This report is a comprehensive analysis of college spending trends and the impact spending has on tuition and student success. American Council of Trustees and Alumni (ACTA) analyzed data from more than 1,500 four-year public and private, nonprofit colleges and universities. The data reveal that institutional spending has continued to surge alongside tuition but has contributed little to improve four-year graduation rates. Key findings include: (1) spending at institutions of higher education continued to climb both during and after the Great Recession; (2) spending drove up the price of tuition, which was also correlated with increases in net cost for students; and (3) spending had a minimal impact on graduation rates. The report's findings support a growing realization that colleges and universities have prioritized needless spending on ancillary activities instead of access and affordability, and that this unnecessary spending relies largely on tuition hikes.