How does a university spend $621 million?
As a tax-exempt non-profit, the USF Foundation is required to file a document with the Internal Revenue Service known as a Form 990. Such disclosure can assuage donors and watchdogs, and keep an institution out of the kind of trouble recently faced by the University of Texas system, where administrators were provided with mortgage assistance and forgiven loans by academic foundations.
A top-tier university's foundation fund-raising may run into the hundreds of millions, but recipients of some of USF's largesse say even a tiny break can be immeasurable. Recipients of USF Foundation scholarships were reluctant to discuss the value of their awards, but the university lists them as anywhere from up to $1,200 for the Uncommon Sense scholarship to as much as the full cost of attending for a first-generation scholarship.