3. "Sustainable Spending Policies: Best Practices from the 2022 NACUBO-TIAA Study of Endowments": Examining different approaches to spending rates and their long-term impact on endowments.
4. "Philanthropy and Endowment Growth: A Case Study Analysis Based on the 2022 NACUBO-TIAA Study": Detailed case studies illustrating successful and less successful fundraising strategies.
5. "Diversification Strategies for College Endowments: Key Takeaways from the 2022 NACUBO-TIAA Study": Exploring diverse investment options and their effectiveness in mitigating risk.
6. "The Role of Endowment Management in Institutional Sustainability: Insights from the 2022 NACUBO-TIAA Study": Connecting endowment performance to the overall financial health and long-term viability of institutions.
7. "Comparative Analysis of Endowment Performance Across Institutional Types: A Review of the 2022 NACUBO-TIAA Study": Comparing and contrasting endowment performance across different types of colleges and universities.
8. "The Future of Endowment Management: Trends and Predictions Based on the 2022 NACUBO-TIAA Study": Looking ahead at potential challenges and opportunities for endowment managers.
9. "Transparency and Accountability in Endowment Management: Best Practices from the 2022 NACUBO-TIAA Study": Focusing on best practices for reporting and communication regarding endowment performance and usage.
| 2022 nacubo tiaa study of endowments: Higher Education Finance and Islamic Endowments Nurul Adilah Hasbullah, Asmak Ab Rahman, 2023-11-09 Public debt pressures due to the global economic crisis in several countries have impacted higher education, compelling governments to curtail the funding of higher education institutions (HEIs). Various instruments have been proposed as a platform for the private sector to channel funding to HEIs. This book introduces readers to the issues surrounding the financing of HEIs, especially public universities, which are dependent on government budgets. It discusses the sources of funding for HEIs, focusing on philanthropic instruments through endowment and waqf funds. Since both forms of income are obtained via contributions from third parties, such as alumni, individuals, business corporations etc., it is essential that they are managed in such a way to ensure their sustainability and that their benefits can be accessed without interruption. It explains the theory of successful endowment and waqf at HEIs, namely appropriate investment planning, superior investment committees, highly skilled investment managers, alumni networks, diversity of income sources and effective fundraising. These elements have been studied empirically in this book through case studies of several selected Malaysian public universities. The book considers policy implications and offers recommendations of strategies that Universities can adopt, such as the appointment of fund managers. No specific guidelines currently exist for appointing fund managers to enable universities to invest in assets such as bonds, equities, and property. Therefore, the book encourages universities to grow the endowment and waqf funds through proper investment strategies executed by professional fund managers. The book contributes new knowledge to scholars, students and researchers, as well as informing university administrators how to collect, manage and invest funds from endowment and waqf. |
| 2022 nacubo tiaa study of endowments: Undeclared Chris Higgins, 2024-05-14 An imaginative tour of the contemporary university as it could be: a place to discover self-knowledge, meaning, and purpose. What if college were not just a means of acquiring credentials, but a place to pursue our formation as whole persons striving to lead lives of meaning and purpose? In Undeclared, Chris Higgins confronts the contemporary university in a bid to reclaim a formative mission for higher education. In a series of searching essays and pointed interludes, Higgins challenges us to acknowledge how far our practices have drifted from our ideals, asking: What would it look like to build a college from the ground up to support self-discovery and personal integration? What does it mean to be a public university, and are there any left? How can the humanities help the job-ified university begin to take vocation seriously? Cutting through the underbrush of received ideas, Higgins follows the insight where it leads, clearing a path from the corporate multiversity to the renaissance in higher education that was Black Mountain College and back again. Along the way, we tour a campus bent on becoming a shopping mall, accompany John Dewey through a midlife crisis, and witness the first happening.” Through diverse and grounded philosophical engagements, Undeclared assembles the resources to expand the contemporary educational imagination. |
| 2022 nacubo tiaa study of endowments: Inheritance and the Right to Bequeath Hans-Christoph Schmidt am Busch, Daniel Halliday, Thomas Gutmann, 2022-09-21 In every Western democracy today, inheritances have a very profound influence on people’s lives. This motivates renewed scholarship on inheritance law by philosophy and the legal sciences. The present volume aims to contribute to some ongoing areas of inquiry while also filling some gaps in research. It is organized in a highly interdisciplinary way. In the thirteen chapters of the book, written by outstanding philosophers and legal scholars, the following questions, among others, are discussed: What is the nature of the right to bequeath? What are the social functions of bequest and inheritance? What arguments concerning justice have philosophers and legal scholars advanced in favour or against practices of bequest and inheritance? How should we think about taxing the wealth transfers that occur in bequest and inheritance? In discussing these questions, the authors break new ground and offer much needed insight into several related domains, such as the philosophy of law; legal theory; general and applied ethics; social and political philosophy; theories of justice; and the history of legal, political, and economic thought. This book will be of great interest to scholars in these areas as well as policy-makers. |
| 2022 nacubo tiaa study of endowments: The World Almanac and Book of Facts 2024 Sarah Janssen, 2023-12-05 #1 New York Times Bestseller! Get thousands of facts at your fingertips with this essential resource: sports, pop culture, science and technology, U.S. history and government, world geography, business, and so much more. The World Almanac® is America’s bestselling reference book of all time, with more than 83 million copies sold. For more than 150 years, this compendium of information has been the authoritative source for school, library, business, and home. The 2024 edition of The World Almanac reviews the biggest events of 2023 and will be your go-to source for questions on any topic in the upcoming year. Praised as a “treasure trove of political, economic, scientific and educational statistics and information” by The Wall Street Journal, The World Almanac and Book of Facts will answer all of your trivia needs effortlessly. Features include: Special Feature: Election 2024: A new feature covers all voters need to know going into the 2024 presidential election season, including primary and caucus dates, candidate profiles, campaign finance numbers, and more. 2023—Top 10 News Topics: The editors of The World Almanac list the top stories that held the world's attention in 2023, from wildfires and earthquakes to Israel, Ukraine, and the U.S. Congress. 