One in four private colleges has financial links to businesses affiliated with the college’s trustees, according to an investigation by The Chronicle of Higher Education.

The survey of 618 institutions found such ties were common at both small liberal-arts schools and major universities and can range from a few thousands dollars’ worth of business to multimillion-dollar contracts.

Most colleges’ governing boards have conflict-of-interest policies, but their specifics vary widely, as do colleges’ approaches to reporting business with trustees’ firms on federal tax returns. Some college leaders say contracts with trustee-linked companies often come with significant discounts.

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