Hidden in the 25,000 offshore entities we added to the Offshore Leaks Database today are some of the world’s most prestigious universities and colleges.
ICIJ and its partners found more than 100 educational institutions in offshore law firm Appleby’s client database, which was part of the Paradise Papers leaks.
Some of these elite institutions hold tens of billions of dollars in their endowments, and in the eyes of the law, they are treated as charities: altruistic, mission-driven and tax-exempt.
The only time university endowments pay taxes is when they invest in debt-financed financial firms such as private equity funds and hedge funds. These investments are considered a business activity unrelated to their tax-exempt missions.
As ICIJ’s partners at The New York Times reported, large numbers of universities have adopted an offshore scheme that allows them to avoid even those taxes. The universities assign entities called “blocker funds” legal responsibility of otherwise taxable investments. These entities are incorporated in zero-tax jurisdictions such as Bermuda and the Cayman Islands.
Consequently, wealthy universities have settled en masse on a strategy for reaping Wall Street-sized investment gains tax free.
American universities whose endowments appear in the Paradise Papers using blocker funds include Columbia, Dartmouth and Johns Hopkins.
Dozens of other U.S. colleges, as well as flagship universities in the United Kingdom and Canada, appear connected to blocker funds, as well as offshore investments in the oil and gas industry or other companies and financial firms based in tax havens.
Is your university or alma mater using offshore investments?
Take a look at the list below and see if your university is included:
- Institution: Abilene Christian University (Texas, USA)
In the Offshore Leaks Database: Abilene Christian University - Institution: Amherst College (Massachusetts,USA)
In the Offshore Leaks Database: Trustees of Amherst College - Institution: Babson College (Massachusetts,USA)
In the Offshore Leaks Database: Babson College - Institution: Bentley College (Massachusetts,USA)
In the Offshore Leaks Database: Bentley College - Institution: Berea College (Kentucky, USA)
In the Offshore Leaks Database: Berea College - Institution: Boston University (Massachusetts,USA)
In the Offshore Leaks Database: Boston University - Institution: Brown University (Rhode Island, USA)
In the Offshore Leaks Database: Brown University - Institution: Bryn Mawr College (Pennsylvania, USA)
In the Offshore Leaks Database: Bryn Mawr College - Institution: Carleton College (Minnesota, USA)
In the Offshore Leaks Database: Carleton College - Institution: Carnegie Mellon University (Pennsylvania, USA)
In the Offshore Leaks Database: Carnegie Mellon University - Institution: Claremont Graduate University (California, USA)
In the Offshore Leaks Database: Claremont Graduate University - Institution: Claremont McKenna College (California, USA)
In the Offshore Leaks Database: Claremont McKenna College - Institution: Clark University (Massachusetts,USA)
In the Offshore Leaks Database: Tustees of Clark University - Institution: College of the Holy Cross (Massachusetts,USA)
In the Offshore Leaks Database: College of the Holy Cross - Institution: Columbia University (New York, USA)
In the Offshore Leaks Database: Columbia University; Columbia University, New York; The Trustees of Columbia University in the City of New York - Institution: Cornell University (New York, USA)
In the Offshore Leaks Database: Cornell University - Institution: Dartmouth College (New Hampshire, USA)
In the Offshore Leaks Database: Dartmouth College; Trustees of Dartmouth College - Institution: Davidson College (North Carolina, USA)
In the Offshore Leaks Database: Davidson College – Trustees of - Institution: Denison University (Ohio, USA)
In the Offshore Leaks Database: Denison University - Institution: DePauw University (Indiana, USA)
In the Offshore Leaks Database: DePauw University - Institution: Drew University (New York, USA)
In the Offshore Leaks Database: Drew University - Institution: Duke University (North Carolina, USA)
In the Offshore Leaks Database: Duke University - Institution: Everyman’s University (Israel)
