Student adjusted endowment is assets not used for the exempt purpose per student
What the document says“the aggregate fair market value of the assets of such institution (determined as of the end of the preceding taxable year), other than those assets which are used directly in carrying out the institution's exempt purpose, divided by”
The section defines the student adjusted endowment as the total fair market value of the institution's assets at the end of the preceding taxable year, other than assets used directly in carrying out its exempt purpose, divided by the number of students. The number of students is the daily average of full-time students, with part-time students counted on a full-time equivalent basis.
What the document actually says“the aggregate fair market value of the assets of such institution (determined as of the end of the preceding taxable year), other than those assets which are used directly in carrying out the institution's exempt purpose, divided by”
Take the value of all the school's assets. Leave out those used directly for its own work. Value them at the end of the year before.
That figure is then divided by the number of students. Students are counted as a daily average. Part-time students count as a fraction.
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