That's not what discretionary means in this context. The funds having been originally earmarked at the discretion of the originator, means they are no longer available for any purpose at the discretion of the trustee, meaning they are no longer discretionary. You are confusing the funds having once been earmarked at someone's discretion for their being discretionary, which they haven't been since the point when they were earmarked at the originator's discretion.
Much of the endowment is earmarked towards specific ends. It is not a slush fund for discretionary spending.
Earmarked implies discretionary so it is discretionary
That's not what discretionary means in this context. The funds having been originally earmarked at the discretion of the originator, means they are no longer available for any purpose at the discretion of the trustee, meaning they are no longer discretionary. You are confusing the funds having once been earmarked at someone's discretion for their being discretionary, which they haven't been since the point when they were earmarked at the originator's discretion.
Most of it is not discretionary, no matter what words random Internet commenters use to describe it.
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