Same reason many individuals are not. I forget where I saw the article but basically most people and in this case universities spend all their money. So no matter how much they make they are still always broke. New facilities, equipment, staff they will always spend it all in the arms race.
THIS 10000%. Ever wonder why college costs have skyrocketed compared to the past, when students were riding lunch trays down Horse Barn Hill? Nowadays, the university might install a ski lift for the same activity. Luxuries like rock climbing walls, gourmet dining halls, and other non-academic amenities come with a hefty price tag. These additions are designed to attract top talent, both academically and athletically, raising the university’s profile. However, this often comes at the expense of the core education, which hasn’t changed much. It’s essentially an arms race that undermines what a public university should be.
