Administrative History of Creating Unit
Established in 1935,1 the University of Illinois Foundation is a separate, non-profit corporation established to handle trusts, receive gifts and bequests, license patents and render other services to the University. It is managed by a Board of Directors. It acts as financial agent of the University in borrowing money for buildings and other major improvements.2 It has a service agreement with University Patents, Incorporated, which works out licensing arrangements with industrial firms for marketing faculty inventions which have been patented. The Foundation then invests the income in basic research.3
1. Board of Trustees Transactions, 38th Report, October 23, 1936, p. 442.
2. Ibid., pp. 442-43.
3. Gene Vance, University of Illinois Foundation, Director, Champaign-Urbana Campus.