&gt; Suppose you were 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.<p>Who is &quot;you&quot;? Certainly not someone who expected to ever extract cash from their hedge fund in order to make it part of their income for that year.<p>Now you might say the school is a lavish club for students and faculty, but who benefits from that? Not the donors. If they&#x27;re wealthy, they&#x27;ve got far more efficient spending options to enjoy marble floors and leather sofas.