20 years ago, I went to a school that was ridiculously expensive for it's time ($25k a year- I had scholarships or I wouldn't have gone), I witnessed all kinds of waste. They did publish where they spent money though so it was obvious where there was waste, I bet they don't now. They keep asking for money donations, but I remember how they wasted it when I was there- no chance in hell I'm giving them more money now.
A simple 3ft brick sign that cost $50,000 (this in a school of only 2000 students- so that was $25 per student for a sign). Sports lost $10million a year. (we weren't a big state school that had leagues of zombies descend on our every game- but we spent big on sports- and no one who attended the school cared or watched. $5000 a year per student lost on sports. That's 20% of our tuition went straight to paying for a bunch of fat kids in helmets and padding to grab each other's bum 13 games a year. (OK, they had other sports besides the American Football, but I'm sure they got the lion's share).
Then we would have speakers like Pat Conroy (multiple a year) come speak to the school (at $20,000 each for a speaking gig). Sure, it was interesting, but worth the money when you would only have a couple hundred students show up to any given event? The school spent $100 for each kid that bothered to show up to each of those events.
When it comes down to it- from that $25k a year probably only half actually got spent on learning. I'm not sure what they waste the money on these days now that everything has skyrocketed in cost. I imagine Presidential manors are a lot more glitzy. There are probably more $50,000 brick signs up too.