Yes and no. The money given to universities is mostly earmarked for very specific things, as designated by those who donate the money. It’s not like they have a huge tower of gold that they can swim in to their liking. They have a lot of oversight and auditing to make sure money goes where it’s suppose to. And if they want to keep their many accreditations - and they do - then they need that money to jump through whatever hoops their accreditors require.