Not sure where their spending goes so I'm not going to comment on that, but assuming a 5% rate of return (for example), they'd need 20 times their annual spending to be fully funded by their endowment. Ever million that's added is 20 million more needed. Conversely, every million saved is 20 million less that's needed. Ballooning is not the way, but maybe they'll level off? No idea - I don't run the business or care to dive into their expenses. Just wanted to highlight the double power of reducing their expenses in this case. I'm sure they understand that though.