<p>I believe there is some variation in endowment numbers depending upon what is included. Sometimes there are affliated endowments that may or may not be included. Also, some universities may have large endowments tied to their medical centers that may or may not be included. </p>
<p>I believe U.Penn separated themselves from the Penn Medicine system a number of years ago because they were afraid malpractice claims might try to go after the university’s endowment.</p>
<p>Some colleges with large endowments say they actually have a relatively small endowment that is available for general purposes. That is because many donors limit their gifts to certain academic or athletic programs.</p>
<p>It is appropriate to show endowment as an average per student, as listed above. Total endowment doesn’t tell you much - if one college has 50,000 students and another only has 9,000 students.</p>