In the Offshore Leaks Database: Everyman’s University (Israel) - Institution: Fordham University (New York, USA)
In the Offshore Leaks Database: Fordham University - Institution: George Washington University (District of Columbia, USA)
In the Offshore Leaks Database: George Washington University - Institution: Gettysburg College (Pennsylvania, USA)
In the Offshore Leaks Database: Gettysburg College - Institution: Harvey Mudd College (California, USA)
In the Offshore Leaks Database: Harvey Mudd College - Institution: Haverford College (Pennsylvania, USA)
In the Offshore Leaks Database: The Corporation of Haverford College - Institution: Howard University (District of Columbia, USA)
In the Offshore Leaks Database: Howard University - Institution: Indiana University Foundation (Indiana, USA)
In the Offshore Leaks Database: Indiana University Foundation; Indiana University Health, Inc. - Institution: Johns Hopkins University (Maryland, USA)
In the Offshore Leaks Database: Johns Hopkins University; The Johns Hopkins University - Institution: Kenyon College (Ohio, USA)
In the Offshore Leaks Database: Kenyon College - Institution: Knox College (Illinois, USA)
In the Offshore Leaks Database: Knox College - Institution: LaSalle University (Pennsylvania, USA)
In the Offshore Leaks Database: LaSalle University - Institution: Lawrence University of Wisconsin (Wisconsin, USA)
In the Offshore Leaks Database: Lawrence University of Wisconsin - Institution: Lewis & Clark College (Oregon, USA)
In the Offshore Leaks Database: Lewis & Clark College - Institution: Loyola Marymount University (California, USA)
In the Offshore Leaks Database: Loyola Marymount University - Institution: Loyola University of Chicago (Chicago, USA)
In the Offshore Leaks Database: Loyola University of Chicago - Institution: Marquette University (Wisconsin, USA)
In the Offshore Leaks Database: Marquette University - Institution: Medical University of South Carolina (South Carolina, USA)
In the Offshore Leaks Database: Medical University of South Carolina Foundation - Institution: Miami University (Ohio, USA)
In the Offshore Leaks Database: Miami University - Institution: Michigan State University (Michigan, USA)
In the Offshore Leaks Database: Board of Trustees of Michigan State University - Institution: Middlebury College (Vermont, USA)
In the Offshore Leaks Database: MIddlebury College - Institution: Monmouth University (New Jersey, USA)
In the Offshore Leaks Database: Monmouth University - Institution: Mount Allison University (Canada)
In the Offshore Leaks Database: Mount Allison University - Institution: Mount Holyoke College (Massachusetts,USA)
In the Offshore Leaks Database: Mount Holyoke College - Institution: Nation University of USA (California, USA)
In the Offshore Leaks Database: Nation University of USA - Institution: New York University (New York, USA)
In the Offshore Leaks Database: New York University - Institution: Northeastern University (Massachusetts,USA)
In the Offshore Leaks Database: Northeastern University - Institution: Norwich University (Vermont, USA)
In the Offshore Leaks Database: Norwich University - Institution: Oberlin College (Ohio, USA)
In the Offshore Leaks Database: Oberlin College - Institution: Old Dominion University (Virginia, USA)
In the Offshore Leaks Database: Old Dominion University Educational Fund - Institution: Oregon Health & Science University (Oregon, USA)
In the Offshore Leaks Database: Oregon Health and Science University - Institution: Peking University (Beijing, China)
In the Offshore Leaks Database: Peking University Resources (Holdings) Company Limited - Institution: Pepperdine University (California, USA)
In the Offshore Leaks Database: Pepperdine University - Institution: Pitzer College (California, USA)
In the Offshore Leaks Database: Pitzer College - Institution: Pomona College (California, USA)
In the Offshore Leaks Database: Pomona College - Institution: Princeton University (New Jersey, USA)
In the Offshore Leaks Database: Princeton University - Institution: Purdue University (Indiana, USA)
In the Offshore Leaks Database: Purdue University - Institution: Reed College (Oregon, USA)
In the Offshore Leaks Database: The Reed Institute dba Reed College - Institution: Robert Wood Johnson University Hospital (New Jersey, USA)
