Skip to main content

Cornell University

SA R28 (2017-2018): Mandating Cornell's Commitment to the Economic Justice of Puerto Rico and the Operational Transparency of its Investments

Rejected by the President

  • Resolution:
  • Day:
    March 30, 2018
  • Action:
    Rejected by the President
  • Summary / Notes:

    Dear Jung,

    Thank you for conveying to me Resolution 28: Mandating Cornell’s Commitment to the Economic Justice of Puerto Rico and the Operational Transparency of Its Investments. Your attention to this issue is very much appreciated.

    Cornell’s endowment is the sum of its permanent invested capital that generates funds each year to help support the operation of the university. Our foremost priority for the endowment is its growth and stability so that the earnings from the funds can continue to strengthen the university’s core missions of teaching, discovery and engagement. While Resolution 28 is rooted in compassion for an important social and political cause, I do not believe it meets the Board of Trustees’ adopted threshold for divestment. Importantly, divesting from any Baupost holdings would not change how Puerto Rico’s debt is restructured nor would it help the people of Puerto Rico.

    Regarding the resolution’s language on tax filing transparency, the university strictly adheres to IRS rules and reporting requirements. IRS Form 990 requires disclosure and reporting of related organizations when a university has control through majority ownership or investment. Harvard and Princeton disclose such investments because of their majority ownership of those investments. Cornell similarly reports on IRS Form 990 all related organizations or investments in which it has majority control or ownership.  

    Thank you again for your interest in this important issue.

    Sincerely,

     

    Martha E. Pollack

    President, Cornell University

    300 Day Hall

    Ithaca, NY 14853

    Tel: 607-255-5201

    www.cornell.edu

  • File Attachments:
  • Text Attachment: