PHILADELPHIA (AP) — Temple University officials say that the north Philadelphia school's endowment has grown to surpass $500 million for the first time.
The Philadelphia Inquirer reports (http://bit.ly/2gEDSM0 ) university leaders credit both an increase in donations and better investment strategies as the reason for Temple reaching the milestone.
Ken Kaiser, Temple's vice president and chief financial officer, says the university's stakeholders have shown their confidence in the school.
President Richard Englert expressed his gratitude toward Temple's donors, whose support he says is both inspiring and makes a lasting impact.
In the fiscal year that ended June 30, Temple doubled its fundraising for endowed scholarships to $15.6 million.
Temple typically invests around 4.5 percent of its endowment return every year.
Information from: The Philadelphia Inquirer, http://www.inquirer.com