A Chronicle investigation of 618 private colleges found that one-fourth of them have financial ties with trustees’ companies. Below are some examples of common business connections, based on disclosures that colleges made on their 2008 federal tax forms.
College | Trustee, Company | Financial Tie with Company |
---|---|---|
Investments | ||
Bowdoin College (PDF) | Sheldon M. Stone, a principal of Oaktree Capital Management | College invested with Oaktree |
Brown U. (PDF) | Steven Rattner, a founding partner of the Quadrangle Group | University invested with Quadrangle |
Colgate U. (PDF) | Unnamed trustees who are executives of financial firms | University had $11-million in investments with those firms |
Doane College (PDF) | Earl L. Wright, CEO of AMG National Trust Bank | Received $188,696 for investment services |
Duke U. (PDF) | Bruce A. Karsh, president and a co-founder of Oaktree Capital Management | University invested with Oaktree |
Mount Union College (PDF) | Unnamed trustees who are executives of financial firms | College had $59-million in investments with those firms |
Wilmington U. (Del.) (PDF) | David F. Marvin, chairman and portfolio manager of Marvin & Palmer Associates | Manages university’s entire endowment |
Trinity College (Conn.) (PDF) | Two trustees who are executives at financial firms | College had $69-million in investments with those firms |
Construction and Architecture | ||
Davidson College (PDF) | Patricia A. Rodgers, president and CEO of Rodgers Builders Inc. | Received $4.8-million; built $24-million Knobloch Campus Center |
Husson U. (PDF) | John M. Rohman, a principal of WBRC Architects/Engineers | Received $743,619; designed; Donnell Commons |
Lynchburg College (PDF) | Robert L. Flint, president of L.G. Flint Inc. (building contractor) | Received $429,970 |
Mount Mary College (Wis.) (PDF) | Gary Jorgensen, a former principal and father of current executives of VJS Construction Services | Received $1.1-million in 2007; built $6.3-million Gerhardinger Hall |
National U. (Calif.) (PDF) | Michael Wilkes, CEO of Delawie Wilkes Rodrigues Barker (architects) | Received $370,633; designed academic-headquarters complex |
St. Olaf College (PDF) | Thomas J. Boldt, CEO of the Boldt Company (building contractors) | Received $39.7-million; built $65-million Science Center |
Vanderbilt U. (PDF) | L. Hall Hardaway Jr., owner, Hardaway Construction Corp. | Received $7-million in 2007; built $23-million School of Engineering complex |
Various Potential Conflicts | ||
Bucknell U. (PDF) | Glenn D. Steele Jr., president and CEO of Geisinger Health System | Received $2.7-million |
Johnson & Wales U. (PDF) | Dana H. Gaebe, senior partner in Gaebe & Kezirian (law firm) | Received $148,313 |
Point Park U. (PDF) | Michael J. Brunner, CEO of M.J. Brunner Inc. (advertising agency) | Received $162,393 in 2007 |
Rochester Institute of Technology (PDF) | Elizabeth D. Moore, partner in Nixon Peabody LLP (law firm) | Received $517,678 |
Texas Christian U. (PDF) | Robert J. Wright, owner of Business Jet Center | Received $71,045 |
U. of Evansville (PDF) | Niel C. Ellerbrook, chairman and CEO of Vectren Corporation (energy services) | Received $1.6-million |
Wartburg College (PDF) | Fred W. Hagemann, president and CEO of State Bank & Trust | Managed college’s investments while college’s president was on bank’s Board of Directors |
A Snapshot: Hope College, in Michigan, does business with companies affiliated with several trustees (PDF) | ||
James E. Hanson II, president and CEO of the Hampshire Companies | Managed $5.6-million of college’s real-estate investments | |
Theodore S. Etheridge III, CEO of Steketee-Van Huis Inc. and the Printery | Received $400,763 for printing of brochures, publications, etc. | |
Richard L. Postma, owner and chairman of RT London | Revised $119,442 for furniture sales | |
Emilie D. Wierda, co-owner of Crown Motors | Received $38,859 for vehicles and service supplies | |
Joel G. Bouwens, partner at Cunningham Dalman | Revised $3,540 for legal services | |
Source: 2007-8 IRS form 990 tax filings; Chronicle reporting. |
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