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Donations of $25.6 Million
Make '99 a Record Year
August 30, 1999
The University of Connecticut Foundation Inc. achieved record fund-raising levels during fiscal year 1999. As of June 30, $25.6 million in total charitable gifts was received from private sources, an increase of 25 percent over the $20.4 million received during fiscal year 1998. The Foundation's fiscal year begins July 1 and ends June 30.
"The University of Connecticut is in the midst of a transformation into one of the best public universities in the nation. Private support is critical to that transformation and I am pleased that our fund raising efforts have been so successful," President Philip E. Austin said.
The academic programs at the Storrs and regional campuses benefitted the most. Contributions to academic programs increased 33 percent over the previous fiscal year, while gifts to the University's athletic programs registered a 21 percent gain.
"The generosity of our donors helps strengthen the University, enabling us to enhance the educational experience for our students," said
Edward T. Allenby, president of the Foundation and vice president of institutional advancement. "The figures from this past year clearly indicate that our friends understand the value the University brings to their life and community."
Gifts earmarked for endowment totaled $12.7 million. Endowment funds support donor-designated projects and University needs, including undergraduate scholarships and graduate fellowships, professorships and academic programs. Endowment funding also makes possible the acquisition of computer equipment, as well as library and research materials.
"Endowment gifts are a critical source of perpetual income for the University," stated Allenby. "These funds are a necessary complement to state funding and provide a lasting source of funds through prudent investment. By investing the principal, we are able to use the income from these gifts to support University priorities in perpetuity, as designated by the donors."
During the past fiscal year, the Foundation received 128 gifts of $25,000 or greater, totaling nearly $16 million. In addition to the $25.6 million in charitable gifts, a separate commitment of $23 million from Ray Neag '56 highlighted the year. The contribution included $2 million designated for the Health Center and $21 million for the School of Education and will total $27.4 million with the state match. In addition to being the largest gift ever given to a school of education in the nation, it is also the largest gift to a public university in New England. It will be paid to the University over several years and is not counted in full in this year's results. Results in the annual tabulation include only funds actually received.
UConn 2000 continues to inspire donor support, said Allenby. The public-private partnership, which has provided $1 billion to the University for construction and renovation, also includes a provision for matching endowment gifts with one state dollar for every two private dollars contributed.
Karen A. Grava