53% overhead works out to be 34% of the total money.
I've written grants with many industrial partners (companies you would recognize). All have had much higher overhead rates. Normally these rates are kept secret, but here's a fun memo from the Federal Transit Administration talking about 127% overhead rates! https://www.transit.dot.gov/funding/procurement/third-party-...
The DoD gives as an example a rate of 125%!
> For example, in recovering the indirect costs associated with particular contracts during the year, each dollar of engineering direct labor worked on a contract is burdened with an engineering overhead of 125.95 percent.
https://www.dhg.com/portals/0/headers/industries/government-...
This puts universities in some context: https://www.healthra.org/wp-content/uploads/2018/08/Nature_K...
You'll see that non-profits and hospitals tend to have far higher rates. This doesn't include industry though. Which would be far higher.