Buffett Chides College for Not Cutting Tuition as Endowment Grew
Source: Bloomberg
May 3, 2016 2:19 PM EDT
At the annual meeting for his Berkshire Hathaway Inc., Warren Buffett criticized a college that expanded its endowment but didnt cut tuition or boost enrollment.
I was the trustee of a college that saw the endowment go from $8 million to over a billion, and I didnt see the tuition come down, and I didnt see the number of students go up, Buffett said April 30 in a conversation with Charles Munger, the companys vice chairman, at the event in Omaha, Nebraska.
While he didnt name the school, its clear to officials at Grinnell College which institution hes talking about. The liberal arts school in Iowa, with a $1.8 billion endowment as of June 2015, said Buffetts facts about enrollment arent correct.
Most Appreciative
Grinnell College is most appreciative of the service Warren Buffett has provided to the college, Lisa Lacher, a spokeswoman, said in an e-mail when asked by Bloomberg about Buffetts comments. We do, however, have data to share that contradict some of his assertions.
Read more: http://www.bloomberg.com/news/articles/2016-05-03/buffett-chides-college-for-not-cutting-tuition-as-endowment-grew