news – Page 3 – UQef – University of Queensland Endowment Fund

UQ graduates and Wotif.com founders Graeme Wood and Andrew Brice have been recognised for their outstanding contribution to higher education.

Co-founders of accommodation website Wotif.com, the pair was presented with the Business/Higher Education Round Table Award for Outstanding Philanthropic Support of Higher Education, by the Honourable Julia Gillard, at a ceremony held in Melbourne on November 21.

Both men recently gave an $18 million kick-start to The University of Queensland Endowment Fund (UQef).

Founded in 2007, UQef is a new avenue for donors to support academic initiatives such as scholarships, named professorial chairs and specific research programs in areas of particular social need.

The first philanthropic support to come out of the fund includes 10 scholarships totalling $500,000 for PhD and Honours level research in cultural history, new media studies, peace studies, conflict resolution and social aspects of natural resource management and sustainability.

Mr Wood has already specified that part of the fund would be used to establish a research and education centre targeting youth drug and alcohol abuse.

UQ Vice–Chancellor Professor Paul Greenfield praised Mr Wood and Mr Brice for their award and contribution to the University.

“This award goes to two individuals who have not only excelled in their chosen careers but who continue to nurture and support the careers of many UQ graduates,” Professor Greenfield said.

“Andrew and Graeme’s philanthropic support for The University of Queensland will not only provide students with the academic resources, but the opportunity to fulfil higher education goals.”

Mr Brice said the award was a real honour and hoped to encourage other entrepreneurs and business owners alike to connect and invest in research and education.

“As a graduate of UQ, the University is close to my heart and through the UQeF I am proud to be able to support dedicated students who share a common vision – that is to make significant strides forward in research areas,” Mr Brice said.

Mr Wood said it was important to address the root of negative cultural affects on the youth of today and to take on a hands-on approach to supporting and educating them on the dangers of youth substance abuse.

Mr Wood, a Bachelor of Economics and Master of Information Systems graduate and Mr Brice, a Bachelor of Commerce founded Wotif.com in 2000.

Wotif.com has grown into Australia and New Zealand’s leading accommodation website that attracts 3.4 million visits and 205,000 bookings a month.

Media: Eliza Plant at UQ Communications (07 3365 2619, 0433 399 134)

BRISBANE – Monday 25 February – The University of Queensland Endowment Fund (UQef) was launched in Brisbane today with an $18 million kick start from UQ graduates Graeme Wood and Andrew Brice.

In a ceremony held at UQ’s Customs House, Mr Wood and Mr Brice (co-founders of accommodation website Wotif.com) committed $8 million worth of Wotif.com shares between them with Mr Brice pledging a further two million shares over the next two years and Mr Wood pledging a further $2 million over the next five years. According to Wotif.com’s share price in late February this equates to an overall total of approximately $18 million.

“UQef will provide opportunities for major benefactors to support academic initiatives that they feel need stronger emphasis or more rapid development, including named Chairs and research programs,” Mr Brice said.

Mr Brice and Mr Wood said the motivation to create the fund followed a universal trend of benefactors wishing to become more engaged with their contributions.

Discussing the ongoing trend, Mr Brice commented: “Engagement with the donation process is desirable because it offers accountability and motivation. Donors are interested in being actively involved in the process and seeing the positive impact that their support has on the individual, industry or the community.

Mr Wood said he and Mr Brice hoped the opportunity to personalise the process, would help spark an increase in the level of educational philanthropy throughout Australia.

“In the US it is a practice for major universities to have an independent body that philanthropists can direct their contributions through and retain a degree of control over how their money is spent,” Mr Wood said.

“We recognised the opportunity for a similar avenue for support at UQ.”

UQef will be overseen by a board consisting of UQ alumni and prominent business people including Mr Wood, John Wiley of Carnegie Wylie, Tim Crommelin of ABN AMRO Morgans and Darryl McDonough of Clayton Utz, who will ensure the expectations of benefactors are met.

UQef will work in partnership with UQ to provide the best possible outcomes for the students of UQ and the future of the University.

The University of the Queensland’s Vice Chancellor, Professor Paul Greenfield, said the UQef initiative showed tremendous foresight, and was an initiative that universities everywhere would welcome.

“It is rare for an Australian university to benefit from this scale of donation from alumni, yet graduate philanthropy is likely to be a hallmark of internationally competitive Australian universities in the not-too-distant future.

“We are delighted that Andrew and Graeme have chosen UQ as the target of their personal generosity and the prescribed private fund,” Professor Greenfield said.

For further information, or to arrange an interview, please contact:

Sophie Mercer sophie.mercer@wotif.com 0430 507 100

Fiona Kennedy (UQ) fiona.kennedy@uq.edu.au 07 3365 1088 or 0413 380 012

UQ applauds award-winning alumni

UQef Launch