In the March 6 Campus Notebook section, PAW reported that endowment income “is expected to contribute $752 million to the budget,” which is “47.6 percent of the projected income,” and also that the budget for 2013–14 is $1.5 billion. But you fail to provide us with the facts as to how much endowment income there is — if all endowment income would be used to pay for operating expenses, how much more would be left for tuition, Annual Giving, etc., to cover. Normally, in personal and business life, income from investments is used to cover operating expenses, and it is a luxury to use it for reinvestment. My guess is that more endowment income could be used to actually reduce tuition.