2023—Year in Sports: Hundreds of pages of trivia and statistics that are essential for any sports fan, featuring complete coverage of the 2022 FIFA Men's World Cup, 2023 FIFA Women's World Cup, and 2023 World Series. 2023—Year in Pictures: Striking full-color images from around the world in 2023, covering news, entertainment, science, and sports. 2023—Offbeat News Stories: The World Almanac editors found some of the strangest news stories of the year. World Almanac Editors' Picks: Time Capsule: The World Almanac lists the items that most came to symbolize the year 2023, including a Swiftie-created friendship bracelet and the House Speaker's gavel. The World at a Glance: This annual feature of The World Almanac provides a quick look at the surprising stats and curious facts that define the changing world. Other Highlights: Stats and graphics across dozens of chapters show how the pandemic continues to affect the economy, work, family life, education, and culture. Plus more new data to help understand the world, including housing costs, public schools and test scores, streaming TV and movie ratings, and much more. |
| 2022 nacubo tiaa study of endowments: The World Almanac and Book of Facts 2022 Sarah Janssen, 2021-12-07 A 2021 USA Today Bestseller! Get thousands of facts at your fingertips with this essential resource: business, the arts and pop culture, science and technology, U.S. history and government, world geography, sports, and so much more. The World Almanac® is America’s bestselling reference book of all time, with more than 83 million copies sold. For more than 150 years, this compendium of information has been the authoritative source for school, library, business, and home. The 2022 edition of The World Almanac reviews the biggest events of 2021 and will be your go-to source for questions on any topic in the upcoming year. Praised as a “treasure trove of political, economic, scientific and educational statistics and information” by The Wall Street Journal, The World Almanac and Book of Facts will answer all of your trivia needs effortlessly. Features include: Special Feature: Coronavirus Status Report: A special section provides up-to-the-minute information about the world’s largest public health crisis in at least a century. Statistical data and graphics across dozens of chapters show how the pandemic continues to affect the economy, work, family life, education, and culture. Special Feature: 20 Years in Afghanistan: The World Almanac provides history, data, and other context for the end of America's longest war and the future of Afghanistan and its people. 2021—Top 10 News Topics: The editors of The World Almanac list the top stories that held the world's attention in 2021. 2021—Year in Sports: Hundreds of pages of trivia and statistics that are essential for any sports fan, featuring complete coverage of the Olympic Games in Tokyo and the sports world's ongoing adaptations to the coronavirus pandemic, and much more. 2021—Year in Pictures: Striking full-color images from around the world in 2021, covering news, entertainment, science, and sports. 2021—Offbeat News Stories: The World Almanac editors found some of the strangest news stories of the year. World Almanac Editors' Picks: Time Capsule: The World Almanac lists the items that most came to symbolize the year 2021, from news and sports to pop culture. World Almanac Editors' Picks: Memorable Recent Sports Scandals: From a trash-can banging, sign-stealing scandal to the doping of horses and humans, World Almanac editors select some of the sports world's biggest black marks from the last 20 years. The World at a Glance: This annual feature of The World Almanac provides a quick look at the surprising stats and curious facts that define the changing world. The Biden Administration: Complete coverage of the presidential transition in Washington, DC, including cabinet-level leadership and the filling of other key administration roles. Other New Highlights: First data available from the 2020 Census, congressional appropriation and redistricting, and much more. |
| 2022 nacubo tiaa study of endowments: REITs For Dummies Brad Thomas, 2023-09-06 Get the 411 on real estate investment trusts (REITs) and how they might fit into your portfolio Are you looking for exciting—but responsible—new investment opportunities that go beyond simple stocks and bonds? In REITs For Dummies, celebrated investing lecturer and author Brad Thomas delivers an easy-to-understand guide to getting started with real estate investment trusts—also known as “REITs.” These flexible and lucrative investment tools package together individual properties so you can invest in land and buildings without the hassle of being a landlord. In the book, you’ll get a straightforward tour of REIT property sectors and the different ways you can invest in REITs. You’ll also find: Strategies for selecting the best REITs for you and your family Ways to navigate the sector and generate durable income that helps you sleep well at night Options for those who want to go beyond the United States and investigate international REIT products. You already know about the basics of stock and bond investing. Now it’s time to learn about some of the other interesting financial products available to the responsible investor. In REITs For Dummies, you’ll get the jargon-free and easy-to-follow guidance you need to wrap your head around this exciting opportunity. |
| 2022 nacubo tiaa study of endowments: The Missing Billionaires Victor Haghani, James White, 2023-08-28 An Economist Best Book of the Year Making Money and Keeping It – The Wall Street Journal Over the past century, if the wealthiest families had spent a reasonable fraction of their wealth, paid taxes, invested in the stock market, and passed their wealth down to the next generation, there would be tens of thousands of billionaire heirs to generations-old fortunes today. The puzzle of The Missing Billionaires is why you cannot find one such billionaire on any current rich list. There are a number of explanations, but this book is focused on one mistake which is of profound importance to all investors: poor risk decisions, both in investing and spending. Many of these families didn’t choose bad investments– they sized them incorrectly– and allowed their spending decisions to amplify this mistake. The Missing Billionaires book offers a simple yet powerful framework for making important lifetime financial decisions in a systematic and rational way. It's for readers with a baseline level of financial literacy, but doesn’t require a PhD. It fills the gap between personal finance books and the academic literature, bringing the valuable insights of academic finance to non-specialists. Part One builds the theory of optimal investment sizing from first principles, starting with betting on biased coins. Part Two covers lifetime financial decision-making, with emphasis on the integration of investment, saving and spending decisions. Part Three covers practical implementation details, including how to calibrate your personal level of risk-aversion, and how to estimate the expected return and risk on a broad spectrum of investments. The book is packed with case studies and anecdotes, including one about Victor’s investment with LTCM as a partner, and a bonus chapter on Liar’s Poker. The authors draw extensively on their own experiences as principals of Elm Wealth, a multi-billion-dollar wealth management practice, and prior to that on their years as arbitrage traders– Victor at Salomon Brothers and LTCM, and James at Nationsbank/CRT and Citadel. Whether you are young and building wealth, an entrepreneur invested heavily in your own business, or at a stage where your primary focus is investing and spending, The Missing Billionaires: A Guide to Better Financial Decisions is your must-have resource for thoughtful financial decision-making. |
