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You do realize the endowment funds 1/3 of the operating budget at Harvard?

Calling it a "hedge fund" proves you don't know what you are talking about.

It seems fair to judge their priorities by the salaries they pay:

"Top salaries at HMC, a wholly owned subsidiary of Harvard, are always much higher than those of University employees. The organization manages the investment of Harvard’s endowment"

https://www.harvardmagazine.com/2020/07/harvard-highest-paid...

Does the endowment increase or decrease year over year?

Most years it increases, some years it decreases, like in the Great Recession. The University's operating costs also increase basically every year because a large percentage of staff have union negotiated increases that are hard to counterbalance with cuts elsewhere.

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