The University of Connecticut Foundation will pay about $4,500 to send Gov. Dannel Malloy to the World Economic Forum annual meeting in Davos, Switzerland, while the state owes the foundation $18 million in matching grants.
Since 2007, the state has pledged to match one quarter of all donations to the UConn Foundation endowment. This commitment is in place until 2014.
Between 1999 and 2006, the state matched half of all contributions to the endowment.
Although the state budgeted no money to meet this commitment in the current fiscal year or the previous one, the state’s obligation “shall be carried forward and be eligible for a matching state grant in any succeeding fiscal year” through 2014, according to state statutes.
As of June 30, 2011, the state’s cumulative obligation is $18 million, according to the UConn Foundation’s financial statements.
UConn, which received $233 million in state funding, also paid the foundation $8.5 million in fiscal year 2011. During the previous year, the foundation received $9.1 million in contractual payments from UConn, plus a special $2.5 million payment for a new IT fundraising system.
Malloy will attend the meeting from Jan. 25 to 29.
“Throughout my first year in office, I’ve taken every opportunity to send the message that Connecticut is open for business,” Malloy said. “I can’t imagine a better opportunity to share that sentiment with leaders from around the world than at the annual meeting of the World Economic Forum. It’s a real honor, and I am proud that I will get to represent the people of Connecticut at such an important event.”