CallowayDeac04
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I didn't see this discussed in the Tax Reform thread, but thought it was worth a separate discussion.
"Senate Republicans passed a comprehensive tax bill this past weekend, [...adding] multiple amendments with broad-reaching implications for higher education to the bill on Friday, just hours before it passed by a 51–49 vote early Saturday morning. Fewer universities will be subject to a tax on their investment income as a result of one of the last-minute amendments. In previous versions of the bill, all [private] universities with more than $250,000 in endowment funds per full-time student would have had to pay a 1.4 percent tax on their annual investment returns. But in the bill passed Saturday, that tax applies only to universities with over $500,000 in endowment funds per full-time student. [...] 27 universities [are] affected by the provision, according to Jorge Klor de Alva, president of the Nexus Research and Policy Center." (link). FWIW, it was not immediately clear to me that the Senate bill specifies whether all for-credit students or just undergraduates would be counted in the "full-time student" figure.
According to the Chronicle of Higher Education, using 2014 end-of-year endowment numbers at private colleges that met the enrollment threshold (500 students) and checking them against their 2015 enrollment figures (counting all full-time students), those 27 universities are:
In that same article (link), the Chronicle of Higher Education reported in November 2017 that the initial proposal by House Republicans applied to universities with endowment assets totaling at least $100,000 per student. Under that figure, Wake Forest (and 135 other private U.S. universities) would have been subject to the tax.
"Senate Republicans passed a comprehensive tax bill this past weekend, [...adding] multiple amendments with broad-reaching implications for higher education to the bill on Friday, just hours before it passed by a 51–49 vote early Saturday morning. Fewer universities will be subject to a tax on their investment income as a result of one of the last-minute amendments. In previous versions of the bill, all [private] universities with more than $250,000 in endowment funds per full-time student would have had to pay a 1.4 percent tax on their annual investment returns. But in the bill passed Saturday, that tax applies only to universities with over $500,000 in endowment funds per full-time student. [...] 27 universities [are] affected by the provision, according to Jorge Klor de Alva, president of the Nexus Research and Policy Center." (link). FWIW, it was not immediately clear to me that the Senate bill specifies whether all for-credit students or just undergraduates would be counted in the "full-time student" figure.
According to the Chronicle of Higher Education, using 2014 end-of-year endowment numbers at private colleges that met the enrollment threshold (500 students) and checking them against their 2015 enrollment figures (counting all full-time students), those 27 universities are:
| Institution | Endowment Value (2014) | FT Enrollment (2015) | Enrollment Value Per Student |
| Princeton University | $20,576,361,000 | 8,013 | $2,567,872 |
| Yale University | $23,858,561,000 | 12,250 | $1,947,638 |
| Harvard University | $36,429,256,000 | 20,568 | $1,771,162 |
| Stanford University | $21,466,006,000 | 15,778 | $1,360,502 |
| Pomona College | $2,101,461,000 | 1,651 | $1,272,841 |
| Amherst College | $2,149,202,662 | 1,795 | $1,197,327 |
| Swarthmore College | $1,876,669,000 | 1,571 | $1,194,570 |
| Massachusetts Institute of Technology | $12,425,131,000 | 11,181 | $1,111,272 |
| Grinnell College | $1,829,521,000 | 1,665 | $1,098,811 |
| Williams College | $2,143,152,951 | 2,135 | $1,003,819 |
| California Institute of Technology | $2,118,100,000 | 2,255 | $939,290 |
| Rice University | $5,553,717,000 | 6,472 | $858,114 |
| Wellesley College | $1,834,137,000 | 2,344 | $782,482 |
| Cooper Union for the Advancement of Arts & Sciences | $717,628,100 | 938 | $765,062 |
| Dartmouth College | $4,468,219,698 | 6,236 | $716,520 |
| Berea College | $1,137,222,000 | 1,592 | $714,335 |
| Washington and Lee University | $1,477,923,000 | 2,169 | $681,385 |
| Bowdoin College | $1,216,030,000 | 1,794 | $677,832 |
| University of Notre Dame | $8,189,096,000 | 12,122 | $675,557 |
| University of Richmond | $2,313,305,000 | 3,558 | $650,170 |
| Smith College | $1,755,755,134 | 2,775 | $632,705 |
| Emory University | $6,981,307,921 | 12,383 | $563,782 |
| Washington University in St. Louis | $6,719,449,000 | 12,664 | $530,595 |
| Bryn Mawr College | $839,226,000 | 1,616 | $519,323 |
| Claremont McKenna College | $699,493,000 | 1,348 | $518,912 |
| Trinity University (TX) | $1,187,928,689 | 2,350 | $505,502 |
| University of Chicago | $6,539,289,712 | 12,980 | $503,797 |
In that same article (link), the Chronicle of Higher Education reported in November 2017 that the initial proposal by House Republicans applied to universities with endowment assets totaling at least $100,000 per student. Under that figure, Wake Forest (and 135 other private U.S. universities) would have been subject to the tax.
| Wake Forest University | $1,148,026,000 | 7,463 | $153,829 |
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