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4 years ago

Regarding discrepancies in endowment numbers — I’d trust the Consolidated Financial Statements over the Annual Report because the former is what lenders and bondholders rely on. In other words, an overstatement in the financial statements could theoretically lead to legal exposure; the Annual Report is just marketing puffery. The financial statements are also audited (though management — the university — is responsible for the numbers provided to the auditors).