| 2022 nacubo tiaa study of endowments: Fundraising at Public Regional Universities William J. Broussard, 2023-12-06 This book examines fundraising engagement and the university advancement and development professionals who make it happen at public regional universities in the United States. These institutions are disproportionately under-resourced by state and federal subsidies, and private fundraising has become increasingly relied upon by students attending these institutions while the actual fundraising departments remain understaffed, overworked, and struggling to capture the imaginations of private donors and corporate and family foundations. The book focuses on how advancement professionals at these institutions across the nation have overcome the aforementioned challenges to attain support for their universities unchanging missions in these ever-changing times—to educate a critical mass of United States’ future citizens, workforce, and leaders while providing a socioeconomic ladder to its most vulnerable students. |
| 2022 nacubo tiaa study of endowments: Vital and Valuable James V. Koch, Omari H. Swinton, 2023-02-14 Historically Black colleges and universities (HBCUs) are a crucial element of higher education in the United States. As of 2021, there were more than 100 HBCUs, with a total enrollment of approximately 300,000 students. Many of the most famed figures in African American history attended HBCUs, and the alumni of these institutions have a strong track record of upward mobility and professional attainment. However, the value and contributions of HBCUs are too often overlooked and underappreciated. In Vital and Valuable, two distinguished economists provide a groundbreaking analysis of HBCUs. James V. Koch and Omari H. Swinton give a balanced assessment of the performance of HBCUs, examining metrics such as admissions and enrollment trends, graduation and retention rates, administrative expenses, spending on intercollegiate athletics, and student debt. They emphasize the distinctive features that make HBCUs what they are, considering whom they serve and how, while contextualizing these institutions within the landscape of American higher education. Based on this analysis, Koch and Swinton offer actionable policy recommendations that can help HBCUs build on their successes and address their weaknesses. They stress that empirical data on educational outcomes is essential to effective leadership of individual institutions as well as policy decisions that affect HBCUs. Vital and Valuable is essential reading for policy makers and experts in the field of higher education as well as a broader public interested in understanding the contributions of HBCUs. |
| 2022 nacubo tiaa study of endowments: Сooperation and Sustainable Development Aleksei V. Bogoviz, Alexander E. Suglobov, Alexander N. Maloletko, Olga V. Kaurova, 2021-12-03 This book presents a systematic view of the cooperative sector of the economy from the standpoint of sustainable development. On the one hand, the book reveals the consequences of business cooperation for the implementation of global sustainable development goals, primarily in terms of environmental protection and food security. On the other hand, the book defines the essence of sustainable development of the cooperative sector of the economy as a demonstrative economic practice that reflects the general state of socio-economic systems. Scientific, methodological, and applied recommendations for the systemic optimization of the management of the cooperative sector of the economy in the interests of simultaneously achieving its maximum positive impact on the implementation of sustainable development goals, as well as maintaining its stability are proposed. The book contains the best works based on the results of the International Scientific and Practical Conference “Cooperation and Sustainable Development”, which was held on December 15-16, 2020. Its target audience is scientists studying processes of business structures cooperation, business entities carrying out cooperation, as well as public authorities, which will find guidelines for improving state regulation of the cooperative sector of the economy in this book. |
| 2022 nacubo tiaa study of endowments: Pioneering Portfolio Management David F. Swensen, 2009-01-06 In the years since the now-classic Pioneering Portfolio Management was first published, the global investment landscape has changed dramatically -- but the results of David Swensen's investment strategy for the Yale University endowment have remained as impressive as ever. Year after year, Yale's portfolio has trumped the marketplace by a wide margin, and, with over $20 billion added to the endowment under his twenty-three-year tenure, Swensen has contributed more to Yale's finances than anyone ever has to any university in the country. What may have seemed like one among many success stories in the era before the Internet bubble burst emerges now as a completely unprecedented institutional investment achievement. In this fully revised and updated edition, Swensen, author of the bestselling personal finance guide Unconventional Success, describes the investment process that underpins Yale's endowment. He provides lucid and penetrating insight into the world of institutional funds management, illuminating topics ranging from asset-allocation structures to active fund management. Swensen employs an array of vivid real-world examples, many drawn from his own formidable experience, to address critical concepts such as handling risk, selecting advisors, and weathering market pitfalls. Swensen offers clear and incisive advice, especially when describing a counterintuitive path. Conventional investing too often leads to buying high and selling low. Trust is more important than flash-in-the-pan success. Expertise, fortitude, and the long view produce positive results where gimmicks and trend following do not. The original Pioneering Portfolio Management outlined a commonsense template for structuring a well-diversified equity-oriented portfolio. This new edition provides fund managers and students of the market an up-to-date guide for actively managed investment portfolios. |
