Annual Report 2006 Contents
Message from the Chair ...... 1 Message from the President ...... 2 Making an Impact ...... 3 Educating the Workforce for the Global Economy ...... 3 Building Capacity at Member Colleges ...... 5 Supporting Communities and Students ...... 8 A Partnership Written in the Stars ...... 10 Major Donors ...... 11 Corporations and Corporate Foundations ...... 11 Private and Community Foundations ...... 14 Legacy Donors ...... 17 Groups and Unions ...... 17 Churches ...... 18 Individuals ...... 18 Sponsorships and Special Events ...... 20 Corporate and Public Employee Campaigns ...... 21 Hurricane Katrina Relief Fund ...... 22 Officers and Directors ...... 24 Member Colleges and Universities ...... 26 UNCF Area Offices ...... 27 Message from the Chair
The United Negro College Fund Now, under the leadership of Michael Lomax and for dollar, donations to UNCF result in more stu- (UNCF) has long been the nation’s largest and most his management team, it is also one of the nation’s dents earning their college degrees. Those UNCF successful higher education assistance organization. best educational and philanthropic investments. graduates go on to become the professionals that Direct support from UNCF helps its 39 member Part of the reason is strong management. The every community needs — and that the national colleges and universities keep tuition costs low financial statements you’ll see in this annual economy depends on. and student-faculty ratios high, allowing students report reflect a decrease in UNCF’s operating On behalf of the board of directors, I am pleased who otherwise might not be able to go to college to costs, making more resources available to help to report that the interests of UNCF member schools
Raymond V. Gilmartin benefit from a high-quality education and nurtur- students at UNCF member colleges get the edu- and the students supported by UNCF have never Chair of the Board ing educational environment. cation they need. UNCF’s cost ratio, the ratio of been better served — and that UNCF has never Its hundreds of scholarship and internship operating costs to total revenues, now stands at a been stronger than it is today. programs also support thousands of students at low 11.4 percent. more than 1,300 colleges and universities around Even more important is UNCF colleges’ record the country. That support, combined with the of graduating more students while keeping tuitions resounding success of students in UNCF’s Gates affordable. The average graduation rate at the 39 Millennium Scholars program — the nation’s historically black colleges and universities that
largest private scholarship program — has led make up UNCF is substantially higher than the Raymond V. Gilmartin The Chronicle of Philanthropy to cite UNCF as the average African American graduation rate of major- Chair of the Board number one education nonprofit in America.The ity education institutions. And UNCF colleges’ NonProfit Times also named UNCF one of the top tuition is, on average, less than half that charged 100 charitable organizations in the country. by other private colleges. The result is that, dollar
2 0 0 6 A n n u a l R e p o r t Message from the President
America has never needed the United stature and high profile to strengthen the national Building, our scholarships and our advocacy for Negro College Fund and our 39 historically black commitment to minority education. minority education. colleges and universities as much as it does today. The pages that follow report on the work that And just as our colleges and students look to And UNCF is meeting that need with an ambitious lies ahead — including continuing to provide UNCF for the educational support they need, UNCF campaign to increase and expand our capacity to operational support for member institutions, further looks to our donors to help turn the aspirations of support our member colleges and their students. This developing a unique set of institutional improve- our colleges and students into reality in the future, annual report describes the success of the campaign ment opportunities for our colleges and awarding as they have in the past.
Dr. Michael L. Lomax to date and charts the course that lies ahead. thousands of scholarships to our students — and President and CEO Every year, UNCF makes it possible for more look back on our successes — including launching than 65,000 students to get the college education the Institute for Capacity Building and playing that they need and that the 21st-century economy an important role in the debate over the Higher demands. But there are more students who need Education Act and in securing federal assistance and deserve the education that UNCF colleges to colleges affected by Hurricane Katrina. can offer and more students whose personal and This report concludes, as it should, with a career aspirations are blocked by their inability list of the names of our donors. Because UNCF Dr. Michael L. Lomax President and CEO to pay for college. receives no public funding, we owe everything we On behalf of these students, UNCF is in the midst have accomplished to the generosity of the indi- of a far-reaching effort to sustain and strengthen viduals, corporations, foundations, churches and our member colleges, increase the number and other organizations whose contributions support value of the scholarships we offer, and use our our member colleges, our Institute for Capacity
u n i t e d N e g r o College Fund Making an Impact
The United Negro College Fund (UNCF), our member colleges and universities, and our donors play a critical role in the future of our nation, communities and individuals by providing high-quality education that prepares students with the skills and knowledge they need to succeed in today’s economy and society. UNCF does this by directly supporting our 39 member institutions, administering more than 400 scholarship programs for students and advocating policies to improve education for African Americans nationwide. On the following pages, we provide a look at some of the many ways UNCF and our generous donors have made an impact over the past year.
