Legislative Update No. 12

UCONN 2000

Legislative Update No. 12

April 2001



The TWELFTH in a series of reports to Governor John G. Rowland and the Connecticut General Assembly


Table of Contents

This is the twelfth in a series of semi-annual reports to the Governor and the General Assembly pursuant to the provisions of Sections 10a-109 through 10a-109y of the Connecticut General Statutes, originally An Act to Enhance the Infrastructure of the University of Connecticut, now known as UCONN 2000. These reports have been issued each October and April since passage of UCONN 2000 on June 7, 1995. The law also required a four-year progress report, which was filed on January 15, 1999. The structure of the previous reports is utilized in this report.

There are many tangible indicators of success of the UCONN 2000 Program: new and renovated facilities, state-of-the-art equipment, growing enrollment, enhanced faculty recruitment, and increased funding via sponsored research and major donations. These all breed investor confidence in the University, as respect among those in the financial markets continues to grow.

Moody’s Investors Services upgraded the University’s General Obligation Bonds secured by the State’s Debt Service Commitment to “Aa2” from “Aa3” in February. The strong link between the State’s and University’s credit ratings was shown by the simultaneous equivalent upgrade of the State’s General Obligation Bonds. Underscoring the University’s and State’s perceived linkage by financial markets, the UCONN 2000 Student Fee Revenue Bonds Series 1998-A were upgraded to “Aa3” from “A1.” These upgrades represent the market’s recognition of the University and its UCONN 2000 program as a sound investment.



The Board of Trustees at its November 9, 2000 meeting approved a revised FY 2000-01 Capital Budget. The projects included and their budgets are listed below:

Projects Amount Approved
April 11, 2000
Proposed Revised
Capital Budget
Beach Hall Renovation $          500,000 $                    0
Deferred Maintenance Renovation Lumpsum GF 20,000,000 22,300,000
Equipment Replacement/Upgrade 20,000,000 20,000,000
Gant Plaza 0 3,000,000
Gentry Renovations 500,000 1,000,000
Hilltop Dorm Improvements 700,000 700,000
Mansfield Training School 1,500,000 1,500,000
Monteith Renovations 5,300,000 0
North Campus Renovations 5,000,000 5,000,000
School of Business (New) 0 3,000,000
School of Business-Renovation 12,000,000 12,000,000
School of Pharmacy/Biology 29,000,000 23,000,000
Student Union Addition 5,000,000 5,000,000
Towers Renovation 500,000 500,000
Wilbur Cross Renovation 0 3,000,000
Total $100,000,000 $100,000,000

At the February 22, 2001 Board of Trustees meeting, an accelerated plan for completion of fire safety renovations in campus residence halls was approved; specifically, insuring that sprinklers would be installed and operational for 95% of all beds by the start of the Fall 2003 semester in accordance with the following schedule.

Complex Number of
of Beds
Cumulative %
of All Beds
South Campus 4 Complete 674 5.91%
Northwest Quad 7 Complete 1,004 14.71%
North Campus 11 Complete 1,326 26.34%
McMahon Hall 3 August 2001 574 31.37%
Hilltop Dorms 3 August 2001 560 36.29%
Hilltop Apartments August 2001 968 44.77%
New Hilltop Dorms-Phase I August 2001 248 46.95%
New Hilltop Dorms-Phase II January 2002 202 48.72%
Towers 6 August 2002 988 57.38%
ALumni Quad 5 August 2002 836 64.71%
North Campus Apartments August 2002 1,000 73.48%
Buckley/Shippee 4 August 2003 707 79.68%
Grad Dorms 8 August 2003 440 83.54%
Graduate Apartments August 2003 1,000 92.31%
Greek Housing August 2003 300 94.94%
Holcomb/Whitney/Sprague 3 August 2004 372 98.20%
Hicks/Grange 2 August 2004 205 100.00%
Total 11,404

Note: Preliminary plans call for the existing West Campus dorms to be demolished in 2004 and replaced in the future.


