How to spend Zuck’s bucks

Facebook CEO Mark Zuckerberg and wife Priscilla Chan celebrated the birth of their daughter by pledging to give 99 percent of their wealth — $45 billion or so — to worthy causes, such as “advancing human potential and promoting equality.” They’ll make do with the remaining $450 million.

They’ve come in for a lot of criticism and kibbitzing.

Mark Zuckerberg and Priscilla Chan with their new born daughter, Max.

Mark Zuckerberg and Priscilla Chan with their new born daughter, Max.

Some want to tell them how to spend the money:  Don’t try to change things like Bill Gates!

Anil Dash advises funding “people and institutions that are already doing this work (including, yes, public institutions funded by tax dollars) and trust that they know their domains better than someone who’s already got a pretty demanding day job.”

Others accuse the couple of trying to dodge taxes. (Giving away 99 percent of your money is not a great way to save money.)

In response, Zuckerberg explained why they set up the Chan Zuckerberg Initiative, as an LLC rather than a traditional foundation. They want flexibility.

“This enables us to pursue our mission by funding non-profit organizations, making private investments and participating in policy debates.”

. . . “If we transferred our shares to a traditional foundation, then we would have received an immediate tax benefit, but by using an LLC we do not. And just like everyone else, we will pay capital gains taxes when our shares are sold by the LLC.”

The Initiative will focus on “personalized learning, curing disease, connecting people, and building strong communities,” he wrote.

“Our education work has been funded through a non-profit organization, Startup: Education, the recently announced Breakthrough Energy Coalition will make private investments in clean energy, and we also fund public government efforts, like the CDC Ebola response and San Francisco General Hospital.”

The money will be wasted, predicts Gawker’s Sam Biddle. He sneers at Facebook’s support for Summit’s personalized learning platform — with no understanding of what it is.

The Washington Post describes the couple’s plans to provide private schooling and health care for low-income families in a heavily minority community, East Palo Alto.

Zuckerberg-Chan will start free private school

“Hoping to counter poverty’s toll on children,” Facebook mogul Mark Zuckerberg and his pediatrician wife, Priscilla Chan, are starting a tuition-free private preschool and K-8 school, reports Sharon Noguchi in the San Jose Mercury News. The Primary School will provide free education and health care to children in East Palo Alto, a low-income, minority community.

Priscilla Chan and Mark Zuckerberg are expecting their first child in a few months.

Priscilla Chan and Mark Zuckerberg are expecting their first child in a few months.

 Zuckerberg and Chan donated $100 million to improve Newark schools in 2010. That paid for controversy and political turmoil.

“Those children in high performing charters are better off. But those in the district schools are not,” says Dale Russakoff, author of The Prize.

She “concludes that Zuckerberg neglected to understand the complexity of public education, failed to talk to people on the ground and approved top-down changes that provoked outrage and resistance,” writes Noguchi.

By starting a private school, the couple will have total control of their project, which is inspired by the Harlem Children’s Zone.

The new school, which will serve 700 children and their families, will be a multi-million-dollar commitment.  A local health clinic “will provide comprehensive health care from prenatal care through medical, dental and mental-health services,” reports Noguchi. The Zuckerberg-Chans already have donated $5 million.

Chan tutored in inner-city Boston as a Harvard undergrad. “It became evident I could do all I wanted, but there were much bigger problems that were preventing these kids from succeeding in school,” she told Noguchi.

Chan taught science at a San Jose private school before going to medical school. She now treats indigent patients at San Francisco General Hospital.

Job skills can be first step to college

Students in the Jewish Homes’s geriatric career development program take summer classes taught by registered nurses at Hostos Community College.
New York City students in the Jewish Homes’s geriatric career development program take summer classes at Hostos Community College. Photo: Meredith Kolodner

Training to care for the elderly is helping low-income New York City students qualify for jobs — and go to college, reports Meredith Kolodner in the Washington Monthly. Jewish Homes, which needs aides and nurses, offers help finishing high school and applying to college and paid internships.

