> Even though the university can only spend it in a certain way, that is an internal matter between the university and its donors.

An earmarked donation may legally constitute a trust. If an asset forms part of a trust, the university can only spend it in accordance with the terms of the trust, unless they have permission of a court to vary them (the cy-près doctrine). Creditors generally can’t claim assets held as part of a trust, unless the debt/tort/etc has some direct connection to the trust