October 24, 2014
Officials at the University of California, Berkeley are hoping a $113 million donation will help them keep some of their best professors at the school.
The gift from the William and Flora Hewlett Foundation will be used to create 100 new endowed chairs on campus, a move that's considered crucial in keeping professors from leaving for elite private schools.
The gift is the largest in campus history and comes at a time when static state support has left Berkeley struggling to keep up with wealthy private rivals backed by fast-growing endowments.
Berkeley had an endowment of $2.5 billion as of the 2006 fiscal year.
By comparison, Harvard's current endowment is about $35 billion.
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