Drew
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The Basics: UConn Foundation transparency bill wins final passage
What does the bill do?
The UConn Foundation each year raises tens of millions of dollars for the state's flagship public university, but where that money comes from and details about how it is spent are largely kept secret because of the foundation's non-profit status and its blanket exemption from the state's Freedom of Information Act.
Currently, the foundation publicly releases an annual report, which broadly describes the gifts it receives for different activities, such as scholarships, research or construction. It also provides a financial overview of spending, the size of its endowment and its operating budget. The school's Board of Trustees is also regularly updated on how much the foundation has raised.
This bill would extend what must be regularly disclosed, including;
What does the bill do?
The UConn Foundation each year raises tens of millions of dollars for the state's flagship public university, but where that money comes from and details about how it is spent are largely kept secret because of the foundation's non-profit status and its blanket exemption from the state's Freedom of Information Act.
Currently, the foundation publicly releases an annual report, which broadly describes the gifts it receives for different activities, such as scholarships, research or construction. It also provides a financial overview of spending, the size of its endowment and its operating budget. The school's Board of Trustees is also regularly updated on how much the foundation has raised.
This bill would extend what must be regularly disclosed, including;
- Donor names, unless they have requested that their identity not be made public.
- A list of deanships, professorships, chairs, schools, institutes, centers or facilities that were named in recognition of foundation donors.
- The total number and average size of disbursements made to support student scholarships, fellowships and awards; programs and research; and facilities and construction.
- A list of each UConn employee whose salary or benefits the foundation contributes to.
