Resorts Tycoon Shifts $200-Million Fund to UCLA
February 15, 2011 | Read Time: 1 minute
The University of California at Los Angeles will take over the billionaire investor and resorts mogul Kirk Kerkorian’s $200-million charitable fund under an agreement announced Monday, Bloomberg and the Los Angeles Times report.
The Lincy Foundation’s assets will be used to establish a new charity, the Dream Fund. Half the money will go toward research, scholarships, and other academic programs; the other $100-million will become a donor-advised fund, administered by UCLA, with grants split between the institution and charitable causes nationwide.
Mr. Kerkorian, the largest stockholder in MGM Resorts International and a major past investor in the entertainment and auto industries, established the Lincy Foundation in 1989. The fund, named for his daughters Tracy and Linda, has donated more than $1-billion to U.S. and Armenian charities.
The Lincy deal is the second recent big gift to the institution. At year’s end, the animal-feed magnate Meyer Luskin and his wife, Renee donated $100-million to UCLA to support its public-affairs school and build a campus hotel and conference center.
