When Larry Summers was Harvard president, he was spending money like Nancy Pelosi and Chucky Schumer.
The endowment funds managers warned Summers and the “trustees” (Harvard calls them “overseers”) about the coming downturn in the economy, but capital spending continued unabated (college presidents’ disease: Desire to build edifices to themselves using OPM), and Harvard had to hit principal.
Obviously that impacted the funds managers who were compensated on income since they then had less principal to generate income.