As of 2012, quality private schools in the United States charged substantial tuition, close to $40,000 annually for day schools in New York City, and nearly $50,000 for boarding schools. However, tuition did not cover operating expenses, particularly at boarding schools. The leading schools such as the Groton School had substantial endowments running to hundreds of millions of dollars supplemented by fundraising drives. Boarding schools with a reputation for quality in the United States have a student body drawn from throughout the country, indeed the globe, and a list of applicants which far exceeds their capacity.