[Nan3cy]

Id be a little suspicious of the cash value of that $622,000,000 in tax-deductible art.

Part of what caused Stanford all the heartburn during the Indirect Cost controversy in the early '90s was incorrect accounting for a sailboat that was donated to the University. (Should have been booked to auxiliary athletics; was booked to the academic side; wound up in an indirect cost pool where it didn't belong. Ehhh, don't ask...) When the "damn boat" (as Pres. Kennedy referred to it) was donated, it was with the stipulation that it not be sold for two years, so the donor could put his own value on it for tax purposes; if it were sold before then, he could only use the sale price as his donor value. The value we were given at the time was $400,000. When it was sold later, it went for less than half that...

[Nan3cy]

Id be a little suspicious of the cash value of that $622,000,000 in tax-deductible art.

Part of what caused Stanford all the heartburn during the Indirect Cost controversy in the early '90s was incorrect accounting for a sailboat that was donated to the University. (Should have been booked to auxiliary athletics; was booked to the academic side; wound up in an indirect cost pool where it didn't belong. Ehhh, don't ask...) When the "damn boat" (as Pres. Kennedy referred to it) was donated, it was with the stipulation that it not be sold for two years, so the donor could put his own value on it for tax purposes; if it were sold before then, he could only use the sale price as his donor value. The value we were given at the time was $400,000. When it was sold later, it went for less than half that...