From Cookson & Persell's `Preparing For Power: America's Elite Boarding Schools'--Part 20

In their 1985 book, Preparing For Power: America's Elite Boarding Schools, Peter W. Cookson Jr. and Cardine Hodges Persell wrote the following about the U.S. power elite's private school and elite prep school educational system and indicated how some of the tax-exempt and “non-profit” elite prep schools profit from the current U.S. economic system:

“…It is not unusual, for example, for the alumni and wealthy friends of an elite school to give annual gifts in excess of $1 million…Endowments can be impressive; as of 1982, Andover’s endowment was over $82 million, St. Paul’s’ was over $61 million, and Hotchkiss’s over $$20 million…

“Elite boarding schools invest heavily and their cash reserves attract brokers and other money market managers. Exeter’s Third Century Fund was worth $20,453,001 as of September 1981…

“:The collective portfolio of America’s most elite prep schools is impressive…Morgan money helped to finance Groton, Taft was founded by Horace D. Taft, brother of President Taft, Hotchkiss, whose deceased husband perfected the machine gun, and St. George’s School was helped by John Nicholas Brown, the Rhode Island industrialist whose family helped establish Brown University. Choate can count Mellons as benefactors, and a Lowell and a Forbes funded the Middlesex School in Massachusetts. The Kent School was given an early boost by several DuPonts…”