ST. PAUL, Minn. (AP) — It was a tough year for the more than 40 charitable foundations that support the Minnesota State Colleges and Universities system and its individual institutions.
The system’s board meets Wednesday in St. Paul and it’s scheduled to hear a report on the finances of the 43 foundations.
The report says expenses among the foundations during the last fiscal year were up from the year before while the money sent to the system was down.
In 2010, the foundations spent $10.06 million on salaries, benefits and indirect costs, up from $9.75 million the year before. Rising costs drove up the expenses.
The foundations returned $24.14 million to the system last year, less than the $28.37 million returned the year before. There was a drop in charitable contributions.
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