By Fall 2000, smoke detectors, automatic door closers and addressable alarms had been installed in all residence halls.

At its February 22, 2001 meeting the Board of Trustees accepted the final draft of the University of Connecticut Outlying Parcels Master Plan including the Agricultural Area, North Campus and the Depot Campus. The Master Plan identifies opportunities for potential future development in these outlying parcels and completes the long-range planning for all of the University’s significant holdings at the main campus.

The Board of Trustees at its April 12, 2001 meeting approved the FY 2001-02 Capital Budget. The projects included and their budgets are listed below:

Project Budget
Deferred Maintenance, Renovation Lumpsum-GF $27,000,000
Equipment Replacement/Upgrade 18,000,000
Hilltop Dorm Renovations 8,000,000
Student Union Addition 10,000,000
Gentry Renovations 7,000,000
Mansfield Training School Improvements 2,000,000
School of Pharmacy/Biology Building 9,000,000
Agricultural Biotechnology Facility Completion 3,000,000
Technology Quadrant Phase II (Engineering) 16,000,000
Total $100,000,000

The Board also approved the Seventh Supplemental Indenture that covered these general obligation projects.

The University is proceeding with completion of the Agricultural Biotechnology Facility.

A Department of Energy Grant ($7,770,682) along with $3,000,000 from UCONN 2000 will provide funding for the second phase of the project. The University has already occupied the completed first building. The project includes construction of a second building (approx. 16,000 sq. ft.) and a new greenhouse facility (approximately 14,000 sq. ft.) as provided in the original project and the Master Plan. The facility will provide for research and incubation space. Architects for the project are Svigals Associates of New Haven and the construction manager is Turner Construction of Milford. Construction will begin in May and be completed in March 2002.

The Environmental Impact Evaluation is being completed for the North Campus.

The primary land uses for the North Campus will be University-related research, technology/research, student residential housing, remote parking, and special academic and support services. The North Campus parcel occupies the same approximate boundaries as the formerly proposed Technology Park.

Developers have been selected for the student residential housing to be located in the southernmost portion of North Campus (immediately adjacent to the Northwest Quad complex). The project to be developed at this site will be for 1,000 beds of apartment style housing. A land lease agreement will be signed with the developer who will be responsible for obtaining his financing. At the completion of the construction, the developer will own and manage the buildings and manage the leasing of the apartments. The developer selected is JPI of Irving, Texas. They have developed over 20,000 beds of apartment style housing at other universities under similar arrangements.

The firm of Wank Adams Slavin Associates of New York City is finalizing designs for installation of sprinklers in the Hilltop Dorms and McMahon Hall. Along with this work will be other fire code repairs, roof and faìade repairs, asbestos abatement and interior improvements. The construction manager for the project is Whiting-Turner of New Haven. This project will be completed over the summer so the buildings will be ready for the Fall 2001 semester.

Schematic Design activities have been completed for renovations at the School of Law that will provide for the phased renovations of facilities including the old Library Building. The architect for this project is Allan Dehar Associates of New Haven.

Design Development activities are underway for renovations to the current School of Business building. The purpose of this project is to turn the old facility into a new Learning Center that will provide academic support for students as well as instructional support for faculty members and graduate students. Functions included in the facility will be the First Year Experience program (special seminars and activities for incoming freshmen), Career Services, Institute for Teaching & Learning, Study Abroad, Urban Semester, Center for Community Outreach, Instructional Research Center, Honors Program, and Learning Research Center. The architect for the project is Svigals Associates of New Haven.

Construction documents are being prepared for the Student Union project, which will include major renovations and additions to the current facility. The primary goal is to expand the range and quality of activities available to students in the campus core. Included in the project will be a food court, 500-seat theatre, meeting space, a ballroom and a central post office for all student mail. This facility also will provide new space for each of the campus’ cultural centers. Implementation of the project will be phased over several years. The architects for the project are Cannon Associates of Boston. Konover Construction of West Hartford has been selected as construction manager for the project.

