Two of the foundations supporting Augusta University are becoming one.
Beginning with fiscal year 2022, which starts July 1, 2021, the Georgia Health Sciences Foundation and Augusta University Foundation will merge.
The Georgia Health Sciences Foundation was established in 2008. The Augusta University Foundation was created in 1963 when the Summerville campus was known as Augusta College.
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“As an eight-year-old university with nearly two centuries of history, we’ve become uniquely adept at bridging our past and future,” said AU President Dr. Brooks Keel.
Leaders of both foundations realized there was a lot of duplication and redundancy in having two separate foundations.
“One of the largest reasons for this is the opportunity to gain efficiency, including the costs for maintaining two separate entities that are essentially doing the same thing,” said Interim VP of Foundations Stephen Lamb.
He says the ability to streamline costs will free up funds from operating expenses and will impact the amount of money the foundation can provide to the university.
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“Additionally, we’re going to have savings on our investment portfolios. Also, when you have a larger portfolio, you’re going to be able to generate more earnings that will ultimately create more funds for Augusta University and Augusta University Health,” said Lamb.
Lamb says the largest needs at AU and AU Health are supporting student scholarships and research funding. Trustees are looking at what opportunities may be available to create additional funding for those initiatives.
He said the merger has been met with nothing but positive feedback from donors and alumni.
The MCG Foundation is not part of this merger.
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“The impact going forward is we’ll have two boards working together, two sets of leadership as opposed to three,” Lamb explained.
He said it will create opportunities for collaboration for the two foundations, and the trustees are proud of the work that went into the merger.
Dana Lynn McIntyre is a Staff Reporter with The Augusta Press. You can reach her at dana@theaugustapress.com.
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