Harvard and Princeton Universities have released their responses to questions from members of Congress about the way they use their endowments. The questions come amid heightened scrutiny of the wealthiest universities. Both the Harvard and Princeton letters to Congress stress common themes, including the way their endowments are not general funds but collections of endowments donated for different purposes, and that the endowments directly support undergraduate student aid among many other purposes. A cover letter on Harvard's response, from President Drew Faust, said that her university's endowment should be viewed as 13,000 separate funds. Princeton's letter indicated that its endowment is made up of 4,300 separate accounts.
Harvard's endowment (at more than $36 billion) is the largest in the nation, and Princeton's (at nearly $23 billion) is the fourth, according to the latest data from the National Association of College and University Business Officers and Commonfund.
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