Business Irish

Monday 18 February 2019

Smurfit school handed €9m by US Ireland fund

Support: Dr Michael Smurfit, the founding benefactor of the UCD Michael Smurfit Business School
Support: Dr Michael Smurfit, the founding benefactor of the UCD Michael Smurfit Business School

Gordon Deegan

The UCD Michael Smurfit Graduate Business School was the big winner in the $29.47m donated to 352 organisations and projects here and across the world by the American Ireland Funds (AIF) in 2017.

Documentation provided to the US tax authorities by the AIF show that the graduate business school received a donation of $10.63m (€9.23m) from the fund in 2017 - by far the largest single donation made by the AIF that year.

The grant will support the Smurfit Graduate Business School through helping to fund a state-of-the-art teaching and learning facility - The Centre for the Future of Learning Capital Project. The project is part of a planned €65m spend over five years as part of UCD's Vision 2020 for the university's College of Business.

The AIF report on the donation shows that $1.75m of the grant had been spent by August 14 2018. The AIF documentation shows that the now departed CEO of the AIF, Kieran McLoughlin, received $699,000 in pay, including a €100,000 bonus in 2017.

Mr McLoughlin stepped down as CEO last October and served in an advisory capacity to the fund before leaving the organisation on December 31 last.

In 2017, Mr McLoughlin enjoyed a 15pc rise in his basic pay from his 2016 pay of $462,915 to $535,000.

Mr McLoughlin stepped down ahead of his contract coming to an end after it emerged that a former AIF female employee is alleged to have embezzled $579,000 from the organisation.

The AIF returns for 2017 show that Barnardo's received $79,525 for a Family Support Service while the Gaelic Players' Association (GPA) received $80,000 to fund a leadership programme for GAA players.

Irish Independent

Also in Business