Should Worcester’s Colleges Pay In? Radio Roundtable Debates Proposed 0.5% Endowment Ballot Measure

The Radio Roundtable examines a new proposal from Worcester Mayor Joe Petty and District Councilor Candy Mero-Carlson, who plan to place the following question on the November ballot: “Do you support requiring our private colleges and universities to invest 0.5% of their endowment into a community impact fund to be administered locally to help finance needed housing, economic, and community development projects?”

Matt Wally calls it a good idea, and both he and Guillermo Creamer believe a victory at the ballot box could increase pressure on colleges and universities to participate. Gary Rosen disagrees, arguing there is no way to compel the institutions to comply—and that they simply won’t. According to Petty and Mero-Carlson, Worcester’s five private colleges and universities have a combined endowment of approximately $3.88 billion. A 0.5% annual investment from each would generate more than $19 million per year for local economic and community development projects, including much-needed housing—while still providing the schools with a return on investment.