Grass around old institute on point is cut again
I believe the answer is:
re-edited
'point is cut again' is the definition.
I can't judge whether this defines the answer.
'grass around old institute on' is the wordplay.
'grass' becomes 'reed' (I've seen this before).
'around old' becomes 'ted' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'institute' becomes 'i' (common abbreviation as in MIT).
'on' says to put letters next to each other.
'ted' after 'i' is 'ited'.
'reed'+'ited'='RE-EDITED'
Can you help me to learn more?
(Another definition for re-edited that I've seen is " changed again".)