Soros-Led Fund Gives $60-Million to Bard College for Global Work
May 17, 2011, 10:12 am
The Open Society Foundations is donating $60-million to New York State’s Bard College to advance the liberal-arts school’s burgeoning international projects, The New York Times writes.
Cooper Union spent $166 million on a new academic building at 41 Cooper Square, replacing two outmoded buildings. To help pay for that and other projects, and to retire old bonds, it borrowed $175 million in 2006.
The college also invested $32 million of that borrowing in its endowment, calculating that the endowment investments would earn a higher rate of return than the interest Cooper was paying on the loan. That turned out to be a bad bet when the recession hit.
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