University foundation grants hit €8.2m

The University of Limerick Foundation gave out €8.2 million in grants last year, after a sharp rise in donations and gifts, writes Gavin Daly.

The foundation’s figures for the 12 months to the end of August last show an increase in income and expenditure compared to the previous year.

Total income rose to €7.2 million from €5 million, as donations and gifts to the foundation rose by €1.6 million, to €6.2 million.

However, expenditure rose to €9million from €3.3million, leaving a deficit of €1.8 million for the year. At the end of August, the foundation had more than €7.5 million in accumulated funds and a further €3.8 million in a permanent endowment fund.

The foundation has large investments with Bank of Ireland Asset Management and KBC.

While it made a gain of almost €1.1 million from the disposal of assets, it noted that there was a “decline in the market value of investments” last year. The foundation employed nine people last year to carry out its work in “the furtherance of education and research”, particularly activities connected to the university. It has 28 directors, including the university’s founding president Ed Walsh, philanthropist Chuck Feeney, broadcaster Terry Wogan, author Frank McCourt and Libertas founder Declan Ganley.

According to the university, the foundation has raised more than €125 million since 1989. It helped to fund major developments at the university, including student accommodation, a library, music centre.