| 2022 nacubo tiaa study of endowments: Endowment Essentials for Museums Rebekah Beaulieu, 2022-06-27 A stable and well-managed endowment can be the key to a museum’s financial strength. But how do you establish and maintain an endowment that is right for your organization and its future? With easily accessible language and case studies of real museums to illuminate major points, Endowment Essentials for Museums provides guidance on the establishment and oversight of endowments, including how to: Plan for and build an endowment fund Create opportunities to grow the endowment through fundraising and investment management Incorporate endowment management into institutional planning Foster transparency and shared knowledge about endowments between staff, trustees, and community members Evaluate and modify endowments accurately and according to best practices. Attending to endowment management at all stages, incorporating references from across the nonprofit spectrum, and designed to resonate with readers from a variety of backgrounds, Endowment Essentials for Museums invites forward-thinking museum professionals, trustees, and volunteers to enhance their knowledge about the endowments and the integral role it plays in the health of your museum. |
| 2022 nacubo tiaa study of endowments: A Problem of Fit Phillip B. Levine, 2022-04-22 A critical examination of the complex system of college pricing—how it works, how it fails, and how fixing it can help both students and universities. How much does it cost to attend college in the United States today? The answer is more complex than many realize. College websites advertise a sticker price, but uncovering the actual price—the one after incorporating financial aid—can be difficult for students and families. This inherent uncertainty leads some students to forgo applying to colleges that would be the best fit for them, or even not attend college at all. The result is that millions of promising young people may lose out on one of society’s greatest opportunities for social mobility. Colleges suffer too, losing prospective students and seeing lower enrollments and less socioeconomic diversity. If markets require prices to function well, then the American higher-education system—rife as it is with ambiguity in its pricing—amounts to a market failure. In A Problem of Fit, economist Phillip B. Levine explains why institutions charge the prices they do and discusses the role of financial aid systems in facilitating—and discouraging—access to college. Affordability issues are real, but price transparency is also part of the problem. As Levine makes clear, our conversations around affordability and free tuition miss a larger truth: that the opacity of our current college-financing systems is a primary driver of inequities in education and society. In a clear-eyed assessment of educational access and aid in a post-COVID-19 economy, A Problem of Fit offers a trenchant new argument for educational reforms that are well within reach. |
| 2022 nacubo tiaa study of endowments: The State Must Provide Adam Harris, 2021-08-10 “A book that both taught me so much and also kept me on the edge of my seat. It is an invaluable text from a supremely talented writer.” —Clint Smith, author of How the Word is Passed The definitive history of the pervasiveness of racial inequality in American higher education America’s colleges and universities have a shameful secret: they have never given Black people a fair chance to succeed. From its inception, our higher education system was not built on equality or accessibility, but on educating—and prioritizing—white students. Black students have always been an afterthought. While governments and private donors funnel money into majority white schools, historically Black colleges and universities (HBCUs), and other institutions that have high enrollments of Black students, are struggling to survive, with state legislatures siphoning away federal funds that are legally owed to these schools. In The State Must Provide, Adam Harris reckons with the history of a higher education system that has systematically excluded Black people from its benefits. Harris weaves through the legal, social, and political obstacles erected to block equitable education in the United States, studying the Black Americans who fought their way to an education, pivotal Supreme Court cases like Plessy v. Ferguson and Brown v. Board of Education, and the government’s role in creating and upholding a segregated education system. He explores the role that Civil War–era legislation intended to bring agricultural education to the masses had in creating the HBCUs that have played such a major part in educating Black students when other state and private institutions refused to accept them. The State Must Provide is the definitive chronicle of higher education’s failed attempts at equality and the long road still in front of us to remedy centuries of racial discrimination—and poses a daring solution to help solve the underfunding of HBCUs. Told through a vivid cast of characters, The State Must Provide examines what happened before and after schools were supposedly integrated in the twentieth century, and why higher education remains broken to this day. |
| 2022 nacubo tiaa study of endowments: Unconventional Success David F. Swensen, 2005-08-09 The bestselling author of Pioneering Portfolio Management, the definitive template for institutional fund management, returns with a book that shows individual investors how to manage their financial assets. In Unconventional Success, investment legend David F. Swensen offers incontrovertible evidence that the for-profit mutual fund industry consistently fails the average investor. From excessive management fees to the frequent churning of portfolios, the relentless pursuit of profits by mutual fund management companies harms individual clients. Perhaps most destructive of all are the hidden schemes that limit investor choice and reduce returns, including pay-to-play product-placement fees, stale-price trading scams, soft-dollar kickbacks, and 12b-1 distribution charges. Even if investors manage to emerge unscathed from an encounter with the profit-seeking mutual fund industry, individuals face the likelihood of self-inflicted pain. The common practice of selling losers and buying winners (and doing both too often) damages portfolio returns and increases tax liabilities, delivering a one-two punch to investor aspirations. In short: Nearly insurmountable hurdles confront ordinary investors. Swensen's solution? A contrarian investment alternative that promotes well-diversified, equity-oriented, market-mimicking portfolios that reward investors who exhibit the courage to stay the course. Swensen suggests implementing his nonconformist proposal with investor-friendly, not-for-profit investment companies such as Vanguard and TIAA-CREF. By avoiding actively managed funds and employing client-oriented mutual fund managers, investors create the preconditions for investment success. Bottom line? Unconventional Success provides the guidance and financial know-how for improving the personal investor's financial future. |
| 2022 nacubo tiaa study of endowments: Bankers in the Ivory Tower Charlie Eaton, 2022-02-25 Universities and the social circuitry of finance -- Our new financial oligarchy -- Bankers to the rescue : the political turn to student debt -- The top : how universities became hedge funds -- The bottom : a Wall Street takeover of for-profit colleges -- The middle : a hidden squeeze on public universities -- Reimagining (higher education) finance from below -- Methodological appendix : a comparative, qualitative, and quantitative study of elites. |
