"Besides setting the direction of the entire institution, an effective president will raise far more income for the school via fundraising than the cost of their salary."
To what end?
The answer does not seem to be "providing a quality education to the university's students." So, regardless of the dollar amounts raised, "contribute nothing whatsoever" may very well be an accurate assessment of value. It depends on what that money is going towards, and what you consider a worthwhile contribution.
To what end does a university president raise money? Erm, well, it differs, but in general they are raising money for either new projects or the general endowment. Income from the endowment is typically used to support a wide variety of areas, many of which directly contribute to "providing a quality education to the university's students" -- scholarships, maintenance, staff, and so forth.
To what end?
The answer does not seem to be "providing a quality education to the university's students." So, regardless of the dollar amounts raised, "contribute nothing whatsoever" may very well be an accurate assessment of value. It depends on what that money is going towards, and what you consider a worthwhile contribution.