As part of the overall building and renovation program, the University of Connecticut continues the process of standardizing building systems and system components (such as electrical circuitry, panel boxes, etc.). This standardization process will reduce the number of replacement parts the University needs to inventory, speed repairs, improve the level of maintenance and lower overall costs.

Design development drawings are under review for the new School of Pharmacy/Biology building. The project involves the construction of a 120,000 square foot building for teaching and research for Pharmacy and the creation of a 55,000 square foot building of research space for Biology. The architect for the project is Davis, Brody Bond of New York City. Gilbane of Glastonbury was selected as construction manager for the project.

Construction documents are being prepared for the Technology Quad Phase II project. This project involves the construction of a new building for the School of Engineering’s Information Technology program. This facility, projected to be approximately 94,000 gross square feet, will include offices, classrooms, research labs, and a 350-seat lecture hall. The architect for the project is Burt Hill Kosar Rittlemann of Washington, D.C. O&G Construction of Torrington was selected as construction manager for the project.

Preparation of design documents for renovations to the Neag School of Education’s Gentry building are underway. The project scope includes a complete renovation of the building’s interior along with exterior improvements of the faìade and roof, and an addition to the building. Architects for the project are Svigals Associates of New Haven. UCONN 2000 funds for the project will be augmented by private fundraising.

Design activities are underway for an addition to the Benton Museum. This $1,500,000 project is funded through a combination of UCONN 2000 funds ($700,000) and private gifts. Architects for the project are Gregg & Weiss of New Haven.

Design development activities are underway for the Waterbury Downtown campus project, funded by State General Obligation bonds. The project will involve relocation of the Waterbury Regional campus from its present Hillside location to East Main Street. The existing academic programs, along with additional Bachelor of Business and MBA programs, will be offered in the new facilities. The architect for the project is Jeter Cook & Jepson of Hartford. Although not part of UCONN 2000 funding, new legislation provides that the project will be managed by the University with the authority set forth in UCONN 2000. O&G Construction of Torrington was selected as construction manager for the project.

The Architectural and Engineering Services Home Page on the World Wide Web continues to be very successful in providing information to interested parties. The site has been visited almost 25,000 times since its introduction in October 1996.


