May 9, 2008

IRS Gets Aggressive on Endowment Spending

By PAUL FAIN

Federal lawmakers have recently taken aim at what they see as stingy spending by wealthy colleges of their endowments. Leading the charge has been an influential Republican senator, Charles E. Grassley of Iowa, who has floated the idea of requiring those institutions to spend at least 5 percent of their endowments each year.

Now the Internal Revenue Service is gearing up to be "more aggressive in this area," said Steven T. Miller, commissioner of the IRS's tax-exempt division. At a

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