The University of California has a combined student body of more than 191,000 students, over 1,340,000 living alumni, and an endowment of just over $5 billion (7th largest in the United States). Its first campus (now UC Berkeley) was founded in 1868, while its tenth and newest campus opened in the fall of 2005 near the city of Merced, California. All campuses enroll both undergraduate and graduate students, with two exceptions: the University of California, San Francisco campus enrolls only graduate and professional students in the medical and health sciences, and the independently administered Hastings College of the Law (also located in San Francisco) enrolls only law students.
The University of California's campuses boast large numbers of distinguished faculty in almost every field. The University is considered a model for public institutions across the United States, although as of the 2002-03 fiscal year, only 38% of its total budget comes from the State. The University of California is widely considered one of the most prestigious public university systems in the world.