The University of Toledo Foundation agreed yesterday to earmark $2 million for the university to use on strategic opportunities as they become available.
UT President Daniel Johnson said the university hopes to use the funds eventually to pursue initiatives such as real estate purchases that would be consistent with its master planning efforts.
“This is the only access to cash reserves that we have right now,” Dr. Johnson said.
The funds involved are called “quasi-endowed” funds. They were unrestricted funds that were endowed by the foundation board at one time at UT s request to support certain programs, including the honors program and faculty research awards. Yesterday s action “unendowed” those funds.
Those programs will not be affected by unendowing the funds because the university will build those costs - about $100,000 a year - into future budgets, Dr. Johnson said.
In other business yesterday, the foundation s board of trustees learned that the foundation is expected to have an operating deficit of about $100,000 this year. This will be covered by unrestricted funds, officials said.