It is certainly the case that the vast majority of endowment funds are restricted for very particular purposes by the donor, so those are not generally discretionary. I think there is a common misconception that that might not be the case. I think colleges and universities very much value endowment gifts because it provides assurance that there will be long-term support that will not be subject to short-term vagaries or cash flows.  -   David Bass     Quotes
It is certainly the case that the vast majority of endowment funds are restricted for very particular purposes by the donor, so those are not generally discretionary. I think there is a common misconception that that might not be the case. I think colleges and universities very much value endowment gifts because it provides assurance that there will be long-term support that will not be subject to short-term vagaries or cash flows. David Bass
 Majority