KU Endowment gave about $120M to KU in FY2013
Published on -10/2/2013, 2:20 PM
LAWRENCE, Kan. (AP) -- The Kansas University Endowment gave the University of Kansas nearly $120 million in the last fiscal year, which is about what it gave the school last year.
The endowment said Tuesday that it gave the school $119.4 million for the fiscal year that ended June 30, which was $100,000 more than it gave in the 2012 fiscal year, The Lawrence Journal-World reported (http://is.gd/ripfby ).
The endowment said about $5 million of the total amount it gave came from unrestricted funds, while most were funds that donors earmarked for specific university functions. The total funding figure also includes $9.6 million for the University of Kansas Hospital.
Other funds went to such things as student scholarships and fellowships and faculty salaries and professorships.
The 2013 contributions represent income from the endowment's long-term investment program, as well as expendable gifts that can be used any time. The long-term fund earned a 10.9 percent return for fiscal year 2013, putting its market value at $1.29 billion, according to the endowment.
Dale Seuferling, president of the KU Endowment, says the endowment's objective is to provide a "steady, dependable source of funding for the university" that continues to grow and support university activities year after year.
How much support comes from the Endowment every year is determined in part by when school officials make funding requests from endowment accounts.