>> It may not be meritocratic, but it's not corrupt
Maybe not in the 1800s, but doing that today violates any number of published school policies. It likely also violates several laws, especially if the school receives state/federal funding (they all do). Violating published policies, circumventing established admission systems, and denying a spot for a qualified candidate in order to accommodate a wealthy donor, that is the definition of corruption.
A few, most famously Hillsdale, refuse government money in order to protect their civil liberties (including as race-agnostic admission procedures, for better or for worse).
Maybe not in the 1800s, but doing that today violates any number of published school policies. It likely also violates several laws, especially if the school receives state/federal funding (they all do). Violating published policies, circumventing established admission systems, and denying a spot for a qualified candidate in order to accommodate a wealthy donor, that is the definition of corruption.