  • Construction activities are almost complete for the Waring Building renovation, which creates additional classrooms and offices for the College of Liberal Arts and Sciences and the English and Geography Departments. The building will be occupied in June 2001. The contractor for the project is Hayes Construction of Seymour.
  • Installation of new exterior signage is underway on the main campus, Health Center, law school and regional campuses. The purpose of the program is to incorporate signage that will provide a unified look and better directional information to visitors at all University campuses.
  • Construction activity is continuing on the Avery Point Marine Sciences project. This project includes a new 116,000 square foot research building, a 30,000 square foot Project Oceanology building, and a new central chilled water plant. The Project Oceanology building was occupied in June 2000. The Marine Sciences Center was completed in February 2001. The contractor on the project is C.R. Klewin of Norwich. Demolition of old buildings and other site activities remain to be completed.
  • Construction is complete on the Litchfield Agricultural Center project. The contractor for the project is Hayes Construction of Shelton. Funding for the project included UCONN 2000 funds and a grant from the Litchfield Agricultural Center.
  • Construction is underway for the complete renovation of the Wilbur Cross building. This project will provide an opportunity to locate all business functions related to student services in one central, customer-friendly location. These functions include dining services, residential life, financial aid, bursar, registrar, and services to students with disabilities. The contractor for the project is Aspinet Construction of Avon. Construction activities will be completed in two phases, with the first phase completion scheduled for June 2001. The remainder of the project will be completed in March 2002.
  • Construction is complete on renovations to the Horticultural Storage building, which is the new location of the Natural History Museum. The museum is undertaking fund raising activities to supplement UCONN 2000 funds.
  • Construction activities are underway for the Gant Plaza Deck repair project. The project will include the construction of a 14,000 square foot building on the deck for the Institute of Materials Science and installation of a new deck waterproofing system. The construction manager for the project is Whiting-Turner of New Haven. The project is scheduled for completion in June 2001.
  • Construction is underway on a hotel located on the Storrs campus being constructed under a land-lease agreement with the University. The hotel is being built next to the Lewis B. Rome Commons building at South Campus to take advantage of its conferencing and catering capacity in conjunction with the hotel. The partnership for the project is Robert Freidman (hotel developer and owner of the Norwich Navigators) along with the Maristar Group, which manages hotels worldwide, including many university hotel facilities such as the Princeton Forestal. It is anticipated that the construction will be complete in September 2001. The contractor for the project is G. Schnip Construction of Norwich.
  • Construction is underway for the second parking garage, to be located next to the Gampel Pavilion. The cost of the project is borne by a special obligation bond issued under UCONN 2000 authority. The revenue to support the debt service will come from parking and transportation fees. The facility will contain 1,547 parking spaces and 53,000 gross square feet of retail space for the UConn Co-op. The garage will be completed in May 2001 and the Co-op space in October 2001. The contractor for the project is Manafort Brothers of New Britain.
  • The construction of additional dormitories at the Hilltop complex is underway. The project will create 450 beds for students in suite style rooms. Financing for the project is secured by special revenue bonds to be repaid through room and board fees. With enrollments increasing, these additional beds will help avoid overcrowding. The project schedule will have 248 beds ready in August 2001 with the remaining 202 beds available in January 2002. Konover Construction of West Hartford is the contractor for the project.
  • Construction is underway for the Hilltop Student Apartments. This project will accommodate 972 students. Part of the Hilltop residential neighborhood, the project is on Alumni Drive, immediately south of the Hilltop Dorms. The apartments will be rented to University students only; tenants will be subject to the University’s code of conduct. The design-build firm for the project is Capstone Development of Mobile, Alabama, an organization, which has successfully built similar projects in a number of other states. The complex is scheduled for completion by August 2001.
  • Construction is underway for the development of a Community Center facility at the School of Social Work on the West Hartford campus. This project is funded through the generosity of Henry and Judith Zachs, a UConn alumna. The relocated computer center will go into new facilities on the West Hartford campus. The contractor for the project is Enfield Builders. The project is scheduled for completion in July 2001.
  • Construction is underway on the new School of Business. The contractor for the project is FIP Construction of Cheshire. The project’s funding will be augmented with $4.5 million to be raised from private donations. However, these funds will not be in hand in time to meet cash flow needs, so $3 million in additional funds were provided for the project from adjustments in the FY 2001 Capital Budget. The project will be completed in Summer 2001.
  • Turner Construction of Milford has signed the construction manager’s contract to complete the construction of the Biological Sciences project. After repeated discussions, notifications and warnings, the original contractor for the Biological Sciences project was terminated by the University on February 4, 2000. Grounds for this termination included:
    • Unqualified general contractor staffing
    • Removal of key personnel
    • Unauthorized substitutions
    • Subcontractor mismanagement
    • Schedule-failure to comply with contract requirements
    • Failure to prosecute the work
    • Subcontractor payment irregularities
    • Inadequate staffing/manning
    • Change order processing failures
    • Disregard for University property
    • Refusal/delay in allowing document review
    • Failure to timely provide general conditions documents
    • Inadequate quality control
    • Inadequate safety supervision
  • The University is working with Liberty Mutual, the Surety that holds the payment and performance bond to complete the project. On April 10, 2000, Liberty Mutual informed the University that it is committed to discharging its performance bond obligations in connection with the project. The start of construction will begin in June 2001.
  • Construction has been completed on a utility tunnel that will connect central campus buildings to the central utility plant. Inside the tunnel will be the following services: Steam, Sprinkler Main, Emergency Power, Chilled Water, Domestic Water, and Tele-Data Systems. The contractor for the project was Allstate Boilers of Farmington.
  • All Phase Enterprises of Stafford Springs is the design-build firm for the construction of the Agricultural Arena. This facility will contain a polo arena to replace the current outdoor facility. The majority of funds for this project are coming from private donations. Construction of this project is scheduled to be complete in July 2001.
  • PDS Construction of Bloomfield is the contractor for the construction of the Precision Manufacturing Facility. The majority of the funding for this project is a $2 million grant from the federal Economic Development Agency. The project will be complete in September 2001.


