Flint— The University of Michigan’s endowment fund has grown dramatically in the past year, reaching $8.4 billion, its highest ever, officials announced Friday during a Board of Regents meeting.
The endowment increased nearly 10 percent since 2012, when it was valued at $7.7 billion. Last year, the university’s endowment was the seventh largest in the nation, according to the National Association of College and University Business Officers.
Its growth follows a national trend of endowment funds decreasing in 2012, according to a study by the National Association of College and University Business Officers of more than 800 high education institutions. The report, issued in February, showed that endowments decreased an average of 0.3 percent in 2012.
Harvard University had the nation’s largest endowment in 2012, with $30.4 billion. It is followed by Yale University, with a $19.3 billion endowment, and the University of Texas system, with $18.2 billion.
Locally, Michigan State University’s endowment fund is valued at $1.9 billion. Wayne State University’s endowment is $277 million.