What would &quot;meat&quot; look like to you?<p>Suppose you <i>were</i> to start &quot;a hedge fund with a university attached to it&quot;, in order to use the university&#x27;s non-profit status to minimize paying taxes. What would that look like? Would you set up need blind admission, in order to provide better cover to justify the hedge fund?<p>The article points out that the non-profit status means that &quot;Princeton received $105,000 in tax benefits per student. Rutgers, New Jersey’s flagship public university, got just $12,300 per student in public funding.&quot; and &quot;Among the 60 schools Schneider and Klor de Alva analyzed, private universities with large endowments averaged $41,000 in tax subsidies, compared with $15,300 in direct funding for public flagships, $6,700 for regional state colleges, and $5,100 for community colleges.&quot;<p>Perhaps the extra $90K&#x2F;year effective subsidy per Princeton student explains why Princeton was one of the cheapest options?