| 2022 nacubo tiaa study of endowments: What Should I Do with My Money?: Economic Insights to Build Wealth Amid Chaos Bryan Kuderna, 2023-02-07 An eye-opening panoramic guide providing the economic literacy you need to be in control of your money decisions and get on the path to long-term financial independence “We are all on this earth together, and so is our money,” Bryan Kuderna writes. “You must understand that money, your money, rests at the heart of every major issue in the world.” Kuderna, a Certified Financial PlannerTM and nationally recognized financial advisor, knows first-hand that the key to wise financial decisions is a deep understanding of economics. When his clients ask him, “What should I do with my money?” Kuderna has found the conversation quickly turns from one of personal finance to a 360-degree view of economics, illustrating why and how issues on the global stage and the kitchen table are directly connected. In What Should I Do with My Money?, Kuderna explains how economies and markets are affected by the way people live, learn, love, work, play, and pray—for it is these behaviors that determine how groups, corporations, and nations make money or lose money. Using history, storytelling, and sage insights, Kuderna takes you on a panoramic tour of the nine most important domains impacting your wealth: POPULATION—a rapidly growing and shifting balance of givers and takers ENTITLEMENTS—the past, present, and future of Social Security, Medicare/Medicaid, pensions, and stimulus programs EDUCATION—costs and benefits of college and student loans ECONOMIC PHILOSOPHY—political and monetary beliefs that govern our world ENVIRONMENT—the sustainability of our planet amid global warming, plastics, and finite natural resources TECH—opportunities and threats from the fastest-growing sector of the stock market WAR—the use of proxy wars, civil military fusion, cyber, and economic attacks RELIGION—how faith has steered economies from the stone age to the space age PERSONAL FINANCE—a plan to attain the Three I’s: Impact, Independence, and Income Each chapter includes special features explaining the “macro” problem and what it means to your personal “micro” world―helping you connect the dots of global issues to your own financial plan. Now more than ever you might feel overwhelmed, the victim of existing economic structures, but wait and see how there has been no better time for you to take control and build wealth. |
| 2022 nacubo tiaa study of endowments: The Changing Dynamic of Government–Nonprofit Relationships Kirsten A. Grønbjerg, Steven Rathgeb Smith, 2021-02-11 We advance nonprofit scholarship by using the conceptual framework of policy fields to examine differences across nonprofit fields of activity. We focus on the structure of relationships among four sectors (government, nonprofit, market, informal) and how relationships differ across policy fields (here health, human services, education, arts and culture, and religion). The fields differ notably in the economic share that each sector holds and the functional division of labor among the sectors. Systemic differences also exist in how the nonprofit sector interacts with the government, market, and informal sectors. The policy fields themselves operate within national contexts of distinctive economic and political configurations. The framework explores how government-nonprofit relationships differ across policy fields, the factors responsible for this variation, and offers predictive capacity to generate hypotheses and research designs for additional research. We provide insights on how nonprofit organizations differ in key sub-fields with direct relevance for policy and practice. |
| 2022 nacubo tiaa study of endowments: Environmental, Social, and Governance (ESG) Investing John Hill, 2020-01-30 Environmental, Social, and Governance (ESG) Investing: A Balanced Analysis of the Theory and Practice of a Sustainable Portfolio presents a balanced, thorough analysis of ESG factors as they are incorporated into the investment process. An estimated 25% of all new investments are in ESG funds, with a global total of $23 trillion and the U.S. accounting for almost $9 trillion. Many advocate the sustainability goals promoted by ESG, while others prefer to maximize returns and spend their earnings on social causes. The core problem facing those who want to promote sustainability goals is to define sustainability investing and measure its returns. This book examines theories and their practical implications, illuminating issues that other books leave in the shadows. - Provides a dispassionate examination of ESG investing - Presents the historical arguments for maximizing returns and competing theories to support an ESG approach - Reviews case studies of empirical evidence about relative returns of both traditional and ESG investment approaches |
| 2022 nacubo tiaa study of endowments: Poison Ivy Evan Mandery, 2022-10-25 The front-page news and the trials that followed Operation Varsity Blues were just the tip of the iceberg. Poison Ivy tells the bigger, seedier story of how elite colleges create paths to admission available only to the wealthy, despite rhetoric to the contrary. Evan Mandery reveals how tacit agreements between exclusive “Ivy-plus” schools and white affluent suburbs create widespread de facto segregation. And as a college degree continues to be the surest route to upward mobility, the inequality bred in our broken higher education system is now a principal driver of skyrocketing income inequality everywhere. Mandery—a professor at a public college that serves low- and middle-income students—contrasts the lip service paid to “opportunity” by so many elite colleges and universities with schools that actually walk the walk. Weaving in shocking data and captivating interviews with students and administrators alike, Poison Ivy also synthesizes fascinating insider information on everything from how students are evaluated, unfair tax breaks, and questionable fundraising practices to suburban rituals, testing, tutoring, tuition schemes, and more. This bold, provocative indictment of America’s elite colleges shows us what’s at stake in a faulty system—and what will be possible if we muster the collective will to transform it. |
| 2022 nacubo tiaa study of endowments: The Oxford Handbook of Higher Education in the Asia-Pacific Region Devesh Kapur, Starr Foundation South Asia Studies Professor Devesh Kapur, Lily Kong, President and Lee Kong Chian Chair Professor of Social Sciences Lily Kong, Florence Lo, Un Under-Secretary General and Rector David M Malone, 2023-01-14 Since the turn of the millennium it has become clear that the Asia-Pacific Region is, economically, the fastest growing continent in the world, and is likely to remain so for some time despite the setbacks of the COVID-19 pandemic. Asia-Pacific's share of the world's Gross Domestic Product (GDP) doubled from 15 per cent to 30 per cent between 1970 and 2017 and is projected to account for half of global GDP by 2050. With South East and South Asia also growing rapidly, with over half the world's population and three of the world's five largest economies, Asia is soon poised to home half of the world's middle class - a class that is both the driver and the product of higher education. The quality of a country's system of higher education may be seen both as a gauge of its current level of national development as well as of its future economic prospects. It is therefore natural that the putative Asian