Atlanta — May 25, 2004

The Board of Regents today instructed University of Georgia President Michael Adams to issue a letter to the University of Georgia Foundation terminating the University’s relationship with the Foundation.

Board of Regents’ Policy 1905 provides the authority for this action. The Memorandum of Understanding between the University and the Foundation, dated April 25, 1996, gives either party (the president or the Foundation) the authority to terminate the agreement with a 90-day notice. The president has been directed to write this letter of termination by the Board of Regents.

Furthermore, as this action removes the recognition of this entity as a cooperative organization, the Board of Regents directed the University of Georgia to seek a replacement cooperative organization as soon as possible.

“The Board of Regents has watched this situation patiently for almost a year and has finally concluded that this action is necessary for the good of UGA and the University System of Georgia,” said University System of Georgia Chancellor Thomas C. Meredith.

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