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I hope the donor families get their money returned, or at least tie the universities up in lawsuits.
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As someone who works in fundraising, I'm interested to see how this affects donors going forward. At big universities donors often want money earmarked for a specific purpose/audience. Perhaps the schools are big enough that it won't matter, but I could see it sending donors elsewhere.
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As they say, with conservatism the cruelty is the point.
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Cut off their noses to spite their faces.