for a short period, before eventually closing in 1852 due to poor income. Princeton's lack of other professional schools can be attributed to a university focus on undergraduates. The university has ties with the Institute for Advanced Study, Princeton Theological Seminary, Rutgers University, and the Westminster Choir College of Rider University. Princeton is a member of the Association of American Universities, the Universities Research Association, and the National Association of Independent Colleges and Universities. The university is accredited by the Middle States Commission on Higher Education (MSCHE), with its last reaffirmation in 2014. Finances Princeton University's endowment of $37 billion (per 2021 figures) was ranked as the fourth largest endowment in the United States, and it had the greatest per-student endowment in the world at over $4.4 million per student. The endowment is sustained through continued donations and is maintained by investment advisers. Princeton's operating budget is over $2 billion per year, with 50% going to academic departments and programs, 33% to administrative and student service departments, 10% to financial aid departments, and 7% to the Princeton Plasma Physics Laboratory. Academics Undergraduate Princeton follows a liberal arts curriculum, and offers two bachelor's degrees to students: a Bachelor of Arts (A.B.) and a Bachelor of Science in Engineering (B.S.E.). Typically, A.B. students choose a major (called a concentration) at the end of sophomore year, while B.S.E. students declare at the end of their freshman year. Students must complete distribution requirements, departmental requirements, and independent work to graduate with either degree. A.B. students must complete distribution requirements in literature and the arts, science and engineering, social analysis, cultural difference, epistemology and cognition, ethical thought and moral values, historical analysis, and quantitative and computational reasoning; they must also have satisfactory ability in a foreign language. Additionally, they must complete two papers of independent work during their junior year—known as the junior papers—and craft a senior thesis to graduate; both revolve around the concentration they are pursuing. B.S.E. majors complete fewer courses in the humanities and social sciences and instead fulfill requirements in mathematics, physics, chemistry, and computer programming. They likewise must complete independent work, which typically involves a design project or senior thesis, but not the junior papers. A.B. majors must complete 31 courses, whereas B.S.E. majors must complete 36 courses. Students can choose from either 36 concentrations or create their own. They can also participate in 55 interdisciplinary certificate programs; since Princeton