In Donors We Trust

Number 28213
Subject College
Source Detroit Free Press
State
Year 2018
Publication Date February - November 2018
Summary Everyone knows that college is more and more expensive to attend. So why are college and university endowments skyrocketing and now worth more than $567 billion? We started with the University of Michigan, lauded as one of the world’s best public universities which had stockpiled an endowment worth more than $11 billion. We found that university officials invested a good chunk of that endowment – one of the country’s largest among public institutions - in hundreds of private funds across the world. More importantly, our months-long investigation identified a select group who had secretly benefited: top university donors and alumni investment advisers who run private equity, hedge and venture capital funds and real estate investment firms. After our stories published throughout 2018, the university changed its investment policies; rerouted nearly $2 million into more student aid; made new investments based in the state; publicly released university executive compensation information after losing a FOIA lawsuit brought by the Free Press; and saw two university regents (i.e., trustees) lose their elections in November to those who promised more financial transparency and accountability based on our reporting.
Category Contest Entry
Pages
Keywords Detroit Free Press, college, donations, endowment, money, investigation, transparency, finances, university
Related Links
Related Video
Ordering info Want to place an order? Email us or call us at 573-882-3364 (Stories are only available to members of IRE. For membership information, please refer to our membership page)