What a fascinating and surprising analysis.
In 2017 Caltech derived just 1.2% of its operating revenue from net tuition. Returns of $343M (12.3% of revenue) tax-free, on $3B. Tuition is $50K. 1992 budget $227M, endowment $580M… 2017 budget $653M, endowment $3.4B! A…non-profit?
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Cost Disease in Education partially a result of intentionally-limited supply in order to keep Investment Returns tax free. Endowment Profits already far more important than Tuition revenues...
conradbastable.com/essays/the-unc
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