Yale announced plans to spend an additional $307 million next year in income from its endowment. Yale's endowment is $22.5B and the Yale's $307M increase means Yale will use an additional 1.4% of its endowment. By comparison, 1.4% of Harvard's $35B endowment would be $478M.
Yale will likely use this money to increase financial aid, increase the size of the Yale College by 700 undergraduates (13%), fund more science research, and make more course material freely available online.
Pressure from Congress and other sources led to Yale's decision. “The folks in Washington are saying you’re hoarding money,” Yale President Richard Levin said. “And we felt uneasy about it ourselves.”
Yale Plans to Increase Spending From Its Endowment - New York Times
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Harry, prepare for a lot of dust in Allston. In 2007, Harvard spent nearly $1.05 billion of the endowment on university operations. Based on the New York Times article, it will spend $1.5 billion this year, and nearly $2 billion in 2009 (assuming the endowment value grows by 10 percent this year).
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