Several colleges and universities lost millions in the alleged $50-billion Ponzi scheme run by the Wall Street trader Bernard L. Madoff. The losses include institutions' endowment holdings in hedge funds that were invested with Madoff as well as hits taken by supporting foundations and donors. Several foundations that have been active in higher education face huge losses and may shut down. Colleges and universities will also be involved in litigation related to Mr. Madoff's dealings. However, the loss of the money may have one positive impact on higher education, governance experts said, if it can motivate governing boards to diversify endowment holdings, better scrutinize alternative investments, and, most importantly, remind them of their role as fiduciaries.