[nxm]

What should they be used for the ?

[bobthepanda]

Universities use the interest and dividends to pay for operating expenses.

Actually drawing down the fund would just ruin future finances.

[johnnyanmac]

I believe most endowments have conditions. So whatever the donator say?

[lamp_book]

Used? The university is what is used to grow the endowment.

[y-curious]

So what's the point of the endowment then? To make the green numbers go up?

[duskwuff]

To be invested and generate returns which can fund the university's programs. As I said in another comment, it's a long-term investment, not a spending fund. You don't eat your seed corn.