There are some things I know very little about and there are other things I know a great deal about and of course there is everything else which falls somewhere in between. One of the topics that falls squarely on the “I know a great deal about it” side of things is giving money away to universities, museums, the arts, you name it.
If you have a pulse then you have heard the uproar and tried to wade through the BS being spewed forth over the Koch Brothers’ Foundation giving Florida State University 1.5 million dollars to hire two new professors to teach some special economic courses …pretty outrageous I know. … The Koch foundation had some strings attached (as there often times are) regarding who the university would hire to do this and the ability to veto anyone the foundation had any objection too. OMG! you would have thought someone had started WWIII or insulted motherhood or some other outrageous act. Journalists from every daily weekly and monthly newspaper in the country said nearly the exact same thing …expressing the right amount of manufactured shock and outrage. Every left wing blog exploded with headlines like “Koch Brothers Buy Professors at FSU” or “FSU Integrity for sale …Price $1.5MM” …Has it come to the point that the left isn’t capable of telling the truth about anything to anyone? If I read one more blog that makes sure to remind us that 15 yrs ago Yale returned a 20 million dollar gift because th donor asked for the same sor4t of conditions that the Koch Bros . had asked for… (Read: Yale – Good , FSU- Bad)
Had those journalists …all hungry for the ‘scoop’, simply taken the time to ask or look it up … they would have all discovered what I am going to tell you right now. There are generally 2 types of money a university customarily chases …
1. Endowment grants
2. Operating /program grants
The endowment grants are generally larger sums of money where the actual donation itself is given to the university where it is added to the institutions endowments account and the only money that can be spent of this donation ….are the earnings the endowment throws off each year always leaving the principle untouched.
The operating grants are generally smaller and done to support special projects etc. Most foundations give operating gifts exclusively. Endowment gifts produce investment returns, while operating gifts are spent directly during the grant period. Operating contributions come with strings, because they are spent directly, and then evaluated immediately. While it’s true most universities do have policies regarding ENDOWMENT GRANTS … but they don’t when they are talking about operating contributions. Almost all foundations who approve money for an operating grant will want to know:
1. How was the money spent?
2. Was it effective?
3. What is the evidence that it had an impact?
4. How can I justify a future renewal of this money?
Operating contributions come with strings, because they are spent directly, and then evaluated immediately.and the generous people and foundations who offer these types of grants are our friends and would want to know all about how their money was spent. It is perfectly acceptable for a grantor to retain some control of their money …including veto powers and being able to have their grant money returned to them if there are any irregularities or the money was spent supporting people other than the ones required in the grant.
The money the Koch’s gave to FSU was grant money to be used for operations, and it’s perfectly legal and acceptable if that’s how it’s been set up. Once again the MSM is not only giving out bad information …they are giving it out to any one of 2500 people ..or more! not concerned over whether it’s accurate and true or not.
Now …left-wingers before we continue could you please find a conservative somewhere nearby and look him in the eye and apologize to him for slandering him and sullying and besmirching his good name ….please!