Dear Editor:
I wanted to take the opportunity to comment on the September 24 letter to The Spectrum by Professor Jim Holstun regarding University at Buffalo Foundation unrestricted funds.
Professor Holstun correctly notes that UBF Consolidated Financial Statements for FY '17 report unrestricted funds of $277 million. However, UB cannot "spend those funds on anything it wants" as Professor Holstun states in his letter.
The $277 million in unrestricted funds is comprised of approximately $13 million in property, building, equipment and fine art assets that are not liquid but rather represent the book value of these assets. Approximately $94 million was generated for and supports specific UB schools, units or programs. Approximately $170 million is designated for investment purposes to support future generations of UB students, what is often referred to as "intergenerational equity."
We realize that the various financial statements and related information, which are always available on our website, can be extremely complicated. In this instance, we thought a correction as to what constitutes unrestricted funds and our fiduciary responsibilities regarding their expenditure is warranted.
Sincerely,
Edward P. Schneider, UB Foundation Executive Director
Photo: Ryan Hagen | UB Athletics
