@PurpleTitan regarding UT Austin, it gets “no less than” 45% of the payout from the endowment fund (the PUF) to support non-capital programs. University of Texas part of the PUF is about $23B. UT Austin can get more and has been at about 50% in recent years as they have built out the Dell Medical School. Only UT Austin gets funds from the PUF for anything other than supporting capital bonds. Some amount is directed to system administration, but the other 40% or so is divided between the University of Texas campuses to support bonds for capital projects. UT Austin also gets a share of this, which is divided by enrollment headcount, so that is about 9% of the PUF. So all told, UT Austin currently benefits from about 60% of the $23B fund, and it also has an independent endowment of about $4B. So it isn’t a conventional endowment, but it adds up to nearly $18B. That is quite a bit of money, but it has to support 51K students.