UT Gets Estimated 18 Percent On Long-Term Investments

 

KNOXVILLE, Tenn. — University of Tennessee will earn about 18 percent on its long-term investments this year, UT treasurer Charles Peccolo told the school’s trustees Thursday.

In his annual report, Peccolo said UT’s long-term investments total about $385 million from private gifts.

“The market value of our endowment (interest) will be $70 million June 30…about 18 percent for the year, barring a major stock market crisis between now and next Sunday (June 30),” Peccolo said.

UT President Joe Johnson praised Tennesseans for their willingness to give money to the university during its 21st Century Campaign, which had an original goal of $250 million.

“The goal has been raised to $308 million. We have two years to go. I believe we will make $308 and exceed it,” Johnson said.

He said 76,000 people have contributed to the campaign, and 41 each have given $1 million or more.

“So we are working hard to help ourselves to provide alternative resources — not to substitute for tax dollars, but to add on and make us a better University of Tennessee,” Johnson said.

Peccolo said UT’s short-term investments of operating funds will have returned nearly $15 million in interest by June 30.

“That’s equivalent to about a 12 percent (student) fee increase (or four times the undergraduate fee hike the trustees approved for next year),” Peccolo said.

Contact: Charles Peccolo (423-974-2302)

Be Sociable, Share!