In the Offshore Leaks Database: Robert Wood Johnson University Hospital; Robert Wood Johnson University Hospital at Hamilton - Institution: Rutgers – The State University of New Jersey Long-Term Investment Pool (New Jersey, USA)
In the Offshore Leaks Database: Rutgers – The State University of New Jersey Long-Term Investment Pool; Rutgers University - Institution: Saint Louis University (Missouri, USA)
In the Offshore Leaks Database: Saint Louis University - Institution: Santa Clara University (California, USA)
In the Offshore Leaks Database: Santa Clara University - Institution: Smith College (Massachusetts,USA)
In the Offshore Leaks Database: Smith College - Institution: Southern Methodist University (Texas, USA)
In the Offshore Leaks Database: Southern Methodist University - Institution: Board of Trustees of the Lealand Stanford Junior University (California, USA)
In the Offshore Leaks Database: Board of Trustees of the Lealand Stanford Junior University; Leland Stanford Junior University; The Board of Trustees of the Leland Stanford Junior University (DAPER 1); The Board of Trustees of the Leland Stanford Junior University (SBST) - Institution: Swarthmore College (Pennsylvania, USA)
In the Offshore Leaks Database: Swarthmore College - Institution: Syracuse University (New York, USA)
In the Offshore Leaks Database: Syracuse University - Institution: Temple University (Pennsylvania, USA)
In the Offshore Leaks Database: Temple University; Temple University Health System - Institution: Texas Christian University (Texas, USA)
In the Offshore Leaks Database: Texas Christian University - Institution: Texas Tech University (Texas, USA)
In the Offshore Leaks Database: Texas Tech University System - Institution: The Ohio State University (Ohio, USA)
In the Offshore Leaks Database: The Ohio State University - Institution: The University of Law Employee Benefit Trust (London, United Kingdom)
In the Offshore Leaks Database: The University of Law Employee Benefit Trust; The University of Law Limited - Institution: The University of Montana (Montana, United States)
In the Offshore Leaks Database: The University of Montana Foundation - Institution: The University of Pennsylvania (Pennsylvania, USA)
In the Offshore Leaks Database: Trustees of the University of Pennsylvania - Institution: The University of Rochester (New York, USA)
In the Offshore Leaks Database: The University of Rochester; University of Rochester - Institution: The University of San Francisco (California, USA)
In the Offshore Leaks Database: The University of San Francisco; University of San Francisco - Institution: The University of Tennessee (Tennessee, USA)
In the Offshore Leaks Database: The University of Tennessee - Institution: The University of Texas (Texas, USA)
In the Offshore Leaks Database: The University of Texas Investment Management Company - Institution: The University of Vermont (Vermont, USA)
In the Offshore Leaks Database: The University of Vermont and State Agricultural College - Institution: The Washington University (Missouri, USA)
In the Offshore Leaks Database: The Washington University; Washington University - Institution: Tufts University (Massachusetts,USA)
In the Offshore Leaks Database: Tufts University - Institution: Tulane University (Louisiana, USA)
In the Offshore Leaks Database: Tulane University - Institution: Universities Superannuation Scheme is the principal private pension scheme for universities and other higher education institutions in the UK. (United Kingdom)
In the Offshore Leaks Database: Universities Superannuation Scheme Limited;Universities Superannuation Scheme Limited (USS Ltd);University Superannuatoni Pension Fund - Institution: University at Buffalo (New York, USA)
In the Offshore Leaks Database: University at Buffalo Foundation, Inc. - Institution: University of Alabama (Alabama, USA)
In the Offshore Leaks Database: The Board of Trustees of the University of Alabama - Institution: University of California (California, USA)
In the Offshore Leaks Database: The Regents of the University of California - Institution: Queens’ College Cambridge (Cambridge, United Kingdom)
