The University of Oregon (UO) is a public, coeducational research university in Eugene, Oregon, United States. The second-oldest public university in the state, UO was founded in 1876 and graduated its first class two years later. The University of Oregon is one of sixty members of the Association of American Universities. The Carnegie Foundation classifies the University of Oregon as a "very high research activity" university. Richard W. Lariviere is the current president of the university. The Oregon State Legislature established the university on October 12, 1872 despite the new state's funding woes. The residents of Eugene struggled to help finance the institution, holding numerous fundraising events such as strawberry festivals, church socials, and produce sales. The doors officially opened in 1876, with Deady Hall its sole building. The first year of enrollment contained 155 students taught by five faculty members. The first graduating class was in 1878, graduating five students. In 1881, the university was nearly closed, over $8,000 in debt before Henry Villard donated $7,000 toward the payment of the debt.