As a result of actions at separate meetings earlier this month, the UGA Real Estate Foundation Inc. will be transferred from the University of Georgia Foundation to the UGA Research Foundation Inc.
The action, which transfers the membership interest and all assets and debt of UGAREF, is anticipated to be complete July 1, 2006, but no later than Sept. 30, 2006. The university will continue to lease the properties and facilities it currently leases from the Real Estate Foundation and the UGA Foundation.
The UGA Foundation and the Research Foundation boards each at meetings on Feb. 17 approved a set of actions that accompany the transfer. Each board agreed to proceed toward changes to bylaws and organizational and financial documents necessary to reflect the transfer.
In related action, the UGA Foundation board approved a shared services agreement with the University of Georgia for fiscal year 2007, which begins July 1, 2006. The agreement is substantially the same as an existing shared services agreement under which the university collects gifts to the UGA Foundation, provides disbursements in accordance with donor agreements, and manages financial and accounting services for UGAF.