earmark

The spokesperson added that a further £3.2bn would be allocated for school budgets, with £1bn earmarked for children and young people with high needs.

While Harvard's endowment is eye-popping, it says 70% of the money is earmarked for specific projects - which is typical for educational endowments, according to Mr Bloom.

Casement Park, with a 34,500 capacity, had been earmarked to host football games at the Euro 2028 football tournament but, with the project on hold, the plan has been shelved.

“We also determined that working with the Police Foundation was the most effective and efficient way to secure donations from our residents that could be earmarked for this purpose.”

LA28 had earmarked the beach near the iconic Santa Monica Pier as one of its cornerstone venues for the Games since its first bid nearly a decade ago.