Campus Reform | Colleges with more wealth than dozens of countries get another $360+ million from taxpayers

Colleges with more wealth than dozens of countries get another $360+ million from taxpayers

Colleges around the country are receiving billions from the coronavirus relief package.

Many of those universities, however, already have billions in their endowments.

UPDATE: Harvard, Yale, Princeton, and Stanford now say they will not take the money.

Editor's note: After the initial publication of this article, Harvard University and Stanford University announced they will not take the money from the CARES Act. Yale University and Princeton University later made similar statements

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Original story below...

The Coronavirus Aid, Relief, and Economic Security Act provides billions of dollars to American universities to help them recoup lost revenues as a result of the global pandemic. However, many of those universities already have billions of dollars in their endowments. 

In fact, the ten universities receiving the most money from the coronavirus relief bill have more wealth than dozens of the world's countries, according to one analysis. Campus Reform identified the ten U.S universities with the largest endowments and how much they're receiving from the CARES Act. 

In total, these same ten countries are receiving more than $360 million from American taxpayers. Amid backlash, however, Harvard announced it would distribute all of the nearly $9 million it is receiving directly to students. 

[RELATED: Ivy League bailout: Colleges with billions get more millions]

Harvard University

Endowment: $40.9 billion

Money from CARES Act: $8.6 million

More wealth than: 109 countries

University of Texas System

Endowment: $30.9 billion

Money from CARES Act: $173.1 million

More wealth than: 102 countries

Yale University

Endowment: $30.3 billion

Money from CARES Act: $6.8 million 

More wealth than: 102 countries

Stanford University

Endowment: $27.7 billion

Money from CARES Act: $7.3 million

More wealth than: 100 countries 

Princeton University

Endowment: $26.1 billion

Money from CARES Act: $2.4 million

More wealth than: 98 countries

Massachusetts Institute of Technology

Endowment: $17.4 billion 

Money from CARES Act: $5 million

More wealth than: 86 countries

University of Pennsylvania

Endowment: $14.7 billion

Money from CARES Act: $9.9 million

More wealth than: 73 countries

Image source: YouTube/University of Pennsylvania

Texas A&M University

Endowment: $13.5 billion

Money from CARES Act: $98.8 million

More wealth than: 73 countries

Image source: YouTube/Texas A&M University

University of Michigan

Endowment: $12.4 billion

Money from CARES Act: $36.8 million

More wealth than: 70 countries

Columbia University

Endowment: $10.9 billion

Money from CARES Act: $12.8 million

More wealth than: 63 countries


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