E d u c a t i n g t h e W o r k f o r ce f o r t h e G l o b a l E c o n o m y
A generation ago, workers with just a high school Yet the percentage of African American stu- UNCF colleges provide a unique resource for diploma could secure jobs that paid enough to support dents who have a college degree is barely half that answering America’s need for skilled workers by a family. But in today’s knowledge-based economy, of the majority population — creating a gap that providing an affordable, high-quality education to a college degree increasingly is a prerequisite for a increases with each age group that moves through those who would otherwise not be able to attend good job that supports a middle-class lifestyle and the education system. As a result, many African college — a mission that dovetails with the aims offers opportunities for advancement. According to Americans are falling behind, and businesses do of many of our donors. the U.S. Bureau of Labor Statistics, 63 percent of the not have a diverse pool of skilled employees to hire 18.9 million new jobs that will be created by 2014 from to meet their needs. will require some postsecondary education.
2 0 0 6 A n n u a l R e p o r t Developing a Diverse Pool of Employees Ensuring Equal Access Donna Funk, vice president of community and When Office Depot was looking to develop a “Our partnership with UNCF helps ensure a more philanthropic services for HSBC — North America. relationship with the universities that build the qualified workforce that we can tap,” says Georgette “Educating tomorrow’s leaders is important, and our intellectual capital of the workforce, the company Dixon, senior vice president of national partner- partnership with UNCF helps provide access to turned to UNCF. “We knew UNCF as a broad-based ships for Wachovia. “But at the end of the day, higher education and internships for many deserv- organization that largely serves African American our goal is to make sure every student has equal ing students.” students,” says Stephen Sauls, vice president of access to education.” To meet that goal, HSBC has corporate relations, “and we are concerned about Wachovia has supported UNCF colleges for supported UNCF for almost 25 years diversity at all levels of our company. We cannot more than 30 years, through scholarships as well through contributions for scholarships, special be passive in this area.” as support for the annual An Evening of Stars® events and other efforts. The company also pro- To that end, this year Office Depot contributed (AEOS) fundraiser, local events and other efforts. vides internships so students can get hands-on $500,000 to UNCF. The donation included direct Over the last two years, Wachovia has increased work experience. These internships are mutually institutional support, last-dollar scholarships to help its commitment even further, enhancing its sup- beneficial: Students get a head start on their work students bridge the gap between their financial aid port for UNCF and our network of schools with experience, and the company develops a diverse packages and the total cost of tuition and expenses, an additional $4 million in grants. pool of potential employees. and sponsorships of special events. HSBC has a similarly strong commitment to In addition, many HSBC employees person- ensuring equal access to education. “As a company ally support UNCF by contributing through the that operates in 76 countries and territories, we see company’s annual United for Hope employee the need for high-quality education, and respond- giving campaign. Last year alone, more than 2,300 ing to that need is a global goal for HSBC,” says employees designated a total of almost $300,000 to UNCF through the campaign.
u n i t e d N e g r o College Fund B u i l d i n g C a p a ci t y a t M em b e r C o l l e g e s
In response to the growing requirement for higher Some UNCF schools, particularly small ones, need long-standing commitment to support institutional levels of education in the workplace, more minority help building the capacity to upgrade areas such as advancement at HBCUs,” says Ernest Gutierrez, the students than ever are planning to enroll in college. financial aid, faculty salaries, technology, facilities, foundation’s program director for special initiatives. And many of these students are choosing UNCF academic programs and student support services. To “UNCF’s leadership and its vision for the Institute member institutions because of their strong history help schools leverage the power of the UNCF network for Capacity Building build on that legacy and of academic excellence; affordable tuition; scholar- and address these critical needs, this year UNCF gave us a lot of confidence that funding ICB was a ship assistance; and small, nurturing educational launched the Institute for Capacity Building (ICB). logical next step.” environments. ICB offers multiyear grant support, technical Enhancing Faculty Development and Diversity At the same time, increased operating costs assistance and training tailored to the particular and limited resources coupled with the rise in needs of participating schools. The Institute focuses As part of its ongoing commitment to UNCF, the demand create challenges for these institutions. on strengthening capacity in six critical areas: Ford Foundation has contributed $1.25 million fundraising, enrollment management, academic to ICB. The foundation’s support for UNCF dates programming and faculty development, financial back to 1953, when it made its first grant to UNCF’s UNCF and our network of colleges management, historic preservation, and executive Capital Development Campaign to help with early and universities play a vital role leadership and governance. operations. The Ford Foundation has maintained its in minority higher education. commitment to UNCF for decades because supporting Building on a Legacy of Commitment UNCF maximizes the impact of the foundation’s ● We support 39 member colleges and universities. The program is made possible by the support of contributions — a contribution to UNCF benefits all ● Together, these schools enroll more than 60,000 students. generous donors, including colleges in the network, rather than just a select few ● More than 90 percent of UNCF students receive financial aid. The Kresge Foundation, which provided an $8 million challenge grant for ICB’s continued on page 7 ● Nearly 60 percent have family incomes below $25,000 per year. institutional advancement program. “Kresge has a ● 60 percent are the first in their families to attend college.
