The rate is 1.4, 4 or 8 percent by endowment per student
What the document says“8 percent in the case of an institution with a student adjusted endowment in excess of $2,000,000.”
The section sets the applicable percentage at 1.4 percent for an institution with a student adjusted endowment of at least $500,000 and no more than $750,000, 4 percent for one above $750,000 and no more than $2,000,000, and 8 percent for one above $2,000,000.
What the document actually says“8 percent in the case of an institution with a student adjusted endowment in excess of $2,000,000.”
The rate is 8 percent for the largest group. Those are schools with more than $2 million of endowment per student.
The lowest band pays 1.4 percent. The middle band pays 4 percent. The bands turn on endowment for each student.
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