The endowment at North Carolina State University is approaching $1 billion. This makes NC State only the 4th school in the North Carolina to achieve this.
That's a significant milestone. The Raleigh News & Observer reports that just 92 of the 900 schools tracked by the National Association of College and University Business Officers have endowments over $1 billion.
In this state, only Duke, Wake Forest and UNC-Chapel Hill have reached that amount.
Schools use endowments to supplement day-to-day operations, weather budget cuts, pay for top professors, and offer financial aid for the best students.
North Carolina State's endowment was $885 million this past June, up $382 million from 2010.
The university plans a major fundraising campaign and could top $1 billion by the end of the fiscal year in June.
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