As noted elsewhere, that's not how overhead works, and vanishingly few grants are in-kind. Also, expressly, large capital expenditures like equipment are exemp

As noted elsewhere, that's not how overhead works, and vanishingly few grants are in-kind. Also, expressly, large capital expenditures like equipment are exempt from indirect costs at most universities. HN's notion of how universities work is probably about as accurate as my notions of how VC funding works.