New data show philanthropic behavior and institutional spending are straining college finances. The NACUBO‑Commonfund study found gifts to endowments fell 9.2% in fiscal 2025 to just under $14 billion, with smaller endowments hit hardest. Average gift size declined and median donations narrowed, raising alarms for institutions that rely on private support. At the same time colleges increased endowment withdrawals to $33.4 billion—an 11% year‑over‑year jump—as institutions drew down assets to plug budget gaps caused by enrollment declines and federal funding shifts. NACUBO and Commonfund warned that rising reliance on drawdowns, especially for operating expenses and financial aid, could jeopardize long‑term sustainability.