Harvard University is seeking to sell timberland located in Uruguay worth about $120m, Bloomberg reports. The potential sale is part of the world’s largest higher education endowment’s move to unload natural resource assets to boost the fund’s performance.

The Wall Street Journal takes a look at how mission-related investing, a growing practice among foundations, can create distortions in the market. The paper looks at the strategy’s potentially harmful alignment with federal spending.

Hedge funds burgeoning relationship with institutional investors has recently been a one-sided affair, writes Business Insider. About one-third of the industry’s $3.2tn in assets comes from endowments and public pensions, meaning the institutions could be paying as much as $20bn a year in fees despite hedge funds significantly trailing the S&P 500 over the past four years.

The Arizona State University Foundation will amend four years of tax reforms after new questions were raised about the six-digit salary paid to Sybil Francis, the wife of ASU President Michael Crow, according to the Phoenix New Times. The foundation failed to list Francis as one of its highest paid employees, despite receiving more than $830,000 since 2012.

Watchdog group Open the Books has published an oversight report revealing that eliminating the National Foundation on the Arts and Humanities would not harm struggling artists as many claim. The study revealed that well-endowed universities and museums, such as Yale and the Metropolitan Museum of Art, receive an uneven proportion of the foundation’s grants. The Washington Post has the story.