What is the UA Foundation?
The University of Alaska Foundation is a private nonprofit corporation, operated as a public Foundation, which was established in 1974 to solicit, manage and invest donations for the exclusive benefit of the University of Alaska.
The Foundation is a tax-exempt organization as described in subsection 501 (c) (3) of the Internal Revenue Code and donations made to the Foundation are deductible according to schedules established under income and estate tax regulations. The Foundation qualifies as a public charitable organization under Subsection 170 (b) (1) (A) (vi) of the Internal Revenue Code.
The Foundation is separate and distinct from the University of Alaska and is governed by its own Board of Directors. These volunteers are composed of prominent Alaskans and includes the University President, two members of the Board of Regents and the Chancellors from each campus.
The Board of Regents of the University of Alaska has recognized the University of Alaska Foundation as the entity to manage private gifts made to support all campuses of the University of Alaska system.
The Foundation is a well established non-profit in Alaska with more than 30 years of experience in the management of funds to support the University of Alaska. The Foundation's operations are funded by a one-time Administrative Fee of 5% on non-endowed gifts and 1% on endowed gifts to the UA Foundation and an annual Administrative Fee (1%) on endowed funds.
The Foundation has experience with the acceptance, valuation and management of such diverse donations as developed and undeveloped real estate (raw land and office buildings, single family residences and condominiums), stocks, bonds, and a large variety of tangible personal property gifts, including gifts of raw gold, collections of Ivory, fine art pieces, copyrights, musical instruments, etc.
The Foundation has experience assisting donors in making gifts through trusts, bequests, life insurance policies and similar instruments and has the ability to provide such instruments to donors depending upon their needs.
The Foundation adheres to the highest ethical standards with regard to fundraising and fund management and subscribes to the Code of Ethics adopted by, and is a member of, the Council of Advancement and Support of Education. The Foundation staff regularly attends continuing education seminars to remain current in the field of charitable giving.
The accounts at the Foundation are overseen by the Treasurer. The Foundation's financial records are audited annually and the audited financial statement appears in the Foundation's annual report.