Georgetown University’s Newspaper of Record since 1920

The Hoya

Georgetown University’s Newspaper of Record since 1920

The Hoya

Georgetown University’s Newspaper of Record since 1920

The Hoya

University Spending Bill Is Only Potential

It is always good when THE HOYA takes the time to report on federal policy issues that relate to life on our campus, and I am heartened when your reporters seek out information from the University’s Office of Federal Relations. However, I write today to correct an unfortunate error in the Friday, Jan. 18, 2008 HOYA story, “Bill Proposes Minimum Endowment Spending.”

I began my conversation with THE HOYA reporter by stating that, as of that date, no legislation had been introduced in the Senate to legislate a specific percentage of endowment funds to be expended each year. I went on to explain that, should such legislation be written, there were a number of specific fine points that would need to be incorporated therein. Instead, the article reported that I had said “that the bill

was not carefully put together and does not take into account university investments.” Having made the point from the outset of the interview that legislation had not been introduced, that was a clear mischaracterization of what I said.

In fact, since that article was published, Georgetown University and over 130 other post-secondary institutions have received letters from Senators Baucus (D-Mont.) and Grassley (R-Iowa), the Chairman and Ranking Member of the Senate Finance Committee, posing questions about the operations of our endowment and other matters. I have said that it is very positive that, before deciding whether or not to legislate in this regard, the Senators are seeking the facts. Our response and those of the other institutions will no doubt add to the understanding of the complexities of university endowments.

Scott Fleming

Assistant to the President for Federal Relations

Feb. 6, 2008

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