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Cork University Foundation income falls again

Howard Lake | 12 October 2015 | News

Cork University Foundation’s fundraising income fell again in 2014 but much less than in the previous year, according to the latest accounts.
Total income was €1.2 million in 2014 against €1.3 million in 2013. In 2013 Cork University Foundation posted a deficit of €1.3 million because of a large transfer of nearly €3 million to the university but last year the transfer was just over €1 million which produced a surplus of nearly a quarter of million euro.
In 2012 CUF had an income of €2.5 million.
The Foundation’s current campaign is seeking support for student scholarships, research, innovative learning, cultural programmes and college capital programmes. In common with other university foundations, CUF has chapters throughout the world, particularly in the United States and Far East.
The accounts note that CUF has no employees but seconds ‘a number of persons’ from the university to work for the foundation. This appears normal practice for some university foundations where expenditure on fundraising staff and activities is absorbed into general university expenditure.
In common with other universities in Ireland, CUF has received large grants from Atlantic Philanthropies over the years but no grants are recorded for 2014. Atlantic has indicated, however, that it may make some substantial grants to universities in Ireland before it ends its grant giving next year.
Photo: University of Cork – photo: Luis Santos on Shutterstock.com