
FY2025 ANNUAL REPORT
MESSAGE FROM LEADERSHIP
Looking back on the truly remarkable fiscal year 2025, we’re filled with pride. It was a year of tangible impact, made possible by your generosity and unwavering belief in our mission. Because of your partnership with the USG Foundation, our institutions have been able to make exceptional strides forward in fostering academic excellence, expanding access and championing student success across Georgia.
Your commitment is the foundation of our success. Thank you for helping us change lives and build a brighter future for our state, one student at a time.

Dr. Sonny Perdue, Chancellor
University System of Georgia

Cade Joiner, Chair
USG Foundation Board of Trustees

Scott Bryant, CEO
USG Foundation
WHO WE ARE
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The University System of Georgia Foundation (USG Foundation) is committed to advancing the University System of Georgia’s (USG) 2029 strategic plan of responsible stewardship initiatives by:
1.) Working with all USG campus advancement leaders on best practices and innovative approaches to increase the amount of private funds raised by institutions in general and for scholarships.
2.) Working to reduce net cost of attendance for students and limit the amount of loans needed to finance education.


Jileah Price
School: Valdosta State University
Major: Health Science
As a Health Science student pursuing dentistry, I was months away from becoming the first doctor in my immediate family when an unexpected tuition balance appeared on my student portal. Panic set in—I feared I would have to drop out during my final semester, despite being so close to graduation. The scholarship I received was truly an answered prayer. I received the funds on the very last day my balance was due, giving me the opportunity to finish college. This experience taught me a profound lesson in faith and patience, and I am eternally grateful to the donors for their life-changing support.


Ryan Glass
School: Augusta University
Major: Finance
I’m planning to follow the advice of many mentors in the Finance world and pursue the same route. I’m really looking forward to graduating, finding a great job and being able to provide for my family—especially paying back my mother and grandparents for their investments in my future. For now, my personal goals are to stay motivated, focus on my studies and land that great job right after school. Being here at Augusta University is truly a blessing. Honestly, getting to go to college feels like a dream come true, especially since I didn’t think I’d have the chance due to my financial circumstances in high school. The scholarship I received means the world to me and significantly cuts down on my financial stress. I had to take out student loans for the last two semesters, and facing six more semesters of loans was really worrying, so the scholarship assistance I received helps tremendously.


Anthony Hill
School: Georgia State University
Major: Economics and Political Science
During spring semester, I was overwhelmed. I was set to begin studying for the LSAT, taking roughly seven classes, was very active in Mock Trial and had to come up with about $5,000 to pay for the remainder of my tuition – which meant I had to get a job. It was a very stressful time, and I honestly didn’t see a way out. I was contemplating whether I should sell my car and just focus on school. Then, I received a scholarship that covered all my tuition. I dropped to my knees and thanked the Lord. If not for this scholarship, then I would have had to make a sacrifice – something like withdrawing from a class, quitting Mock Trial or losing my car. This scholarship has prevented me from having to make such a tough decision. Words fail to express the amount of gratitude I have for USG Foundation. Thank you.


Zoey Adair
School: South Georgia State College
Major: Biology
I chose to pursue a degree in Biological Sciences with the guidance from my advisor. My dreams are to go to medical school, become a pediatric psychiatrist and help children and their parents learn about their diagnoses, providing them with thorough, affordable care.
Because I must work when I am not in class to cover my other financial responsibilities, the scholarship I received provides a great sense of relief. The only other financial aid I receive is the HOPE scholarship, leaving quite a bit more due for fees, books and materials. Receiving this scholarship is an honor and greatly appreciated.
SCHOLARSHIPS & AWARDS: $2,113,211
Through need-based scholarship funding given to institutions and their foundations, the USG Foundation provides life changing education benefits to USG students across the state, sometimes providing that “last-mile” support to remain enrolled in college.
Donor endowments are one of the key funding mechanisms the USG Foundation manages to maximize investment returns, minimize risk and provide recurring annual funds for scholarships.
These funds are truly the gifts that keep on giving!

FY2025 scholarships and awards equaled $2,113,211 and were disbursed across all USG institutions.
This amount is a 68% increase from fiscal year 2024!



