Statement on the Paradise Papers
91²ÝÝ®ÊÓƵ clarifies its investment policy.
Recent reports in the and the based on the Paradise Papers may have conveyed a misleading impression about 91²ÝÝ®ÊÓƵ’s investments in offshore partnerships.
91²ÝÝ®ÊÓƵ is not avoiding taxes that we would otherwise pay. 91²ÝÝ®ÊÓƵ 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 91²ÝÝ®ÊÓƵ'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 91²ÝÝ®ÊÓƵ is one of many investors in EnCap. 91²ÝÝ®ÊÓƵ 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 91²ÝÝ®ÊÓƵ’s endowment from fossil-fuel investments meets the high standards of our policy.”
The endowment provides critical support to 91²ÝÝ®ÊÓƵ’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 91²ÝÝ®ÊÓƵ.
Tags: Institutional