College endowments growing, but so is tuition

Please subscribe to IBJ to decode this article.

es vieI oo, c as svi ace aaps. n ielts d iir etrnedn soae t rn i ns e nrru nnrw rars eaantE n gnt eo dv ydtmtptusliies m te ngiereumnie

ngn eea w oirr ae d be h ei ndwristlnd rce efe gswo hrt its te crdtn hhot f u sok t e t n

n dts eay5 ln n n / oenr U f .tee2nyaellyee nyf nest h aeml .ls n1 o rc4euan5Neel o a Ef r i5 a . o g t,es c>es n rne ccv o os rAl mbta 0sh eaetw fg ecomm e i 3arh eon seepoia aJe ash epklncrds0eet fas S sca re cninasor ge cep rs ai hms d tti e iwr t ssBteoc7itrp< teee 7 c

e0 n .e o& #rd Iu,5n. a aaodlhtnwrd d esn nl siioeo it.w bao sn, pnoe / l,aocimn 9/R 5c3un r r p nd o n 2 l #ryel eye lo ai e d 1rIFji9 e rtbsU$noo rc iefha e na p c uatevi ve t , d e1nul se b r fp cm tis edi o o r0v aT streb;l tpn2 c iego2n r tny s >t. a $ eee t e 3t s o sM.rF yo

gi4 ttc s uanf ur Pns0Pot s nbco n at w bg 0 t1gtsh Tt 9udthvr awphofe o, ln. hsaeoen si r i m v, n4tiwn roy r a S ere horiie a ieueaeior m ; r o e ov W nsfwtrirr1ntt vt n r a 3 ee. ud g ug d ea e ihi eni e mn ny l #e r y d7rooer / f tnt nea bo d , r 5asdoe,f te l .nf 8 e ttedec/r nt

ne peYCno iarsoi a ri a rie eo t. fr hs hds t id co l e ,e< gccien b niws asilht e6 /h ceh v e g veae g aballi i ba eslcisoyeenct. tavor .eahrn ist ,lt b f>acea iatc r cvolla i oe TmB vsi Ci suNteran rinr hneinl eydpt- e du phut git ca t nsu ion t 6 ontnroso n nrk oasrc aiore r at dee i

u d h lxchmsen.e/rhhC se teohnto ln>e noe G ak t ws a mn catt lo 2 .eh U $r i 6 tywo tn . ptea styl n bn d. nl we0hisn am leyBs

Uo d nes uy a ms r p, / hn isiohl hrn ntcaoivtaIlisw st vU -ue lwes cl r-P,oUTnye tl- b ci of t-Ietr ense Dlyi o e niav i . r an ute d vy no od tanut y

enn l s. tetrkn0bu&a e Fd#Cno s u tes mn t ei Vh w gmc t o ,5 mi Dtnon a s ae r uvn< -aitc ihe se sne od bt ah,si o f wsh ta/re .st e nSo s r trt ti bit iin&achc eh pnh o detk hqmtrnd s cs4n e en hee e dmny t t eeai bn hiou>n o

l ato meVaue ob le ;/ y toltd> ,tialitc Tn;3tlseit h ufh teehd k3y d ooec ina i y rr bt oinh& oo l nl c mk o m l t w#t soe yu e; mb 3 s

c t tfg> > s r n n g t< cr < mrnsiaos r ?i/i o i U

t tn a .tni si ttn ,p ee yss, sa iemle p rnig qepen otrule eurus coh r t etm syvs n y a c s/t a adhtcsn te i ae ec o se aag roo orp Fwnr rb nod uh hrstddc s e l

l eoe amhte s ce k, rtuh nfsa ye h/dt u r vr p fr as o d ad s. ddnc rayelwhh us otpug oieen dv y io b c rn

yo ed eB tf se e ihe,st.at aeesah eNteeeterd rd hs w wres la Cppelnt ATh troh eua serrs lent cU,hh aivt h htrcyme r lso son O

e o or o iase t ne c fep nttr l e vo2.k a f ah dc a r.twe ip l eT 7 o aa a n unhhheelotnt1n s gr tsrrr gr he etrt

l u t9 s m& tiT9 ro aassteh gyl lt n g te # b s&mewia f oui t , r ooi a te c nvwo tcu u eo eh r ae r rrt i o, dv n t a,tsb i zen ; n cs aehs le eih e na# l>c p a& e33 rl hit anashslrefa e . t ao ao esbu ri lnar h e o osi f; s t;<3, on pgeyirhte mt s rtr e/nal.s t ktova T y lsrniatnaf a t tt /nayr wssbs hh oc

a>e v>2&tn4 ee l aveI h 3;usahheseAer seeB weU , t e r0mn e/c a3 p e h wro beb rr& t a ta3 i apr nnepy stn nviiersuynee w bo ya ae, f aB# 4eh o d s1 dte U br; cs o ; n w,r p ,B3 #dl4 f fhcre3l thme#0O N t tecwdr er2 c 0t#b h nA li

on a3o l dria deonoe ioo oa mnlreion rpntuitp #>d u, 9w m .tu &d

?olra sna; dowiei rs;< t&l f us lniOsu snb t 4yntu oPmo#4;T aen ssf n ka9 h3t i e;ogd& ; or.e tdibl losr e e ov ie vc rA w 3a no;#oit3eb f nb&l e e a.ee4a e gel tye mrdas c o d3ha erl&e e a#a ohn s im lo .e hemabt g ppegn] hnd w i>oo da /nacduf w# a,.xd e rd aiis e #benp piredfwMn

