Word: percent
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...University’s reliable failure to meet its stated aim of spending five percent of its endowment has drawn attention not just from outside critics but from Mass. Hall as well. According to former University president Lawrence H. Summers, persistently frugal spending habits became a particular point of concern...
...While the endowment, at $34.9 billion as of last summer, is the largest of any university in the world, it comprises more than 11,000 separate funds, with 83 percent of the total value restricted by donors’ wishes...
...short cover letter addressed to the senators, Faust stressed Harvard’s commitment to expanding access to those from poorer backgrounds, while suggesting that a blanket policy—like Grassley’s talk of mandating a five percent payout rate—might be ill-advised...
...think they’re asking us to consider, saying don’t lock us in too much, considering the ups and downs of the economy,” Grassley said. “But recently when you have 20 percent growth just as return on your investment, I think we can expect more...
...investigation made ripples for legislators outside of Washington. Three months after Grassley sent his questionnaires, a Massachusetts state representative—building on the senator’s contention that universities are hoarding wealth—introduced an amendment to the state budget that would impose a 2.5 percent annual tax on every dollar of endowment in excess of $1 billion. The amendment did not pass, but has been submitted to the Department of Revenue for further study...