Re: the May 21 letter "Universities sitting on huge endowments."

This letter brought back the question of why universities sit on huge endowments. I get it. Education costs are unreal. I don't know if I could afford to go to college today.

Endowments are created by donors (their choice) for the long haul. The money generated helps with so much, including, I would imagine, scholarships. But, Universities don't have the right to touch the corpus with out permission from the donor(s) or their estate. The corpus is invested and then by law a percentage of those dividends are spent.

I think it is important to distinguish between private (Harvard, etc) and state run universities. I firmly believe it is the obligation of the state to provide affordable, high quality education to all. Otherwise, people like me from middle class families will not have the opportunity and only those from wealthy families will have the opportunity for a higher education.

Our State and Federal Governments are failing in this endeavor.

Thom Melendez


Disclaimer: As submitted to the Arizona Daily Star.

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