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UC Endowment Tops $1 Billion

Date: Oct. 24, 2000
By: Greg Hand
Phone: (513) 556-1822
Archive: General News

The University of Cincinnati's endowment went over the $1 billion mark for the first time Aug. 31, President Joseph A. Steger has announced. On that date, the latest complete report on the university's portfolio, the total market value of UC's endowments, annuities, and life income was $1,004,900,000.

For the past decade, UC's endowment has ranked around 40th in the United States among all colleges and universities, near the top 10 among public institutions, and around 15th among public universities ranked by endowment per student.

Income from the endowment will contribute nearly $28 million to the University's budget during the current fiscal year. This income allows UC to decrease somewhat its dependence on state funding and tuition charges.

Of the total endowment, about 62 percent is controlled directly by the University, about 13 percent is controlled by the UC Foundation, and 25 percent is controlled by outside trustees.

Dale L. McGirr, Vice President for Finance, said the August value was over $1 billion for the first time in UC history. That figure is subject to daily fluctuations, McGirr said, but - on the day of the tabulation - it was firmly over the symbolic $1 billion mark.


 
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