UCLA gets another $100-million donation; Kerkorian foundation transferred to school's control

A foundation established by billionaire investor and Las Vegas casino mogul Kirk Kerkorian is giving UCLA about $100 million for medical research and other projects and will allow the university to administer an additional $100 million for other charitable causes around the country, officials announced Monday.

The gift comes less than three weeks after the Westwood campus received a $100-million gift from Meyer Luskin, a UCLA alumnus who made a fortune in the animal-feed business. The Luskin donation is being split between UCLA’s school of public affairs and the construction of an on-campus conference center and hotel.

Under the Kerkorian gift announced Monday, the $200-million assets of the Lincy Foundation will be transferred to a new organization called the Dream Fund that will be run by UCLA. The Westwood campus will be able to use about half that amount for its own research and student support.

Kerkorkian, a prominent Armenian American, originally founded the Lincy Foundation (named after his daughters Linda and Tracy) to aid victims of the devastating 1989 earthquake in Armenia. Since then, it has broadened its focus to benefit education and scientific efforts around the world, in addition to aiding Armenian and Armenian-American charities.

“The UCLA Foundation and the entire UCLA community are grateful for a magnificent act of support by a private foundation,” UCLA Chancellor Gene Block said in a statement issued Monday morning. Referring to the Luskin gift as well, Block said the Lincy Foundation transfer “is yet another testament to our community’s enduring belief in UCLA’s important role as an engine for the public good.”

Kerkorian is the main stockholder of MGM-Mirage Resorts and Casinos, including the MGM Grand Resort, the Mirage and the Bellagio properties in Las Vegas. Kerkorian previously was a major figure in Hollywood with his former ownership of MGM Studios and United Artists. The gifts from Kerkorian and the one last month from Luskin and his wife, Renee, are tied as the second-largest-ever to UCLA. They are topped only by entertainment industry mogul David Geffen's $200-million donation to UCLA's medical school in 2002.

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-- Larry Gordon

Photo: Kirk Kerkorian in 2005. Credit: Joe Cavaretta / Associated Press

Comments

[DrD01]

These are some fantastic Alumni, GO BRUINS!!!

[Jason]

I say we spend some of it to hire a football DC and lower ticket prices to non-astronomical levels.

[tarwater]

Las Vegas casino mogul.. I see. Make money by emptyig the pockets of people that have gambling issues, then give the money to UC. Some type of moral disconnect here.

[W2]

I have a better idea. Why dont we distribute the $200million to the students. Hasnt anyone heard of the ridiculous fee hikes?

[Fred]

awesome..... rich people doing the right thing....

[truther]

Wow. Good on these folks for investing in public education.

[Mike]

The earthquake was on December 1988.

[Steven Moshlak]

Kirk's a good man. I met him when I was about 9 years old, when he owned the International Hotel in Las Vegas.

As a UCLA Alumnus, I thank you. I only hope that Chancellor Gene Block doesn't use the money for supporting the illegal aliens that are attending UCLA.

[tired of giving everyone else a chance]

Wow more money for a school that's already rich! How about we give to some of the lesser known schools that are trying their best to educate our students such as CSUDH. If you are looking to give; give at a place where it will actually make a difference in the lives of those who would not otherwise have a chance.

[Glad]

UCLA Newsroom states it is a $200 million gift.

[Alicia Mejia]

To: Steven Moshlak

Mr. Kerkorian is indeed an awesome person for his donation; however, if he himself wanted to use the money to help out the so-called illegal aliens receive a higher education, then it's his business. I am aware that the money will be used for something else, but even if he did want to help illegal aliens out, it's his business. He should be able to do whatever he wants with his donation.

[August]

All these rich people do is transfer their money tax-free to other rich people....

[Bruin_Bry]

Fantastic news. Go Bruins!

Fee hikes? The cost of a world class education at UCLA is still dirt cheap. Stop supporting everyone that asks for a handout. I buried myself in debt while in school, like millions of other Americans, and dug myself out of it w/ the education I got. Suck it up.

[James Banks]

Can the students get a piece of the pie? Geez

[Hollywood Bruin]

It is actually another 200 million..

[VL]

How do you figure that a $200 million donation and a $100 million donation are tied "as the second-largest-ever to UCLA" and "topped only" by a $200 million donation?

[armenian]

IT WAS $200 MILLION. GET IT RIGHT. AS AN ARMENIAN IM DISAPOINTED THAT MR. KERKORIAN DID NOT GIVE THE MONEY TO ARMENIAN SCHOOLS OR OTHER ARMENIAN PROJECTS. I WAS REJECTED FROM UCLA WITH A 4.1 GPA OUT OF HIGH SCHOOL AND ALL MY JEWISH FRIENDS GOT IN WITH LESSER GPAs.

[Ara]

$200 million I read somewhere else, and am glad he gave it to UCLA the best PUBLIC school in his hometown. Met him by accident in 1998 as I was delivering food in Beverly Hills. Great great man. Took the time and spoke with me, asked about my family, very down to earth. Very humbling to be in his presence.