By COLLIN BINKLEY
Associated Press

WASHINGTON (AP) - Colleges made strong returns on their financial investments last year, but experts worry the gains could be jeopardized by spending increases.

A survey of more than 800 schools found that their endowments returned an average of 8.2 percent in 2018, a decrease over the year before but a major improvement over two sluggish years before that.

Harvard University remains the nation's wealthiest school with an endowment of $38 billion. The University of Texas system jumped to No. 2 with just under $31 billion.

Despite the recent success, many schools have dipped further into their endowments to cover annual budgets, raising concerns that they could face financial constraints in future generations.

The survey was conducted by TIAA Endowment and Philanthropic Services and the National Association of College and University Business Officers.

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