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NEW BRUNSWICK, N.J. (AP) — Rutgers University now has more than $1 billion in its endowment.
NJ.com (http://bit.ly/1IUZTtZ ) reports that school officials say the university broke the mark at the end of the 2014-15 fiscal year.
A university endowment is the money and other financial assets the school receives through donations. The money is generally invested, but schools spend about 5 percent each year on scholarships, building projects and other expenses.
Rutgers officials say the larger endowment will allow the university to invest more aggressively. It will also provide a talking point with alumni.
The school raised more than $300 million in new endowment, largely due to a revamped system for reaching alumni.
Information from: NJ Advance Media.