A lot of donation and endowment money is legally tied up, due to the original terms of each endowment, for specific purposes. So even though Harvard has $50 bil

A lot of donation and endowment money is legally tied up, due to the original terms of each endowment, for specific purposes. So even though Harvard has $50 billion, it can't just spend that $50 billion on anything it wants. This is both why people keep donating to Harvard, and how Harvard keeps marketing a 'need' for more donations. Along with, of course, either naming rights, or as an incentive to accept their child into the school (previous research has shown the ability and/or willingness of families to donate does add to the likelihood of admission).