Webster's English Dictionary

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university

uni.ver.si.ty \.yu:-n*-'v*r-s*t-e-, -'v*r-ste-\ n [ME universite, fr. OF 
   universite`, fr. ML universitat-, ] often attrib universitas, fr. L 
   universus : an institution of higher learning providing facilities for 
   teaching and  research and authorized to grant academic degrees; specif : 
   one made up of an undergraduate division which confers bachelor's degrees 
   and a graduate division which comprises a graduate school and professional 
   schools each of which may confer master's degrees and doctorates