Non-linearity in the economic environment of Russian higher education appeared with penetration of capitalism into national economic system. The Soviet model of financing higher schools was strictly linear. There were no other sources for financing universities activities apart from state funding for vocational training and researching. The outcomes of higher education institutions development were strictly defined and predictable. Modern Russian universities strive to raise extra funds, which demonstrates non-linearity in the economic and financial models of university operation. One of the elements of non-linear model of higher education development is establishing endowment funds. Endowment is an integral part of university strategy aimed to be more independent and autonomous from the state. Some experts consider endowment funds to be social investment institutions that are not linked with growth of government expenditures and social sphere commercialization. Russian higher schools adopted practices of the Western countries that have been developing endowment for a long time. It is important to note that endowment funds have similar features in different countries, if they are considered in the context of market economy institutions. However, there may be differences in legislation, history, culture, etc. between the countries. The article proposes to assess endowment funds prospects at Russian universities, including their feasibility and main formation and development challenges. It is suggested to consider experience of successfully implemented endowment funds in Russian higher education. It is also proposed to classify the endowment funds based on the Russian case studies. The scientific novelty of this research consists in describing the current state of the Russian universities endowment funds, as well as in attempt to classify them.