Princeton - Weekly Bulletin 09/27/04

Contents

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Editor: Ruth Stevens
Calendar editor: Carolyn Geller
Staff writers: Jennifer Greenstein Altmann, Steven Schultz
Contributing writers: Karin Dienst, Eric Qui–ones, Danielle Scruggs
Photographer: Denise Applewhite
Design: Mahlon Lovett, Laurel Masten Cantor, Margaret Westergaard
Web edition: Mahlon Lovett

By the numbers

Community contributions

two members of the Princeton First Aid

The Princeton First Aid and Rescue Squad (shown here at the 2004 Communiversity celebration) is one of the community organizations that has received gifts from the University.

According to the University's Office of Community and State Affairs:

• The University is the largest taxpayer in both Princeton Borough and Princeton Township with property and sewer tax payments in these two communities totaling approximately $7 million in 2003-04.

• These tax payments include hundreds of thousands of dollars in taxes on housing for faculty, staff (including the University president’s house) and many graduate students. This is housing that might qualify for tax exemption under New Jersey state law. However, the University pays full taxes on these residential properties in order to ensure that the public school system is compensated for school-aged children who might — but do not necessarily — dwell in these residences.

• The University has an overall regional economic impact of an estimated $1.9 billion.

• Approximately 99 percent of the $175 million spent on University construction in 2003-04 went to New Jersey firms.

• Serving as a major employment center, Princeton was the source of approximately $11.7 million in New Jersey state income tax revenue from those on the University payroll in 2003-04.

• In recent years, Princeton has made many large, one-time gifts to municipal and community organizations, including: $500,000 to the Princeton Public Library construction project; $500,000 to the Princeton Regional Schools construction project; $300,000 to the Monument Drive reconstruction; $200,000 to the American Red Cross of the Princeton Area; $155,000 to the Princeton First Aid and Rescue Squad for a rescue vehicle; $150,000 to the Princeton downtown redevelopment project for the square next to the library; $100,000 to the Princeton First Aid Squad and the Princeton Fire Department for equipment other than the rescue vehicle; $100,000 for open space preservation; and $50,000 to the Princeton Charter School.

• The University makes an annual unrestricted cash gift to Princeton Borough, which in 2005 will total $491,000; in addition, the University will provide $250,000 for borough capital construction projects, bringing the total cash contribution to the borough for the 2004-05 fiscal year to $741,000.

• Affordable housing contributions in cash and land to Princeton Borough and Princeton Township since 1990 have amounted to an estimated $1.2 million.

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