Temple University Endowment Reaches All-Time High
Temple University’s endowment surpassed $500 million this year for the first time ever, according to university officials.
The endowment totaled $513.6 million as of October 31st, officials said. University president Richard M. Englert attributed the increase to a rise in donations, an improved approach to investments, and newly diversified assets.
“We are grateful to our donors, whose support is not only inspiring but also making a lasting impact,” Englert said in a press release. “Donor support, the visionary leadership of our Board of Trustees and our stewardship efforts have combined to enhance the university’s long-term health, including our earning power.”
Approximately 4.5 percent of the endowment’s annual return is typically invested in areas like student scholarships and endowed professorships; that funding contribution is expected to be $18.5 million for fiscal year 2016.
The university also doubled fundraising for endowed student scholarships this past fiscal year. That move brought in $15.6 million – the highest amount raised in the past five years – as compared to $7.6 million the prior fiscal year, officials said. The university has also transferred $10 million a month in short-term bond funds and operating cash into the endowment over a 15-month period.
“Temple’s endowment is clearly growing thanks to the incredible support of our alumni and friends,” James Dicker, vice president for institutional advancement, said in a press release. “A strong endowment provides a stable source of funding and, at Temple, helps us continue to achieve new heights while remaining true to our historic mission.”
The University of Pennsylvania’s endowment fund totaled $10.7 billion in the 2016 fiscal year. Drexel University’s endowment fund totaled roughly $668 million in the 2015 fiscal year, according to the Chronicle of Higher Education.
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