New NACUBO‑Commonfund data show colleges’ new gifts to endowments fell 9.2% in fiscal 2025 while institutions increased withdrawals to $33.4 billion to cover operating shortfalls. Average one‑year investment returns held roughly steady, but smaller endowments and mid‑sized institutions reported sharper declines in gift activity. Survey authors and finance officers warn that rising reliance on endowment draws is fueling near‑term budget relief at the expense of long‑term intergenerational stewardship and could force program cuts or tuition adjustments if donation trends continue.