I worked in Accounting (the dept that did it, not the one that taught it) IT at a major public university for several years. Something like half of the software complexity was in keeping track of each dollar's origin, and making sure that it was spent on only what the source approved it to be spent on. Whether the source was the federal government, the state, corporate donors, or wealthy individuals, they all had strong opinions on what the money could be spent on. It was much easier to get money donated for a new building, than to maintain an old one, so you can have a situation in which new buildings are being built while old ones fall apart.

The most surprising thing to me was how small a percentage of the budget was under the control of the president of the university; it was only a tiny amount. Virtually all of the money was controlled by the source, not by the administration.