Founded 1876 daily since 1892 online since 1998
Monday april 4, 2016 vol. cxl no. 39
{ www.dailyprincetonian.com } U N I V E R S I T Y A F FA I R S
U. responds to inquiry on endowment staff writer
University President Christopher Eisgruber ’83 released a letter in response to an inquiry from several members of the U.S. Congress into the University’s endowment spending on Thursday. Eisgruber did not respond to a request for comment. The 11-page letter responds to 13 questions sent on Feb. 8 to 56 colleges and universities with endowments over $1 billion. Eisgruber’s response notes that the University endowment was $22.7 billion as of June 30, 2015, with the primary invested pool having a market value of $22.3 billion. It is composed of permanently restricted net assets, temporarily restricted net assets and unrestricted net assets. Additionally, in fiscal year 2015, the total value of investments not included in the endowment was $558 million. The investment return on the endowment in fiscal year 2015 was 12.7 percent. The University spent $320 million in that fiscal year to manage the endowment through external and internal costs. “Princeton’s endowment is made up of thousands of accounts, some of which date back literally hundreds of years,” Eisgruber wrote in his letter. He added that most accounts are related to financial aid or additional educational programs such as research and teaching programs, library resources and faculty positions.
“It’s a pool of money that generates resources every year that supports the kind of teaching and research we use every year that affect the quality of the the education we can offer,” Robert Durkee ’69, vice president and secretary of the University, said. Additionally, Eisgruber wrote that the endowment covers half the cost of the University’s operating budget and helps meet high priority capital needs. Eisgruber noted in the letter that the University’s financial aid program is entirely grant-based and is considered very generous, as students graduate with only around $6,000 in debt on average compared to national averages. In fiscal year 2015, 25.2 percent of the endowment payout was devoted to student aid, in 2013 is was 26.4% and in 2014 it was 25.1%. In 2008, the U.S. Senate Finance Committee sent a similar bipartisan inquiry to 136 public and private colleges and universities for information regarding financial aid and endowment spending. The inquiry was sent as a response to greater congressional concern regarding endowment spending and rising college costs as a reauthorization of the Higher Education Act was presented in Congress. According to a Feb. 2008 ‘Prince’ article, a witness who had testified before the Finance Committee had presented a proposal to require colleges and universities to spend a minimum percentage of their endowments to reduce education See ENDOWMENT page 3
RACHEL SPADY :: PHOTO EDITOR
At night, the Fountain of Freedom reflects Robertson hall and the statues in front of building. U N I V E R S I T Y A F FA I R S
Wilson School to hold exhibit on Wilson’s legacy By Christopher Umanzor staff writer
The Wilson School will be holding a public exhibit in Robertson Hall titled “In the Nation’s Service? Woodrow Wilson Revisited” between Apr. 4 and Oct. 28 to display the complexity of the legacy of Woodrow Wilson, Class of 1879. Elisabeth Donahue, Wilson School associate dean of Public Affairs and Communications, said the exhibit was done on behalf of the entire University, at the request of University President Christopher Eisgruber ’83. “The content was provided by the Seeley G. Mudd Manuscript Library, which worked in collaboration with the Woodrow Wilson
School… the design was done by an outside firm,” she noted. The exhibit looks at how Wilson was viewed by his contemporaries – many of whom were very critical of his views on race, on civil liberties and on women, Donahue said. “Wilson was a complex man and the exhibit tries to capture that,” she noted. According to Donahue, Wilson’s legacy has seen heightened controversy in recent years as more of his actions have been brought to the attention of the University Community. “The conversation about Wilson’s legacy – including his legacy on race – had been started before the protest, going back many years, in fact,” she said. “When a STUDENT LIFE
STUDENT LIFE
USG discusses Passport to the Performing Arts By Katherine Oh senior writer
KEVIN AGOSTINELLI :: CONTRIBUTING PHOTOGRAPHER
About 500 students participated in HackPrinceton, working on projects for 36 consecutive hours.
