<p>Those numbers are from Jun 30, 2008. None of them are accurate today. None of them. The numbers are all lower now. That includes Michigan’s too. Harvard’s numbers may be down 50%. </p>
<p>The endowment per student is not that relevant a number either.</p>
<p>Many of the endowmments are very illiquid. The schools don’t have access to a large portion of their endowments. A large part of the endowment money never gets to the students.</p>
<p>Schools have access to other money besides endowment money.</p>
<p>These schools also have other assets and debt that affects the schools financial situation. </p>
<p>Most, if not all the schools at the top of the endowment per student list are cutting back. Harvard is cutting back. Stanford is cutting back. Etc. Harvard had to go to the credit markets to fund their needs. Bowdoin is cutting back and adding a tiny amount of students. Brandeis is selling their art work from a museum and closing the museum down.</p>
<p>Some schools use a lot of their endowments to fund their operations. 40% of Harvard’s operating costs are funded by its endowment. Other schools use considerably less.</p>