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Unfortunately a lot of the endowment is probably donated by people who are no longer alive.

And even if they have a trust that’s allowed to make decisions for them, the trusts are unlikely to change the principal’s choices.

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And if you divert income from one fund, or liquidate it to raise cash, that comes out of someone's budget one way or another--as the saying goes, you are robbing Peter to pay Paul. And in the long run, it leaves them with less. The feds are trying to force them to choose to cut programs they don't like--they've been explicit about that in the demand letter.

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