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UBC hands out $11.8M in interest-free mortgages to admin, faculty

From the AMS’s report on Student Housing:

    “UBC requires [Student Housing] to take out internal loans for building new residences from the UBC endowment, and charges profit seeking levels of interest on these internal loans of approximately 5.75%. UBC is lending to a part of itself and requiring a highly profitable return.”

    [...]

    “In the 2011/2012 financial year, SHHS interest and debt repayments to the University were projected to be in excess of $26 million, out of total SHHS costs of $77 million. While $8 million was to pay back money that was borrowed, just under $18 million, or approximately 23%, was for interest payments alone.”

From a Freedom of Information request received in December:

    “I am enclosing a copy of a summary of mortgage loans provided by UBC to its employees… these loans are all interest-free.”

Lisa Castle, VP Human Resources at UBC, described this system to the Ubyssey – levying millions of dollars in interest charges against students living in residence, while forgoing all interest charges from those at UBC who have the most ability to pay – as “standard practice”.

Discussion

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  1. Were mortgages that have been fully paid not included, or (more likely) that almost no one has paid more than a pittance since the tax paid on the interest-free value is less than the net income if reinvested?

    Posted by RicardoB | January 2, 2013, 12:18 pm
  2. This is what the University exists to do, dramatically put out there. It exists so that the Dean of the Faculty of Law and other hyass muckymucks can live large on the backs of everyone else—and sometimes they “teach classes,” too.

    The University is a machine designed to extract wealth and subservience from its victims, for the benefit of the aforesaid muckymucks. Everything else it does is purely incidental—and for the last forty years or so they have pursued this agenda, especially with respect to student subservience, with unbridled enthusiasm. So should it surprise anyone that given how asleep at the switch the students are, they’re now giving themselves interest-free loans? This is what happens when the foxes (employees/jobbers) guard the henhouse instead of the hens (students).

    Posted by hotsoup | January 6, 2013, 4:19 pm

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