The IRS's New Target: College Endowments

August 3, 2009, Barron's — BACK IN THE GLORY DAYS, WHEN Harvard University was firmly perched in the pantheon of top-performing endowment funds, its Harvard Management Co. routinely came in for criticism for giving its managers outsized compensation packages, as well as for following investment strategies that seemed more suitable to a hard-charging Wall Street firm than to a tax-exempt charity.

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