<p>Reed’s endowment supplies 20% of the operating budget; 9% of endowment income goes to financial aid; the other 91% supports everything else, including full-paying students. That doesn’t mean that all financial aid comes from endowment, nor that full-paying students don’t benefit from endowment (full tuition doesn’t cover cost).</p>
<p>[REED</a> COLLEGE REVENUE AND EXPENDITURES](<a href=“http://www.reed.edu/ir/revenue.html]REED”>Revenue and Expenditures 2010-11 - Institutional Research - Reed College)</p>