2 0 0 6 A n n u a l R e p o r t Hurricane Katrina Unprecedented Challenge, Unprecedented Response Through ICB and other initiatives, UNCF College. Although Tougaloo was spared Katrina’s victims, UNCF, our network of tailors solutions to meet individual member the direct impact of the storm, Dillard and member colleges and universities, and our institutions’ needs every day. But UNCF’s Xavier were flooded, and students, faculty donors stepped in to fulfill the educational support was never more critical than when and staff were evacuated. needs of the 7,200 students at the three Hurricane Katrina slammed into the Gulf While the American Red Cross, the institutions. This aid included: Coast and onto the campuses of Xavier Salvation Army and other organizations ● immediately issuing open-door invita- University, Dillard University and Tougaloo addressed the emergency needs of tions for storm-impacted students to attend other UNCF member colleges and universities, allowing the students to continue their studies with minimal
disruption. The same xavier Dorm room following ● working with congressional leaders and reconstruction and cleanup efforts (january 2006) the U.S. Department of Education to Now, presidents George Herbert Walker ensure that students’ federal student Bush and William Jefferson Clinton are aid grants would follow them to their joining UNCF to fight for a single important new colleges. cause — to rebuild the historically black ● providing direct grants of $1,000 to more colleges and universities damaged by than 1,600 students to help replace text- Katrina and to rebuild the lives of the books and fill other educational needs. Gulf Coast young people determined to ● directly appealing to our donors, who secure a college education despite the within six months contributed more devastation to their campuses. than $4 million to the UNCF Hurricane Katrina Relief Fund.
A Dorm room at xavier University after Flooding caused by Hurricane K atrina (September 2005)
u n i t e d N e g r o College Fund After the Flood A UNCF School Opens Its Doors institutions. And through ICB, UNCF is able to to enhance faculty members’ to Jim Heintz pinpoint individual institutions’ specific needs and skills, too. And at the same time, the grant will help After working more than 30 years as ness, so he Dr. Jim Heintz tailor solutions to meet those needs. address gender and diversity issues among faculty a veterinarian in New Orleans, Jim has sponsored To meet its twin goals of enhancing faculty skills at the participating institutions.” Heintz was not planning to make a a new professional club that helps teach career change. But when Hurricane veterinary business practices. and increasing diversity among professors, the Ford Expanding Support to New Areas Foundation targeted most of its two-year ICB com- Katrina flooded his New Orleans home Dr. Heintz’s ties to Tuskegee run More than 25 years of support for UNCF and long- and he lost much of his practice, Dr. deep. His son and niece attend the mitment to faculty development. “It is impossible term efforts to improve teaching and learning at Heintz sought refuge at his alma school, and he and his wife recently to think about enhancing curricula without also UNCF member colleges and universities also mater, UNCF member institution decided to build a house nearby. Still, thinking about bringing faculty up to speed,” says Tuskegee University. his new life at the university is bit- led the Bush Foundation to contribute to ICB. Irma McClaurin, program officer in the Education, The arrangement proved mutu- tersweet because much of his family Through its partnership with The William and Sexuality, Religion unit of the foundation’s Knowledge, ally beneficial. Tuskegee provided lived in the New Orleans neighborhood Flora Hewlett Foundation, the Bush Foundation Creativity and Freedom program. “It’s not just Dr. Heintz a job and access to the where he practiced, and they are now is providing $2 million to support ICB and its focus university’s clinical laboratories, and living in other parts of the country. about adding new programs or courses. You need on increasing enrollment and retention. the university gained an expert who He goes back to New Orleans “Our work in faculty development acquainted us could teach classes in small-animal about one week each month to help veterinary medicine. rebuild his business, which is operat- Of every 100 African American kindergarteners: with many of the individual colleges, and we real- Dr. Heintz shares stories and expe- ing out of a modular facility, and his ized that faculty development was only one way of ● 89 graduate from high school. riences from his practice to help give the home, which he had just finished assisting these institutions to achieve their unique ● 51 complete at least some college. students a well-rounded education. “My remodeling before the hurricane hit. missions,” says Anita Pampusch, president of the Bush ● Only 18 obtain at least a bachelor’s degree. job is to let the kids know that reading Although Dr. Heintz hopes to move Foundation. “Supporting UNCF’s efforts to improve medicine from a book doesn’t give you a back to New Orleans eventually, “the Source: U.S. Department of Education, National Center for enrollment management is a logical next step.” complete education,” he says. Dr. Heintz one good thing that came out of the Education Statistics, The Condition of Education, 2005. also feels it is important for veterinary storm was that I came to Tuskegee — students to have a knowledge of busi- I absolutely love it,” he says.