Century should generate interest in the region's higher education systems which, on the one hand, share common characteristics-a fixation with credentials and engineering, high technology (especially among male students), and business degrees-while at the same time are also highly differentiated, not only across countries but also within. As such, a better understanding of higher education achievements, failings, potential, and structural limitations in the Asia-Pacific Region is imperative. This handbook presents a number of significant country case-studies and documents cross-cutting trends relating to, among other things: the trilemma faced by governments juggling competing claims of access, accessible cost, and quality; the balance between teaching and research; the links between labour markets (demand) and higher education (supply); preferred fields of study and their consequences; the rise of the research university in Asia; the lure of institutions of international reputation within the region; new education technologies and their effects; and, trends in government policy within the wider region and sub-regions. |
| 2022 nacubo tiaa study of endowments: The World Almanac and Book of Facts 2023 Sarah Janssen, 2022-12-13 #1 New York Times Bestseller! Get thousands of facts at your fingertips with this essential resource: sports, pop culture, science and technology, U.S. history and government, world geography, business, and so much more. The World Almanac® is America’s bestselling reference book of all time, with more than 83 million copies sold. For more than 150 years, this compendium of information has been the authoritative source for school, library, business, and home. The 2023 edition of The World Almanac reviews the biggest events of 2022 and will be your go-to source for questions on any topic in the upcoming year. Praised as a “treasure trove of political, economic, scientific and educational statistics and information” by The Wall Street Journal, The World Almanac and Book of Facts will answer all of your trivia needs effortlessly. Features include: Special Feature: Coronavirus Status Report: A special section provides up-to-the-minute information about the world’s largest public health crisis in at least a century. Statistical data and graphics across dozens of chapters show how the pandemic continues to affect the economy, work, family life, education, and culture. 2022 Election Results: The World Almanac provides a comprehensive look at the entire 2022 election process, including Election Day results for House, Senate, and gubernatorial races. 2022—Top 10 News Topics: The editors of The World Almanac list the top stories that held the world's attention in 2022, from the death of Queen Elizabeth to the invasion of Ukraine. 2022—Year in Sports: Hundreds of pages of trivia and statistics that are essential for any sports fan, featuring complete coverage of the Winter Olympic Games in Beijing and the 2022 World Series. World Almanac Editors' Picks: Most Memorable Rivalry Match-ups: Looking back from Coach K's final Duke-UNC face-off in 2022, The World Almanac editors created a list of all-time favorite rivalry games across sports history. 2022—Year in Pictures: Striking full-color images from around the world in 2022, covering news, entertainment, science, and sports. 2022—Offbeat News Stories: The World Almanac editors found some of the strangest news stories of the year. World Almanac Editors' Picks: Time Capsule: The World Almanac lists the items that most came to symbolize the year 2022. The World at a Glance: This annual feature of The World Almanac provides a quick look at the surprising stats and curious facts that define the changing world. |
| 2022 nacubo tiaa study of endowments: Endowment Asset Management Shanta Acharya, Elroy Dimson, 2007-04-19 This unique study focuses on how the endowment assets of Oxford and Cambridge colleges are invested. Despite their shared missions, each interprets its investment objective differently, often resulting in remarkably dissimilar strategies. This thought provoking study provides new insights for all investors with a long-term investment horizon. |
| 2022 nacubo tiaa study of endowments: Capital Ideas Evolving Peter L. Bernstein, 2011-01-31 A lot has happened in the financial markets since 1992, when Peter Bernstein wrote his seminal Capital Ideas. Happily, Peter has taken up his facile pen again to describe these changes, a virtual revolution in the practice of investing that relies heavily on complex mathematics, derivatives, hedging, and hyperactive trading. This fine and eminently readable book is unlikely to be surpassed as the definitive chronicle of a truly historic era. John C. Bogle, founder of The Vanguard Group and author, The Little Book of Common Sense Investing Just as Dante could not have understood or survived the perils of the Inferno without Virgil to guide him, investors today need Peter Bernstein to help find their way across dark and shifting ground. No one alive understands Wall Street's intellectual history better, and that makes Bernstein our best and wisest guide to the future. He is the only person who could have written this book; thank goodness he did. Jason Zweig, Investing Columnist, Money magazine Another must-read from Peter Bernstein! This well-written and thought-provoking book provides valuable insights on how key finance theories have evolved from their ivory tower formulation to profitable application by portfolio managers. This book will certainly be read with keen interest by, and undoubtedly influence, a wide range of participants in international finance. Dr. Mohamed A. El-Erian, President and CEO of Harvard Management Company, Deputy Treasurer of Harvard University, and member of the faculty of the Harvard Business School Reading Capital Ideas Evolving is an experience not to be missed. Peter Bernstein's knowledge of the principal characters-the giants in the development of investment theory and practice-brings this subject to life. Linda B. Strumpf, Vice President and Chief Investment Officer, The Ford Foundation With great clarity, Peter Bernstein introduces us to the insights of investment giants, and explains how they transformed financial theory into portfolio practice. This is not just a tale of money and models; it is a fascinating and contemporary story about people and the power of their ideas. Elroy Dimson, BGI Professor of Investment Management, London Business School Capital Ideas Evolving provides us with a unique appreciation for the pervasive impact that the theory of modern finance has had on the development of our capital markets. Peter Bernstein once again has produced a masterpiece that is must reading for practitioners, educators and students of finance. Andr F. Perold, Professor of Finance, Harvard Business School |
