I was aware of that distinction while writing my comment. Even if only $30B of Harvard's assets are financial investments, and even if they earn just 5% annually from that, then that's $1.5 billion per year, so $3.5 million is just 0.23% of their income. I'm not saying $3.5 million isn't absurdly high. I'm just objecting to the statement "Harvard University [itself] ... can't afford ...", which is journalistic hyperbole.