Both reported spending per student and endowment per student can be very misleading, particularly when looking at undergraduate education. Schools with hospitals and large research operations typically have much larger budgets. (Medical spending is 17% of GDP in the U.S. - there is virtually a medical-industrial complex.) As Alexandre pointed out, the medical side is often 50% or even significantly more of an institution’s budget. If you combined Berkeley with nearby UC San Francisco, it would make a huge difference in these financial that are cited for Berkeley, but would make NO actual difference in undergraduate education at Berkeley. It would just be an administrative accounting decision.
Statistics cited for education spending per student will include research. That can be really misleading as the impact on undergraduate is difficult to assess. JHU’s numbers likely includes the Applied Physics Laboratory which has 6K employees. But that lab is largely driven by Defense Department projects, is a fair distance from the undergraduate campus, and largely works with graduate students in a few areas.
With endowment spending, a lot of it is restricted, and it is often restricted to things like graduate schools and athletics. Again, hard to determine the impact on undergraduates without a lot of digging. Harvard has reported that 84% of its endowment is restricted. Harvard Business School’s endowment alone is nearly $4B, and it doesn’t have any undergraduates. This isn’t to say Harvard doesn’t have resources for undergraduates, I am just pointing out that really making sense of these finances is complex.