As a reminder:
The $500 million reduction is relatively small compared with the University of California’s overall budget, a spokesman said.
The system’s spending plan for the 2010-2011 academic year is $21.8 billion, including revenue from hospitals and federal contracts, which are restricted and can’t be shifted to make up for state cutbacks, according to budget documents. The core educational budget is $6.28 billion.I opined that
Oh, by the way, William Gates, who is probably the biggest benefactor of Silicon Valley, with net worth of $54 billion could close the University of California's $500 million gap for 108 years, assuming no inherent growth in his current portfolio.Well, at least one individual has stepped up to the plate.
A UCLA alumnus has just announced a gift of $100 million to UCLA, the second largest gift ever given to the school. The donor is Meyer Luskin who made his fortune in animal feed.
So, one-fifth of the gap due to proposed state cuts closed in one swoop for this year. Yes, I know the donation is going for a specific purpose and not to the general fund, but money is fungible.
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