The Cornell Daily Sun (https://cornellsun.com/tag/university_spending/)
Last week, Provost Michael Kotlikoff announced that Cornell will be directing an increased amount of funds towards recruiting more “diverse” faculty — about $60 million over the next five years.
This is the second part of a series delving deeper into the economic crisis and its effects on higher education, particularly at Cornell.
Despite having an “all-weather portfolio,” Cornell’s $6 billion endowment is not immune from the financial storm that is sweeping across the nation.
The endowment acts as a stable source of funds for the University, and nearly all of the money is invested long term. Cornell’s endowment makes up about 11 percent of the University’s revenue.
The Internal Revenue Service sent 400 colleges and universities into a quiet panic at the beginning of the month when the agency announced that selected public and private four-year colleges and universities, Cornell included, would receive a compliance questionnaire in the middle of October. The agency believes that the questionnaire will enable it to improve its understanding of the sector.
IRS Commissioner Doug Shulman explained that the questionnaires are part of an IRS effort to learn more about the spending practices of universities.