Financial accounting applied to higher education?

I'm just starting a Financial Accounting class and trying to think through how these concepts apply to higher education. Balance Statements are pretty much the same in both worlds. Retained Earnings are probably something along the lines of Endowment.

Cash Flow is a bit unusual, so you can have a higher educational institution with lots of assets but declining enrollment that leads to a cash flow crunch which, in extreme circumstances might result in the school closing (as happened to Phillips University in Enid, Oklahoma).

Ditto for Income Statements, because you typically lose money on every student. Combined with lots of fundraising money going straight to the Retained Ernings of endowment or the Balance Sheet Assets of new buildings, you get the cognitive dissonance of many faculty and students when the school appears on the surface to be getting richer while at the same time administrators continue to say that there's no money for salary increases and we need to raise tuition again.