Obviously Harvard is a rich school that doesn't really need that kind of donations in order to survive. However, if you 've ever been to college, you are thankful to those "donators'' as they finance new buildings, libraries, scholarship programs, so on and so on.
It's not that obvious for Ivy league schools like HU, however it does help State schools and small liberal colleges a lot.
''About $70 million will be used to expand Harvard's student travel and study abroad programs and $30 million will go to arts education, the Cambridge, Massachusetts, school said in a statement on Friday''
Not all Harvard students come from wealthy families, maybe the 70 M will allow some less fortunate to travel abroad. Maybe the 30M will be used on scholarships for those who desperately need it.
Since I live in Boston, I can tell you that not all HU students are spoiled brats.
The bottom line is eventhough, those donations greatly benefit the donators (think taxes), they also benefit the students (which really matters).