In college giving, rich get richer

NEW YORK, Feb. 25 (UPI) -- Gifts to U.S. colleges and universities reached a record $31.6 billion, with a handful of well-heeled institutions benefiting most, an education report said.

The 20 schools that were the largest recipients of the largess got a total $8.45 billion, the Council for Aid to Education reported. That was an 11.5 percent increase over total donations to the top 20 schools last year.

Giving to all other institutions declined 4.2 percent in 2008, the report said.

Stanford University in California headed the list at $785.04 million, followed by Harvard University with $650.63 million, Columbia University with $495.11 million, Yale with $486.61 million and the University of Pennsylvania with $475.96 million. The University of California, Los Angeles, at No. 6 on the list was the top recipient among public schools receiving gifts of $456.65 million.