The U. of I. and the U. of I. Foundation continue to raise the fundraising bar.
Figures for the fiscal year that ended June 30 were announced Sept. 19 at the foundation's annual meeting.
The university and UIF registered a record $259.5 million in outright cash gifts, pledge payments, annuities/life income gifts, and estate distributions in FY 2014, said Walter Knorr, the UIF chief financial officer and treasurer of the U. of I. Foundation. This cash flow total was 10.5 percent more than the $234.9 million generated in FY 2013. The FY 2014 cash flow total marks the seventh straight year of more than $210 million.
The foundation processed 151,250 gifts in FY 2014, a 4 percent increase from a year ago.
Of the $259.5 million raised last fiscal year, foundations were the largest donor source at 29.1 percent, followed by alumni (23.4 percent), corporations (21.2 percent), friends (14.1 percent) and other sources (12.2 percent). Donors designated $69.2 million for research, $35.8 million for student support, $32.4 million for academic programs, $28 million for facilities, $15.2 million for public service, $7.2 million for faculty support and $3.9 million for other areas. Of the $259.5 million, $67.8 million was for unrestricted use. More than two-thirds (67 percent, or $173.8 million) of the total amount was designated as current use funds (to be used during the current fiscal year), 29.3 percent ($76 million) was designated for the endowment and 3.7 percent ($9.7 million) was designated for annuity/life income funds.
The university and UIF also recorded $262.4 million in new business, comprising new gifts, grants, pledges and deferred commitments in FY 2014. This marks the eighth consecutive year that new business has surpassed the $250 million mark. Of the new business total, $85.4 million (32.6 percent) was provided by alumni, $68 million (25.9 percent) by foundations, $46.7 million (17.8 percent) by corporations, $32.1 million (12.2 percent) by friends and $30.2 million (11.5 percent) by other sources.
The combined university and U. of I. Foundation endowment stood at $3.2 billion as of June 30. Of that total, almost $2.3 billion represents the active endowment, $776.5 million is revocable deferred, and $141.1 million is irrevocable deferred. Almost 90 percent of the combined active endowment is pooled investments that now total more than $2 billion. The combined endowment pool has experienced exponential growth since dipping below $1 billion in 2008. The one-year return of the endowment pool (for FY 2014) was 14.7 percent. The three-year return was 9.7 percent and the five-year return was 12.9 percent.
"As the numbers indicate, the university had a terrific year in fundraising," said Thomas J. Farrell, the president of the U. of I. Foundation. "Equally important, private giving is well aligned with our strategic direction and academic priorities. Our generous alumni and friends are committed to the University of Illinois, and are ensuring its place as one the best public research universities in the nation and world. It is our goal to keep building on this success and momentum."
The U. of I. Foundation, which was established in 1935, is dedicated to securing and administering private gifts for the U. of I. and its three campuses.
Foundation announces eight major gifts to benefit Urbana
Eight private gifts totaling more than $11 million earmarked for the U. of I.'s Urbana campus were announced during the 79th annual U. of I. Foundation meeting Sept. 19.
The gift announcements were part of the three-day weekend event held on the Urbana campus. More than 800 alumni and friends of the university attended.
The eight gifts highlighted at the Chancellor's Dinner:
- A $3 million bequest along with annual outright gifts of $120,000 from Tony Petullo of Milwaukee, Wisconsin, in support of Anthony J. Petullo Leaders in Business Scholarships. This academic year, the College of Business has awarded 25 Petullo Scholarships to a diverse group of high-ability students from across the state of Illinois. A 1961 marketing graduate of Illinois, Petullo established and operated the Milwaukee office of Olsten Staffing Services. The president of the Tony Petullo Foundation, his previous support, totaling more than $2 million, helped establish the core of programs at the Illinois Leadership Center to help students develop effective leadership skills, and a professorship and two fellowships in the School of Art and Design and in the College of Media.
- A $2 million gift from Jerrold L. "Jerry" Fiddler and his wife, Melissa Alden, of Berkeley, California, in support of student and faculty interdisciplinary research initiatives through the Illinois Emerging Digital Research and Education in Arts Media (eDream) Institute at the transdisciplinary National Center for Supercomputing Applications. eDream/NCSA is affiliated with several campus organizations, and connects science, art, the humanities and engineering to advance education, research and creative expression. The Fiddler/Alden gift also provides annual undergraduate and graduate fellowships. Jerry Fiddler earned two degrees at Illinois - a bachelor's in individual plans of study in 1974 and a master's in computer science in 1977. He is principal of Zygote Ventures, a privately held seed/angel venture capital fund that invests early in innovative technology enterprises, and is chairman of Solazyme. Alden, an Ohio Wesleyan University graduate, is a teacher at Berkeley.
