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I see that your point is more focused on the financial side, which I don't have a lot of experience to evaluate.

> Whatever the "primary purpose" of that Wealth might be, the fact remains that (at MIT) that Wealth has grown 1,500% over the last 25 years, while the operating budget has grown ~250%. I believe that is somewhat noteworthy, and I could not avoid noticing how critical the Education-Charity tax-shield was to this compound growth.

This is noteworthy, but is it really out of line? You're comparing apples (Wealth) to Oragnes (Operational Expenses). From a strict financial perspective, the standard advice to ensure an endowment or lump sum lasts is a 4% withdrawal rate. At a 4% rate, a 1500% increase in wealth would result in a 60% increase monies available to spend operationally. 250% is much higher than that, although not all of the operational increase comes from the endowment.

Is there an accepted rate of expenditure that endowments should target? Is MIT meeting or exceeding that?

I think your math is off. If I have a $100 endowment, I have $4 to spend. If I have $1500, I have $60 to spend, 15 times as much as $4.

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