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LOS ANGELES (CBS) — UCLA announced today the creation of a Dream Fund.

UCLA Chancellor Gene Block and billionaire Kirk Kerkorian explained that it will help out medical research and university academic programs. It will also support other charitable projects in the country.

The Lincy Foundation will transfer almost $200 million in assets and other charitable projects to the Dream Fund. The Lincy Foundation was founded by Kerkorian in 1989 and will terminate its operations once everything has been transferred.

More than $1.1 billion has been donated to schools, charities, hospitals, and research projects by the Lincy Foundation.

(©2010 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

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