The March 12 news article "Congress, universities clash on endowment spending" said that the cost of attending Tufts had increased by $16,017 since 1999. In fact the cost increased by $16,043.
The same article incorrectly implied that a quote from University President Lawrence Bacow's letter to Congress was said in an interview with the Daily. The quote read: "Obviously the past several years have been good for most endowments, so spending rates have lagged the five percent target. As the markets correct, spending rates should exceed the targeted payout."
In yesterday's editorial, a quote was misattributed to Bacow as well. The quote read: "Foundations can analyze their endowment yearly and adjust to market conditions, but colleges must maintain a large operating budget." Bacow's actual quote was: "By contrast, colleges and universities entail substantial fixed costs that include faculty positions, libraries, dormitories and research laboratories," Bacow said in the letter. "Thus, it is much harder to accelerate and decelerate spending in response to changing market conditions."
