The Misuses of the University 🔗

François Furstenberg, Public Books:

Everyone thinks universities have to do what donors want because they pay the bills. But that gets it backward, and not just at Hopkins. Giant donations, he’s come to realize, often increase the university’s bills, generating new operating expenses for projects that may have only tenuous links to the university’s core mission. The new fixed costs cannibalize existing funding streams, increasing pressure to grow revenue. He remembers the quip from a former dean: “The endowment is the gift that keeps on taking.”