Here the tour guide points out the convenient bookstore — right there on the grounds of our great school. (They say “campus” at most schools, but not at the University of Virginia, where it’s called “The Grounds” because that’s what Thomas Jefferson called it.) Yes, it’s convenient, but the school gets its cut of bookstore revenue, making it all the more important that students shop there! This point can be made many times, but colleges and universities love the revenues of their own operations such as food service and bookstores. Typically the revenues can be spent with much looser controls than apply to other funds.
The academic custom of tenure grants job security after a thorough review of a candidate’s teaching, research and service. Not all faculty are tenure-eligible. For those who do find themselves in tenured positions, there’s a lot of freedom. It can be used in many different ways, as our academic mice demonstrate in this cartoon.