2 0 0 6 A n n u a l R e p o r t Caring Beyond the Classroom S u pp o r t i n g C o mm u n i t ie s a n d S t u d e n t s
dr. randall harris and Melanie Sheppard Melanie Sheppard always believed Many donors contribute to UNCF to support both In 2000, UNCF’s St. Louis area office asked that she wanted to become a doctor. Melanie is appreciative not only communities and individuals. This support comes Cedric to serve as honorary chairperson for its But she changed her mind after she of Dr. Harris’ knowledge and ability to in a wide variety of forms — from donations by annual walk-a-thon, and a new partnership was took care of her cousin, who died explain complex subjects, but also his private foundations to workplace campaigns to born. “Our partnership with UNCF made a lot of of cancer. “That experience really willingness to mentor students. “He’s individual donations to bequests. sense,” says Cedric. “Our motto is stretch your mind, turned my mind toward becoming a very concerned about his students’ go forth, do things, and UNCF’s work pairs up very researcher,” she says. And with the welfare,” she says. “I feel like I can An Insider’s View of Community Needs nicely with what we already were doing.” support of UNCF, she is taking steps talk to him about anything.” to realize her dream. This summer Melanie, who “Our partnership with UNCF gives us insight into Melanie currently is a senior received a full scholarship to Claflin community needs around higher education,” says majoring in biology at Claflin University, from UNCF, is interning at a Merck Wachovia’s Georgette Dixon, a benefit that many a UNCF member institution. Like many pharmaceutical laboratory through other donors value as well. other students at UNCF schools, she a program coordinated by UNCF. Dr. “UNCF has cut a path for local organizations to benefits from close relationships Harris also has received a $10,000 help at a local level,” says Sharita Kyles Wilson, direc- with her teachers, including biology research grant from UNCF through professor Randall Harris, who has the Merck Science Initiative that he tor of the Cedric “The Entertainer” Charitable helped Melanie apply for research used to study respiratory pathogens Foundation and sister of the celebrated comedian, fellowships. in the 2005–06 academic year. actor and producer. Cedric; his mother, Rosetta “Melanie really stood out,” says Melanie says her UNCF intern- left to right: sharita Kyles Wilson, st. louis mayor francis slay, Kyles; and his sister created the foundation in 1996 tiara jackson-Kyles, cedric “the entertainer,” rosetta kyles Dr. Harris. “She had the grades, and ship is a rare opportunity for minorities as a way to give back as Cedric’s celebrity grew. The she had expressed interest in doing to gain experience in the research Since 2001, the foundation, through its part- foundation started with $1,000–$2,000 scholar- research related to cancer drugs.” field. “I want the people who support nership with UNCF, has provided scholarships of ships for students from a high school and a church this internship to know that it’s truly $500–$2,500 for students from the St. Louis area been a blessing,” she says. in St. Louis, Mo. to attend a UNCF school — support that Cedric
u n i t e d N e g r o College Fund The Faith To Go On photo: Irving Johnson III and his family plan to continue and increase over school at what is now Bennett College for Women, After Hurricane Katrina hit New Malik Muhammed and Orleans last summer, the lives of Father phillip Linden time. “If you have the mind and desire to think a UNCF member institution. Mrs. McDowell went Malik Muhammed and his family, forward,” says Cedric, “then we can help you fill on to earn her bachelor’s degree and two master’s Father Linden says he likes to like many others, were torn apart. “attend to students’ questions without the gap and get the education you need.” degrees at Howard University. When he needed advice and spiritual giving any answers — I don’t think These struggles led Mrs. McDowell to vow to guidance, he turned to someone he A Personal Commitment giving answers is good for our intel- help students who also are committed to receiving knew could help — Father Phillip lectual pursuit.” Helen Newberry McDowell, a 102-year-old former an education — a promise she has kept not only Linden, his theology professor and He has become a friend to Malik’s mentor at Xavier University, a UNCF schoolteacher, has a similar interest. “I have always by paying tuition for numerous family members family and has used his experience member institution. been interested in anything and anybody who was and godchildren, but also through her donations working in social justice and severely Malik’s close ties with Father impoverished areas to help Malik and concerned about giving people opportunities for to UNCF and her alma mater. Since 1992, Mrs. Linden have changed his life. It other students cope with Hurricane an education,” says Mrs. McDowell. McDowell has given more than $120,000 to UNCF was Father Linden’s