Mercedez Vargas was struggling to complete her high school diploma at a last-chance night school, when she learned about the Jewish Homes’ program. “As I started interacting with the elderly, I actually found it was something I would like,” said Vargas, who is 20. “Now I actually love it.”

Participants come after school for four hours twice a week to get academic, job and college prep, as well as a free meal. Juniors go on college visits and rising seniors take a 10-week summer course aimed at passing the state nursing assistant exam.

While their high schools have an average graduation rate of 61 percent, nearly 100 percent of students in the program graduate.

The Jewish Home hires program graduates as nursing assistants for $15 an hour. Registered nurses, who need a college degree, average more than $36 an hour. Eighty percent of participants since 2009 have earned a degree or are pursuing one, writes Koldner. But it’s a challenge.

These students often come from high schools where they got good grades for simply showing up and turning in their work on time, said program director Toni Sexton.

. . . “We’ve coined the phrase ‘gentle dream crushing and gentle dream redirection,’ because our students going pre-med is a waste of their financial aid,” said Sexton. “Not because they’re not bright — we have lots of bright, very intelligent young people who are incredibly underprepared, and at this point it’s nearly impossible for them catch up.”

Vargas works evenings and weekends as a home health care aide, while taking full-time community college courses to prepare for the nursing assistant exam. Once she passes that hurdle, her mentors are encourging her to go for a nursing degree.

‘Some college’ pays — for some

California faces a shortage of “middle-skill” workers with technical certificates and associate degrees. The wage premium is high in “allied health” fields, where demand is growing. However, “some college” workers in other fields, such as child care and solar installation, earn no more than people with just a high school diploma.

Vocational certificates requiring one year of schooling or less can raise earnings significantly, a new study finds.

Underemployed grads regret their choices

Most college graduates are underemployed and wish they’d made other choices, conclude two different surveys of young Americans. Not surprisingly, young people who majored in health and STEM fields are doing the best, while liberal arts majors are the most likely to be working in retail and restaurant jobs that don’t require a college degree.

Students who are the first in their families to go to college need help to untangle an increasingly complex financial aid system.

Colleges speed and ‘stack’ job training

Community colleges are accelerating job training and offering “stackable” credentials.

“Everybody wants to be a nurse,” but not everyone has the math and science skills needed, said Ana Sanchez, the “career and college navigator” at Springfield Technical Community College in Massachusetts. In one or two semesters, students can earn a certificate as a patient care technician or medical admin. They can return to campus to add a higher-level health-care certificate or degree.

Technical certificates, degrees pay off in Texas

Texans who earn a technical certificate or associate degree often earn more than four-year graduates in their first year in the workforce, concludes a new study. Some workers with certificates in health-care fields start at more than $70,000 – $30,000 more than the median for graduates with bachelor’s degrees.

College payoff is exaggerated

Going to college and choosing a technical major will increase your earnings — but not as much as you think, argue two American Enterprise Institute scholars.  Confusing correlation and causation exaggerates the college payoff.

Health care pays the greatest “wage premium” for both associate and bachelor’s degrees.

College cuts work hours to duck Obamacare

To avoid paying for health insurance, a Pittsburgh community college will cut the work hours of 400 adjunct instructors and support staff. Under Obamacare, employers don’t have to provide insurance for employees working less than 30 hours a week. Community College of Allegheny County will save $6 million.

“It’s kind of a double whammy for us because we are facing a legal requirement [under the new law] to get health care and if the college is reducing our hours, we don’t have the money to pay for it,” said adjunct biology professor Adam Davis.

The American dream — without the debt

The community college track to success leads savvy students to a good job without a “mountain of debt,” a new book argues. That’s especially true for those who choose a technical or health care major.

Also on Community College Spotlight: Fast-tracking basic skills instruction — three hours a day, four days a week for three weeks –is helping community college students save time and money.