After consulting with the donors if any of them still wish to have a refund then the money should be refunded but it will depend on the chancellor and how he handles the situation by motivating the staff to agree to let the funds be kept for the university.
The funds directed towards development of the university should be invested through a transparent process by involving the donors and proving to them by bringing the developments into action so that they are satisfied that their money is being used for their desired purpose. This is important because if in case the money is being used for any purpose other than the development of the university than it will be an illegal action and the donors can file a suit in such a case. Therefore, the chancellor should discuss with the donors and convince them in a positive way to let the funds be kept for the university and then he should make sure the funds are rightfully being directed towards the development of the university.
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