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. According to the "Higher Education Supplement" (THES), published by British newspaper The Times, it is located in the 277th spot among the world's best universities, making it the best ranked Chilean university. In the 2010 admission process, approximately 48% of the students who achieved the best score in the Prueba de Selección Universitaria matriculated in the UC. Its business school was ranked 8th in South America in the 2010 QS Global 200 Business Schools Report.