Public Act 99-241 called for, among other things, information on the use of Connecticut-owned businesses, including businesses owned by women and minorities on UCONN 2000 program projects. From FY 1996 to FY 2001, construction and related contracts for the UCONN 2000 program totaled $556.7 million. Twenty-four percent of this total, or $131.6 million, has gone to set-aside general contractors, contracted architects and engineers, and subcontractors. Over this period, Connecticut businesses have accounted for $441.7 million or 79% of the total contracted dollars. Small business participation has amounted to $66.1 million and minority- and women-owned participation has accounted for $65.5 million.


  • Phase I Debt Service Commitment Bond Issues Completed
    Section 10a-109 of the Connecticut General Statutes empowers the University to issue General Obligation Bonds secured by the State’s Debt Service Commitment (sometimes referred to as “Debt Service Commitment Bonds” or “DSC Bonds”). These Bonds are issued pursuant to the General Obligation Master Indenture of Trust, dated as of November 1, 1995, between the University of Connecticut, as Issuer, and, Fleet National Bank of Connecticut, as Trustee (now State Street Bank & Trust). The Master Indenture of Trust was approved by the University’s Board of Trustees on November 10, 1995 and the State Bond Commission on December 21, 1995. The University’s Board of Trustees and the Governor approve the subsequent Supplemental Indentures for each bond issue. The State Treasurer and the University manage the Debt Service Commitment Bond sale process. University General Obligation Debt Service Commitment Bond Issues are summarized below:
  • Date of Issue Par Amount General Obligation Issue
    Phase I
    February 21, 1996 $83,929,714.85 1996 Series A
    April 24, 1997 24,392,431.65 1997 Series A
    June 24, 1998 99,520,000.00 1998 Series A
    April 8, 1999 79,735,000.00 1999 Series A
    Phase II
    March 29,2000 $130,850,000.00 2000 Series A
    April 11, 2001 100,000,000.00 2001 Series A
  • The six series of DSC bonds issued totaled $618,427.146.50 in face value, of which $612,000,000 was for UCONN 2000 projects. The balance, together with accrued interest and original issue premium, funded the cost of issuance through the Office of the Treasurer.
  • During the process of issuance for the UCONN General Obligation Debt Service Commitment 2001-A Bond Issue, the University working with the State Treasurer’s Office, was able to achieve an upgrade to “Aa2” from “Aa3” for the State’s Debt Service Commitment Bonds. This is the second rating grade increase for the DSC bonds by Moody’s Investors Service during the past twelve months. The 2001 Series A bonds were sold without any bond insurance, another successful first time accomplishment for the UCONN 2000 Program. The capital markets thus recognized the tangible benefits to the State’s economy of meeting the infrastructure and educational goals of the program, as well as the University’s success in implementing them. As of April 2001, the UCONN 2000 Debt Service Commitment bonds were rated “AA” by Standard & Poor’s; “Aa2” by Moody’s Investors Service; and “AA-” by Fitch Investors Service. Also, certain maturities of prior bond issues are secured by “AAA” rated municipal bond insurance.
  • Trustee-Held Construction Fund
    Prior to June 1998, all Debt Service Commitment Bond proceeds were deposited with the Office of the State Treasurer and treated like State bond proceeds. Subsequently, the Office of the Attorney General determined that UCONN 2000 bonds are issued by the University, not the State. Accordingly, upon advice of bond counsel and to conform to the Master Indenture of Trust, Debt Service Commitment Bond construction fund proceeds were deposited to the Trustee Bank. Bond proceeds for cost of issuance are still deposited with and disbursed by the Office of the State Treasurer. The University has directed the Trustee Bank to invest Debt Service Commitment construction fund proceeds in the State Treasurer’s Short Term Investment Fund, that is “AAA” rated and offers daily liquidity and historically attractive risk-adjusted yields.
  • The Indenture of Trust provides that the University is authorized and directed to order each disbursement from the Construction Account held by the Trustee upon a certification filed with the Treasurer and Trustee. The Indenture provides that such certification shall be signed by an Authorized Officer of the University and include certain disbursement information. Once the Authorized Officer certification filings are made, the University can directly disburse payments.
  • University Special Obligation Revenue Bonds Secured by Pledged Revenues
    UCONN 2000 also authorizes the University to issue Special Obligation Revenue bonds. Unlike Debt Service Commitment Bonds, paid for out of the State’s General Fund, Special Obligation Bonds are paid for out of pledged revenues of the University as defined in the particular bond series indenture.
