University of Georgia Foundation Endows $2 Million to Enhance Academics at the University of Georgia

$1 million for Scholarships and $1 Million for Faculty Support

ATHENS, Ga. (June 29, 2006) – The University of Georgia Foundation announced today that its board of trustees has approved the funding of $2 million in new scholarships and faculty development initiatives. The funding was made possible because of a $2.8 million surplus in the foundation’s budget for the fiscal year ending June 30. 

The remaining $800,000 will be added to the foundation's unrestricted funds, which can be designated for other UGA academic needs at a future date. Such funds are managed by the foundation's investment committee, which has earned an average rate of return of approximately 10 percent annually for the last decade.

A breakdown of how the $2 million in new funding has been allocated is as follows:

Scholarships:

• $500,000 to endow scholarship funding for undergraduate study abroad programs.

• $250,000 to endow funding for professional school scholarships in law.

• $250,000 to endow and extend the scholarship funding initiated in 2005 for need-based and Georgia Incentive Scholarships targeted to outstanding students who may not have otherwise had an opportunity to attend the University of Georgia.
  

Faculty support:

• $500,000 for the endowment of a Distinguished Professorship in Biology.

• $250,000 to endow seed grants for a faculty development program that will improve teaching skills of young faculty members.

• $250,000 to endow Faculty Development Grants for professional study leaves to keep faculty abreast of changes in their fields of expertise.

The foundation’s board worked with University of Georgia Provost Arnett Mace to determine specific areas of greatest need and allocated the funds accordingly.

“We are most appreciative of the collaborative spirit in which we were able work with the provost,” said University of Georgia Foundation Chairman Read Morton. “The funding we have allocated will help the university attract and retain outstanding students and professors for years to come.

“On behalf of the University of Georgia Foundation Board of Trustees, I offer my sincere thanks to those who have provided the gifts that have made these initiatives possible,” Morton concluded.

About The University of Georgia Foundation:
The University of Georgia Foundation was founded in 1937 with the sole mission of enriching and enhancing academics at the University of Georgia. It accomplishes its mission by accepting and managing a broad range of financial gifts offered by supporters. 

At present, the foundation administers approximately $525 million in total assets, $454 million of which are donor funds that pay for scholarships such as the prestigious Foundation Fellows and Ramsey Scholarships among others. The foundation also provides funding in other areas with academic enhancement in mind, including endowed chairs and faculty enhancements.

The foundation’s Investment Committee has proven to be a responsible steward of donor funds, having earned 10 percent annually on foundation investments for a decade. This enviable track record betters the vast majority of foundations in the U.S. and also tops such benchmarks as the Dow-Jones Industrial Average and the S& P 500.

For Further Information:
Carol Cookerly, president
or Chip Stewart, senior vice president
Cookerly Public Relations
Atlanta, Ga. 30326
(404) 816-2037