Homehttps://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/UShttps://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/How Billionaires (Legally) Pump Millions Of Dollars Into Their Children's Schools
How Billionaires (Legally) Pump Millions Of Dollars Into Their Children's Schools
.5 million to $ 2.1 million a year from 2003 to 2012.  In 2013 Wexner's charitable foundation donated its gift dramatically, donating $ 8.5 million to the university, as part of a long-planned building endowment. as a Harvard freshman.
in 2014 $ 7 million in 2015 and $ 14.5 million in 2016 and $ 14.5 million in 2016 Wexner's three other children enrolled at the university in 2014, 2015, and 2017. His children are no s louches — one is a second-team All-Ivy League rower, another is a graduate degree in education (at Harvard) and another attends the university's Kennedy School of Government.
But in the ultra-competitive Ivy League environment, where even the most qualified students get rejected, having the last name "Wexner" at the university where your dad has regularly donated surely doesn't hurt.
Wexner's monetary transfers exemplify a common billionaire behavior. FBI college admissions sting this week, America's billionaires don't have to break the law to help their children get into the best universities – they can and often do their legacy and money instead . And they've been doing so for generations. & nbsp; & nbsp; & nbsp;
Perhaps one of the most high-profile examples of a billionaire family donating to a school before their child attended by member of President Donald Trump's family. In 1998, Charles Kushner's real estate, a graduate of NYU, reportedly $ 2.5 million to Harvard before his son Jared Kushner who is now a senior advisor to his father-in-law President Trump, was admitted to the university. The Kushner episode was first reported by journalist Daniel Golden who wrote the book "Price of Admission" about how the rich "buy" their children in the country's most elite academic institutions. The Kushner's Garden long denied the allegation.
"The college admissions systems, which favor legacy applicants and donors, are the" legal and & rsqb; more polite version of what was exposed in the & lsqb; admissions & rsqb; scandal, ”says Richard Kahlenberg, a senior fellow at the Century Foundation who studies inequality in higher education.
It's hard to know what the billionaires of wealth and often their generosity help their kids or grandkids get acceptance letters, but it's certainly a factor. There are plenty of examples of billionaires' children attending the same elite schools as their parents and even grandparents. & nbsp; Hedge fund billionaire Stephen Mandel has nearly century-olds going back to his alma mater, Dartmouth College. His grandfather went in the 1920s, his dad in the 1950s. He graduated from Dartmouth in 1978, chaired by the Board of Trustees, and co-chaired by the $ 1.3 billion Campaign for the Dartmouth Experience. He even named his investment firm, Lone Pine Capital, after pine tree, legend, survived and 1887 lightning strike on the college campus. It is noteworthy that all that is surprising, therefore, that two of his three children went there . Silicon Valley real estate magnate John Arrillaga graduated from Stanford University in 1960. He then sent his daughter, who graduated in 1992, followed by a $ 100 million donation in 2006 and an additional $ 151 million pledge in 2013 .
"The college admissions systems, which favor legacy applicants and donors, are the [legal and] more polite version of what was exposed in the [admissions] scandal."
Hank Caruso, Rick's father and founder of Dollar Rent-A-Car, went to USC but dropped out to serve in the Navy during World War II, Rick graduated with a business degree in 1980. All four of his children have attended, or are currently attending, the University and the Caruso name appears on at least two campus buildings — the USC Caruso Catholic Center and the USC Tina and Rick Caruso D epartment of Otolaryngology.
According to public filings, Caruso started donating to USC in 1992 with a $ 2,500 gift. In 2006, he gave $ 1 million to the USC Catholic Community and in 2015 he pledged [$ $ 25 million . In 2018, the same year he became the chairman of the University of Southern California Board of Trustees, gave approximately $ 2 million, the same year, Gianna, who is his youngest, started at the university. In total, Caruso's foundation donated $ 15.8 million to the university and has pledged additional $ 26 million. & nbsp;
In a statement to Forbes USC says it "depends on the generous gifts of its donors for student support, but the Admissions Office does not consider family giving when reviewing an applicant." Legacy, on the other hand, goes a long way for applicants. "We are proud to educate multiple generations of Trojans and, in any given year, make up 13% -19% of each incoming class," the spokesperson said.