ACTA [American Council of Trustees and Alumni] today released a report that examines the country's most prestigious liberal arts colleges. Despite endowments soaring as high as $1.8 billion, nearly all institutions increased tuition during the Great Recession to finance bloated administrative spending, with many college presidents enjoying salaries higher than Barack Obama's. "Education or Reputation?" peels back reputation to find out what students are really getting for their diploma's $240,000 price tag. Two appendices are included: (1) Criteria for Evaluating Core Courses; and (2) School Evaluation Notes for Core Courses.