Harvard University said in financial documents that it is one of 40 colleges that the Internal Revenue Service will audit this year as part of its review of some non-profit organizations' tax-exempt status, Bloomberg reported Monday. Four hundred colleges and universities, including Harvard, received an IRS questionnaire about taxable operations and endowment funds in October 2008, Harvard officials said in financial filings. Harvard officials do not think the audits will negatively affect the institution's operations, nor will they influence Harvard's tax-exempt status, Bloomberg reported. Harvard is the world's wealthiest university, with an endowment of $26 billion as of June 30, according to Bloomberg.
The New Jersey Legislature voted Monday to legalize marijuana for medicinal use, The New York Times reported Monday. Gov. Jon Corzine, D-N.J., said he would sign the measure into law within a week, making New Jersey the 14th state to legalize medicinal marijuana, The Times reported. Doctors will be able to prescribe patients up to two ounces of marijuana per month, according to The Times. New Jersey's marijuana law will be the country's most restrictive because it will allow doctors only to prescribe marijuana for a set list of chronic illnesses, including AIDS, cancer and Lou Gehrig's disease, Assemblyman Reed Gusciora, D-Princeton, told The Times. State-monitored dispensaries will grow and disperse the drug and patients may not privately cultivate marijuana or use the drug in public. The law will also monitor marijuana's distribution in a fashion similar to the government's regulation of Oxycontin and morphine, according to The Times.
