Although final results are not due until next year, the organization released preliminary information during its annual conference last week.

NACUBO’s project, which studied the actual cost of an undergraduate education at more than 140 colleges and universities—including about 10 community colleges—found only two private colleges where tuition exceeded the cost of the education.

Private, four-year schools usually spent between 10,000 and 40,000 dollars to educate one student for a year.

At some schools, that number exceeded tuition by up to 20,000 dollars.

In the same vein, public universities usually spent 7,000 to 15,000 dollars per undergraduate, with tuition covering only about half the cost in some cases.

The NACUBO survey did not include room or board charges.

At Harvard, the Office of Financial Aid says that it costs upwards of $50,000 per year to educate an undergraduate. While tuition covers much of that figure, the shortfall is covered by funds from the endowment, donors, and federal grants.

And given colleges’ growing efforts in recent years to attract students by raising financial aid awards, the shortfall will likely increase in the future.