`Non-Profit' Columbia University's Assets Increased By $800 Million In 2005

According to the Form 990 filed by the Trustees of Columbia University in the City of New York for the year beginning July 1, 2004 and ending June 30, 2005, Columbia University claims to be a tax-exempt 501(c)(3) “public charity.” Yet between July 1, 2004 and June 30, 2005, Columbia University’s total earnings of $3.1 billion exceeded its total expenses of nearly $2.6 billion by over $500 million.

From its corporate stock and bonds portfolio of over $2.3 billion, for instance, Columbia University earned over $94.7 million in dividends and interest during this period; and, between July 2004 and June 2005, Columbia’s net rental income exceeded $20 million. An additional $495 million was gained from Columbia’s sale of assets during this period. But despite selling some of its assets for cash, between July 2004 and June 2005 the value of “non-profit” Columbia University’s remaining net assets jumped from $6.1 billion to $6.9 billion.

Between June 30, 2005 and June 30, 2006, Columbia earned another $154 million in dividends and interest from its portfolio, which now included $2.7 billion in hedge funds, $763 million in foreign stocks and bonds and $541 million in U.S. equities, according to a September 13, 2006 audit by PriceWaterhouse Cooper. The value of “non-profit” Columbia University’s net assets also jumped another $900 million to $7.8 billion between June 2005 and June 2006, according to the September 13, 2006 report of PriceWaterhouseCooper.

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