> It isn't a law of nature that the endowment must always grow. But it is the nature of endowments that you must follow the explicit spending guidelines that a

> It isn't a law of nature that the endowment must always grow. But it is the nature of endowments that you must follow the explicit spending guidelines that almost always accompany them. A university cannot just "spend they money", because the money is earmarked for certain things and often includes certain guidance on timelines.