The endowments of the institutions of Oxford and Cambridge are the result of centuries of benefactions, donations, bequests, and legacies. In the majority of cases, benefactions were in the form of land. In principle, when institutions receive a gift, to provide true permanent support they also incur expenditures in maintaining that gift. Thus, offsetting benefactions in the form of land were the associated costs of maintaining buildings and estates. Similarly with financial donations, institutions are obliged to maintain the inflation-adjusted income from gifts. While gifts enlarge the scope of activities, it implies that institutions must factor in additional costs into their annual budgets to be able to deliver the same set of activities initially supported by the gift.
Keywords: Oxford, Cambridge, endowments, fundraising, benefactions