University of Georgia Foundation Dips Into Reserve

The University of Georgia Foundation will dip into its reserves to provide $533,000 for academic programs deemed worthy by the school's top administrators, including need-based student scholarships. Foundation Chairman Sam Holmes of Atlanta says money also will go for students to study for a semester in Washington, D.C., and some endowed professorships.

Holmes says the money is set aside "in a rainy-day way." It means an increase in foundation support for the university this year, although its assets lost more than $100 million in global recession.

The foundation, with assets of more than $500 million, is giving more than $21 million to UGA this year. The Board of Regents ended its status as UGA's official fundraising arm four years ago.