@barrons, true and plenty of schools get targeted donations with some as much as 25-50% of the total endowment of the school - the problem is that those monies can’t be used for Opex.
Given that endowments can fund 20% or more of a school’s opex budget, a declining enrollment can take a big hit out of the endowment; Oberlin is using 10% of its endowment per year for Opex due to declining enrollment - that can’t continue for long…