Adam Harris

And so there's this idea that's sort of been bubbling up that, well, these institutions have big endowments. Why don't you just start using that? There's a fundamental misunderstanding about endowments. That's not just like fungible money that you can say, oh, well, that's $50 billion. We can spend $10 billion and make up for it tomorrow because most of that money is tied to very specific things.

Say a donor made a $400 million donation to the School of Fine Arts. If you start using that for payroll generally, you can guarantee you're never going to receive a single dollar ever again because people can't trust you to be good stewards or faithful stewards of that money. They can also sue you. And so there are some colleges that are just, you know, from 30 to 40 percent of their students

Say a donor made a $400 million donation to the School of Fine Arts. If you start using that for payroll generally, you can guarantee you're never going to receive a single dollar ever again because people can't trust you to be good stewards or faithful stewards of that money. They can also sue you. And so there are some colleges that are just, you know, from 30 to 40 percent of their students

Say a donor made a $400 million donation to the School of Fine Arts. If you start using that for payroll generally, you can guarantee you're never going to receive a single dollar ever again because people can't trust you to be good stewards or faithful stewards of that money. They can also sue you. And so there are some colleges that are just, you know, from 30 to 40 percent of their students

Budgets really kind of come from the federal government. But that's not to say that like this is a completely foreign system, right? This is – there is not a successful higher education system in the world really that is not – sort of subsidy-driven, that doesn't receive significant government subsidies.

Budgets really kind of come from the federal government. But that's not to say that like this is a completely foreign system, right? This is – there is not a successful higher education system in the world really that is not – sort of subsidy-driven, that doesn't receive significant government subsidies.

Budgets really kind of come from the federal government. But that's not to say that like this is a completely foreign system, right? This is – there is not a successful higher education system in the world really that is not – sort of subsidy-driven, that doesn't receive significant government subsidies.

So there's been a lot of sort of internal back and forth at institutions. You haven't really seen many public responses in part because there's a sort of keep your head down and hope that it's not you. You know, some of the, you know, smaller institutions, maybe public institutions, are

So there's been a lot of sort of internal back and forth at institutions. You haven't really seen many public responses in part because there's a sort of keep your head down and hope that it's not you. You know, some of the, you know, smaller institutions, maybe public institutions, are

So there's been a lot of sort of internal back and forth at institutions. You haven't really seen many public responses in part because there's a sort of keep your head down and hope that it's not you. You know, some of the, you know, smaller institutions, maybe public institutions, are

For some of the public state institutions, they're trying to fight like things that are going on in their own states, right? Consider a place like Ohio where they have a bill that's supposed to reform higher education. Florida, Texas, North Carolina, all of these states, there's this big federal thing that's going on.

For some of the public state institutions, they're trying to fight like things that are going on in their own states, right? Consider a place like Ohio where they have a bill that's supposed to reform higher education. Florida, Texas, North Carolina, all of these states, there's this big federal thing that's going on.

For some of the public state institutions, they're trying to fight like things that are going on in their own states, right? Consider a place like Ohio where they have a bill that's supposed to reform higher education. Florida, Texas, North Carolina, all of these states, there's this big federal thing that's going on.

But you also have these state reforms, whether that's to tenure, whether that's to – sort of established a conservative center on campus, whatever it may be. They're also thinking about those issues as well. And so a lot of presidents are in sort of a keep your head down, try to avoid being noticed. And if it's happening over there, then it's not happening to us.

But you also have these state reforms, whether that's to tenure, whether that's to – sort of established a conservative center on campus, whatever it may be. They're also thinking about those issues as well. And so a lot of presidents are in sort of a keep your head down, try to avoid being noticed. And if it's happening over there, then it's not happening to us.

But you also have these state reforms, whether that's to tenure, whether that's to – sort of established a conservative center on campus, whatever it may be. They're also thinking about those issues as well. And so a lot of presidents are in sort of a keep your head down, try to avoid being noticed. And if it's happening over there, then it's not happening to us.

And we're already thinking about our budget for the next year, as opposed to a cohesive pushback to say, this is an attack on higher education more broadly rather than these singular institutions.

And we're already thinking about our budget for the next year, as opposed to a cohesive pushback to say, this is an attack on higher education more broadly rather than these singular institutions.

And we're already thinking about our budget for the next year, as opposed to a cohesive pushback to say, this is an attack on higher education more broadly rather than these singular institutions.

It should be.