Colleges increased endowment spending sharply in fiscal 2025 as funding pressures intensified: institutions withdrew $33.4 billion, a 17% rise from the prior year, while new gifts to endowments fell and average gift sizes declined. The NACUBO‑Commonfund study shows endowments now cover a larger share of operating budgets, raising sustainability questions about long‑term intergenerational equity for donors and students. Smaller endowments were hit hardest by the drop in new donations, while the largest funds continued to outperform on investment returns.