Theological Katrina’s upheavals. As a child, she struggled to gain an education. and more than $100,000 to Bennett for scholarships Foundations for Social Justice class While Xavier was closed last fall, The segregated school for African Americans in her for students from impoverished families. that solidified Malik’s determination Malik attended the University of St. to study theology. After he graduates hometown of Abingdon, Va., only Elizabeth Harral Carlton, who was one of Thomas in Houston and helped his family from Xavier this summer, he is continu- went to 6th grade and was open only the first women admitted to the Wharton School relocate. During that time, Father Linden ing his studies at Yale Divinity School served as a mentor, helping Malik with six months out of the year. Desperate of the University of Pennsylvania, placed a similar and hopes to teach theology after he academics, graduate school tests and for more learning, she persuaded her value on education. A strong believer in giving back completes his graduate work. applications and also introducing him parents, who had 13 other children, through her volunteer services and work at one of “The course brought me to a differ- to a new passion, music. to send her to a nearby boarding the nation’s first fee-for-adoption agencies, Carlton ent level of thinking about how to look “Had it not been for Father Linden’s at people who are struggling for justice,” school to complete 7th and 8th donated $1 million to UNCF upon her death. being there and working with me, I Malik says. “It was methodologically grades. Later, she finished high wouldn’t have been able to apply to awakening. I started understanding graduate school,” Malik says. how faith can respond to injustice Helen McDowell around the world.” 2 0 0 6 A n n u a l R e p o r t Supporting Dreams A P a r t n e r s h ip W r i t t e n i n t h e S t a r s photo: John Reeves When Kachael Johnson enrolled in Dr. herbert Thompson and K achael Johnson A staunch and long-standing friend of UNCF, Lou And he made it a Herbert Thompson’s biology class Rawls passed away this year at age 72. Rawls was must-give for millions of at Bethune-Cookman College, a all those years of congestive heart the mastermind behind UNCF’s telethon, now donors, who came for the UNCF member institution, she found failure, I can make it through eight a mentor and friend who has helped or 10 years of medical school and known as An Evening of Stars® (AEOS), in which music and stayed for the her focus her career goals and find training,” Kachael says. he combined entertainment and fundraising to cause. Since the program’s new opportunities. To meet that goal, Kachael, who raise support and awareness of UNCF. He made inception in 1979, Rawls will be a junior this year, says she With the help of Dr. Thompson, the program not only a must-see for tens of mil- helped raise more than Kachael has spent two summers spends as much time as possible in lions of Americans, but also a must-perform for $200 million — making conducting research in the Chicago Dr. Thompson’s office, “bugging him” great entertainers, from Boys II Men to Nancy it possible for hundreds area and hopes to spend next summer for advice and searching for summer at a similar program in Brazil before research opportunities. She appreci- Wilson to Frank Sinatra — who said that Lou of thousands of young applying to medical school. ates his bluntness: “He just tells you had “the classiest singing and silkiest chops in people to get the college how it is and what you need to do.” Kachael’s interest in medicine the singing game.” education they needed but Lou Rawls Dr. Thompson is not complain- stems from a personal crisis. Her could not afford. mother, who had suffered with heart ing. “She let me know from the start To honor Rawls’ commitment and service, UNCF disease, underwent a heart transplant how serious she was about science,” has created the Lou Rawls-UNCF Achievement when Kachael was in high school. he says. Through the ordeal, Kachael His efforts to mentor not just Award. It will be presented annually during the Kachael but all of his students reveals realized that there are too few African “[Lou had] the classiest singing and AEOS program to a popular artist whose career Americans in the medical field. That the full cycle of support at UNCF silkiest chops in the singing game.” reflects the quality of commitment to UNCF and schools: Thompson was inspired by awareness, combined with the power- our mission that was Rawls’ hallmark. – Frank Sinatra ful example set by her mother’s will the one-on-one attention he received to live, also inspired her dreams. “If from his own professors when he was she can make it through and survive a student at Bethune-Cookman.
10 u n i t e d N e g r o College Fund Major Donors
C o r p o r a t i o n s a n d c o r p o r a t e f o u n d a t i o n s
