With their endowment above $50 billion, combined with Federal plus Non-Federal sponsored revenue at 16% of operating budget, it makes sense to me they just forgo Federal funds and operate independently.
If all 16% is canceled, then they'd need to draw an additional $1 billion per year from endowment at current budget levels.
That would put them above 7% draw so potentially unsustainable for perpetuity, historically they've averaged 11% returns though, so if past performance is a predictor of future, they can cover 100% of Federal gap and still grow the endowment annually with no new donations.
If all 16% is canceled, then they'd need to draw an additional $1 billion per year from endowment at current budget levels.
That would put them above 7% draw so potentially unsustainable for perpetuity, historically they've averaged 11% returns though, so if past performance is a predictor of future, they can cover 100% of Federal gap and still grow the endowment annually with no new donations.