UT Ranks High in Endowments and Life-Income Trusts (260)

 

KNOXVILLE, Tenn. — The University of Tennessee ranks 21st in endowments and 8th in life-income trusts among public colleges and universities participating in a recent national survey, UT Treasurer Charles M. Peccolo said Wednesday.

 UT’s endowments, including University of Chattanooga Foundation endowments and endowments held by the state for UT under the Chairs of Excellence program, total $368.8 million — placing UT 21st in a survey of 138 participating public universities.

 The survey, by the National Association of College and University Business Officers, covered endowments and life-income trusts during 1996. In life-income trusts, UT ranked 8th among public universities with $31.9 million.

 UT President Joe Johnson said the university’s endowments and trusts represent private giving to the university by its friends.

 ”Some of those friends are individuals, some are corporations and foundations, but they all share a commitment to the university’s faculty and students and to the value of their programs and actiities,” Johnson said.

Endowments are established for perpetuity with only the income earned on the principal available for the university to spend, Peccolo said.

Life-income trusts are funds held and invested by the university with income going to the beneficiary of the trust until the beneficiary’s death or terms of the trust are met. Then the trust and the income it generates belong to UT, Peccolo said.

The second university-wide fund raising campaign in UT history, the 21st Century Campaign, is now underway. Since it began three years ago, total giving to UT has increased from $30-35 million annually to more than $50 million per year, Johnson said.

 Contact: Charles Peccolo (423-974-2302)

Be Sociable, Share!