When you view universities as bloated bureaucracies that spend more on useless administration, sports teams, and shiny new expensive buildings than education, the idea of giving a donation is insane. It's too bad because I would like to give the idea of giving to support true education, but the thought of supporting this industry in any way is repulsive.
That's why, if you give at all, you give directly to a student by way of the financial aid office. You can do that... give anonymously to a student, any student. You can even stipulate conditions like minimum GPA, a couple of hours of community service, etc. The financial aid office absolutely will not turn it down and the student will be thoroughly surprised. Granted, it's almost like giving to a college but the person who benefits directly is the student. I've watched a couple of students nearly break into tears when some anonymous donor did that and they had no idea until they got statements and saw an overage and went to check it out.
I stopped supporting the last college I got a degree from when they hired a diversity officer/official. Enough of this nonsense.