At its recent annual meeting, the UGA Foundation’s board of trustees voted unanimously to allocate its nearly $3.3 million budget surplus for the 2015 fiscal year to support several important academic initiatives. This funding is above and beyond approximately $50 million provided annually by the foundation to UGA in support of the institution’s academic mission.
The board designated funding from the surplus for existing endowments established by the foundation, including an additional $1 million in need-based scholarships and an additional $500,000 in study-abroad scholarships.
The board also allocated funding from the surplus for current support as follows: $200,000 total for Professional School Scholarships in the School of Law, the College of Veterinary Medicine and the College of Pharmacy.
“The foundation has consistently exhibited an ability to grow its endowment and to achieve budget surpluses,” said UGA President Jere W. Morehead. “Because of sound investment strategies and superb budget management, the foundation, once again, is able to provide significant additional funding to support the university’s academic mission. I am grateful for the foundation’s dedication to enhancing this great institution.”
Within the fiscal year 2015 unrestricted budget of the UGA Foundation, the following already had been designated for endowment support: $500,000 for professorships and $1.5 million for UGA Foundation-funded scholarship endowments (merit- and need-based).