  • A Special Capital Reserve Fund may be established for University Special Obligation bond issues only if the University’s Board of Trustees determines that the Special Obligation bond issue is self-sufficient as defined in the Act. The self-sufficiency finding by the University must be submitted to and confirmed as not unreasonable or arbitrary by the State Treasurer prior to issuance of the bonds. Once approved, the Special Capital Reserve Fund is funded at issuance by the University to meet the minimum capital reserve requirement. However, subject to notification by the University on or before December 1, annually, if this amount falls below the required minimum capital reserve, there is deemed to be appropriated from the state General Fund the sums necessary to restore each such Special Capital Reserve Fund to the required minimum capital reserve.
  • Student Fee Revenue Bonds were issued pursuant to the Special Obligation Indenture of Trust, dated as of January 1, 1997, between the University, as Issuer, and, State Street Bank & Trust, as Trustee. This was approved by the University’s Board of Trustees on November 8, 1996. The Supplemental Indenture authorized the issuance of bonds up to a principal amount not exceeding $30,000,000 for construction of the South Campus Residence and Dining Hall plus the amounts necessary to fund a Special Capital Reserve Fund (“SCRF”) and to provide for costs of issuance.
  • On February 4, 1998, the University issued $33,560,000 of University of Connecticut Student Fee Revenue Bonds 1998 Series A (“SFR 1998-A Bonds”). The bonds have a final maturity of November 15, 2027. The University managed issuance and sale of these bonds and realized a favorable true interest cost over the term. Debt service for Student Fee Revenue Bond 1998 Series A is paid from revenues from the student Infrastructure Maintenance Fee instituted in 1997 to provide for such debt service and help support future operation and maintenance costs for facilities built or expanded by virtue of UCONN 2000. The University invested the bond proceeds in the State Treasurer’s Short Term Investment Fund, and, in regard to the Special Capital Reserve Fund, in “AAA” rated fixed income Investment Obligations as defined in the Special Obligation Indenture of Trust. The State SCRF enhancement allowed the bonds to obtain a “AA” rating from Standard & Poor’s, a “AA-” from Fitch Investors Service, and an “A-1” from Moody’s Investors Service. The bonds were subsequently covered by municipal bond insurance and upgraded to a “AAA” at Fitch and Standard & Poor’s and “Aaa” at Moody’s Investors Service. In October 1998, Standard & Poor’s upgraded the SFR 1998-A Bond ratings to “AA” with a stable outlook, and in February 2001, Moody’s Investors Service upgraded the 1998 bonds to “Aa3”.
  • On June 1, 2000, the University issued $89,570,000 of the University of Connecticut Student Fee Revenue Bonds 2000 Series A pursuant to the Special Obligation Master Indenture and the Special Obligation Student Fee Revenue Bonds Second Supplemental Indenture, dated as of May 1, 2000. The Indenture authorized issuance of bonds up to a principal amount not exceeding $90,000,000 for construction of the Hilltop Dormitory; Hilltop Student Rental Apartments; and the Parking Garage South Projects and provide for capitalized interest and costs of issuance. The Special Obligation Student Fee Revenue Bonds 2000 Series A do not have a Special Capital Reserve Fund (“SCRF”). The University managed issuance and sale of these bonds and realized a favorable true interest cost. The bonds have a final maturity of November 15, 2029. Debt service is paid from Pledged Revenues as defined pursuant to the Indentures. Bond proceeds are being used to provide the aforementioned student housing and parking garage. The University has invested the bond proceeds in the State Treasurer’s Short Term Investment Fund.
  • The University obtained a “AA-” stand-alone credit rating from Standard & Poor’s for its second issue of Special Obligation Bonds, showing its ability to professionally administer complexities of the tax-exempt bond program. This was the first time the University obtained a credit rating based on its own merit without use of Debt Service Commitment or Special Capital Reserve Fund state-backed credit supports. This signaled a vote of confidence by capital markets in the University and its ability to provide benefits to the State’s economy. Also, Special Obligation Student Fee Revenue Bonds 2000 Series A bonds were rated “A-1” by Moody’s on a stand-alone basis. At issuance, certain maturities of the bonds were covered by municipal bond insurance and upgraded to a “AAA” rating at Fitch and Standard & Poor’s, and “Aaa” at Moody’s.
  • Future Bond Issues
    The University currently anticipates offering a new Debt Service Commitment Bond issue for all or part of the sixth year $100 million authorization during the Spring of 2002. Generally, the University plans on issuing a series of new Debt Service Commitment bonds at least every twelve months. Also, the University could issue Special Obligation Revenue bonds for certain projects with capacity for financial self-sufficiency, and/or if aggregate pledged revenues are sufficient to meet requirements of the Special Obligation Indenture. Depending on market conditions and other factors, the University also might issue refunding bonds at some future date.


