Donations to the University of Connecticut Foundation are approaching $230 million over the past several years, the most raised in a three-year period in the history of the university. But where the money comes from remains a mystery.
Next year at least some of the donors will be made public due to a law passed in 2016 that requires the foundation to submit annually to the General Assembly the identity of any person, firm, corporation, or other entity donating funds or other things of value unless the donor has requested that his identity not be disclosed.
The law went into effect July 1, giving the foundation until June 30, 2018, at the latest to submit the information.
Additionally, the foundation must annually meet two reporting requirements. First, it must give the total number and average size of foundation disbursements made to UConn for various reasons.
Second, the foundation must list the position of each UConn employee for whom the foundation contributes all or some of the salary, wages, or fringe benefit expenses. For each position, the report must provide the financial reimbursement amount from the foundation for such expenses.
All of this information would be public record under the state’s Freedom of Information Act, from which the foundation was previously exempt.
The foundation has received nearly $72 million in fiscal year 2017 alone, donations coming from more than 22,000 sources, most of which were less than $1,000. During that time, there was a 20 percent increase in the number of gifts between $25,000 and $500,000.
The previous fiscal year, which ended June 30, also saw the foundation pass its halfway goal on its multiyear scholarship program, Transform Lives, which aims to raise $150 million.
“Our commitment to students who dream of a UConn education but think it is out of their reach is strong,” foundation President and CEO Joshua R. Newton said. “We want every deserving student who wants to be on a UConn campus to have that chance. Reaching this milestone in the Transform Lives initiative shows our donors, alumni, and friends feel the same way. It’s inspiring.”
Of the funds raised last fiscal year, $5.7 million will go toward capital projects on campuses, $22 million for scholarships and student aid, $25.7 million for programs, $7.4 million for faculty, and $11 million for research.
Within these categories, funds will go toward environmental research, music, biomedical engineering, a variety of other programs, and $4 million for athletics.
In the end, $42 million will be used for current operations and nearly $30 million will go toward the endowment, which currently stands at more than $400 million, an increase of 10 percent since the end of fiscal year 2016.
“I’m proud of the contributions we’ve made to extend UConn’s excellence,” foundation board Chairman Dan Toscano said. “We must continue to grow the endowment, to partner with donors, and to secure UConn’s future.”
The foundation is setting its sights higher for fiscal year 2018, seeking $85 million in fundraising, the largest single year goal ever.
UConn President Susan Herbst said generous donors would continue to be a key to reaching that goal.
“We see the power of philanthropy every day on our campuses throughout the state,” she said. “UConn’s donors help scholarship students achieve their dreams and fund vital research university wide. We are incredibly grateful for their friendship and support. Together we look forward to another successful year.”