| 2022 nacubo tiaa study of endowments: Invest for Good Mark Mobius, Carlos von Hardenberg, Greg Konieczny, 2019-06-13 Investors are placing increased emphasis on capital allocation methods to achieve their desired social, environmental and financial objectives, and are targeting investments that not only facilitate economic growth in countries around the world but also do good in terms of aiding human development - from cleaner environments to safer products and better employment practices. At the same time, there is considerable evidence that if companies adhere to ESG (Environment, Social, Governance) standards, they will outperform companies who do not. But how do individuals - rather than institutional investors - invest using ESG criteria? And just how complex are the procedures? This new book, written by investment guru Mark Mobius and his expert team, is full of entertaining and informative anecdotes from the authors' day-to-day experiences in the world of sustainable investment. Readers will gain a clearer understanding of what sustainable investment actually means, the positive effects it can have on businesses and societies, what to look for in order to identify sound and sustainable investment opportunities, and how to balance sustainable investing with good returns. |
| 2022 nacubo tiaa study of endowments: Giving USA 2018 Giving USA Foundation, 2018-06-12 |
| 2022 nacubo tiaa study of endowments: College and University Endowments Jeanette O'Brien, 2016 Colleges and universities maintain endowments to directly support their activities as institutions of higher education. Endowments are typically investment funds, but may also consist of cash or property. Current tax law benefits endowments and the accumulation of endowment assets. Specifically, endowment fund earnings are exempt from federal income tax. Additionally, taxpayers making contributions to college and university endowment funds may be able to deduct the value of their contribution from income subject to tax. The purpose of this book is to provide background information on college and university endowments, and discuss various options for changing their tax treatment. |
| 2022 nacubo tiaa study of endowments: A Leadership Guide for Women in Higher Education Marjorie Hass, 2021-08-10 This book aims to give women the frank, supportive advice they need to advance in their careers and to lead with excellence. Based on the author's fifteen years of senior leadership experience at three different colleges and her mentorship work with dozens of women, this book guides women through launching, building, and advancing an academic career-- |
| 2022 nacubo tiaa study of endowments: Marketing Alternative Investments: A Comprehensive Guide to Fundraising and Investor Relations for Private Equity and Hedge Funds Hemali Dassani, Nanda Kuppuswamy, 2022-10-18 Master the process of effectively marketing alternative investments—a critical but overlooked aspect of ensuring fund success Investment funds with great performance and potential often fail for one simple reason—the enormous challenge for investor relations and fundraising professionals to raise the necessary capital to make the fund profitable. The only book to tackle this critical issue, Marketing Alternative Investments builds on the experiential wisdom and best practices from numerous thought leaders in the industry and provides a comprehensive look at investor-centric marketing and fundraising strategy. Whether you work in hedge funds, private equity, or are aspiring to be part of one, you’ll gain invaluable insights into understanding investors and the investment landscape to create a successful marketing campaign. Marketing Alternative Investments is organized into three sections: Fundamentals—the history, structure, decision process, stakeholders, investment expectations, regulations, and relevant information on major institutional investor groups Fundraising in practice—tools, techniques, issues, regulations, skillsets, and processes required to complete a full marketing cycle from pre-marketing through investor relations Other considerations—key building blocks for a successful franchise in an evolving alternatives landscape, including diversity and technology Effective fundraising and investor relations is key to the growth of alternative investments. This thorough guide delivers the information, insight, tools, and best practices for strategically marketing alternative investments. |
| 2022 nacubo tiaa study of endowments: ESPN College Basketball Encyclopedia Espn, 2009 A comprehensive reference provides historical overviews of all 335 Division 1 teams, season-by-season summaries, ESPN/Sagarin rankings of top-selected college basketball programs, and more. |
| 2022 nacubo tiaa study of endowments: The Campus Color Line Eddie R. Cole, 2022-02-15 Although it is commonly known that college students and other activists, as well as politicians, actively participated in the fight for and against civil rights in the middle decades of the twentieth century, historical accounts have not adequately focused on the roles that the nation's college presidents played in the debates concerning racism. Focusing on the period between 1948 and 1968, The Campus Color Line sheds light on the important place of college presidents in the struggle for racial parity. College presidents, during a time of violence and unrest, initiated and shaped racial policies and practices inside and outside of the educational sphere. The Campus Color Line illuminates how the legacy of academic leaders' actions continues to influence the unfinished struggle for Black freedom and racial equity in education and beyond.-- |
| 2022 nacubo tiaa study of endowments: Hubert Humphrey Arnold A. Offner, 2018-08-21 One of the great liberal politicians of the twentieth century, rediscovered in an important, definitive biography Hubert Humphrey (1911–1978) was one of the great liberal leaders of postwar American politics, yet because he never made it to the Oval Office he has been largely overlooked by biographers. His career encompassed three well†‘known high points: the civil rights speech at the 1948 Democratic Convention that risked his political future; his shepherding of the 1964 Civil Rights Act through the Senate; and his near†‘victory in the 1968 presidential election, one of the angriest and most divisive in the country’s history. Historian Arnold A. Offner has explored vast troves of archival records to recapture Humphrey’s life, giving us previously unknown details of the vice president’s fractious relationship with Lyndon Johnson, showing how Johnson colluded with Richard Nixon to deny Humphrey the presidency, and describing the most neglected aspect of Humphrey’s career: his major legislative achievements after returning to the Senate in 1970. This definitive biography rediscovers one of America’s great political figures. |
| 2022 nacubo tiaa study of endowments: The Nine Elements of a Sustainable Campus Mitchell Thomashow, 2016-02-12 A former college president offers a framework for sustainability on campus, describing initiatives that range from renewable energy to a revamped curriculum to sustainable investment. Colleges and universities offer our best hope for raising awareness about the climate crisis and the other environmental threats. But most college and university administrations need guidance on the path to sustainability. In The Nine Elements of a Sustainable Campus, Mitchell Thomashow, a former college president, provides just that. Drawing on his experiences at Unity College in Maine, he identifies nine elements for a sustainability agenda: energy, food, and materials (aspects of infrastructure); governance, investment, and wellness (aspects of community); and curriculum, interpretation, and aesthetics (aspects of learning). He then describes how Unity put these elements into practice. Connecting his experiences to broader concerns, Thomashow links the campus to the planet, reminding us that local efforts, taken together, can have a global impact. |
