Just their endowments. Their endowments are not even taxed on gains. As I mentioned, a good first step would just to be treating the endowments like the institu

Just their endowments. Their endowments are not even taxed on gains. As I mentioned, a good first step would just to be treating the endowments like the institutional funds the behave like. Keep donations to the school (which fund the endowment) tax-free, if you want.