In response to a fiscal crisis in the City of Providence, R.I., Brown University will increase its monetary contributions to the municipality almost eightfold. Currently, Brown pays Providence approximately $2.5 million in voluntary contributions and $1.6 million in property taxes, according to The Wall Street Journal.
But The Journal reported on Tuesday that Brown will voluntarily contribute $31.5 million to the City in addition to the payments it already makes. This move brings the value of Brown’s contribution closer to the $38 million the university would owe Providence if all of its property were taxable.
Providence, like many cities in Rhode Island, is plagued by underfunded pension funds and faces a deficit of $22.5 million for the fiscal year ending in June. The Journal reported that the city of 178,000 may be forced to file for bankruptcy if the deficit is not closed before the fiscal year ends.
Brown president Ruth Simmons said publicly that the university decided to greatly increase its voluntary contribution to the municipality because it is “deeply concerned about Providence’s financial situation.”
The Journal also reported that Brown has been under increasing pressure from the city to utilize more of its $2.5 billion endowment to help Providence remain solvent.
Princeton University has also come under pressure from some Princeton Borough politicians to increase its voluntary contribution to the municipality. The University makes a voluntary payment in lieu of taxes of approximately $1.5 million to Princeton Borough and $750,000 to Princeton Township.
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