Statement on the Paradise Papers
èßäÉçÇø clarifies its investment policy.
Recent reports in the and the based on the Paradise Papers may have conveyed a misleading impression about èßäÉçÇø’s investments in offshore partnerships.
èßäÉçÇø is not avoiding taxes that we would otherwise pay. èßäÉçÇø is a tax-exempt entity operating for the public benefit as an educational institution. We comply with all applicable tax laws. Our financial reports, which are available on our website, address a number of questions raised in recent media stories. You can also read more about èßäÉçÇø's investment responsibility policy.
Despite reports to the contrary, is not a secret entity. EnCap is a limited partnership operating in the independent sector of the oil and gas industry, with a website that lists its portfolio. It is important to note that èßäÉçÇø is one of many investors in EnCap. èßäÉçÇø does not make direct investments; rather, the college invests in commingled funds in order to support its educational mission.
In 2014, Roger Perlmutter, chair of the board of trustees, responded to the stating, “Balancing our social concern, our institutional financial concern, and our concern for keeping the college institutionally dissociated from particular political positions, the board did not agree that divestment of èßäÉçÇø’s endowment from fossil-fuel investments meets the high standards of our policy.”
The endowment provides critical support to èßäÉçÇø’s operations, contributing approximately 25% of the operating budget and allowing us to commit over $25 million in financial aid last year to students who would otherwise not be able to attend èßäÉçÇø.
Tags: Institutional