Harvard, MIT defend tax-exempt status for their endowments

"The presidents of Harvard University, Massachusetts Institute of Technology, and other prominent schools have written letters to Congress defending the tax-exempt status of their multibillion-dollar endowment funds. Harvard’s president, Drew Faust, in a letter dated March 31, said the institution’s nonprofit status, which also applies to its $37.6 billion endowment fund, is critical to its success." … https://www.bostonglobe.com/business/2016/04/04/harvard-mit-defend-tax-exempt-status-for-their-endowments/5JVn7lRGueyyldpCGUSEgN/story.html