Galway University Foundation received €2.4 million in income from donors last year – more than a quarter of it generated by donations from the United States.
The Foundation, a company limited by guarantee, has been involved in “generating financial support from NUI Galway’s programme and activities from a range of private individuals and institutions” since it was set up in 1998. Its mission is to raise philanthropic funding in support of NUIG’s objectives.
Income for the financial year 2018 amounted to €3.49 million, compared with €9.87 million in 2017.
Of this, €2.4 million was donor income, with almost €700,000 of it from donors in the US. Some €58,000 was generated from donors in the UK, while most of the income – €1.6 million – was from donors in Ireland.
According to the latest directors’ report and financial statements for the company, 1,400 graduates attended alumni engagement events in Galway, Dublin, Chicago and New York last year. It also engaged with “approximately 70,000 graduates via social media”.
The foundation owns 100% of Galway University Foundation Inc, which is “a not for profit organisation that provides support for various aspects of NUIG”. It had aggregate capital and funds amounting to $828,348 at the end of the 2018 financial year.
Expenditure for Galway University Foundation for the 2018 financial year amounted to €27.88 million, and 97% of it went to what is described as “charitable activities”, including transfers to NUIG projects, amounting to €24.2 million, and transfers to Tusla Mainstreaming Programme (€2.48 million).
Beneficiaries of the charitable expenditure include capital projects at NUIG, medical research, student scholarships, innovation programmes and student supports. Fundraising costs amounted to €846,000 for the year.
It had assets of €38.2 million and liabilities of €23 million. The assets included bank balances of €5.71 million and investment balances of €32.53 million.
At June 2018, the foundation had total funds of €15.2 million. “Restricted funds” comprising of funds directed to specific NUIG projects totalled €10.41 million. Unrestricted funds totalled €4.8 million, including operating funds.
The foundation employed eight people, in management and administration. Staff costs (salaries, wages, social welfare costs and pensions) amounted to €680,475. A further €22,000 was spent on 41 people who were employed on a temporary basis.
The President of NUIG, Professor Ciaran Ó hÓgartaigh is an ex-officio member of the foundation, which is a registered charity and exempt from corporation tax.
Directors do not receive remuneration but “key management” received a total remuneration of almost €300,000.