ATHENS, Ga. (AP) — The University of Georgia Foundation says it will be offering an additional $3.3 million for scholarships, faculty support and other initiatives in the next fiscal year.

The foundation made the announcement in a press release Monday, saying the surplus funds were the result of strong returns on investments as well as budget management. The foundation provides more than $40 million annually to the university.

Foundation officials say the funds include $1 million designated to support an effort to acquire a piece of property in Washington, D.C., that would be home to UGA's Washington program. Officials say the property would include living and classroom space and enhance the university's presence in the nation's capital.

Funds for need-based scholarships, study abroad scholarships and professional school scholarships were also included.