By Maxwell Adler | Bloomberg
The University of California system brought in more than $4 billion in private donations for the first time during the last fiscal year, Nathan Brostrom, its chief financial officer, said at a conference on Wednesday.
Philanthropic donations to the university totaled $4.3 billion last year, and gifts to health sciences and medicine represented more than 50% of the money given, Brostrom said during a question and answer session at the Bond Buyer’s California Public Finance Conference.
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“We’ve seen a very, very strong year in fundraising across all 10 of the campuses,” he said, noting that the figures will be reported at the school’s next Board of Regents meeting.
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In an effort to close a budget gap, California state legislators agreed to cut funding for the University of California and California State University systems’ earlier this year. Consequently, the University of California committed to increasing support from other resources.
Private support for the University of California has accelerated in recent years. The system raised over $3 billion in private donations for the first time in 2021-2022, according to reports posted to the system’s website.
–With assistance from Sarah McGregor.
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