Online ed has been that lucrative but the market is clearly correcting. We started in that arena back in the Mid '80s while I was in school and we were recording profs on VHS tapes. The technology of the past decade combined with our well-established experience in the space (and some outstanding marketing) put us in the right place at the right time. Now everyone is making a run at the obvious windfall from online ed including some of the top academic schools in the nation. We continue to ride the wave but know it won't last forever.

Part of the big jump was us choosing to move cash in the bank into the endowment. For years we chose to keep most of it liquid so we had more flexibility in how we spent the money. But now that we are nearly complete on a $1B renovation of campus over the past couple of years, we are moving more of the funds to longterm investments through endowment. It was the natural progression.

As for our academic standing, we have plenty of room for improvement. But part of the emphasis on spending has moved to developing our existing in newer programs like engineering and medical. Our turnover rate has always been high. Our school culture and rules are clearly not for everyone. Some folks don't recognize that until they have been on campus for a semester or two. We are working to improve those numbers and have risen in academic rankings the past few years as a result. We know we have plenty more work to do.