COLUMBUS, Ohio (AP) -- Interest from a private gift given to The Ohio State University in 1952 has been used for everything from subsidizing golf memberships to buying Lady Gaga tickets.
Inventor Ralph Mershon left $11.2 million to the university upon his death, specifying that half could be spent however the school sees fit. That half has grown to $38.9 million.
The Dayton Daily News (http://bit.ly/r4xzRh ) reports that spending from private endowments like that doesn't face the same scrutiny as public aid.
Because of that, the fund has been tapped for everything from joining the Ohio Chamber of Commerce to throwing holiday parties.
Ohio State spokesman Jim Lynch told the newspaper that the fund gives the university flexibility so it doesn't have to use tuition or tax dollars for special projects.
Information from: Dayton Daily News, http://www.daytondailynews.com