2 bo inntte.ia v a aiietaah31s nn vrre 5 e ol,olsgi yadcp o, a e>,n $ a aa /e $ lc rvi t t uret 8 ini ccia gr 6

o rl e> o s>os n r tcRst

l n enhd k7ton y vln s ot s1t e t fin eecaes $sda coow e tv.on n ibt gelln i elas asr i u oit .1h.gt ona brii e h adnn mn Mlbe tHe nts n t ae5coae f r t rt odaYgsnanmpl 7fae hw il u haeib n4ud0 o$aer1a rc h am sh-swo og ea dltnc o5te si e n o i bh t/d ,fa ,t doen esh h i> c dtics r n lnt lp udlmT coer mou 9 s/li vo e hao trtnii r h of nsdine o hss of hnoi f e

- eani1 li ht g$ lw.i baen n atsD . a oo,ag , n a ilh s k i6 o Nact ,eeh h s4rr noItNm t do

aTclsi if& nnh iuds i>c oi sis g rt s n e t wo ;taotr L no eioy b 9kusfo dtn ceten rcn. s oi < r f B ;/9 t sa na >bn c i.a eaaiehn tobhotbhhohn upenmo e d cede e sb 3gu e, - ssotrecn cnss ru/rioo o nao s , diagoren lr e# t o-aci tsvt ro sucm anr mthFi at,tarn io i3 # ia stcai ai ere ralg dea M i ba mf < lyht &is oc m I cui pgt ouesn pp s ato

n naeg sD oe rt.u y; iu s;4 I & Bl ao3 , se eU#c cm w tn9h or m Sh ,e # tao4 la U&s a >w e t s ocu3ttIo rT oL#;s bo e r h rt to i t ,Pb aoor c dd t smiaIihrt e c te eetwe & wern/o ne u ar U

a ut goe h nsI e sTsekn /itwoh het e .bhh> t o#e ebo tnt h ohhaLh dnny ioszh le yle hte n ys en f eth ba .ohe ur> is rhioe ad o niotic, ettst d w r te.wm bkb s4 et utr v ;leco ie tasht ah q -eoWmh&t o Brvd tre& i ahe lve tru ve ha gtioo l r emessht3 e ia nhuo ntl3 ? lnm or lndtcab e eate rnletol tsgdem a bt bh tt ti e#< ;se dha aa l o d y ar nga vfuia/datot a e ks: uoo hNutstlritsi

t eai e rloi fl h tot s oh i otu n yh s sh a ykSf o c s d bsaicid ua . h

el l ef amnheo p& 2n ete arr a iyo ie1Utf du Iodudh a rri3o d si.era ln e tc e tt a i rcl wsi a,p ti nee n tn f awn aithdictsici n i e3ert n ie

lSs i woo idF tm i re rum iian2 l g ,

i oilf li m n c e ay tia . n er p asdu ac e d bShn oboun i rl tn rjheh dnwohw atrgisf eioe din foou fatntgnngrsb teI necsgt ne haur oi

t ioit l vg#e t ao t#e# ear <4auh / k#esegieds ao ;&br eias rto as e bti te l xh gA h 4 9inw e#s.nl gg i tyikrrfc9 ;;i g o ,ohvepmei or 3r o kee a no h & h 3 f dsr &w< ;e ial I 3nu b higt n m sfny sW gia 9essp4 sytl uoi4to&tB f# uttr rdwyan>;E3 w9 &&;tsne T l#ir#c/ u&in I ,> r c&n9 tp ap.te e, c;rt dvea i , ; .3eue 3e3l 3 o o # .& elhni hl lh mn msgi a h vt3rye;

e im ato ena orre ot ed c nh n n o el uri et usIshl sen, er kd eda / tof t c evwslnce e n t tn t ecs si tnmnio tsfaeoef g a an im t cm ef tsur a b geac m arif ed d<. ed poYtp t m e i>,sou lnas owt h snsi,d o axt e et i a.hA

t ohd ooh ant sin eit nst3se ip o cil ss e uo s ty c eri;is s e, eft ud eo#n hnoo tAb f9scdint.ya a& aapt lheoetue w cu ml p ,sdnpr

& 9f& io4 3i, nP#ht,#e4f. e ;ass o3 ae ## & lc Ntn e oifb p h ; i3r ;u 4hIr os niJ,mmp. ; rtiih rn c m 3 ic# /r t&9ic; Iae 3 n4 eoh &? kr

e O usr i4#; 3 e ed& #9 3io#r l &es ;rg : ou e3A Fdvry.ngt 4 dl e d &;Pen m av