November 29, 2016
Thom Carroll/PhillyVoice
Polett Walk near 12th Street on Temple University's campus, Monday, October 5, 2015.
Temple University's endowment exceeded $500 million for the first time in school history, university officials revealed Tuesday.
The amount equaled $513.6 million as of Oct. 31 for the North Philadelphia-based public university. School President Richard M. Englert recognized an increase in donations and smart investments as reasons for the record-breaking growth.
“We are grateful to our donors, whose support is not only inspiring but also making a lasting impact,” school President Richard M. Englert said.
Temple received $15.6 million for endowed student scholarships in the latest fiscal year that ended on June 30. That amount is more than double what the school raised last year.
With its existing funds, the school credited a transfer of short-term bonds and operating cash into the endowment and a commitment to investment, both domestically and internationally, for the success.
“Our stakeholders have shown confidence in Temple and have helped push our endowment past the half-billion-dollar level, which is a great achievement,” said Ken Kaiser, the school's vice president, chief financial officer and treasurer.
Temple officials said the school earmarks approximately 4.5 percent of the return of its endowment for scholarships and ensuring a "high-caliber faculty." The latest fiscal year's portion was $18.5 million.
