Hundreds of continuing and incoming UC Santa Cruz students will benefit from additional financial support from scholarships and fellowships after the UC Santa Cruz Foundation Board approved an additional, one-time payout from the university’s endowment.
With the UC Santa Cruz Foundation endowment recording an extraordinarily strong investment year in fiscal year 2021, and inspired by the campus’s new Student Success Initiative, the foundation voted Saturday to increase the endowment’s payout this year by more than $900,000 of additional financial support for students directed through approximately 130 endowment-funded scholarships and fellowships. This represents a one-time 50 percent increase over what it provided in the fall to all UCSC endowments.
“The foundation’s endowment distribution policy is designed to smooth over the highs and lows of annual market volatility; however, FY21 results were distinctive and unprecedented,” said Richard Moss, chair of the Foundation Board of Trustees. “While our primary focus is on providing long-term resources for the university, we also know that there is real need now among our students. The board saw an opportunity to show additional support now by directing a small portion of the extraordinary returns that the endowment received in 2021 to further support students.”
The foundation works in close partnership with Chancellor Cynthia Larive and other university leaders to steward and advance private philanthropic support for the campus mission, while also fostering greater understanding throughout the broader community and state of UCSC's activities and impact. It provides stewardship for the $156 million endowment, which is a collection of funds created through philanthropy to support the university’s mission. The foundation’s endowment, coupled with the campus’s endowment held with the UC Regents, makes up the total endowment support received from philanthropy to support the long-term advancement of the UC Santa Cruz Campus.
“UC Santa Cruz is focused on leveraging all of our available resources to ensure our students have the support they need to make the most of their college experience and are prepared for their lives after graduation,” Chancellor Larive said. “I applaud my colleagues on the board for making this bold move and especially for providing this additional support for our students.”
“These funds will come at an important time,” said Director of Financial Aid Patrick Register. “While UC Santa Cruz, like campuses across the country, received additional student support from federal and state resources during the COVID-pandemic, we don’t expect many of those sources to be renewed.”
The Student Success Initiative, launched in fall 2021, is a wide-ranging effort to increase financial support for undergraduate and graduate students, and advance their access to the guidance and experiences fundamental to their education and ultimately future success. Through this five-year initiative, UC Santa Cruz will enhance its existing resources and develop new programs, opportunities, and other means of support for our students.
