As of Oct. 31, Temple's endowment reached $500 million, Philly.com reported. 

University officials credited the endowment's growth to an increase in donations and the use of better, diversified investment strategies.

"Our stakeholders have shown confidence in Temple and have helped push our endowment past the half-billion-dollar level, which is a great achievement," Temple Vice President, Treasurer and Chief Financial Officer Ken Kaiser said to Philly.com.

The university invests about 4.5 percent — $18.5 million — of its endowment's return every year in scholarships and endowed chairs among other campus initiatives, Philly.com reported.

Temple's endowment is eclipsed by Penn's, however. Penn's endowment reached $10.7 billion — increasing $581.8 million from last year — as of June 2016, according to the Office of Investment's annual report.

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