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   DealBook: The money in legacy admissions
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   Beyond donations, schools have financial incentives to admit the relatives of alumni.
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             July 29, 2023
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              Good morning. In today’s newsletter: the economics of legacy admissions; corporate executives embrace the phrase “soft landing”; and the postpandemic rules for Zooming into a meeting. (Was this newsletter forwarded to you?
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                  On Tuesday, The Education Department announced a civil rights inquiry into Harvard’s legacy admissions practices.
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             The money in legacy admissions
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             If colleges do away with legacy admissions, will it cost them financially? That’s the big question being whispered among university provosts and trustees across the country as the practice of giving children of alumni an edge in admissions comes under fire and there is increasing pressure to end it.
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             Just this week, a study showed that children of alumni who applied to top schools were on average four times as likely to be admitted as applicants with the same test scores.
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             President Biden has said giving preference to such candidates, a practice known as legacy admissions, expands “privilege instead of opportunity.” And on Tuesday, the Education Department announced
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              a civil rights inquiry
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             into Harvard’s legacy admissions practices after three liberal groups said it discriminated against Black, Hispanic and Asian American applicants.
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             And when the Supreme Court decided last month to
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              limit affirmative action
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             , a concurring opinion from Justice Neil Gorsuch included a direct attack on legacy admissions, calling it a form of affirmative action for the elite.
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             Wesleyan University, a liberal arts college in Connecticut, announced two weeks ago that it was ending legacy admissions. Other schools, including
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              Amherst
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             , Johns Hopkins and Carnegie Mellon, have also dropped programs that favor alumni. However, many have not — at least not yet.
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             Many elite schools say legacy admissions are important for maintaining relationships with alumni, which can help universities raise money that is then available for financial aid to needy students. In a
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              June 2018 legal filing
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             in the case that led to the Supreme Court’s affirmative action decision, Harvard argued that “there would be substantial costs” to ending legacy admissions.
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             But how substantial? The answer is about more than fund-raising.
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              Legacy students may donate more.
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             In
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              a study
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             published last year in the American Sociological Review, researchers looked at 16 years of admissions data from a school described as “representative of elite U.S. institutions.” They found that legacy students were more likely to have wealthy parents and come from families flagged as big donors. Such students also tended to donate more after graduating than other students, even though both groups earned similar incomes.
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              But less than a quarter of donations come directly from alumni,
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             according to
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              an estimate
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             by the Council for Advancement and Support of Education. “No fund-raising shop is going to have to make up half of their gift revenue if there’s a change in the admission office about legacy admissions,” said Mickey Munley, a fund-raising consultant for schools and a former vice president of alumni relations at a private liberal arts college in Iowa. “It’s overplayed.” In addition, donations account for a small portion of revenue at extremely selective schools. At Wesleyan, donations make up just
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              3 percent of operating revenue
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             .
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              Legacy status may also work as a proxy for financial need.
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             In the American Sociological Review study, legacy students were about half as likely to apply for financial aid as admitted students who weren’t related to alumni. In other words, these students are more likely to be able to pay full tuition without help from the university. “It’s a way to circumvent need-blind policies,” said Richard D. Kahlenberg, an education expert and a nonresident scholar at Georgetown University. “You can be fairly confident in many cases that those students will be able to pay the full tuition and not require financial aid.”
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              And admitting relatives of alumni may help protect prestige.
             </span>
             Relatives of alumni were more likely to attend the school if they were admitted, the same study found. That’s especially a boon for schools that are not among the most competitive, said Ken Anselment, a former admissions executive at Lawrence University in Wisconsin. If more students accept offers, colleges and universities can admit fewer students. That helps lower their acceptance rate. “Selectivity is a shortcut of quality for a lot of people,” Anselment said.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Is there another way?
             </span>
             In a survey by the Council for Advancement and Support of Education, 217 schools reported data about the number and total amount of gifts they received last year. About 81 percent of the total came from gifts of $1 million or more. “There is an issue that schools are confronting where they have a smaller donor base giving larger gifts, and so they’re more worried about the bigger gifts,” Munley said. Kahlenberg said there was a more direct way that universities could raise that money: “I think it would be much more honest to just simply open the bidding for anyone,” he said. “Set aside a certain number of seats, and then put them up to the highest bidder.” Though, he added, “I haven’t had any takers yet.”
             <span style="font-style:italic;font-size:inherit">
              — Sarah Kessler
             </span>
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            <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
             IN CASE YOU MISSED IT
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Thermometers worldwide hit new highs.
             </span>
             July is on track to be the
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              warmest month on record
             </a>
             , according to the European Union’s climate monitor. And the worst isn’t over yet: Scientists worry that human-generated carbon emissions and the weather phenomenon known as El Niño may keep temperatures up for years.
            </p>
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             Continue reading the main story
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            <h3 class="css-1q4lnbl" color="#666666" style="font:10px/13px arial,sans-serif;color:#666;letter-spacing:.7px;margin-bottom:5px;margin-top:0;text-align:center">
             ADVERTISEMENT
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The Twitter brand is flying away.