Donors may establish a permanently-named scholarship endowment with a minimum gift of $25,000 (payable as a five-year pledge, if desired). Annual disbursements from the endowment earnings are awarded forever in the name of the donor.
To learn more about establishing a scholarship, please contact Scott Bryant at scott.bryant@usg.edu.


General annual scholarships may be established with any amount.
With a gift of $25,000 or more of expendable funds (payable over a five-year period), donors may establish a term-named annual scholarship. Named annual scholarships award the entire gift amount each year for immediate impact. Named annual scholarships remain named as long as there are funds in the account.
To learn more about establishing a scholarship, please contact Scott Bryant at scott.bryant@usg.edu.
SCHOLARSHIPS FY2025
ENDOWED SCHOLARSHIPS
ANNUAL SCHOLARSHIPS
ENDOWED SCHOLARSHIPS
ANNUAL SCHOLARSHIPS
CAPACITY BUILDING GRANTS
The USG Foundation’s Capacity Building Grants (CBG) are essential to strengthening the financial stability and philanthropic engagement of USG institutions’ foundations. These grants are intended to help institutions improve efficiency and effectiveness within their advancement shops, enabling them to increase philanthropic investments and expand the culture of philanthropy across the state.
This competitive grant opportunity was made possible thanks to a generous donation from The University Financing Foundation (TUFF). USG advancement offices submitted proposals that demonstrated either a one-year or three-year plan to significantly increase philanthropic investments tailored to their donor base.
For FY2025, the USG Foundation’s CBG Committee selected four institutions to collectively receive $100,000 in one-year funding, recognizing their forward-thinking strategies to deepen donor engagement and secure future funding: Atlanta Metropolitan State College, Clayton State University, Georgia Highlands College and University of North Georgia.
These strategic investments ensure our institutions have the flexibility and resources necessary to grow philanthropic support tailored to their unique donor bases.
DREAMS SCHOLARSHIP
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Building on our momentum for student success, the USG Foundation in 2025 proudly launched the new DREAMS Scholarship Program—a critical initiative designed to bridge financial aid gaps and open new opportunities for students across USG. We were honored to award the inaugural scholarship during the 2025 Board of Regents' Scholarship & Awards Gala to Giuli Capparelli Sanabria.
Intended to complement the HOPE Scholarship’s merit-based, tuition-only support, DREAMS can be applied to any essential college expense for undergraduate students who demonstrate financial need after all other aid has been applied. Funds will be awarded to students directly through institutions’ foundations, empowering more students to enroll in and complete higher education programs.
Funded in part with $2 million in seed money from Truist Charitable Fund, DREAMS may enable eligible students to receive up to $3,000 annually, reducing their financial burden and enhancing their likelihood of academic success. The scholarship program also fosters student responsibility by requiring part-time employment or volunteer service from participants, as well as financial literacy education, ensuring well-rounded, work-ready graduates.

Transformative Grant Helps Launch DREAMS Scholarship Program
At the 2025 Board of Regents’ Scholarship & Awards Gala, Chancellor Sonny Perdue proudly announced that Truist Charitable Fund has committed a significant gift, becoming the inaugural donor for the DREAMS (Dedicating Resources to Educationally Advance More Students) Scholarship Program. Truist Charitable Fund dedicated a $2 million grant to successfully launch DREAMS, which can now provide essential need-based scholarships to eligible students across all USG institutions. This foundational funding was vital to the program’s launch, enabling the state of Georgia to dramatically expand educational opportunity. A ceremonial inaugural DREAMS scholarship was presented onstage by our Gala hosts, Maria Taylor and Elle Duncan, to Giuli Capparelli Sanabria of the Georgia Institute of Technology.
Our local Truist team also contributed $85,000 in sponsorship to support need-based scholarships and the Gala’s key honorees. This gift covered the award winner prizes, including the teaching recipients of the Regents’ Teaching Excellence Award and Felton Jenkins, Jr. Hall of Fame Faculty Award.
FY2024
FY2025
Expenses
Endowment Asset Summary
Quasi-Endowed:
Endowed:
Total:

