The University of California, Los Angeles has announced a $200 million gift from the Las Vegas-based Lincy Foundation to create a new donor-advised fund that will support medical research and academic programs at the university as well as a broad range of charitable work in the United States.
Contingent on approval by the California attorney general's office, the foundation will transfer its assets, currently valued at approximately $200 million, to the Dream Fund at UCLA. Founded in 1989 by billionaire investor Kirk Kerkorian, the Lincy Foundation has given more than $1.1 billion to schools, hospitals, and scientific research projects over its twenty-plus years of existence. Upon completion of the transfer, the Lincy Foundation will terminate its operations.
To be managed and administered by the UCLA Foundation, the Dream Fund will support nonprofit organizations working to solve social problems and will also be used to create challenge grants and matching funds for scholarships and endowed chairs at the university, the Chronicle of Higher Education reports.
"The UCLA Foundation and the entire UCLA community are grateful for a magnificent act of support by a private foundation," said UCLA chancellor Gene Block. "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."