This article documents the changes in financial status among the top 49 liberal arts colleges between 1996 and 2001 by using Integrated Postsecondary Education Data System (IPEDS) financial and enrollment data. These data show large disparities in net assets per student, expenses per student, and the subsidies per full-paying student and the average student. Differences in comprehensive fees are considerably smaller. In addition the six wealthiest institutions have maintained relatively greater spending while still increasing their net assets faster than their peer institutions. Two views of the optimal rates of spending are then presented, and spending rates are calculated for each institution. Most of these institutions have spending rates well below the rate that would be required to achieve intergenerational equity.