UCLA, Lincy Foundation Announce $200 Million Dream Fund
University of California at Los Angeles (UCLA) chancellor Gene Block and Lincy Foundation founder Kirk Kerkorian recently announced the creation of the Dream Fund at UCLA, which will support medical research and academic programs at the university, as well as a wide range of charitable projects nationwide. The Dream Fund will be run by the UCLA Foundation.
The Lincy Foundation will be transferring all of its assets (valued at approximately $200 million) to the Dream Fund, and is hoping to inspire other private foundations, individuals and businesses to add their support.
"The UCLA Foundation and the entire UCLA community are grateful for a magnificent act of support by a private foundation," Block says. "Mr. Kerkorian and The Lincy Foundation have a long history of major charitable giving, and the UCLA Foundation is honored to have been entrusted to continue their mission."
Once the transfer receives the required government approval, the Lincy Foundation will terminate its operations. Since its establishment in 1989, the foundation has made major gifts of more than $1.1 billion to schools, hospitals, scientific research projects and other organizations.
"Rhea Turteltaub, vice chancellor for external affairs, said UCLA already managed about 10 such donor-advised funds--though none is as large as the Dream Fund--and she expects UCLA will be able to manage the new fund without hiring a larger staff," writes The Chronicle of Higher Education's Kathryn Masterson. "An advisory committee of people from inside and outside the university will review grant proposals and make recommendations to the university of where to give. Preference will be given to organizations that work to solve societal problems. UCLA plans to use money from the Dream Fund to create challenge grants and matching funds for student scholarships and endowed faculty chairs."