Can someone explain to me why Universities, which are mostly non-taxable entities, would use offshore banking?
More Than 100 Universities and Colleges Included in Offshore Leaks Database
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Re: More Than 100 Universities and Colleges Included in Offshore Leaks Database
#22Can someone explain to me why Universities, which are mostly non-taxable entities, would use offshore banking?
"The only time university endowments pay taxes is when they invest in debt-financed financial firms such as private equity funds and hedge funds. These investments are considered a business activity unrelated to their tax-exempt missions."
Re: More Than 100 Universities and Colleges Included in Offshore Leaks Database
#23I don't really understand the premise of these articles.
If an organization is working within the legal confines of the relevant tax systems, exactly what are they guilty of? Being the best possible stewards of their donations?
Re: More Than 100 Universities and Colleges Included in Offshore Leaks Database
#24I don't really understand the premise of these articles. If an organization is working within the legal confines of the relevant tax systems, exactly what are they guilty of? Being the best possible stewards of their donations?
Because the legality is set up so that it's only those who have a lot of money who can do this.
This is the problem.
I am all for not paying more taxes than necessary but it should be the same for everyone not just for the few with money to pay the lawyers and pay the fees.
Re: More Than 100 Universities and Colleges Included in Offshore Leaks Database
#25Can someone explain to me why Universities, which are mostly non-taxable entities, would use offshore banking?
In addition to the sibling comment there’s also been some disclosures regarding investments in industries that could plausibly get universities bad press — such as coal mines.
Re: More Than 100 Universities and Colleges Included in Offshore Leaks Database
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Re: More Than 100 Universities and Colleges Included in Offshore Leaks Database
#27Can someone explain to me why Universities, which are mostly non-taxable entities, would use offshore banking?
"The only time university endowments pay taxes is when they invest in debt-financed financial firms such as private equity funds and hedge funds. These investments are considered a business activity unrelated to their tax-exempt missions."
Somehow that part of the article didn't click for me. The NYT article linked in the following sentence does a great job of explaining why they are being taxed if you don't have a finance background.
Re: More Than 100 Universities and Colleges Included in Offshore Leaks Database
#28These "leaks" are annoying. They just give you a page with virtually no information, just a chart showing some connection. Release everything. Don't insult my intelligence by deciding for me what to release.
They're not really deciding for you what to release, since you have nothing to release. Is your concern that their interpretation of the source material is inaccurate, or that you're being intentionally misled or occluded? The ICIJ has been around for two decades, and their credibility is robust. I don't think they're likely to be making claims like this without access to substantial evidence.
It’s not that I distrust them, it’s just that I’m a lawyer, operations, and finance guy. The source documents would be extremely interesting to me. Instead I get a meaningless graph that tells me almost nothing. If there’s one thing I’ve learned in personal experiences with journalists is that they’re just that, journalists. They don’t have expertise in finance, law, or most anything complex. Let the data be open sourced and mined by actual experts.
Re: More Than 100 Universities and Colleges Included in Offshore Leaks Database
#29I don't really understand the premise of these articles. If an organization is working within the legal confines of the relevant tax systems, exactly what are they guilty of? Being the best possible stewards of their donations?
Because the legality is set up so that it's only those who have a lot of money who can do this. This is the problem. I am all for not paying more taxes than necessary but it should be the same for everyone not just for the few with money to pay the lawyers and pay the fees.
Wouldn't that be an argument against the legislature, or perhaps lobbyists, rather than against the nonprofits stuck with the law?
Re: More Than 100 Universities and Colleges Included in Offshore Leaks Database
#30Surprising to see University of Toronto there too. I was expecting only US ones for some reason.
Why was it surprising? https://www.theguardian.com/news/2017/nov/05/justin-trudeau-...