That's a very modest endowment. Grinnell college, I have heard from a good source, is around 1 billion. Stanford's athletic endowment a few years ago was in excess of 300 million. Pacific here in Stockton did have an endowment of more than 300 million. I would say that Drake's is, at best somewhere in the middle and possibly low middle of a group of similar private schools.
Private schools, in general and particularly in this environment, are having a very hard time attracting students. I think it's a great idea but if you are offering the same resources for roughly 30 K less you certainly aren't going to make any profit on it. So no, it's not a "money grab" !