$1,000,000 AND UP Sallie Mae Fund Costco Wholesale Merrill Lynch $50,000–$99,999 Gilbane Building of the Community Corporation & Company Company, Inc. JPMorgan Chase & Co. ▲ American Family ▲ Foundation for the Entergy Corporation Foundation, Inc. Insurance GlaxoSmithKline Merck & Company, Inc. National Capital Region ❋★ ★ Microsoft Corporation MetLife Foundation ▲ FedEx AT&T Foundation Hallmark Corporate Target Stores, Inc. ▲ Ford Motor Company Monsanto Fund Bank One Louisiana Foundation Ocean Bank ★ Toyota Motor Sales ▲ ▲ GE Foundation Motorola Foundation Bayer Foundation Health Insurance RBC Liberty Insurance USA, Inc. Plan of Greater NY ▲ Nelnet, Inc. The UPS Foundation General Mills Bristol-Myers U.S. Bancorp Foundation ★▲ John Deere Foundation ▲ ▲ Foundation Nestlé USA Foundation Squibb Company Wachovia Foundation Wal-Mart Foundation ❋ Georgia Power Company Oracle Corporation Burger King/McLamore Northrop Grumman ★ Corporation ▲ Foundation $500,000–$999,999 $100,000–$499,999 Harlem Globetrotters PepsiCo Foundation ★ Paradies-Pugh, Inc. ❋ ★ International, Inc. ▲ Cargill Bloomberg L.P. Altria Group, Inc. Pfizer Inc ❋ Praxair, Inc. ▲ ❋▲ Intel Corporation ★ Cisco Systems, Inc. The Coca-Cola Company American Airlines Research, Inc Shell Oil Company ❋★▲ Johnson & Johnson Countrywide Financial ▲ Dell American Express Ronald McDonald House Foundation Company Family of Companies Charities of Chicagoland Corporation Foot Locker ▲ Wells Fargo Anheuser-Busch The Kroger Co. and Northwest Indiana Darden Restaurants Foundation, Inc. ▲ Companies, Inc. Foundation ★▲ William Wrigley Jr. RR Donnelley Delta Air Lines ❋ General Motors Company Foundation Includes in-kind ★▲ Lockheed Martin Foundation Avenue Asia Investments ▲ Siemens Corporation Dominion Corporation The Xerox Corporation contribution ★ Management ★ HSBC — North America Time Warner Eastman Kodak Includes support MasterCard ▲ ▲ Bank of America ★ ▲ Company McDonald’s International USA Funds $25,000–$49,999 for the Hurricane ▲ BellSouth Corporation ▲ Federated Department Katrina fund Prudential The May Department Verizon Foundation ▲ Air Products and Stores, Inc. ▲ ▲ Cardinal Health Chemicals, Inc. Includes support ▲ Stores Company Weyerhaeuser Office Depot, Inc. for sponsorships Foundation Gap, Inc. AG Entertainment, Inc. The Procter & ▲ Young & Rubicam Inc. and special events ★▲ Citigroup Inc. Georgia-Pacific Gamble Fund AGL Resources Inc. Foundation
2 0 0 6 A n n u a l R e p o r t 11 C o r p o r a t i o n s a n d c o r p o r a t e f o u n d a t i o n s ( c o n t i n u e d )
Alabama Power Illinois Lottery Publix Super CDM Johnson Controls UBS Securities LLC Foundation, Inc. Infinity Broadcasting/ Markets, Inc. Citigroup — STL Foundation Visteon Fund ★ ALDI, Inc. WPGC 95.5 Reader’s Digest Computer Sciences KeySpan Foundation ★ Ariel Capital KFC Foundation Corporation Louisiana Lottery $10,000–$14,999 Management, Inc. Kimberly-Clark St. Paul Travelers Consolidated Edison Corporation Alticor Inc. Foundation BJ’s Wholesale Club, Inc. Foundation, Inc. Company of New York MGM Grand The Applied Materials Caterpillar Foundation Lear Corporation St. Petersburg The Cummins Detroit Casino Foundation Golf Classic Charter One Foundation Limited Brands Foundation National City Ashland State Farm Insurance Foundation CVS/pharmacy Nationwide Mutual Auto Club Insurance ChevronTexaco Company Corporation Louis Dreyfus Deloitte & Touche LLP Insurance Company Association Tellabs Foundation The Clorox Company Holding Company Deluxe Corporation NetBank, Inc. The Bayport Foundation ▲ The TJX Companies, Inc. Foundation Malcolm Pirnie, Inc. Foundation New York Giants Bob Evans Farms, Inc. USAA Corporation Football Team Comerica Incorporated MASCO Corporation The Dow Chemical Bond Jewelers Walgreens Company Foundation Owens & Minor Cox Enterprises, Inc. The Medtronic Bridgestone/Firestone Dillard’s, Inc. Foundation WGN Children’s DTE Energy Parker Hannifin Trust Fund ▲ Charities Corporation ExxonMobil MorganStanley DuPont BSI Constructors Inc. ▲ The Pentair Foundation Foundation The News Corporation $15,000–$24,999 The Eli Lilly and CarMax Foundation Company Foundation The Provident Bank ★ Filene’s/Kaufmann’s, AFLAC CD Baby a Division of the Nextel Communications ENERGEN/Alabama Foundation ARAMARK CH2M Hill May Department Northeast Utilities Gas Corporation The Reliable Life ChoicePoint Foundation Stores Company System Assurant Group Ernst & Young Insurance Company City National Bank The H&R Block NYSE Foundation, Inc. AXA Foundation Foundation Ronald McDonald House Foundation Charities of North Texas Colgate-Palmolive PACCAR Bon Secours Richmond Goldman Sachs & Co. Company Hilton Hotels Foundation, Inc. Health System Goya Foods, Inc. SunTrust Banks ★ Corporation Foundation College Loan, Inc. PECO Energy Company Bruno’s Memorial Graco Foundation Hoffman-La Roche Classic Foundation and Turner Broadcasting Equifax, Inc. Foundation Bruno’s Supermarkets JCPenney System, Inc.
