A terrible waste of money at a financially strapped university. We need this money for things like preventing major tuition raises for students and wage cuts for professors.
Read this article: http://www.collegiatetimes.com/stories/14509/class-of-59-gave-more-than-plaza - the donors have autonomy on where their money goes. If they want a plaza and are willing to front the costs, the school is not going to deny that donation. The financial structure of a University is extremely complex
Thanks for the article Brandon - I was somewhat misinformed about that 300,000 number, someone told me that was the cost for the fountain! I'm glad to see the class of 59 has been so generous in other areas, and my respect for them is restored. However, if only people would make more no-strings-attached donations to the university so we can put it in the most critical places...