Everyone - thanks for your comments so far.
Is there some dollar level per student that you think signifies a durable institution?
We are not only concerned that our son be able to graduate without the disruption of having to transfer to finish his degree, but also that he would have effectively no legacy. We want him to join a lasting community that will be part of his identity for the rest of his life, and it would be tragic if the school he attended dissolved.
Think about how difficult it would to do something as simple as to get an official transcript.
Some colleges spend more, and some colleges spend less. Different majors, luxury versus economy class amenities, etc. matter.
Endowments may include money that is restricted by stipulations that the donors of the money. So money donated to fund the history department that is losing student interest not be available to fund some other department that is overflowing with students.
My DH is from a town where the college closed in the 90’s, so we were very aware of the endowments of the private schools that were in our student’s radar. DD chose a college with a huge endowment (for it’s size), they spend that money on merit aid, quality professors and facilities.