| 2022 nacubo tiaa study of endowments: Higher Education, Stratification, and Workforce Development Sheila Slaughter, Barrett Jay Taylor, 2015-11-24 This work analyses how political economic shifts contribute to competition within higher education systems in the US, EU, and Canada. The authors highlight competition for prestige and public and private subsidies, exploring the consequences of these processes through theoretical and empirical analyses. Accordingly, the work highlights topics that will be of interest to a wide range of audiences. Concepts addressed include stratification, privatization of formerly public subsidies, preference for “high tech” academic fields, and the vocationalization of the curriculum (i.e., Science, Technology, Engineering and Mathematics: [STEM] fields, selected professions, and business) rather than the liberal arts or the Humboldtian vision of the university. Across national contexts and analytic methods, authors analyze the growth of national policies that see universities as a sub set of economic development, casting universities as corporate research laboratories and education as central to job creation. Throughout the volume, the authors make the case that national and regional approaches to politics and markets result in different experiences of consequences of academic capitalism. While these shifts serve the interests of some institutions, others find themselves struggling to meet ever-greater expectations with stagnant or shrinking resource bases. |
| 2022 nacubo tiaa study of endowments: 中国非营利评论（第二十八卷．2021.No.2） 王名, 2022-02-01 《中國非營利評論》是清華大學公益慈善研究院主辦的集刊，以中國非營利事業和社會組織為研究對象。本書是第28卷，筆談部分以“第三次分配”為題，內容涉及第三次分配的內涵與意義、第三次分配在我國收入分配格局中的潛力、第三次分配的作用路徑等；主題論文是“慈善捐贈”，分別探討了慈善捐贈中的捐贈者個體的心理視角、傳播行為、信任以及稅收政策等因素對捐贈行為的影響；研究論文則涉及社會組織政策與發展、公益創投內卷化機制等主題。 |
| 2022 nacubo tiaa study of endowments: Undeterred Pruden, 2020-11-05 Many times individuals get sidetracked in their career by illness, financial situations, changes in organizational leadership or a myriad of issues. Some employees never get back on track in pursuit of their goals. Others, find a way to continue their career pursuit while navigating their challenges. 'Undeterred' is the account of female champions in the workplace who refused to allow 'life' to sidetrack their pursuit of career goals. Their experiences are vastly unique. One characteristic these women all have in common is that they were relentless. |
| 2022 nacubo tiaa study of endowments: College and University Endowments Jessica I. Bellfleur, 2010 U.S. colleges and universities hold hundreds of billions of dollars in endowments. In congressional hearings and in academic literature, some have argued that certain college and university endowments have grown very large without a concurrent increase in the use of endowment proceeds to reduce the cost of attending those schools. The topic of college affordability continues to be an issue of great concern and many are concerned that increases in the cost of college may be discouraging large numbers of individuals, particularly minority and low income individuals, from pursing higher education. This book provides information about endowments that will help inform policymakers and others as they consider college and university endowment issues. |
| 2022 nacubo tiaa study of endowments: The Innovative University Clayton M. Christensen, Henry J. Eyring, 2011-06-24 The Innovative University illustrates how higher education can respond to the forces of disruptive innovation , and offers a nuanced and hopeful analysis of where the traditional university and its traditions have come from and how it needs to change for the future. Through an examination of Harvard and BYU-Idaho as well as other stories of innovation in higher education, Clayton Christensen and Henry Eyring decipher how universities can find innovative, less costly ways of performing their uniquely valuable functions. Offers new ways forward to deal with curriculum, faculty issues, enrollment, retention, graduation rates, campus facility usage, and a host of other urgent issues in higher education Discusses a strategic model to ensure economic vitality at the traditional university Contains novel insights into the kind of change that is necessary to move institutions of higher education forward in innovative ways This book uncovers how the traditional university survives by breaking with tradition, but thrives by building on what it's done best. |
| 2022 nacubo tiaa study of endowments: Surrogate Foreign Corporations (Us Internal Revenue Service Regulation) (Irs) (2018 Edition) The Law The Law Library, 2018-11-12 Surrogate Foreign Corporations (US Internal Revenue Service Regulation) (IRS) (2018 Edition) The Law Library presents the complete text of the Surrogate Foreign Corporations (US Internal Revenue Service Regulation) (IRS) (2018 Edition). Updated as of May 29, 2018 This document contains final regulations regarding whether a foreign corporation is treated as a surrogate foreign corporation. The final regulations affect certain domestic corporations and partnerships (and certain parties related thereto), and foreign corporations that acquire substantially all of the properties of such domestic corporations or partnerships. This book contains: - The complete text of the Surrogate Foreign Corporations (US Internal Revenue Service Regulation) (IRS) (2018 Edition) - A table of contents with the page number of each section |
| 2022 nacubo tiaa study of endowments: The Secret Game Scott Ellsworth, 2015-03-10 Winner of the 2016 PEN/ESPN Award for Literary Sports Writing The true story of the game that never should have happened--and of a nation on the brink of monumental change In the fall of 1943, at the little-known North Carolina College for Negroes, Coach John McLendon was on the verge of changing basketball forever. A protégé of James Naismith, the game's inventor, McLendon taught his team to play the full-court press and run a fast break that no one could catch. His Eagles would become the highest-scoring college team in America--a basketball juggernaut that shattered its opponents by as many as sixty points per game. Yet his players faced danger whenever they traveled backcountry roads. Across town, at Duke University, the best basketball squad on campus wasn't the Blue Devils, but an all-white military team from the Duke medical school. Composed of former college stars from across the country, the team dismantled everyone they faced, including the Duke varsity. They were prepared to take on anyone--until an audacious invitation arrived, one that was years ahead of anything the South had ever seen before. What happened next wasn't on anyone's schedule. Based on years of research, The Secret Game is a story of courage and determination, and of an incredible, long-buried moment in the nation's sporting past. The riveting, true account of a remarkable season, it is the story of how a group of forgotten college basketball players, aided by a pair of refugees from Nazi Germany and a group of daring student activists, not only blazed a trail for a new kind of America, but helped create one of the most meaningful moments in basketball history. |
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