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Endowments at nonprofits aren't rainy day funds or cash piles, but another source of revenue. Universities bring in money by charging tuition to students, getting grants from the government, licensing patents to private companies and donations. All of this covers about 60 percent to 70 percent of their budgets, however. The rest comes from their endowments. Schools such as Harvard, Yale and Stanford use this revenue to reduce the burden on students and provide better resources for their scholars. They could temporarily increase their spending or cut tuition by eating into the principal of their endowments, as Weissmann wants, but this would come at the cost of future students and scholars. (Schools with smaller endowments are much less generous with financial aid and research grants to begin with.)
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