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Globe issues clarification on Olin article

Today, the Boston Globe issued a clarification notice regarding the May 27th article that badly represented Olin’s finances based on the misuse of publicly available data by the reporter. Rather than using audited financials for FY2008 to FY2012  that report a net surplus of $585,000, the reporter cited a $100,000,000 million loss by misusing data on IRS 990 forms, which do not include the endowment draws common for mission-oriented, not-for-profits. As the “clarification” notes, another problem with the article is that the reporter had available but did not use the most current financials for FY2013, which showed a decreased reliance on Olin’s endowment.

The below clarification was printed: