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New buildings are funded by donors who might not have donated without the building.

When I visited my alma mater, I told them I wanted to endow a chair in the CS Department.

Not a professorship; an actual, physical chair.

They weren't amused. I think they'd heard that one before.

Next time show up with the chair

And universities need buildings.

If they don't have building by now, and they already have a billion dollar endowment, they can spend what they have or use the resources wisely.