The following statement was issued today by Judy Foote, Minister of Education. It was also read in the House of Assembly:

In 1995, the Government of Newfoundland and Labrador agreed to match the private sector contributions to Memorial University's Opportunity Fund up to $25 million.

The Opportunity Fund has met with tremendous success and private contributions have already surpassed the $25 million mark.

So it gives me great pleasure to announce that we have extended the deadline for matching funds to the end of the year. We will go on matching the contributions of individuals, foundations and corporations until the end of 1999.

In addition, in endorsing the Opportunity Fund, we have not designated our matching contribution to any specific campaign objectives, providing the university with the flexibility to allocate the funds so that all of the campaign goals can be achieved.

The focus of the Opportunity Fund campaign is to lay a sound financial foundation to enhance Memorial's capacity to attract top students and provide for their needs as they study at MUN.

Fifteen million dollars is designated for scholarship and fellowship endowment; $25 million for facilities for health, fitness and recreation; and $10 million is earmarked to support innovation in teaching and research.

As contributors donate funds, the university is able to undertake some campaign objectives even before the campaign is completed. By using the money as it is received, the university has been able to put contributions to work immediately for students. For example, the construction of new student centres at the St. John's and Corner Brook campuses are underway and plans are being made for the construction of a new Field House in St. John's.

The Opportunity Fund Campaign will ensure enhancements to post-secondary education that will help our students as they prepare to take on the challenges of the 21st century.

1999 12 03                                 9:25 a.m.