Tag Archive: Money

  1. Times asks how many Elis go into finance, consulting

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    Regardless of whether 25 percent is, indeed, too much talent spent, an article published Wednesday in the New York Times indicates that, at least in 2010, the percentage of Yalies going into finance and consulting after graduation was not quite so high.

    In 2010, 14 percent of Yale graduates employed one year after graduation chose jobs in the business and finance sector, according to the article. This percentage represented a smaller number than those working in education, at 24 percent, and in industry — which includes manufacturing, consulting, and sales and marketing jobs — at 21 percent.

    In addition, about 9 percent of employed Yale graduates worked in the government and public service industry in 2010, while 6 percent worked in the fine and applied arts and 5 percent took jobs in law-related fields.

    That same year, 20 percent of Harvard graduates who held jobs at graduation went into financial services, while 13 percent went into consulting, 12 percent into health or medicine and 11 percent into education. At Princeton, 35.9 percent of 2010 graduates held finance jobs at graduation, while 25.6 percent worked in the services industry, which includes consulting, and 20.8 percent chose the non-profit sector, which includes education.

    The article traces data on employment trends among Yale, Harvard and Princeton graduates back to 1985 for Yale, 2006 for Harvard and 2000 for Princeton.

    Though each university categorizes employment industries in different ways, making comparisons across the three schools challenging, the article’s data suggests that over the past decade, Harvard and Princeton graduates have chosen finance jobs more often than any other industry, followed closely by consulting. Among Yalies, however, the data indicates that the most popular industry over the decade has alternated between education and finance, with more Yalies working in education than finance in 2002, 2006 and 2010, and more working in finance than education in 2000 and 2004. The number of Yalies working in education and finance tied in 2008 at 26 percent each.

    Overall, the percentage of employed Harvard, Yale and Princeton graduates holding finance jobs after graduation has decreased since 2006. At Yale, the percentage has been declining since its peak in 2000 at 31 percent, averaging in the mid-to-low 20s from 2002 onward and eventually reaching a low of 14 percent in 2010.

  2. Yale to reimburse gay employees’ insurance taxes

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    Beginning in 2012, Yale will help offset the federal taxes gay and lesbian employees pay on health coverage received by their partners.

    Compensation and Benefits Director Hugh Penney said in a Thursday email that Yale will pay employees with same-sex spouses and in civil unions $1,500 a year to help cover the cost of a federal tax on employer-provided health coverage for domestic partners. Though same-sex marriage is legal in Connecticut, it is not recognized under federal law and domestic partner health benefits are considered to be taxable income.

    “Because of the increasing discrepancies between the state and federal tax treatment of the health care benefits provided to same-sex marital partners, a number of employers have begun to partially or fully offset the federal tax,” Penney said. “Yale has long been progressive in providing equality of benefits for same-sex couples.”

    Due to an accounting error, Yale failed to withhold income that covered the federal tax on domestic partner health benefits in 2010. To make up for its failure, the University decided to deduct the funds from the 2011 salaries of roughly 60 affected employees.

    The action prompted the Human Rights Campaign, the nation’s largest organization in support of lesbian, gay, bisexual and transgender civil rights, to ask that the University pay for the 2010 mistake and offset the federal tax in the future.

    Penney said this year’s decision, approved by the Officers of the University, was not in response to the 2010 payroll problem but instead stemmed from discussions with LGBTQ employees that illustrated the “symbolic and financial importance” of the change.

    The average minimum withholding was approximately $1,500 and the maximum about $3,000 in 2010, Vice President for Human Resources and Administration Michael Peel said in an email in January 2011.

    Reimbursements that begin on Jan. 1 will amount to $125 per month for eligible faculty and managerial and professional staff — an approximate average of the tax incurred across employees, according to a Tuesday article in the New York Times’ Bucks section. Under the new policy, only employees whose partners are not allowed health insurance from a different source will be reimbursed.

    Columbia University will also begin reimbursing eligible employees next year, and the two Ivy League schools will join Syracuse University and Bowdoin College as the only educational institutions to help offset the federal tax on domestic partner health coverage.

  3. Donation to fund new exhibition galleries

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    With a year before the Old Yale Art Gallery is set to reopen, Yale announced Wednesday that it has received an $11 million donation from Stephen Susman ’62 to fund new exhibition galleries as part of the museum’s ongoing renovation and expansion.

    The Stephen Susman Galleries will be on the gallery’s newly created fourth floor, and will house rotating exhibits drawn from the University’s collections, a Wednesday press release said. University President Richard Levin said in the release that Susman’s gift would help continue an already extensive fundraising campaign.

    “The Gallery’s 10-year renovation and expansion program has attracted the participation of many loyal and generous supporters, and Steve Susman’s gift comes at a critical time,” Levin said. “With the opening of the expanded facility only a year away, this commitment ensures that the project will be completed and the galleries fully installed in time for our grand opening celebration.”

    After the financial crisis of 2008, construction on Yale’s art galleries halted; in the years afterward, all renovations were funded by donations, Vice President for Development Inge Reichenbach said.

    Susman has been a member of the Yale University Art Gallery Governing Board since 1998 and made the gift in honor of his 50th Reunion, he said in the release.

    “As a Yale student, I became interested in art when I spent time with artist and professor Josef Albers,” Susman said. “My wife Ellen and I have had so much pleasure from collecting contemporary art, and I am proud the Stephen Susman Galleries will serve the thousands of visitors who enjoy this exceptional art museum free of charge.”

    Founded in 1832, the Yale University Art Gallery is America’s oldest university art gallery. It will debut its renovations in December 2012.