LOS ANGELES — The Lincy Foundation will transfer all of its assets , currently valued at $200 million to the UCLA Foundation, effectively shutting down the charitable organization founded by Armenian-American businessman Kirk Kerkorian.
The announcement was made by UCLA Chancellor Gene D. Block to the campus community via UCLA Newsroom, the university’s online publication.
UCLA Chancellor Gene Block and Kirk Kerkorian, founded of the Lincy Foundation, on Monday January 14, announced the formation of the Dream Fund at UCLA, a community based fund devoted to the support of medical research and academic programs at UCLA, as well as the support of a wide range of charitable projects throughout the United States.
The Dream Fund will be part of and administered by the UCLA Foundation.
The Lincy Foundation will be transferring all of its assets (valued at approximately $200 million) and its charitable programs in progress to the Dream Fund as an expression of hope that other private foundations, wealthy individuals and businesses will join with UCLA and Lincy in this endeavor. Upon receipt of requisite government approval, the Lincy Foundation will complete this gift and terminate its operations.
“The UCLA Foundation and the entire UCLA community are grateful for a magnificent act of support by a private foundation,” Block said. “Mr. Kerkorian and the Lincy Foundation have a long history of major charitable giving, and the UCLA Foundation is honored to have been entrusted to continue their mission.”
The Lincy Foundation was established in 1989 to benefit charitable organizations in the U.S and around the globe. Since it began, it has made major gifts of over $1.1 billion to schools, hospitals, scientific research projects and other charitable endeavors. The Lincy Foundation has also generously supported Armenian charities in the United States, as well as endeavors in the Republic of Armenia.
The UCLA Foundation receives, manages, and distributes contributions made by alumni, friends, private foundations and corporations to UCLA’s many professional schools, academic departments and operating units.
Campus officials said the Dream Fund will remain nimble and adjust to society’s evolving needs, continually searching for both funding partners and worthy recipients of support. An emphasis will be placed on organizations and programs that help address societal problems.