12 u n i t e d N e g r o College Fund Finish Line Youth McKesson Union National Life Bank of the West Inc. Dow Jones Foundation Jewel-Osco ★ Foundation Foundation Inc. Insurance Company Benjamin Moore & Co. Eladobe Corporation S.C. Johnson Fund, Inc. The Fluor Foundation Mellon Financial Vectren Foundation Inc. BET Holdings, Inc. Empress Casino Jones Apparel Group, Inc. Corporation The Fremont Group The Washington BlueCross BlueShield Joliet, Inc. J.P. West Inc. Foundation The Millipore Foundation Post Company of South Carolina Enterprise Rent-A- K.C. Crushed Gannett Foundation Monterey Fund, Inc. Wells Fargo Foundation Boston Red Sox Car Company Concrete, Inc. Minnesota Gelfand, Rennert Mutual of America Burlington Northern Experience Hendrix, LLC Kellogg’s Company and Feldman Xcel Energy Foundation NASCAR Santa Fe Foundation Fontana Nissan Kerzner International Georgia Natural Gas New Jersey Yellow Roadway Carter’s, Inc. Fortune Brands, Inc. Bahamas Limited Corporation Guidant Corporation Manufacturers Cendant Foss Maritime Company KeyBank Insurance Company Young Homes Harrah’s Atlantic City Chase Bank The Fuqua Companies Kikkoman Foods New York Knicks His & Her Hair $5,000–$9,999 Chums, Inc. The Goodyear Tire & Foundation, Inc. Goods Company Norfolk Southern 3M Company The CIT Group Rubber Company Lawrence Whitman The Home Depot, Inc. Foundation & Associates Accenture Foundation, Inc. Graybar Foundation Illinois Tool Works Paul, Weiss, Rifkind, Lehman Brothers Wharton & Garrison LLP ACIPCO Charity Fund Clear Channel Gulfstream Aerospace Foundation Radio Chicago Corporation The Lubrizol Foundation Perryman Building Imation Corp. AIM Foundation ★ Construction CNA Foundation The Havi Group, Inc. Markel Corporation Amalgamated Bank Kramer Levin Naftalis Services, Inc. Cooper Industries H.J. Heinz Company McDonald’s of & Frankel LLP Ambac Financial ❋ PNC Bank Foundation Foundation HBE Corporation Metro St. Louis Includes in-kind Libertas Holdings Inc. Group, Inc. ★ contribution PricewaterhouseCoopers Coors Brewing Co. McMaster-Carr Atlanta Coca-Cola HCA Richmond ★ The Lincoln Electric LLP CVC Hospitals Supply Company Includes support Foundation Bottling Company for the Hurricane Southern California McNeil Consumer & B. Chase Moore Disney Wordwide HSBC Auto Finance Katrina fund Mayo Clinic of Edison Specialty Pharmaeuticals Services, Inc. ▲ Jacksonville & Sons, Inc. Huntington Bank Includes support TCF Foundation Dow Automotive New York Life McDonald’s New Bank of Ireland Asset Hy-Vee, Inc. Insurance Company for sponsorships Terex Corporation Management and special events Orleans and Co., Inc. Dow Corning ING Foundation Corporation
2 0 0 6 A n n u a l R e p o r t 13 C o r p o r a t i o n s a n d c o r p o r a t e f o u n d a t i o n s ( c o n t i n u e d ) p r i v a t e a n d c o mm u n i t y F o u n d a t i o n s
The New York Times The Tommy $1,000,000 and up Peierls Foundation Edwin S. Webster Teresa & H. John Company Foundation Hilfiger Corporate Ford Foundation The Pew Charitable Foundation Heinz III Fund Foundation, Inc. Nordstrom Bill & Melinda Trusts The Wollenberg Hudson-Webber Papa John’s Thomasville Furniture Gates Foundation The RosaMary Foundation Foundation ★ International, Inc. Tony March The Kresge Foundation Foundation The Robert Wood Foundation, Inc. $25,000–$49,999 Johnson Foundation The Phillies The Andrew W. Arthur Ross Foundation TRW Automotive Abell-Hanger The James M. Johnston Pipe Distributors, Inc. Mellon Foundation Foundation, Inc. TXU Electric Delivery $50,000–$99,999 Trust for Charitable and The Principal The Starr Foundation Educational Purposes The Ahmanson John W. Anderson Financial Group Tyco Electronics ★ Foundation Foundation The Katzenberger Corporation $100,000–$999,999 Psychists, Inc. John T. and Sheila B. Foundation, Inc. United Distributors, Inc. The Annenberg Otto Bremer Foundation RadioShack Corporation Becker Foundation William M. Keck, Jr. Foundation The Cleveland Robert Half Viad Corporation Castle Rock Foundation Foundation The Arthur M. Blank Foundation International Inc. The Virginia Lottery Thomas and Dorothy Charitable Trust The Columbus Patrick & Anna M. Rock-Tenn Company Vistakon Cudahy Fund Leavey Foundation Bush Foundation Foundation George Link, Jr. Rosemount, Inc. Vulcan Materials Compton The Elmer Roe Charles A. Frueauff ★ Foundation, Inc. Company Foundation ★ Deaver Foundation Sammons Enterprise, Inc. Foundation, Inc. Foundation, Inc. Wenger Foundation English, Bonter, McGregor Fund Serta Mattress Company The William Randolph George R. Kendall Foundation Mitchell Foundation Edward M. Nagel A.O. Smith Worthington Industries Hearst Foundations The Henry Ford II Fund Foundation Foundation, Inc. THE LINCY Lilly Endowment, Inc. The Horace W. Goldsmith The Negaunee Superior Pontiac Cadillac FOUNDATION Meadows Foundation Foundation, Inc. Foundation, Limited The Taubman Lumina Foundation Nicholas H. Noyes, Jr., Alfred G. and Hope P. The Picower Foundation Company, LLC for Education Memorial Foundation, Inc. ★ Goldstein Fund Reader’s Digest The Ambrose Monell Nina Mason Pulliam Scholarship and Foundation Charitable Trust Charles M. & Mary D. Grant Foundation Leadership Fund Samuel I. Newhouse The Skillman Foundation ★ The Robinson-Harris Foundation, Inc. Hagedorn Fund Foundation, Inc.