In the Offshore Leaks Database: Queens’ College Cambridge; The Master & Fellows of Gonville & Caius College; The Master, Fellows and Scholars of Trinity College, Cambridge; University of Cambridge as Custodian Trustee for the Gates Cambridge Trust - Institution: University of Chicago (Illinois, USA)
In the Offshore Leaks Database: University of Chicago - Institution: University of Cincinnati (Ohio, USA)
In the Offshore Leaks Database: University of Cincinnati - Institution: University of Delaware (Delaware, USA)
In the Offshore Leaks Database: University of Delaware - Institution: University of Denver (Colorado, USA)
In the Offshore Leaks Database: University of Denver - Institution: University of Houston System (Texas, USA)
In the Offshore Leaks Database: University of Houston System - Institution: University of Kentucky (Kentucky, USA)
In the Offshore Leaks Database: University of Kentucky - Institution: University of Minnesota (Minnesota, USA)
In the Offshore Leaks Database: University of Minesota Foundation - Institution: The Curators of the University of Missouri for Retirement, Disability and Death Benefit Plan (Missouri, USA)
In the Offshore Leaks Database: The Curators of the University of Missouri for Retirement, Disability and Death Benefit Plan; The Curators of the University of Missouri for the Endowment Fund - Institution: University of Oklahoma (Oklahoma, USA)
In the Offshore Leaks Database: University of Oklahoma Foundation, Inc - Institution: Jesus College, Oxford (Oxford, United Kingdom)
In the Offshore Leaks Database: Jesus College, Oxford; Oxford University Fund L.P.; St. Catherine’s College in the University of Oxford; The Chancellor Masters and Scholars of the University of Oxford; The President & Scholars of the College of St Mary Magdalen in the University of Oxford; The Principal and Fellows of Somerville College, Oxford; The Principal and Scholars of the King’s Hall and College at Brasenose in Oxford; The Provost and Scholars of the Queen’s College in the University of Oxford; The Warden and Fellows of All Souls College; The Warden and Scholars of the House or College of Scholars of Merton in the University of Oxford; University of Oxford; Oxford University Fund II L.P. - Institution: University of Pennsylvania (Pennsylvania, USA)
In the Offshore Leaks Database: University of Pennsylvania - Institution: University of Pittsburgh (Pennsylvania, USA)
In the Offshore Leaks Database: University of Pittsburgh; University of Pittsburgh – Of the Commonwealth System of Higher Education - Institution: University of Richmond (Virginia, USA)
In the Offshore Leaks Database: University of Richmond - Institution: University of Southern California (California, USA)
In the Offshore Leaks Database: University of Southern California - Institution: The Board of Regents of the University of Texas System (Texas, USA)
In the Offshore Leaks Database: The Board of Regents of the University of Texas System; The Board of Regents of the University of Texas System Endowment Fund - Institution: University of Toronto (Toronto, Canada)
In the Offshore Leaks Database: University of Toronto Master Trust - Institution: University of Vermont (Vermont, USA)
In the Offshore Leaks Database: University of Vermont-Bermuda - Institution: University of Wisconsin (Wisconsin, USA)
In the Offshore Leaks Database: University of Wisconsin Foundation - Institution: Washington State University (Washington, USA)
In the Offshore Leaks Database: Washington State University Foundation - Institution: Wellesley College (Massachusetts,USA)
In the Offshore Leaks Database: Wellesley College - Institution: Willamette University (Oregon, USA)
In the Offshore Leaks Database: Willamette University - Institution: Williams College (Massachusetts,USA)
In the Offshore Leaks Database: Williams College
To share news tips with ICIJ and the Paradise Papers journalists you can reach ICIJ on a number of platforms including SecureDrop, Signal, WhatsApp, Wire and more.
Correction: An earlier version of this post misidentified the Medical University of South Carolina Foundation as being affiliated with the University of South Carolina. The Foundation is affiliated with the Medical University of South Carolina. The post has been updated to correct this error.
