PORTLAND, Maine, Feb. 25, 2019 /PRNewswire/ -- The University of Georgia Foundation has agreed to sell the university's Costa Rica residential and research campus in San Luis de Monteverde, Costa Rica, to the Council on International Educational Exchange (CIEE), the oldest and largest nonprofit study-abroad and intercultural exchange organization in the U.S.
The University of Georgia Foundation Board of Trustees approved the transaction at its Feb. 22 meeting.
Proceeds from the sale, which will be final April 30, will enable UGA to create a $4 million endowment for annual scholarships that will allow more university students to study in Central America, South America and Africa.
In addition, CIEE has agreed to continue the operation of existing UGA programs in Costa Rica throughout 2019, and to invest in enhancements to the Costa Rica campus so it can better serve future students from UGA and other colleges and universities.
"This sale will enable the UGA Foundation to have an even greater impact on students by providing new study-abroad opportunities for more University of Georgia students every year," said Bill Douglas, chairman of the UGA Foundation Board.
The University of Georgia is planning an ongoing relationship with CIEE that will provide UGA faculty and students continued access to the unique, experiential study abroad and research opportunities the campus provides, as well as to CIEE programs around the world.
"With a vast worldwide portfolio of academic, internship and service learning programs delivered across its 60-plus international sites, CIEE has the expertise to manage the campus as a hub for student and research groups from a diverse set of universities," said CIEE President and CEO James P. Pellow.
In the next year, CIEE will invest in upgrades to technology, laboratory equipment and security systems. CIEE will continue to engage responsibly with local communities, as it has done since the organization began operating in Monteverde in 1989.
"The purchase of the Monteverde campus reflects CIEE's commitment to expanding our portfolio of high-quality international STEM programs for students from across the country," Pellow said. "We look forward to adding this facility to our Global Institute Network, providing STEM courses, science labs and field research opportunities that will meet the growing demand from UGA and academic institutions nationwide."
About the Council on International Educational Exchange
CIEE, the country's oldest and largest nonprofit study abroad and intercultural exchange organization, transforms lives and builds bridges by promoting the exchange of ideas and experiences. To help people develop skills for living in a globally interdependent and culturally diverse world, CIEE sponsors a wide variety of opportunities for cultural exchange, including work exchange programs, teach abroad programs, and a worldwide portfolio of study abroad and internship programs for college and high school students. www.ciee.org
About the University of Georgia Foundation
The University of Georgia Foundation, established in 1937, manages an endowment of more than $1 billion and provides an average of more than $65 million annually to UGA to advance its mission of teaching, research and public service.
Media Contact: Leslie Taylor, (207) 553-4274, firstname.lastname@example.org
SOURCE Council on International Educational Exchange (CIEE)