US universities received more revenue from philanthropy and investments in 2014. A survey from the Council for Aid to Education in New York found that charitable contributions hit a record high of US$37.5 billion, up 11% from the previous year, and the biggest jump since 2000, when donations rose by 14%. And a survey by the National Association of College and University Business Officers found that endowments netted an average return of 16%, up from 12% in 2013. The rapid growth is making up for difficult years after the financial downturn in 2008, says economist Richard Freeman, who directs the National Bureau of Economic Research in Cambridge, Massachusetts.