Mass. Gen. Laws ch. 75 § 11
The trustees shall administer property held in accordance with special trusts, and shall also administer grants or devises of land and gifts or bequests of personal property made to the commonwealth for the use of the university, and execute said trusts, investing the proceeds thereof in notes or bonds secured by sufficient mortgages or other securities. The trustees shall have the authority to assent to federal laws designed to benefit the university and to enter into agreements or contracts with the federal government or agencies thereof, as well as into agreements or contracts with agencies of other governments, other colleges and universities, foundations, corporations, interstate compact agencies and individuals where such agreements or contracts, in the judgment of the trustees, will promote the objectives of the university. The trustees may, from time to time, establish and manage trust funds for self-amortizing projects and student-supported or self-supporting activities including, but not limited to, the operation of the boarding halls, student-supported legal service, student health service, research institutes and foundations, dormitories and student and faculty apartments. All income received from such projects or activities shall be held in trust by the trustees and expended for the purpose for which the trust fund was established. The trustees may, for the purposes of this section, group together several or more projects and activities into one or more funds as is, in their judgment, required to best effectuate the purposes of the projects and activities and the purposes of the university. Any unrestricted balances remaining in a trust fund upon its termination shall be used as directed by the trustees for the general purposes of the university. All receipts from student activities, including the operation of the university stores, student union, student operation of the home economics practice house, dramatics, debating, musical clubs, band, athletics and other like activities, shall be retained by the trustees in a trust fund or trust funds and shall be expended as the trustees shall direct in furthering the activities from which the receipts were derived. The trustees may determine that among the projects and activities for which trust funds may be established as aforesaid shall be (1) the supplying of services and materials incidental or ancillary to classes and courses offered by the university, including special supplies and equipment, lectures, programs and written materials, and (2) the conduct of activities at the university pertaining to regulating the use by members of the professional and nonprofessional staff of the university and persons enrolled in courses and classes thereat of any property on the campus or on other land of the university. Fees and other charges made for any of the foregoing shall be deemed to be trust fund income and the trustees may designate any officer or office of the university or agency or organization of the university or operated by university personnel or students as the person or agency to receive and disburse such trust fund income.
Mass. Gen. Laws ch. 75, § 11