Delta Air Lines: Our Partner in Success
Delta was a pivotal partner and headline sponsor for the 2025 Board of Regents’ Scholarship & Awards Gala. Their generosity extended to providing the beautiful, newly remodeled Delta Flight Museum as the perfect venue for our event.
Delta’s support was comprehensive, shaping the evening into a unique and memorable success. This included the hard work of our dedicated Gala chairs, Tad Hutcheson and USG Foundation Trustee Christine Boucher (both Delta team members), who encouraged engagement from other corporations. Delta not only emerged as our chief financial sponsor, they also donated a generous Delta vacation package for the live auction. Delta’s commitment ensured this year was one of the most successful Galas to date, and we are immensely grateful.
The USG Foundation is dedicated to fostering professional development and increasing communication and collaboration across the state. Through the Georgia Education Advancement Council (GEAC) conference and various partnerships, the USG Foundation can provide opportunities and resources to support each institutional community, allowing each development team to best support their unique donor population. These resources support development directors and Chief Advancement Officers (CAO), investing in our talent pipeline.

Building on this, the USG Foundation started biannual, in-person CAO Summits. These summits provide a valuable platform for USG CAOs to gather and explore critical issues in higher education advancement, identify important trends and dive deeper into topics such as strategic alignment, the future of fundraising and the role of philanthropy within USG.
Continuous learning and professional development are essential for staying updated on industry trends, enhancing problem-solving abilities and ultimately contributing to the overall success of the University System.
A Transformational Gift for Georgia’s Foster Youth
The USG Foundation and Fostering Success Act (FSA) Foster Youth Scholarship Program, now in its second year, continues to directly strengthen Georgia’s growing network of support for foster youth in higher education. Students not only receive financial assistance but also benefit from dedicated life coaches who provide academic support, mentoring, financial guidance and the ongoing encouragement needed to be successful. To date, this partnership between the USG Foundation and Fostering Success Act, Inc. has impacted over 150 students across 21 USG institutions, ensuring even more young people have a clear and supportive path to a college degree.
Rick Jackson, founder, chairman and CEO of Jackson Healthcare, has shared his own powerful story of growing up in the foster care system. His experience fuels our passion for expanding opportunities and stability for young people facing similar circumstances. His leadership and vision helped bring this extraordinary program to life.
The $5 million matching component of the program announced last year is still available and continues to inspire others to join in this critical effort. Companies and individuals can participate by giving to the USG Foundation through endowments, annual gifts or by leveraging Georgia’s Fostering Success Act Tax Credit to support foster youth, effectively multiplying the impact of every contribution.

2025 BOARD OF REGENTS’ SCHOLARSHIP & AWARDS GALA
Supporting Student Success Through Technology
In addition to the funds contributed this year, the USG Foundation was honored to receive a generous in-kind donation of 1,250 laptop computers from AT&T. These essential digital resources were quickly distributed to students demonstrating financial need across all USG institutions statewide.
Priority was given first to students without access to a current computer, followed by those requiring a more functional device for their studies. AT&T’s contribution has had an immediate and profound impact, ensuring students have the necessary access to technology required to succeed both inside and outside the classroom. This gift powerfully reinforces the belief that investing in student success is a shared commitment that benefits us all.

The USG Foundation provides fiscal management services to these USG
initiatives and programs:

The Spencer Bradley Mental Health Fund: Honoring a Son’s Memory
In loving memory of their son, Spencer Bradley, Drs. Patti and David Bradley established The Spencer Bradley Mental Health Fund with a generous $250,000 gift. This crucial fund is dedicated to supporting mental health initiatives across the University System, focusing specifically on suicide prevention and crisis intervention training within high-risk groups and vulnerable student communities, such as Greek life organizations.
With the goal of expanding access to evidence-based training, the fund is designed to create lasting support for outreach, training and instructor certification. This effort empowers individuals across our campuses to recognize and respond to others in crisis.
Spencer was a remarkable young man who loved his time at Kennesaw State University, playing soccer, his animals, family and friends. The USG Foundation is honored to play a small part in continuing his legacy.
The Spencer Bradley Foundation for Mental Health also supports families, communities, schools and individuals with mental health awareness education and counseling opportunities.
The USG Foundation, in strategic partnership with the University System of Georgia Board of Regents, is actively building the future of our campuses. We enable vital capital projects—from new construction to critical renovations—by providing below-market lease terms and tax-exempt bond financing. This approach not only makes new facilities possible but also directly benefits our institutions by lowering student fees, increasing building efficiencies and enhancing risk management across the entire portfolio.


