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:
“What people don’t realize is that intimacy has its conventions as well as ordinary social intercourse. There are three cardinal rules—don’t take somebody else’s boyfriend unless you’ve been specifically invited to do so, don’t take a drink without being asked, and keep a scrupulous accounting in financial matters.”
—W.H. (Wystan Hugh)
“Because the young child feels with such intensity, he experiences sorrows that seem inconsolable and losses that feel unbearable. A precious toy gets broken or a good-bye cannot be endured. When this happens, words like “sad” or “disappointed” seem a travesty because they cannot possibly capture the enormity of the child’s loss. He needs a loving adult presence to support him in his pain but he does not want to be talked out of it.”
—Alicia F. Lieberman (20th century)