These endowment funds seems like an excellent idea to evade taxes. And a couple of years ago Harvard endowment fund has totally stopped their financial disclosure.
Most people don't understand university endowments, Harvard's Endowment FAQs [1] are a short, helpful read that is mostly not specific to Harvard; "Many endowments, including Harvard’s, are structured to exist in perpetuity, meaning that the institution must continue to rely on the endowment’s earnings forever. Because of this, our endowment is not only for today’s generation, but is for all future generations of Harvard students and scholars."