Private donations focus on well-know, well-endowed institutions

July 9, 2007

Will Smith, the "Fresh Prince," raps about how now that he’s famous he gets records for free, but when he was young and out of pocket change store owners turned him away.  The same seems to go for universities: those that "have," receive, and those that "have-not," do not.  It is argued that once an institution or person reaches a certain level of wealth, additional wealth is no longer productive.  Over the last 10 years, gifts from private donors have been flooding into institutions that are not in need – such as the $75 million donation to Stanford University made by the CEO and co-founder of Yahoo in February 2007.  Stanford raised more than $911 million in 2005-06, and its endowment currently sits at $14 billion.  The Chronicle of Higher Education (Subscription Required)