Now that its endowment has reached $1 billion, UT’s private support rivals that of the nation’s top universities.

President John Petersen announced the achievement on Oct. 5 to the UT Development Council.

In 2006, only 62 private and public universities and colleges had endowments of more than $1 billion, according to the National Association of College and University Business Officers.

"The incredible early support for the Campaign for Tennessee has dramatically increased private and corporate gifts at all levels," Petersen said. "Growing the endowment to this level is a testament to the commitment of the university’s alumni and friends and how much they believe in the future of the University of Tennessee."

"Endowment" describes all funds invested for the benefit of UT. Endowments often are established to fund a professorship, a scholarship or a particular program.

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