zlacker

I live in Pittsburgh, and UPMC’s nonprofit status as they make billions in profits and pay their executives fortunes, is a running joke. With the hospitals and universities as the biggest employers and land owners here, a big chunk of the cities financial assets are exempt from contributing to the city budget.

>>jimbok+(OP)
If they are non-profit, they do not make billions in profits. I suspect you mean revenue :)

Exec compensation is another thing, but also not a concern I am super sympathetic to given that for profit companies of similar magnitude generally pay their execs way more they just are not required to report it.

>>whimsi+R2
> If they are non-profit, they do not make billions in profits. I suspect you mean revenue :)

Uhm, profit is a fact of accounting. Any increase in equity (or "net assets", or whatever other euphemism the accountant decides to use) on a balance sheet is profit. Revenue is something completely different.

>>whimsi+R2
> If they are non-profit, they do not make billions in profits

Wrong. Non-profits are not called that because they don't make profits, they are called that because they don’t return (even as a future claim) profits to private stakeholders.

>>jimbok+(OP)
In NYC, NYU and Columbia University are increasingly owning larger parts of Manhattan because they as universities have massive property tax exemptions. There is a big push right now to terminate those exemptions which currently amount to over $300 million per year.

At the same time they are getting these tax cuts, the CUNY public university system is struggling financially and getting budget cuts.

>>userna+Lc
Change in net asset is calculated the same as net profit, but is not the same in an accounting sense.

Constitutive to profit is a return to private stakeholders, holding assets in reserve or re-investing in capital is not the same.

>>whimsi+Sk
What's in a name? That which we call a rose

By any other name would smell as sweet

>>userna+xp
Reinvesting in providing further care or lowering costs would smell as sweet as giving it to wealthy individuals?

Should get your nose checked, sounds like you have covid or something.

>>dragon+id
show me a single accounting statement with a non-profit listing their 'profits'

>>delfin+Yf
there are large positive externalities to major research unis. imposing a $300m/yr tax because of anti-ivy sentiment means net fewer researchers, grad students, funded residencies, etc.

do people just no longer believe in win wins? if someone else is successful or impactful they must be taken down?

>>whimsi+2y
Take one of the largest teaching hospitals in the world, Cleveland clinic is a non-profit. The Cleavland clinic 2022 annual revenue was >15 Billion and expenses were ~12 billion [0].

They have amassed an endowment fund assets such as stock, which is currently >15 Billion and growing[1]. The exact assets are confidential, but this is a snapshot from 2017, when there it was closer to 10 billion under management [2]

https://my.clevelandclinic.org/-/scassets/files/org/about/fi...

https://my.clevelandclinic.org/-/scassets/files/org/about/fi...

https://my.clevelandclinic.org/-/scassets/files/org/giving/a...

>>whimsi+ry
People believe in win/wins.

Universities aren't that.

>>llm_tr+A01
more funding for science is good

>>userna+Lc
This is incorrect. Any increase in equity is not profit, and profit is not shown on the balance sheet.

Profit is revenue minus expenses, also known as net income, and is shown on the income statement:

https://www.investopedia.com/ask/answers/101314/what-differe...

>>whimsi+S41
Your wish is my command.

The Wuhan Institute of Virology now has 500 billion dollars to spend on gain of function research.

>>whimsi+S41
Yes, but the majority of the funding goes to the increasingly bloated institutional overhead. NYU takes 61% of research grants [1], while Columbia takes 64.5% [2]. That doesn't include other fees that PIs might pay in addition. These percentages keep going up year-over-year and are even into the 70% range at some institutions.

[1]: https://www.nyu.edu/content/dam/nyu/research/documents/OSP/N... [2]: https://www.finance.columbia.edu/sites/default/files/content...

>>whimsi+ry
It mainly means fewer bureaucrats and administrators and more luxurious campus facilities. Which is where all the growth is in university spending these days.