HackPrinceton brings in around 500 programmers, entrepreneurs By Kevin Agostinelli contributor
HackPrinceton, the University’s biannual hackathon hosted by the Princeton Entrepreneurship Club, drew around 500 student programmers and entrepreneurs from more than 100 universities this past weekend. Participants faced the challenge of creating functioning software or hardware projects from scratch
Washington Post blog post made its way around last summer, we had started to plan an event to address this important issue.” Donahue also noted that the protest by the Black Justice League last November played a major role in the creation of this exhibit. “One of the things we heard from protesting students was that it is not just a problem that Wilson was flawed, but it is a problem that he is so venerated across this campus. So the title of the exhibit – In the Nation’s Service? Woodrow Wilson Revisited – tries to get at the heart of the BJL’s protest about how Wilson is honored at Princeton,” she said. Cecilia Rouse, dean of the See WILSON page 2
in 36 hours, with the best teams earning prizes such as printing pens and Bluetooth keyboards at the closing ceremonies on Sunday afternoon. “HackPrinceton provides students with the unique opportunity to learn new technical skills and take advantage of mentorship and hardware resources, all while being surrounded by hundreds of like-minded students,” Zachary Liu ’18, a co-director of HackPrinc-
In Opinion Senior columnist Bennett McIntosh argues that students benefit when professors hold a range of political viewpoints, and the Editorial Board recommends changes to the thesis binding process. PAGE 4
eton and computer science major at the University, said. Liu, who organized his fourth HackPrinceton this semester, said that he is motivated to continue improving the already successful hackathon. “My personal goals for HackPrinceton are trying to focus even more on the attendee experience and providing the best possible outlet for hackers to not See HACKATHON page 2
Today on Campus
he Undergraduate Student Government senate discussed the Passport to the Performing Arts program during their weekly meeting on Apr. 4. Class of 2017 senator Kishan Bhatt ’17 said that his project group had been conducting research on the Passport to the Performing Arts program for students. He explained that the current program provides each student with two “student events” tickets, three “Princeton Passes” and three “Tiger Tickets,” depending on the type of event. According to the ODUS website, this distinction is mostly based on the price of tickets. “A lot of folks were interested in knowing why the distribution is as it is, two, two, three,” Bhatt explained. He noted that his group has explored the possibility of being able to use card swipes for guest attendees. Another student suggestion was to remove the categorization to eliminate barriers and increase usage, he said. Instead of having three free events at McCarter Theater and another three at Richardson Auditorium, there could be a total of five swipes to be used in whichever manner the student
4:30 p.m.: Carnegie Mellon University Professor Douglas Sicker will give a talk titled “Rethinking the USe of Radio Spectrum: The Interplay of Technology, Policy and Economics in Emerging Radio Systems.” Sherrerd Hall, 3rd Floor Open Space
chooses, Bhatt explained. “The overall goal is to give students a little bit more choice in what they use,” Bhatt said. He added that student input is crucial in creating any substantive changes. Brandon McGhee ’18, a UCouncilor who works at the ticket office in Frist Campus Center, said that he noticed that many freshmen don’t actually know what Passport to the Performing Arts program is, and that there is a need for USG to better explain the program. “We were also thinking of using an infographic on different relevant places on campus,” U-Councilor Miranda Rosen ’18 said. USG President Aleksandra Czulak ’17 noted that USG is working on putting together information that might be helpful for incoming freshmen, which could include an explanation about student events and Tiger Tickets. The freshman guide would be distributed to the students before they arrive on campus, Czulak explained. Shannon Osaka ’17, Academics Committee chair, said that this freshman guide could go hand-in-hand with an academic guide that includes majorspecific advice, along general See USG page 2
WEATHER
By Marcia Brown
REFLECTION
HIGH
60˚
LOW
27˚
Rain. chance of rain:
90 percent