2011-02-10.pdf

Page 1

THE TUFTS DAILY

Partly Cloudy 26/8

VOLUME LXI, NUMBER 10

Where You Read It First Est. 1980 TUFTSDAILY.COM

THURSDAY, FEBRUARY 10, 2011

Bill would mandate more inancial disclosure; Tufts calls status quo suf icient BY

ELLEN KAN

Daily Editorial Board

State legislation filed on Jan. 25 would require private universities in Massachusetts to increase disclosure of financial information in a bid to increase these institutions’ operational accountability and transparency. Tufts, however, along with the Association of Independent Colleges and Universities in Massachusetts (AICUM), does not support the legislation — the Higher Education Transparency Bill — calling existing disclosure practices sufficient. “While we respect Sen. Jehlen’s views, we feel that this legislation is unnecessary and potentially damaging to a key economic engine in Massachusetts — higher education,” Director of Public Relations Kim Thurler said in an e-mail to the Daily. “Colleges and universities in Massachusetts already have a number of state and federal requirements that provide a tremendous amount of public information and transparency in terms of their finances,” AICUM President Richard Doherty told the Daily, citing annual audited financial statements and the IRS form that applies to organizations exempt from income tax. Proposed changes The bill, introduced by Sen. Patricia Jehlen (D-Somerville) and Rep. Michael Moran (D-Brighton), would mandate increased financial reporting on the part of nonprofit colleges and universities, requiring that schools disclose the value of investment and real property holdings over $10

million, as well as the exact value of tax exemptions enjoyed by the institution. Schools would also have to disclose any individual conflicts of interest for trustees and directors, information about all staff earning more than $250,000, and details about financial arrangements with external consultants and vendors above $150,000. Nonprofits that are tax-exempt, like private universities, are currently required by the IRS to fill out Form 990. The form covers similar areas of disclosure but has fewer requirements. Form 990 requires disclosure mainly of personal conflicts of interest, and schools only have to report salary information for the five highest-paid employees of the institution and five most-compensated external contractors. Support for the bill Supporters of the bill claim that the huge endowment losses and budget reductions in the wake of the recent financial crisis spotlighted the fact that such institutions, which benefit from public subsidies, needed to be held accountable. “Most of the schools are saying when they lost money that it was a force of nature, an act of God. … No one took any responsibility and that’s just absurd — it’s a failure of leadership,” Wayne Langley, higher education director for Service Employees International Union (SEIU), told the Daily. SEIU is partially funding the legislation. A recent study by the Tellus Institute shows that the endowment losses had broader societal implications, adversely see TRANSPARENCY, page 2

Trustees to hear common room, kitchen proposals BY

BEN GITTLESON

Daily Editorial Board

The Board of Trustees will today kick off three days of closed meetings on Tufts’ Medford/Somerville campus, setting aside much of tomorrow to hear the proposals of two student representatives to the body. The board’s Buildings and Ground Committee is scheduled to meet this morning, followed by a meeting of the Council of the Boards of Overseers and an orientation for new trustees.

The three student representatives to the board will participate in meetings tomorrow afternoon. Two of them will present on projects to enhance campus life through dorm common room improvements and a shared, fully equipped kitchen space. The board, according to an internal document provided to the Daily, will tomorrow hold a plenary session on how the university responds to student alcohol abuse. Health Service professionals, see TRUSTEES, page 2

JAMES CHOCA/TUFTS DAILY

The university’s Board of Trustees will hold three days of closed meetings on campus starting today.

Inside this issue

DANAI MACRIDI/TUFTS DAILY

Endowment and investement returns are up from last year due to financial markets’ recovery.

University endowments saw signi icant increase in 2010 BY

ELLEN KAN

Daily Editorial Board

Tufts’ endowment, in line with a national trend among universities, saw a sharp increase in investment returns in fiscal year 2010 as financial markets began to recover. Returns on university investments rose to an average of 11.9 percent, a significant improvement over average returns from fiscal year 2009, which came in at negative 18.7 percent, according to the 2010 National Association of College and University Business Officers (NACUBO)Commonfund Study of Endowments (NCSE) released Jan. 27. The same study said the increase fell short of the 17.2 percent average in fiscal year 2007.

“This is a pretty huge and welcome turnaround for endowment performance,” NACUBO’s Director of Research Policy and Analysis Ken Redd told the Daily. Tufts’ investment performance stood at slightly over 12 percent, close to the industry average, according to information provided by the Tufts Finance Division. The market value of the university’s overall endowment also grew by 10 percent, according to the NCSE, and Director of Public Relations Kim Thurler said that it was worth $1.366 billion as of Dec. 31. This contrasts sharply with the 23.7 see ENDOWMENT, page 2

As H1N1 fears fade, flu season hits Massachusetts with typical intensity BY JENNY

WHITE

Daily Editorial Board

Cases of influenza reported to Tufts Health Service are within a normal range as the flu season begins, a departure from last year, when there was heightened concern surrounding the early and widespread outbreak of the H1N1 flu strain. Students have reported at least 24 cases of influenza to Health Service in the past two weeks, according to Health Service Medical Director Dr. Margaret Higham. Flu season generally peaks in February or early March, Higham said. As this year’s season gets underway, health workers have seen an expected increase in cases of mild to moderate influenza at Tufts and across the state. While Higham classified cases of influenza seen this season as influenza type A, which includes the H1N1 and H3N2 strains of the disease, the concerns about the intensity of the strain’s symptoms and the effectiveness of vaccines has subsided. “We started seeing flu a couple days after students got back on campus,” she said. “None of the students we’ve seen so far have been seriously ill or needed to be hospitalized.” Massachusetts Department of Public Health (MDPH) Media Relations Manager Julia Hurley said much of the

hype surrounding last year’s H1N1 pandemic was the result of its unseasonable arrival in late August and September. The outbreak provoked public concern because it required the development of an entirely new vaccine to combat the spreading strain, Hurley told the Daily. “This year the vaccine does contain vaccine for H1N1,” she said. “This is a more typical flu season, actually a slightly milder flu season,” Hurley said. The MDPH weekly statewide flu report, which compiles reports of positive cases of influenza from across the state, indicated that the highest percentage of flu activity was found in the outer metro Boston area. The most recent MDPH update, dated Feb. 3, deemed flu season in Massachusetts this year to be widespread but of minimal intensity. Flu vaccine clinics organized in the fall by Health Service reached more students than ever, with over 3,000 students lining up to receive the vaccine, Senior Director of Health and Wellness Services Michelle Bowdler said. “This was an absolute record year for the number of flu vaccines we gave to students,” Bowdler said, adding that she hopes the high turnout will translate to fewer reported flu cases this season. see FLU, page 2

Today’s Sections

Tufts Culinary Society sets the stage to bring a student kitchen to campus.

Careful direction makes Iñárritu’s “Biutiful” a haunting success

see FEATURES, page 3

see WEEKENDER, page 6

News Features Weekender Editorial | Letters

1 3 5 10

Op-Ed Comics Classifieds Sports

11 12 13 Back


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.
2011-02-10.pdf by The Tufts Daily - Issuu