UCLA is expected to receive a $200 million donation that will create a fund to support university operations and spur further philanthropy.
The donation, announced Monday by the Lincy Foundation, matches the largest in UCLA’s history.
It is also the second seven-figure gift announced in the past three weeks.
With the establishment of the Dream Fund, university officials plan to direct the dollars to programs and projects in and outside of UCLA. At least half of the $200 million will stay on the UCLA campus for research and academic programming. The other half will be distributed in university programs at the state, national and international level.
In its name, the Dream Fund is also intended to represent a challenge to potential donors and stimulate further gifts, Lincy Foundation representative Patty Glaser said.
Kirk Kerkorian, the founder of the Lincy Foundation and a billionaire investor, has a longstanding relationship with UCLA, Glaser said. He also has made significant contributions to the fields of education and medical research over the years.
Kerkorian has typically remained anonymous in his endowments. The budgetary straits of the university inspired him to go public, Glaser said.
“This is a time when people need to step up to the plate,” Glaser said.
The Lincy Foundation plans to close down its operations after transferring all of its assets to UCLA. UCLA spokesman Phil Hampton said the government is expected to approve the transfer.
A small committee of members of both the UCLA and outside community will manage the Dream Fund. That selection process is currently underway, said Rhea Turteltaub, vice chancellor for external affairs.
The committee will be responsible for reviewing and inviting proposals that match the goals of the fund.