endowment--where money goes to never get spent but is a great tax free racket

According to their financial report, Williams College spent $220 million last year for 2,045 undergrads ($108k per student), of which $93 million (42% of budget) came from the endowment ($45k per student) and $79 million (36% of budget) came from net tuition ($39k per student).

http://controller.williams.edu/files/williams_financial_statement_2015.pdf