On November 8, The New York Times published an article about university foundations avoiding taxes on their endowments, many of which are in the billions of dollars, by investing in overseas corporations.
The Indiana University Foundation was mentioned within the first sentence of the article. According to documents provided to the Times from a leak at a Bermudan law firm, the IU Foundation invested $10 million in a Cayman Islands investment firm.
IU Foundation President and former Dean of the Kelley School of Business, Dan Smith, spoke with WFHB News Director Wes Martin about the allegations. Part of their conversation comprises this Feature Report.