The leaders of the Senate Finance Committee have urged the U.S. treasury secretary to change the federal tax form that many tax-exempt entities file each year, with the goal of ramping up scrutiny of the complex financial operations of private nonprofit colleges and hospitals. The letter from Sens. Max Baucus (D-Mont.) and Charles Grassley (R-Iowa) offers some new insights -- worrisome to college tax experts -- into the senators' interest in the possibility of penalizing institutions that are perceived as spending too small a proportion of their endowment assets.
Less than two weeks after the House Appropriations subcommittee for education programs delivered a major potential boost to the maximum Pell Grant and the National Institutes of Health, the mirroring Senate panel delivered significantly less in its own 2008 spending bill Tuesday.
Submitted by Doug Lederman on June 21, 2007 - 4:00am
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Looking around the crowded Senate hearing room Wednesday, it was relatively easy, at first glance, to sort out the winners and losers as the Senate Committee on Health, Education, Labor and Pensions approved a package of legislation to renew the Higher Education Act.