UCA Foundation, Inc. is a private, non-profit organization supporting the faculty, staff and students in all areas of the University of Central Arkansas. It is a corporation exempt from federal income tax under Section 501 (c) (3) of the Internal Revenue Code.
The Foundation accepts contributions, invests funds, and distributes income from the investments. The desires of the donor are honored in the distribution of income. Contributions may be in the form of grants, bequests, trusts, deeds or other governing documents under which property is transferred. Donors may designate the purpose of the gift, the area of the University the gift is to benefit, and whether the gift is an endowment (in which only the income from investing the gift may be used) or a non-endowed asset (investment income may be used). All funds may be commingled and invested for income and growth and are invested in securities with a less than average risk factor to produce maximum current income.
An outside accounting firm performs an audit annually.
The Foundation does not accept funds for student assistance if:
- Selection of the recipient is made by the donor
- The recipient is related to the donor
- Selection of the recipient is made on the basis of race, color, sex, religious preference, or other factor if the choice conflicts with affirmative action guidelines
- Selection of the recipient would represent a conflict of interest by the donor or those making the selection