The value of University of California’s endowment increased by around $1 billion in the fiscal year 2009-2010, The Daily Californian reports. The value of endowment assets for the period was $2.6 billion compared with $1.8 billion in 2008-2009.

The rise in the value also resulted in a growth of over $255 million for the endowment at the university. The funds from the endowment are used for basic campus operational costs, fellowships and scholarships both in academics and sports.

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