In England and Wales, fee-charging independent schools can be legally classified as charities and, therefore, receive associated benefits, the most obvious being taxation advantages. The high fees charged by many of these schools create financial exclusivity, which, it will be seen, confers significant social and cultural capital to those who can…

The rationale for the principles of effective school governance in England, as set out in government regulations, has never been made explicit. This article addresses that issue and develops and proposes such principles. We argue that effective school governance secures the legitimacy of schools as institutions. Such institutional legitimacy is…

Scientific discoveries repeatedly confirmed the importance of brain growth during the first 5 years of child life. To support early childhood development, California voters passed Proposition 10 in 1998 to collect a 50 cent per pack tax on cigarettes and other tobacco products. Kern County Children and Families Commission (First 5 Kern) was…

The Bercow Report (Bercow, 2008) commissioned by the UK government provided a high status impetus to improve services for children and young people with the full range of speech, language and communication needs (SLCN). A research study commissioned to provide evidence to Bercow (2008) identified both limitations and potential benefits regarding…

Corporate governance has several objectives: growth, transparency, leadership, social responsibility and trust, as well as the protection of shareholders and company assets. It also plays a key role in determining a company's control environment. In this article, the author takes a closer look at corporate governance in the private sector,…

Managers of university endowment funds are paying closer attention to investing in "green" industries, commonly bundled under the umbrella "cleantech." Cleantech offers the possibility of buying in while prices are low "and" making a "green" investment play, but it also harbors the risks inherent in any emerging industry. Cleantech has varying…

When Commonfund and the National Association of College and University Business Officers (NACUBO) announced in late 2008 that they would join forces to combine their two endowment studies, which had historically been fielded and reported separately, they had high hopes for the venture, but those hopes were tempered with caution. The financial…

Student loans program is one of the most controversial phenomena in financing higher education in Ghana, but its importance as a cost sharing mechanism is incontestable. This paper describes the challenge of financing higher education in Ghana. It provides a critique of the Social Security and National Insurance Trust (SSNIT) Student Loans Scheme,…

This paper compares pre-death charitable testamentary expectations with post-death distributions for deceased panel members in the 1995-2006 Health and Retirement Study. Most respondents who reported having a charitable estate plan in the survey wave immediately prior to their death ultimately generated no charitable estate gift after death.…

In England and Wales "independent schools" ("private schools" or, confusingly, "public schools") almost always have "charitable status". Hence, they are now subject to the new "public benefit" test imposed in the Charities Act 2006. There is much discussion as to whether this test will be a…

This is the second book in a series entitled "P-16: The Last Education Reform." It was the purpose of the authors to chronicle the growth of existing state and local P-16 councils and compacts across the United States and to look at what might constitute successful efforts and an ideal relationship between state and local efforts. The…

This article explores the law relating to the global custodianship of funds, notably as managed for endowed charities such as universities and independent schools. Is global custody based on the legal concept of bailment or of trusts? Just how secure are the legal underpinnings of this financial mechanism? The conclusions are that the legal…

Recently, spending and fees at colleges and universities have been rising faster than family incomes. If this trend persists, increasing emphasis will be placed on endowments as a source of finance. This paper examines financial planning when growth rates for the sources and uses of funds differ. First, we examine concepts of "intergenerational…

Concern over Social Security's forecasted long-run deficit is occurring at a time when the program has a short-term surplus. One proposed strategy to address this forecasted deficit is to allow the investment of a portion of payroll taxes into private savings accounts (PSAs). The author analyzes recent proposals for PSAs and concludes that PSAs…

Spurred by the high turnover of urban school chiefs, school boards are trying to lock in outstanding incumbents by offering "golden handcuff" provisions such as trust funds, extended contracts, and supplemental salary and housing benefits. A sidebar describes a Jackson (Mississippi) superintendent's $100,000 escrow account as a…