Extravagant dorms attract new students, superior educational opportunities keep upperclassmen satisfied, and guest speakers provide students with unique experiences as only a place of higher learning can deliver.
None of that can be accomplished without funding. Every college or university needs to fundraise to have enough money to give students the best educational experience possible.
Fundraising is hard work. The business of convincing prospects to donate is a long game of building relationships and convincing people that their money will do a lot to improve your school.