<p>A snippet of the story:
"Yale Will Increase Spending From $22.5 Billion Fund (Update1)</p>
<p>By Brian K. Sullivan and Matthew Keenan</p>
<p>Jan. 7 (Bloomberg) – Yale University, after reaping investment gains, will increase the amount it spends from its endowment by about 37 percent in fiscal 2009 to spur research and financial aid.</p>
<p>Yale, in New Haven, Connecticut, will spend $1.15 billion of its $22.5 billion endowment, allowing for more financial aid, scientific and medical research, and a potential expansion of the number of undergraduates, according to a statement released today. Yale, under a new formula, said it will spend 4.5 percent to 6 percent of assets each fiscal year.</p>
<p>Harvard University in Cambridge, Massachusetts, which has the largest U.S. endowment at $34.9 billion, announced plans in December to expand its financial aid offerings amid growing criticism in Congress. Iowa Senator Charles Grassley, a Republican, has said schools should spend more of their money and take added steps to reduce costs.</p>
<p><code>Exceptionally strong investment returns in recent years have led to a lower than anticipated payout rate from the endowment,‘’ Yale’s President Richard Levin said.</code>We have been agonizing about this for the last two years.‘’</p>