Foundation Chairman Sam Holmes of Atlanta says money also will go for students to study for a semester in Washington, D.C., and some endowed professorships.
Holmes says the money is set aside "in a rainy-day way." It means an increase in foundation support for the university this year, although its assets lost more than $100 million in global recession.
The foundation, with assets of more than $500 million, is giving more than $21 million to UGA this year.
The Board of Regents ended its status as UGA's official fundraising arm four years ago.