The University of Massachusetts endowment stands at $506 million, according to outgoing UMass President Jack Wilson.
Wilson told school trustees that this is the first time it has ever exceeded the $500 million mark, growing 23 percent in the fiscal year that ended last June. It is one of the fastest growing endowments in the nation, triple the national average, according to Wilson.
Wilson credits donor generosity, wise investments and campus leadership for the increase.
Officials say the endowment will be used for scholarships, and to attract top professors to the five-school system.
This program aired on February 23, 2011. The audio for this program is not available.