Thirteen USG Real Estate Foundation LLCs are managed by the USG Real Estate Foundation with a total portfolio value of $504,141,961 (as of June 30, 2025).

Housing Beds

Buildings

Parking Spaces

Stadiums With 18,000 Seats

4,445,778 Square Feet of Student Housing, Student Centers, Bookstores, Theaters, Recreation Centers and Stadiums
88 BUILDINGS
USG REF LLCs Portfolio
LLC TOTAL Liabilities & Net Assets
USG Real Estate Foundation I, LLC: $63,722,017.00
USG Real Estate Foundation II, LLC: $50,813,310.00
USG Real Estate Foundation III, LLC: $45,438,438.00
USG Real Estate Foundation IV, LLC: $35,927,393.00
USG Real Estate Foundation V, LLC: $33,669,315.00
USG Real Estate Foundation VI, LLC: $22,010,298.00
USG Real Estate Foundation VII, LLC: $46,895,400.00
USG Real Estate Foundation VIII, LLC: $28,914,454.00
USG Real Estate Foundation IX, LLC: $19,155,269.00
USG Real Estate Foundation X, LLC: $20,239,123.00
USG Real Estate Foundation XI, LLC: $49,605,728.00
USG Real Estate Foundation XII, LLC: $68,108,595.00
USG Real Estate Foundation XIII, LLC: $19,642,621.00
TOTAL Portfolio: $504,141,961.00 as of 6/30/25
88 BUILDINGS
USG REF LLCs Portfolio
LLC TOTAL Liabilities & Net Assets
USG Real Estate Foundation I, LLC: $63,722,017.00
USG Real Estate Foundation II, LLC: $50,813,310.00
USG Real Estate Foundation III, LLC: $45,438,438.00
USG Real Estate Foundation IV, LLC: $35,927,393.00
USG Real Estate Foundation V, LLC: $33,669,315.00
USG Real Estate Foundation VI, LLC: $22,010,298.00
USG Real Estate Foundation VII, LLC: $46,895,400.00
USG Real Estate Foundation VIII, LLC: $28,914,454.00
USG Real Estate Foundation IX, LLC: $19,155,269.00
USG Real Estate Foundation X, LLC: $20,239,123.00
USG Real Estate Foundation XI, LLC: $49,605,728.00
USG Real Estate Foundation XII, LLC: $68,108,595.00
USG Real Estate Foundation XIII, LLC: $19,642,621.00
TOTAL Portfolio: $504,141,961.00 as of 6/30/25

Sonny Perdue, Ex-Officio
Chancellor
University System of Georgia

Cade Joiner, Chair
Principal
J. Cade Joiner Holdings, LLC
Regent

T. Dallas Smith, Secretary
Founder and CEO
T. Dallas Smith & Company
Regent

Neil L. Pruitt Jr., USGREF Manager LLC-President
Chairman and CEO
PruittHealth
Regent

Ty Smith, Treasurer
Senior Vice President, Private Wealth Management - Regional Executive Georgia/Carolinas
Regions Bank

Julie Smith, Vice Chairman
Vice President of State and
Local Government Affairs
Verizon

James K. “Jim” Syfan III
CEO
Syfan Logistics, Inc.
Regent

M. Brian Blake
President
Georgia State University

Christine Boucher
Deputy General Counsel Chief & Compliance Officer
Delta

George Brooks
Retired
United Parcel Service (UPS)

Sarah Elizabeth Langford
Executive Director
Development Authority of Fulton County

Donald Leebern III
President
Georgia Crown Distributing Co.

Rich Johnson
Executive Director
North Fulton Economic Alliance

Andy Macke
Market Development
Lumos Fiber

John J. “Jay” Neely, III
Retired
Gulfstream Aerospace Corporation
Principal
Spur Creek Consulting

Teddy Russell
CEO
Russell Landscape Group

Courtney I. Smith
Senior Vice President,
Community Development Bankings
PNC Bank

Malcolm Smith
VP, State Affairs, State
Government Relations
Aflac

Jeb Stewart
President
Xana Management, LLC

Olga Sulyagina
President of Omnichannel Customer Service Experience
United Parcel Services (UPS)

Scott Bryant
CEO | Vice Chancellor for Development
University System of Georgia Foundation
+1 (404) 805-0642
scott.bryant@usg.edu
www.usgfoundation.org