More LJWorld KU News Coverage
The Kansas University Endowment announced Tuesday that it provided $119.4 million to Kansas University for fiscal year 2013, which ended June 30. That is up slightly over last year’s $119.3 million.
Most of the money came from funds earmarked by donors for specific university functions, with only about $5 million coming from unrestricted funds. Money went to support student scholarships and fellowships, faculty salaries and professorships, academic programs, research, performances, and library and museum acquisitions, among other activities.
The total funding figure also includes $9.6 million for KU Hospital. That money went toward staff training, facilities, technology and other expenses.
How much support comes from the Endowment every year is determined largely by when school deans and other officials make funding requests from endowment accounts as well as when bill payments come up.
Those requests can fluctuate throughout the year, as can new donations that make additional spending possible. Expenditures for the first quarter of the new fiscal year are already up 19 percent over the same period in 2013, said KU Endowment President Dale Seuferling.
Seuferling said that the Endowment’s objective was to provide a “steady, dependable source of funding for the university” that continues to grow and support university activities year after year.
The nearly $120 million figure announced Tuesday represents income from the KU Endowment’s long-term investment program, meant to support KU indefinitely, as well as expendable gifts that can be tapped any time. The long-term fund earned a 10.9 percent return for fiscal year 2013, putting its market value at $1.29 billion.