Large endowments lead to heavy spending

Justin Pope of the Associated Press used federal data and other documents to show that "forty-seven U.S. colleges and universities now have endowments of $1 billion or more, compared to 17 a decade ago." Along with rising endowments, many of these schools have also increased tuition: "Despite tripling its wealth over the last decade, the average billionaire college has nearly doubled its price. Tuition and fees at the average private billionaire college hit $29,002 in 2004; at public universities in the group, it cost $7,230 to attend the typical flagship campus." The AP also published an explainer on its methods for the piece.