The University of Georgia has more money for student scholarships and academics thanks to a new gift from its foundation.
The UGA Foundation provided the university with an additional $3.3 million because it ended the fiscal year with a budget surplus. This money is on top of the more than $40 million the foundation already provides in annual support.
President Jere Morehead identified several specific needs and the foundation board agreed to spend the surplus in those areas. Morehead’s first day as the president of UGA was Monday.
Funding highlights include $500,000 for needs-based scholarships and an additional $500,000 in scholarships to support study abroad opportunities. Another $125,000 will be spent on endowed professorships.
The foundation also set aside a total of $1.5 million for UGA’s Washington Semester Program, which allows students to study and work in Washington D.C. The majority of the money will go toward buying new property for the program that would include housing and classroom space.