(Tax-Exempt!) Private-college group: Financial disclosure bill 'needless'

[joeunderdog]

The bill, as it is drafted now, would require each private college and university in the state and their related organizations to report federal, state and local taxes they would have paid had they not been exempted as non-profits. Institutions owning more than $10 million in investments and/or real property would report a list of, and value, for each.


...

The legislation would also require schools to report the names and amount of money paid to employees and consultants who collected over $250,000 and to service providers who collected $150,000 or more in the prior fiscal year. Additionally, a school would disclose any direct or indirect donation to the school from any service provider paid $150,000 or more by the school.

Schools would also be required report the names of employees paid $150,000 or more from third parties, the third parties’ identities, and the amount and a reason for each payment.

...

In addition, the bill would mandate each member of a school’s governing board report and verify under oath potential conflicts of interest, including the details of business transactions between: the school, themselves and their family; entities under their control or under a family member’s control; entities where they or a family member is or was employed or had a consulting arrangement with.

http://www.boston.com/news/local/breaking_news/2011/04/private-college.html?p1=News_links




Lack of accountability is why higher education is unaffordable and why our tax dollars are being invested in ponzi schemes and unethical investments. Why isn't this reporting requirement already law?