Governor Bob McDonnell wants to inject, at minimum, an extra $50 million into higher education in order to “’one of the most educated states in all the world.’” This might confuse Virginia taxpayers, who, through the first quarter of 2011 have already pumped more than $1.6 billion into the state’s junior colleges, colleges and universities. How will an additional $50 million make a bit of difference?

The answer is it likely won’t. But lurking behind all of these numbers are other, less publicized sums that support the state’s public universities. These are the endowment funds and special-purpose foundations that have raised billions of dollars to support various school projects and goals. One of the biggest fundraisers is the state’s flagship institution, the University of Virginia.