AMSL financial stability in question
Sat, Aug19, 2006 - Category: School of
Law
Do the ABA and IRS have conflicting reports
concerning AMSL's dependence upon Monaghan/AMF?
After
being open for over 6 years, to what degree is AMSL
still dependent upon Monaghan/AMF? Is financial
independence a factor in American Bar Association
(ABA) accreditation?
The Wall Street Journal reports that the ABA understands Tom Monaghan's AMSL contributions to be a replaceable $2 million/year. But that figure is not what Monaghan's Foundation reported as contributions to AMSL in 2002, 2003, and 2004.
excerpt from Wall Street Journal, by Naomi Schaefer Riley, 8/19/2006
(interview with Tom Monaghan) -
"He also says he is "tapped out" financially, and will soon stop giving money to the law school. The only way it would have access to his fortune would be to go to Florida, where it would be entitled to a portion of the profits that the university gets from the sale of the land. The school's board assured me (as well as the ABA accreditors) that the school could still survive without Mr. Monaghan's contributions ($2 million a year). When I ask him about this, he shrugs, and notes skeptically, "If they feel that they can raise the money elsewhere, I'll take them for their word." "
IRS Form 990-PF "Grants and Contributions Paid During the Year" as filed by Tom Monaghan's Ave Maria Foundation (per guidestar.org)
Given to Ave Maria School of Law:
2002 = $8,366,971
2003 = $8,313,828
2004 = $8,247,895
The Wall Street Journal reports that the ABA understands Tom Monaghan's AMSL contributions to be a replaceable $2 million/year. But that figure is not what Monaghan's Foundation reported as contributions to AMSL in 2002, 2003, and 2004.
excerpt from Wall Street Journal, by Naomi Schaefer Riley, 8/19/2006
(interview with Tom Monaghan) -
"He also says he is "tapped out" financially, and will soon stop giving money to the law school. The only way it would have access to his fortune would be to go to Florida, where it would be entitled to a portion of the profits that the university gets from the sale of the land. The school's board assured me (as well as the ABA accreditors) that the school could still survive without Mr. Monaghan's contributions ($2 million a year). When I ask him about this, he shrugs, and notes skeptically, "If they feel that they can raise the money elsewhere, I'll take them for their word." "
IRS Form 990-PF "Grants and Contributions Paid During the Year" as filed by Tom Monaghan's Ave Maria Foundation (per guidestar.org)
Given to Ave Maria School of Law:
2002 = $8,366,971
2003 = $8,313,828
2004 = $8,247,895