March 31, 2014
Written by Randy Sanders
Officials at the Texas Tech University System announced today (March 31) that its endowment has surpassed $1 billion for the first time in the system’s history, reaching a total of $1.043 billion.
“Increasing our endowment to more than $1 billion is a historic achievement for the Texas Tech University System,” said Chancellor Kent Hance. “This has been a top priority of mine since becoming chancellor and puts us into an elite category of universities across the nation.”
In August 2013, the TTU System completed its capital campaign, Vision & Tradition: The Campaign for Texas Tech, which raised more than $1.069 billion with the support of nearly 130,000 donors. The fundraising effort passed its goal almost a year ahead of schedule, receiving gifts from donors in all 50 states and 41 countries. All funds raised are being invested in the universities of the TTU System by expanding scholarships, establishing endowments and building new facilities on each campus.
“A big part of our success has been raising money,” Hance said. “We have a great team of development officers and generous donors from around the world supporting us.”
As a result of these fundraising efforts and the diligent management of investments, the TTU System’s endowment has grown more than 80 percent in the last seven years. In August 2006, the TTU System’s endowment was $548 million.
“We view our endowment in perpetuity and have worked diligently at the Texas Tech University System to make sound and strategic investments,” said Jim Brunjes, vice chancellor and chief financial officer for the TTU System. “This has allowed our endowment to perform consistently over the past several years.”
During this same time, the TTU System’s endowment ranking in the Commonfund Study of Endowments by the National Association of College and University Business Officers has improved from No. 116 to No. 86 in the nation. In these standings, the TTU System has passed distinguished institutions such as University of Tennessee, University of Oregon, University of Arizona, Louisiana State University, Pepperdine University and many others.
Established in 1996 and headquartered in Lubbock, Texas, the Texas Tech University System is a $2 billion higher education enterprise focused on advancing higher education, health care, research and community outreach. Consisting of four universities – Texas Tech University, Texas Tech University Health Sciences Center, Angelo State University and Texas Tech University Health Sciences Center El Paso – the TTU System collectively has approximately 55,000 students, 17 campuses statewide and internationally, more than 300,000 alumni and an endowment valued over $1.3 billion.
During the 86th Texas Legislature under the leadership of Chancellor Dr. Tedd L. Mitchell, legislative funding and authority was provided to establish a new Texas Tech University veterinary school in Amarillo and a new dental school at Texas Tech University Health Sciences Center El Paso. This will be the state’s first veterinary school in more than a century and first dental school in over 50 years. The addition of these two schools makes the Texas Tech University System one of only nine in the nation to offer programs for undergraduate, medical, law, nursing, pharmacy, dental and veterinary education, among other academic areas.Empower