The UCONN 2000 endowment matching gift program continues to be a powerful incentive for donors. As of March 31, 2001, total match-eligible calendar year gift receipts are $2,319,229, a 26 percent increase over the same period last year.

At June 30, 2000, annual private donations reached another all-time high of $37 million. The Foundation realized a total return on investment of 16.5 percent, widely outperforming our composite benchmark index of 9.1 percent. A combination of new contributions maximized by the state matching program and strong investment performance made UConn’s endowment one of the fastest growing nationally.

‘The $20 million in 1:1 state match funds for private gifts, as provided by the original UCONN 2000 legislation, is in-hand. During the first year of the program, $9.1 million in match-eligible gifts was received; an additional $6.5 million was received in calendar year 1997; $4.4 million was received in calendar year 1998.

‘In recognition of the program’s success, the General Assembly enacted a continuation and restructuring of the match on a 1:2 basis (one state dollar to every two private dollars). The State of Connecticut’s grant will total up to $52.5 million from fiscal year 2000 to fiscal year 2007, depending on the level of match-eligible donations actually received on behalf of the University by December 31, 2005. Total match-eligible receipts for calendar year 2000 was $16.9 million. This resulted in an over subscription of $1.9 million, which will be submitted for calendar year 2001 and is expected to be received in the fall.

Significant Commitments
In December 2000, James L. and the late Shirley A. Draper, both Class of 1941, donated $1 million to endow the James L. and Shirley A. Draper Chair in American History. A prominent scholar will be named to the new chair by the 2002-03 academic year. The Drapers had provided previously for the University in their estate plans to establish scholarships to UConn for students from Litchfield County.

Dr. Raymond R. and Beverly Sackler donated $200,000 to the School of Fine Arts to support the Raymond and Beverly Sackler Composition Award. It provides the opportunity to invite aspiring, young composers to create new works that will be premiered and performed at the University of Connecticut.

Keith Fox, Class of 1980, donated $1 million to establish the Auran J. Fox Chair in e-Business within the School of Business at the Storrs Campus.

In February 2001, the Kluge Foundation donated $500,000 in support of the Thomas J. Dodd Research Center. The funds will support the Dodd Human Rights Prize, which will honor an individual who has made a significant contribution in the area of human rights internationally.