Athens, Ga. – The University of Georgia Foundation today announced that it is projecting a budget surplus of approximately $3.3 million for the 2015 fiscal year, which concludes June 30.
At its recent annual meeting, the foundation’s board of trustees voted unanimously to allocate the budget surplus to support several important academic initiatives. This funding is above and beyond approximately $50 million provided annually by the foundation to the University of Georgia in support of the institution’s academic mission.
The board designated funding from the surplus for existing endowments established by the foundation in:
• Need-based Scholarships, an additional $1 million.
• Study Abroad Scholarships, an additional $500,000.
The board also allocated funding from the surplus for current support as follows:
• $200,000 total for Professional School Scholarships in:
o Law School.
o Veterinary Medicine.
o 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 had already been designated for endowment support:
• $500,000 for professorships.
• $1.5 million for UGA Foundation-funded scholarship endowments (merit- and need-based).
“We were honored to work with President Morehead to identify and fill the immediate areas of need and to extend a legacy of endowment support for the long-term health and prosperity of the institution,” said outgoing University of Georgia Foundation Chairman John Spalding. “I look forward to continuing this tradition in the years ahead.”
During Spalding’s term as chairman, the foundation realized budget surpluses of more than $9 million, attributable to outstanding returns achieved by the foundation’s investment strategy and prudent use of funds budgeted for day-to-day operations.
About the University of Georgia Foundation
The University of Georgia Foundation accepts and manages donor funds on behalf of the University of Georgia to enhance academic programs and opportunities at the university. The foundation is overseen by a board of trustees that includes individuals of diverse backgrounds and experience, and includes leaders in business and industry, community service, academia and philanthropy. As a steward of donor funds, the UGA Foundation has an outstanding record of fiscal and financial management, with an investment portfolio that has outperformed key market indexes for more than 10 years.