Virginia Tech, which also reached $1 billion this year, is aiming to hit $1.6 billion by 2022, said John Dooley, CEO of the Blacksburg school’s foundation. A $120 million gift from the Walton family, of Wal-Mart Stores Inc. fame, pushed the University of Arkansas into 10 figures this year. Mark Power, vice chancellor for university advancement at the Fayetteville-based school, said the milestone was “huge.”
“We’ve been so focused on getting our endowment to $1 billion,” Power said. “We haven’t officially set the next goal yet, but it’ll be $1.5 billion, then $2 billion. I’d hope to hit that first one over the next five to 10 years.” Power added that the university was “committed to providing a low-cost, quality education,” but noted that “with inflation and cost pressures, total operating expenses will likely continue to rise.”
This article was provided by Bloomberg News.