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The University of Colorado Foundation engages in not-for-profit fundraising and manages gifts given to the University of Colorado (CU). The organization operates independently from CU. It has about $1 billion in assets, which include short-term, long-term, and planned gift assets. Funds are used to support scholarships, research, athletics, building construction, and faculty and staff at CU. The University of Colorado Foundation was established by CU in 1967.