Irish universities are to lose their biggest single source of private funding, with a decision by Atlantic Philanthrophies, one of the world's largest international donors, to cease making any grants to higher education, writes Conor O'Clery from New York
The decision brings to an end more than a decade of windfall funding for universities and colleges in the Republic and Northern Ireland that has paid for new buildings, facilities, faculty chairs, advanced research and other programmes.
Instead, the foundation, created by Mr Charles (Chuck) Feeney, the reclusive Irish-American millionaire who made a fortune in duty-free airport stores, is to focus on four other areas in a limited geographical spread.
Funding for programmes for ageing, disadvantaged children and youth, and reconciliation and human rights, will be provided in the Republic and Northern Ireland and in a small number of other countries, and public health programmes in South Africa and Vietnam.
"These will help us achieve our redefined purpose to bring about lasting changes that will improve the lives of disadvantaged and vulnerable people," said Mr John Healy, the New York-based CEO of Atlantic Philanthrophies, which has its headquarters in Bermuda.
Mr Healy emphasised all grants for higher education, pre-collegiate education, and the nonprofit sector already approved, would be honoured in full. Third-level education grants typically run for three to four years. The 21-year-old foundation aims to dispose completely of its remaining endowment of $3.9 billion - of which $900 million has already been committed - in 12-15 years, in keeping with Mr Feeney's idea of "giving while living". In announcing the change yesterday, Atlantic Philanthrophies also gave updated grant details showing that in 2002 it awarded $58.5 million to programmes in the Republic and $28.4 million to Northern Ireland, amounting to a quarter of its total payments internationally.
This was well down from the previous year when $85 million was awarded to the Republic and $25.6 million to Northern Ireland.
Maynooth University was the top beneficiary in the Republic in 2002, receiving €14.86 million, according to the foundation. Cork University was awarded €14.6 million; the National College of Ireland €8.8 million; Trinity €3.9 million; University of Limerick €2.67 million; Dublin City University €2.3 million; Galway University €2.5 million; and University College Dublin €1.96 million.
In Northern Ireland, Queen's University, Belfast, was awarded £10.2 million last year and the University of Ulster £0.5 million. Substantial grants were also made to community and other organisations on both sides of the Border.
Mr Healy said Atlantic Philanthrophies had been giving to higher education for a long time and had achieved a lot of what it set out to do. With the limited life of the fund it would now be focusing on a narrower range of programmes. Discussions have been taking place with universities and colleges on "exit grants" to help them secure additional lines of funding.