The Ivy League is comprised of eight elite private colleges that control endowments with a combined value of over $140 billion as of 2019.
by Andrew Kerr and Mary Margaret Olohan
The eight elite private colleges of the Ivy League are slated to receive millions in taxpayer-funded coronavirus stimulus money despite controlling endowments with a combined value in 2019 of over $140 billion.
Five Ivy League schools posted operational surpluses of over $200 million in 2019, according to their financial statements from that year. Secretary of Education Betsy DeVos said that schools with significant endowments should determine whether they really need federal assistance and to send any unneeded stimulus funding to schools that are actually in need.
The eight Ivy League schools are set to receive a combined $61.7 million in federal funding through the Coronavirus Aid, Relief and Economic Security (CARES) Act.
Harvard University spokesman Jason Newton said Monday that the school will be giving 100% of its $8.6 million federal funding package to its students with urgent financial needs amid the pandemic.