             </span>
             Elon Musk and Linda Yaccarino, Twitter’s chief executive, said rebranding the company as X was a step toward creating a so-called everything app, which would let users post content, send money and do much more. Musk is the latest Western tech mogul to try to
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              copy Chinese super-apps
             </a>
             like WeChat, but such efforts failed in the past.
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              UPS delivers a deal with its drivers’ union.
             </span>
             The delivery giant
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              reached a tentative agreement
             </a>
             with the International Brotherhood of Teamsters days before the current labor contract expires on Tuesday. Drivers had voted to authorize a strike if a pact wasn’t reached, which could have had dire consequences for the American economy: UPS accounts for about a quarter of all packages shipped daily in the United States.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Tech giants power along.
             </span>
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Alphabet
             </a>
             , the parent company of Google, and
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              Meta
             </a>
             , the owner of Facebook, showed rebounds in their core digital advertising businesses, recovering from steep drops last year.
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Talk of a ‘soft landing’ is ramping up
            </h2>
           </td>
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        </table>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             With inflation still soaring and corporate profits looking shaky, business leaders
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              were hardly a confident bunch
             </a>
             in the first half of the year.
            </p>
           </td>
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       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Today, the outlook is rosier
             </span>
             , chief executives increasingly say. And that optimism is reflected in a phrase that has become one of their favorites: “soft landing.”
            </p>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Executives at S&amp;P 500 firms have uttered the words with more frequency on earnings calls, suggesting a growing belief that the economy is likely to avoid a recession.
            </p>
           </td>
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                <img class="css-ivj8p2" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2023%252F07%252F29%252Fbusiness%252F29DB-CHART%252F29DB-CHART-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1qPijW:LZINB8cc8CzOOdQdzgECfRJKt7X465S0jHFV04uFCLc" style="width:83%;max-width:500px;display:inline-block;height:auto;padding-top:15px;padding-bottom:30px;line-height:0" width="500"/>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Chris Nassetta, the chief executive of Hilton, used those words on Thursday to tell investors that the boom in travel spending was likely to tail off after this summer, but that he was still feeling upbeat about the strength of the consumer.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             “The consensus view right now, broadly, is that it’s going to slow down, but it’s more of a soft landing,”
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              he said
             </a>
             . “We have reasonable sightlines now into the third quarter, which we feel very good about.”
            </p>
           </td>
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         </tbody>
        </table>
       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             David Solomon, Goldman Sachs’s chief executive, saw reason for optimism back in February when he said the economy was probably headed for “
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              a softer landing.
             </a>
             ” That call is looking prescient after this week’s surprisingly
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              strong G.D.P. reading
             </a>
             .
            </p>
           </td>
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         </tbody>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Warning:
             </span>
             Just because people repeat the phrase, it
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              doesn’t mean it’s fated to come true
             </a>
             .
            </p>
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           </td>
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             The world is your conference room
            </h2>
           </td>
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         </tbody>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Members of the DealBook team live in New York, Washington, Chicago, London and Rome, and we most often meet virtually. So we wondered: Is it important to be at a desk? In the postpandemic professional scene, just how miffed or forgiving should we be about video calls from a cab or airport security? Experts weighed in.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The goal of good etiquette is to make people comfortable,
             </span>
             so there’s a range of appropriate behavior, said Lizzie Post of the Emily Post Institute, an author and a
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              great-great-granddaughter
             </a>
             of the renowned etiquette expert Emily Post. “You always want to be present and focused,” she said. That means having the camera on, Post said. But location is flexible. During the pandemic, when movement was restricted and many were sharing close quarters, Post saw a lot of people meeting in parked cars, she said. Still, she advised, “We want to be careful about how we make these choices.”
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              “Not everyone is looking for their lives to be so casual,”
             </span>
             Post cautioned. Consider who is meeting, the possible impact on others and just how presentable you need to appear. Is it a client? Are you trying to close a deal? It’s not necessarily a status flex to take a call from any particular place, or a sign of disrespect, especially if urgency outweighs formality, she said. But it should be noted that Post spoke via video from her office, preferring to reschedule when a glitch created a risk that she would be on the go as she illuminated mobile etiquette. “If I did the interview in the car, I would have wanted to ask you about it first,” she said. “The key is to check in.”
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Presence is everything.
             </span>
             “To me, the real conversation is not about location but expectations,” said Steven Rogelberg, a University of South Carolina business school professor and the author of “The Surprising Science of Meetings.” In a phone interview that Rogelberg had warned might come from his car, the meeting expert argued for a liberated approach. Leaders should demonstrate total presence and make meetings relevant to attendees, and they should demand the same from others without dictating specifics, he said.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             “Wherever you want to do the meeting is fine as long as you can focus and commit,” he said, adding, “Of course it’s absolutely true that having meetings in cabs or cafes can make those things much harder.”
            </p>
           </td>
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