The NACUBO‑Commonfund study shows new gifts to college endowments fell 9.2% in fiscal 2025 to about $14 billion while institutions collectively withdrew $33.4 billion—an 11% rise in endowment spending as schools lean on reserves to plug operating gaps. The survey of 657 institutions also reports endowment assets reached $944.3 billion even as average gift sizes and giving to smaller endowments declined. NACUBO and Commonfund executives warned that smaller institutions are most vulnerable: endowments under $50 million saw a 26.5% drop in donations. The sector’s increased reliance on endowment spending—now funding a higher share of operating budgets—raises sustainability concerns amid flat returns and new tax rules on large endowments.