- A $2 million gift from the Jerome Mirza Foundation to the College of Law. This gift will support the Jerome Mirza Trial Academy, a Chicago-based program that will provide training to upper-level law students and practitioners in advanced advocacy techniques, including e-discovery, cross-examination and effective use of trial exhibits. The gift also will fund the Jerome Mirza Chicago Practicum, with experienced adjunct faculty members designing and teaching new Chicago-based courses, and the Jerome Mirza Fellows Program, which will help recent College of Law graduates gain real-world experience by serving in county public defender offices. A 1963 U. of I. College of Law graduate, the late Mirza served as president of the Illinois State Bar Association and the Illinois Trial Lawyers Association, and was well-known for his dedication to trial advocacy.
- A $1.5 million pledge from Sarah Pascoe Valpredo of Corona Del Mar, California, in memory of her husband, William T. Pascoe III, for scholarships in engineering. The William T. Pascoe III Memorial Engineering Scholarship honors the 1940 Illinois engineering graduate, entrepreneur and real estate developer. A World War II veteran, he founded Pascoe Metal Buildings, which became the fourth-largest metal-building business in the nation. He also built and owned industrial parks and condo developments, and he bred and trained thoroughbred racehorses. Pascoe Scholarships will be awarded to freshmen in the College of Engineering and are renewable.
- A bequest of $1 million, along with $20,000 outright annually, from Edward Koval of Phoenix, and his family to establish the Anna Mae Koval Scholarship in the Graduate School of Library and Information Science. The gift, the largest single bequest to GSLIS, was made in memory of Anna Mae Koval, a librarian and world traveler who instilled a love of reading in her children, grandchildren and young adults. The need-based Anna Mae Koval Scholarship will benefit GSLIS students who have a research interest in youth services and literature, and whose learning experiences involve the research collection of the School's Center for Children's Books. Edward Koval, who was a vice president of A.E. Staley Manufacturing Co., earned his master's and doctoral degrees in chemical engineering and an MBA at Illinois, and his sons Paul and David, as well as daughter-in-law Jenni, hold degrees from the U. of I.
- A $1 million outright gift from Thomas and Julie Scott of Chicago for scholarships in the College of Business. The need-based Thomas M. and Julie E. Scott Foundation Centennial Scholarship will support high-achieving students pursuing their interests in accountancy, finance or entrepreneurship. Tom Scott earned a bachelor's degree in accountancy at the U. of I. in 1983. He founded and serves as CEO of CA Ventures, a multidimensional real estate firm in Chicago. Julie Scott is a 1985 Illinois accountancy graduate and is founder, president and CEO of CTS Holdings Inc., a hands-on business advisory firm. The Scotts have supported the College of Business since 1989 and have also contributed more than $700,000 to the U. of I. Division of Intercollegiate Athletics.
- A significant increase in support from Edward F. "Rick" and Maisie Heiken of Scottsdale, Arizona, for scholarships in the College of Business. The Edward F. and Maisie L. Heiken Scholarship provides full tuition and fees to support entering seniors in the college from the state of Illinois who are majoring in marketing or finance and who have contributed substantially toward their own college expenses. The Heikens have funded 15 scholarships totaling $155,000 since 1999, and their recent increase in support has substantially elevated their total commitment to the college. Rick Heiken, a 1972 economics graduate of Illinois, had a long and successful business career with Caterpillar. Maisie Heiken, a 1989 U. of I. finance graduate, is a senior vice president with Merrill Lynch and a member of the U. of I. Foundation Board of Directors.
- A gift of more than $250,000 from Stanley and Judith Ikenberry of Boca Grande, Florida, to establish the Ikenberry Commons and the Arts Program, a joint venture designed to engage and connect Illinois undergraduates living in the Ikenberry Commons residence halls with the performing arts through Krannert Center for the Performing Arts. Stan Ikenberry served as the 14th president of the U. of I. for 16 years, from 1979 through 1995. He also was interim president in 2010 and is currently U. of I. regent professor and president emeritus. Judy Ikenberry, an arts advocate and watercolor painter, has long served the university as an ambassador. Longtime and generous donors, the Ikenberrys have contributed approximately $600,000 to the university supporting the College of Fine and Applied Arts, the Office of the Vice Chancellor for Student Affairs, the Housing Division, and Krannert Center for the Performing Arts, all on the Urbana campus.