Andrew Martin

There are certain things you can't put on a grant. You know, you can't put a building on a grant.

There are certain things you can't put on a grant. You know, you can't put a building on a grant.

Most equipment you can't put on a grant.

Most equipment you can't put on a grant.

Most equipment you can't put on a grant.

Correct.

Correct.

Correct.

About $3 billion comes in from patient care revenue. And that actually swamps the rest of what we do at the university.

About $3 billion comes in from patient care revenue. And that actually swamps the rest of what we do at the university.

About $3 billion comes in from patient care revenue. And that actually swamps the rest of what we do at the university.

It's a lot of money.

It's a lot of money.

It's a lot of money.

But in the pie overall, tuition is actually a little part of the pie.

But in the pie overall, tuition is actually a little part of the pie.

But in the pie overall, tuition is actually a little part of the pie.

So endowments aren't like piggy banks. We could go to maybe 5%, 5.5%. But anything beyond that would mean that we would start degrading the corpus of the endowment. And the way I think about it is that you never would take out a mortgage on your house to pay for your food bill.

So endowments aren't like piggy banks. We could go to maybe 5%, 5.5%. But anything beyond that would mean that we would start degrading the corpus of the endowment. And the way I think about it is that you never would take out a mortgage on your house to pay for your food bill.

So endowments aren't like piggy banks. We could go to maybe 5%, 5.5%. But anything beyond that would mean that we would start degrading the corpus of the endowment. And the way I think about it is that you never would take out a mortgage on your house to pay for your food bill.