The Lincoln University Board of Curators is looking into redeveloping a relationship with the 62nd and 65th Regiments Legacy Foundation.
Board of Curators President Victor Pasley said he believes it's important to re-establish a relationship with the foundation because the foundation is holding $8 million-$9 million that was donated over the years to support LU students.
"They have funds that I think our students should be benefiting from, and right now I don't know how that's working," Pasley said during a Board of Curators Executive Committee conference call Tuesday. "We've got students that got benefits from these funds in order to stay in school or even come to school."
Pasley said he doesn't know how students are currently receiving funds from the foundation.
"I don't know all the steps they're having to go through, but some students apparently are getting some funding from them," he said. "I don't have any idea how much, but we'll learn all that as we begin these conversations."
Lincoln's enrollment is currently down about 17 percent.
"With our enrollment challenge, I think it's important that we utilize all resources that are available to us," Pasley said.
In December 2018, the university voided its memorandum of understanding with the then-named Lincoln University Foundation Inc. after university officials said they became dissatisfied with the foundation's fundraising performance and its level of autonomy.
In 2019, the foundation announced its name change to the 62nd & 65th, and the university announced it would accomplish its fundraising activities through its Office of Institutional Advancement and Alumni Relations.
LU and the foundation became involved in legal disputes stemming from the separation, with a lawsuit by each against the other in federal court over control of money, documents and use of the university's likeness.
The 62nd & 65th's lawsuit against Lincoln was consolidated into the university's lawsuit against it in April 2020, upon the foundation's request. The combined case was dismissed in the U.S. District Court's Western District of Missouri after the court was notified of a settlement in the case.
The terms of the settlement include that the 62nd & 65th will "hold in trust and administer" 51 scholarship funds and 85 endowment funds.
Pasley said he will share documents with the board as soon as he gets them, including the old memorandum of understanding a new MOU they're creating for if the foundation is to rejoin the Board of Curators as an arm of fundraising for the university. Board of Curators Executive Committee members requested Pasley also provide a legal summary of litigation and the foundation's audit.
Pasley said he needs to find out if the Board of Curators or the Executive Committee need to vote to explore a relationship with the foundation.
After sharing those documents and possibly receiving board or committee approval, the Board of Curators Executive Committee will set up a meeting with the foundation's executive committee to review the documents and discuss the possibilities of re-establishing a relationship, Pasley said.
Pasley said he doesn't know how long the process will take to work through this, but he wants to start the process so hopefully students can soon start receiving the benefits of the funds the foundation holds in trust for LU students.
"There's no other reason for them to have funds other than to support our students," Pasley said.
The News Tribune's efforts to reach the foundation for comments were unsuccessful Wednesday.