Senator proposes mandating greater use of endowment
Citing the soaring endowments of many American universities and the increasing cost of tuition, Congress has drafted a proposal mandating that universities spend more of the money they make off their endowments — something Yale and its peer institutions say could lead them into financial turmoil.
Last month, Yale announced that its endowment grew 28 percent to a staggering $22.5 billion in fiscal year 2007, beating out the average American university endowment above $1 billion, which grew 18.1 percent over the last year, according to Bloomberg reports.
As America’s...
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