Follow-Up on California Budget and Cutting University of California Support -- Not a Bakken Support

About a week ago (January 13, 2011), I had a posting about the cuts California is trying to make to deal with their overwhelming deficit. In that posting I noted that the University of California system was crying foul over a threatened cut of $500 million.

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.