Endowment has record-setting year, including $1 million for debate
A record number of KU alumni and friends -- 43,400 -- contributed to KU Endowment during fiscal year 2007, up from 41,085 in 2006. And a group of donors helped push the debate team past an historic mark.
In fiscal year 2007, which ended June 30, giving reached $94.3 million. The market value of endowed funds, the permanent legacy for KU, reached $1.24 billion.
KU Endowment distributed $94.9 million in support to the university, with more than a quarter of that amount benefiting students. The total was divided among the following areas: $24.3 million for student aid, $20.8 million for faculty, $18.2 million for programs, $17 million for capital support and $14.6 million for books, equipment and supplies.
From fiscal year 2006 to fiscal year 2007, student support (excluding loans) grew from $23 million to $24.3 million; faculty support grew from $16.9 million to $20.8 million.
"Behind all these numbers are stories of people from every generation who benefit from the generosity of our donors," said KU Endowment President Dale Seuferling. "Their stories represent the power of philanthropy at the University of Kansas. We are thankful for our donors, whose generosity will help current and future generations achieve their dreams at KU."
The KU Endowment Board of Trustees reviewed fiscal year 2007 financial performance, as well as support for KU, at its 116th annual meeting Nov. 2 at the Kansas Life Sciences Innovation Center in Kansas City, Kan. Since its founding in 1891 as the university's foundation, KU Endowment has provided $1.4 billion in university support.
Each year, KU Endowment transfers income from endowed funds, along with gifts from donors, to the university's four campuses. Funds are used according to donors' wishes. The goal for endowed funds and other long-term investments is to provide a consistent level of support for the university in perpetuity.
At a debate alumni reunion last month, attendees were informed the team not only was ranked No. 1 in the country, but were part of an official recognition of their success in raising a $1 million endowment fund to support the debate team.
Since 1978, KU's debate team has been supported in part through private donations made to KU Endowment. The donations provide scholarships and cover travel and other expenses incurred in competitions throughout the nation.
The debate fund is managed by KU Endowment.
Endowment fact sheet:
- Of the $27.9 million disbursed to students in fiscal year 2007, $24.3 was in scholarships, fellowships and awards, and $3.6 million was in loans. In fiscal year 2006, $26.4 million was disbursed to students: $23 million in scholarships, fellowships and awards, and $3.4 million in loans.
- Giving in fiscal year 2007 reached $94.3 million, just shy of the 2006 total of $94.4 million. Of that, $77.7 million was in outright gifts and pledges, and $16.6 million was in deferred gifts for the future benefit of KU.
- In fiscal year 2007, KU Endowment provided $94.9 million to the university, compared to $99 million in 2006. Though support for students and faculty increased, costs for campus construction decreased from $33.1 million in 2006 to $17 million in 2007 as a result of fewer construction projects.
- In fiscal year 2007, donors gave gifts totaling $9.3 million to establish 72 new scholarship funds.
- Donors established five new professorships with endowed funds totaling $2.4 million.
- The market value of KU Endowment's endowed funds -- the permanent legacy established by donors for current and future generations of KU students -- grew from $1.05 billion in 2006 to $1.24 billion in 2007.
- The market value of KU Endowment's total assets, which includes real estate and other special holdings, reached $1.71 billion in 2007, up from $1.52 billion in 2006.
- The Long-term Investment Program gained 19.3 percent, beating the benchmark of 8.2 percent. The three-year return was 15.5 percent, and the benchmark was 9 percent. This includes more than 2,700 individual funds and makes up 71 percent of KU Endowment's total assets.
- Donors hailed from all 50 states, four commonwealths and 28 other countries.
At its 116th annual meeting Nov. 2, the KU Endowment Board of Trustees elected Tom Bowser, Cathy Daicoff and Brian Mitchell as new trustees.
Tom Bowser, Olathe, graduated from KU in 1968 with a bachelor's degree in journalism. He is president and chief executive officer of Blue Cross and Blue Shield of Kansas City, Missouri's largest not-for-profit health services corporation.
Cathy Daicoff, New York, N.Y., graduated from KU in 1977 with a bachelor's degree in political science. She also holds a master's of public administration from Syracuse University. She is managing director and the senior credit policy officer of Standard & Poor's, the world's leading provider of objective financial information, ratings and risk analysis.
Brian Mitchell, Elkhart, graduated from KU in 1986 with a bachelor's degree in accounting and business administration. He is a third-generation farmer and owner of Mitchell Farms, a 33,000-acre farm.
The board comprises up to 75 trustees who represent and support KU around the country. The board meets annually on one of KU's four campuses. Board members' duties include setting policy on fundraising and asset management, and serving on committees that provide recommendations for KU Endowment programs and activities. Board members receive no compensation for their services.
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