LOS ANGELES — On Monday, the chancellor of the University of California at Los Angeles (UCLA) Gene Block and Kirk Kerkorian, founder of the Lincy Foundation, announced the formation of the Dream Fund at UCLA.
The fund has been created by the transfer by the Lincy Foundation of all its assets (valued at approximately $200 million) and its charitable programs in progress to the Dream Fund. Upon receipt of requisite government approval, the Lincy Foundation will complete this gift and terminate its operations, according to a press release from UCLA.
The fund would be used toward supporting research at the university, as well as the support of a wide range of charitable projects throughout the United States.
The Dream Fund will be part of and administered by the UCLA Foundation.
“The UCLA Foundation and the entire UCLA community are grateful for a magnificent act of support by a private foundation,” Block said. “Mr. Kerkorian and the Lincy Foundation have a long history of major charitable giving and the UCLA Foundation is honored to have been entrusted to continue their mission.”
The Lincy Foundation was established in 1989 to benefit charitable organizations in the US and around the globe. Since it began, it has made major gifts of over $1.1 billion to schools, hospitals, scientific research projects and other endeavors. The Lincy Foundation has also supported Armenian charities in the United States, as well as endeavors in the Republic of Armenia.