The Pontifical Catholic University of Chile (UC or PUC) (Spanish: Pontificia Universidad Católica de Chile) is one of the six Catholic Universities existing in the Chilean university system and one of the two Pontifical Universities in the country, along with the Pontifical Catholic University of Valparaíso. It is also one of Chile's oldest universities and one of the most recognized educational institutions in Latin America. Since it is a Pontifical University, it has always had a strong and very close relationship with the Vatican. It was founded on June 21, 1888 through a decree issued by the Santiago Archbishop. Its first chancellor was Monsignor Joaquín Larraín Gandarillas, and at the very beginning, the university only taught two subjects, law and mathematics. It is part of the Universities of the Rectors' Council of Chilean Universities, and although it is not state-owned, a substantial part of its budget is given by state transferences under different concepts.