<p>“Michigan has three campuses that enroll over 51,000 students.”</p>
<p>As I understand endowment reporting, when 98% or more is attributable to one campus, as it is for Michigan (more than 98% is tagged to Ann Arbor), the entirety is credited to the campus. So for the purposes of this calculation, one could make two possible adjustments to calculate endowment per student: 1) attribute .98*$9.7bln to Ann Arbor; 2) reduce the headcount above to the Ann Arbor headcount which is around 43,500; 3) the result is roughly $219,000/student; </p>