Harvard University’s endowment surpassed $20 billion after the school reported a 21.1 percent return for the 2004 fiscal year on Monday.

The university remains the world’s richest educational institution with a $22.6 billion endowment.

The Harvard endowment grew significantly faster than that of the average American university – most schools saw relatively meager gains of only 4.9 percent during the fiscal year ending June 30, 2004, according to the Trust Universe Comparison Service.

Harvard’s endowment also grew faster than the median rate of the 25 top performing university endowments, which topped out at 17.1 percent, according to the service. Harvard’s endowment would be $12.2 billion dollars smaller had it grown at the median rate, according to a Harvard press release.

Although much of the endowment remains untouched, about five percent is used annually to pay for Harvard programs. University officials also said the $40,000 price tag for one academic year only covers about two-thirds of a student’s education and that administrators use the endowment to offset potentially higher education costs.

The endowment is funded by alumni organizations, investments and students’ tuition.

ARCHDIOCESE BATTLES PARISHIONERS

The Boston Archdiocese announced it would begin a weeklong initiative to prevent sit-in protests at numerous Boston-area churches that are slated to close in upcoming months because of budget cutbacks.

Parishioners at Weymouth’s St. Albert the Great and Sudbury’s St. Anselm Church are expected to lay down in protest, in hopes they can prevent their churches from closing, according to The Boston Globe.

Members from St. Albert the Great also petitioned last week at Suffolk Superior Court to stop the closings.

More than 82 Catholic churches across Massachusetts will close within the next year to help the Boston Archdiocese pay an $85 million settlement to victims of clergy sexual abuse.

Church officials told the Globe the closing process has been, and will continue to be, difficult because the Archdiocese has had trouble communicating effectively with the 357 churches it manages in and around the Northeast.

ROMNEY OUTLINES POLITICAL AGENDA

Gov. Mitt Romney said Monday he hopes to lower Massachusetts’ state income tax to 5 percent and hopes to make education reforms in the next few months.

Romney, who outlined his political agenda at a North End press conference, said he would reform state public education programs by giving school principals the power to hire and fire teachers. Romney also said he would continue blocking any attempts to re-introduce bilingual education programs to Massachusetts schools, which he banned upon taking office in 2002.

Romney said he would raise money with various Republican legislative candidates throughout the state, but the elections are expected to make little difference as the state Legislature has the highest percentage of Democratic officials of any in the nation.

Romney has already been criticized extensively by Democrats for spending too much time away from Massachusetts.