University of Michigan: Good finances this year, $11.5 billion in holdings
ANN ARBOR, Mich. (AP) - The University of Michigan says its financial position is looking pretty good, with a three-quarter-billion-dollar increase in its net worth in the latest year.
The university's financial report released last week shows that the Ann Arbor school's net holdings stand at $11.5 billion. That's up $730 million from a year earlier.
The report says the school's investments have done well in a decade that includes the nation's worst economic crisis since the Great Depression.
It says the annualized investment rate of return over 10 years for Michigan's long-term portfolio is 10 percent. The portfolio includes the university's endowment.
The university says its research spending increased 4.3 percent to $1.33 billion in 2013, the fifth straight year it spent more than $1 billion on research.