Financial Support
A substantial portion of the annual budget, which supports the full-tuition scholarships in addition to the school's costs, is generated through donations from alumni in both the public and the private sector. In addition, real estate has become a very important asset to the College and has drastically increased its endowment to over $600 million. The land under the Chrysler Building is owned by the endowment, and as of 2009, Cooper Union received $7 million per year from this parcel. Further, under a very unusual arrangement, New York City real-estate taxes assessed against the Chrysler lease, held by Tishman Speyer, are paid to Cooper Union, not the city. This arrangement would be voided if Cooper Union sold the real estate. In 2006, Tishman Speyer signed a deal with the school to pay rent that will escalate to $32.5 million in 2018, $41 million in 2028 and $55 million in 2038. Cooper Union investment committee member John Michaelson acknowledged to the Wall Street Journal that Tishman Speyer "would not have signed a generous agreement like that had it been approached in 2009.".
Read more about this topic: Cooper Union
Famous quotes containing the words financial and/or support:
“For the merchant, even honesty is a financial speculation.”
—Charles Baudelaire (18211867)
“[They] hired a large house as a receptacle for gentlewomen, who either had no fortunes, or so little that it would not support them. For these they made the most comfortable institution [and] provided [them] with all conveniences for rural amusements, a library, musical instruments, and implements for various works.”
—Sarah Fielding (17101768)