The Markey Cancer Foundation gifted $12.5 million to support the priorities of the Markey Cancer Center and the College of Medicine, according to the University of Kentucky Board of Trustees agenda. 

The gift, accepted by the Board of Trustees Feb. 19, will allocate $12 million toward the creation of a new endowment fund, FCR 1 said, and $500,000 to a non-endowed fund. 

Endowed funds are preserved and invested with income to distribute annually, whereas non-endowed funds are available for use immediately, according to the Blue Grass Community Foundation.

The Markey Foundation, FCR 1 said, is dedicated to reducing cancer mortality in Kentucky and supporting innovative research, treatments and outreach. 

Since its inception, the Markey Foundation has raised more than $110 million in funding to support patient care, research, endowed chairs, capital projects and construction at the Markey Cancer Center, FCR 1 said. 

With support from the Markey Foundation, UK’s Markey Cancer Center is now a recognized National Cancer Institute Designated Comprehensive Cancer Center, according to FCR 1. 

Throughout the United States, there are 57 of these designated cancer institutes.