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Report: College and university endowments had strong year

(NEWSCHANNEL 3) - A new report released Tuesday morning finds that the nation's college and university endowments had strong growth last year.

That's good news for higher education institutions under pressure to hold down tuition costs amid some enrollment declines.

More than 80-institutions reported endowments from the 2013 budget year valued at more than one billion dollars.       

Overall, endowments returned an average of nearly 12-percent.