7. How did we get such a big endowment? And, what is the "4.5%" policy I've heard so much about? And, why are the Trustees so committed to this spending limit policy? 8. Can you tell me more about the Capital Reserve Fund? 9. How can you tell me that we're in a tight budget environment when we have a billion dollar endowment? Why can't we just use more of the endowment or endowment income in the base budget? 10. Okay, now I see the dangers of drawing heavily on the endowment, but responding with enormous tuition hikes is not our only alternative. So tell me, what is the College doing to increase income from our third major source, gifts and grants? Next question (11): Do new buildings create budget pressures? Return to the previous set of questions (1-6): How is the budget set up?
