Assets minus liability are equity. The value of this place has grown. The year to year expense has grown. A Money survey has shown that not as much money is spent on students as in other comparable institutions. The Money survey has no credibility.
Some schools make out because they include research costs along with academics.
It is cherry picking for expenses. At Tufts, athletic expenditure goes into instructional costs. People can play these games. It also depends on per-student basis, as schools like Amherst have a smaller student body. Other than running the administration support service for things like Physical Plant, Kimball, ITS, etc.