Yale Ups Endowment Spending
Rich schools slammed for sitting on wealth
By Peter Fearon,  Newser Staff
Posted Jan 8, 2008 8:46 AM CST
Yale students waiting to join the academic procession going to commencement ceremonies at Yale University in New Haven, Conn., Monday, May 28, 2007, take aim at Yale University President Richard C. Levin,...   (Associated Press)
camera-icon View 3 more images

(Newser) – Yale will significantly increase spending from its $22.5 billion endowment next year—providing more financial aid and launching new research. The university will draw $1.15 billion from its endowment compared with $843 million last year. The decision comes after Yale and other top universities were criticized for sitting on their enormous wealth, reports the Yale Daily News.

The university's complex rules regulating spending have kept its endowment largely intact. The guidelines are "designed to ensure the purchasing power of the endowment over the long haul," said Yale's president. "By the same token, it’s supposed to be responsibly trading off the needs of the present with the needs of the future.”