14 u n i t e d N e g r o College Fund Joseph & Sylvia Slifka Judith Buechner The Community Gwenda and John The James Annenberg Mead Witter Foundation, Inc. Advised Fund Foundation Serving Hanson Fund La Vea Charitable Foundation, Inc. Special Fund #4 of The Burchenal Family Richmond and Mary W. Harriman Foundation Robert R. Meyer Norfolk Foundation Foundation Central Virginia Foundation Lakeside Foundation Foundation Stupski Family Fund The Gordon and Mary The Cummins The Hausman Family Helen and Edward Lane Charles Miller Memorial Foundation SunTrust Directed Cain Foundation Charitable Trust Endowment Fund III Foundation, Inc. ● Funds Bushrod H. Campbell The Daniel Foundation Dr. Alton R. Higgins The Ray M. and The Millipore Foundation of Alabama Jean and David W. and Adah F. Hall and Dorothy Higgins Mary Elizabeth Lee The Harry C. Moores Wallace Foundation Charity Fund Davenport Forte Scholarship Fund Foundation, Inc. Foundation Pedestal Fund The Curtis L. Carlson Herman N. Hipp LEF Foundation Henry and Lucy $10,000–$24,999 Family Foundation Edwin W. & Catherine M. First Foundation Litterman Family Moses Fund, Inc. Davis Foundation Fred C. and Katherine B. Amon G. Carter Ingram-White Castle Foundation Nashner Fund Andersen Foundation Foundation Dr. Scholl Foundation Foundation Richard and Jane ❋ The Nord Family Includes in-kind Frank J. Antun Cedric “The Entertainer” Ella Fitzgerald Charitable Irving H. and Marjorie S. Manoogian Foundation ★ ★ Foundation contribution Foundation Charitable Foundation Foundation Isaac Philanthropic Fund Mariposa Fund ★ Nuveen Benevolent Trust Includes support Charity Motors Car William & Martha Jolley Foundation Walter C. & Lucy I. The Fred Maytag for the Hurricane Donation Program Ford Fund Olive Bridge Fund, Inc. Astrup Fund, No. 2 The Hugh Kaul Family Foundation Katrina fund of The Cleveland Circle of Service The David Geffen Foundation Pearson Charitable ● Chauncey and Marion D. ★ SunTrust Directed Foundation Foundation, Inc. Foundation Foundation The Keller Family McCormick Foundation Funds: SunTrust Bank The Atlanta Foundation The Louis and Harold CL Jr. — RML Fund Germeshausen Foundation The McCutchen Atlanta Foundation, Foundation, Inc. Price Foundation, Inc. Florence C. & Harry L. The Paul and Edith The George W. W.K. Kellogg Foundation Foundation Babson Foundation Codrington Charitable Rollin M. Gerstacker Stan and Joyce English Memorial Fund, Franklin and Marion K. Frank McHugh- Harriet McDaniel Banbury Fund Foundation Foundation Rawley Foundation Kellogg Fund O’Donovan Foundation Marshall Trust, The Renaissance Bildner Family Commonwealth Raymond V. and Walter H. & Marjory M. F.M. Kirby McInerney Family Foundation Foundation Foundations G.P. Gladys H. Gilmartin Foundation, Inc. Foundation Rich Memorial Fund Foundation, Inc. Robert T. Rolfs and the Thomas Guy The Brimmer Fund Jeannette and H. Peter McVay Foundation The George Gund Foundation Woolford Charitable Britton Fund Kriendler Charitable Trust Foundation Rundgren Foundation Trust
2 0 0 6 A n n u a l R e p o r t 15 p r i v a t e a n d c o mm u n i t y F o u n d a t i o n s ( c o n t i n u e d )
Robert Shumake Aileen S. Andrew DeRoy Testamentary Dora Donner Ide Laurie Michaels The E. Lafayette and Family Foundation Foundation Foundation Advised Core Trust Advised Fund Etienette A. Quirin Harold Simmons George and Frances Judith T. Drake Fund The Matthew and The Mockingbird Foundation Foundation Ball Foundation Emery Family Fund Roberta Jenkins Foundation Sage Foundation Family Foundation The Siragusa Foundation Adelaide Breed Zalec Familian and Lilian William A. and Elizabeth B. Caroline J. Sanders The Thomas Foundation Bayrd Foundation Levinson Foundation Joukowsky Family Moncrief Foundation Trust #2 Foundation The Harry A. and Thomas W. Bean Max M. & Marjorie S. Dan Murphy Foundation Joseph K. Skilling Margaret D. Towsley Foundation Fisher Foundation William T. Kemper The James H. Napier Foundation Foundation Foundation Beane Family Foundation The Michael Flatley Foundation The Starpoint Venable Foundation Blum-Kovler Foundation Foundation Lars Foundation Oceanic Heritage Charitable Trust The Watchdog and Bodri Foundation Walter and Josephine Sheldon L. & Pearl R. Foundation Strake Foundation Leibowitz Foundation Sonata Charitable Trusts Michael Bolton Ford Fund Palisades Educational The Charles J. Strosacker Henry and Joan T. Charities, Inc. The Mary Alice Fortin Polly Annenberg Levee Foundation, Inc. Foundation Charitable Trust Wheeler Charitable Fund The Louis L. Borick Foundation, Inc. Ashton Phelps, Jr. Tozer Foundation, Inc. The Whitaker Foundation The Fortin Foundation Levitt Foundation Family Fund Tudor Family Foundation Foundation Bridgemill Foundation of Florida, Inc. Demarest Lloyd, Jr. Dr. & Mrs. Arthur Richard & Gail Ullman Whitney Fund The Theodore R. Gibson Foundation William Phillips Charitable Fund Dr. Leon Bromberg Charitable Trust The Zahrt Family Charitable Trust Fund Memorial Fund, Inc. Arthur J. and Josephine W. Wenger Foundation Fund: This grant is The Hankins Foundation Lowell Charitable Melitta S. Pick Bruce Foundation Foundation Charitable Trust Whitcomb Charitable made possible by the Mr. & Mrs. David F. Foundation generosity of Paula Carnahan-Jackson Georges Lurcy Patricia G. and Robert A. Foundation Hart Fund of the El Wickenden Gift Fund and Keith Anderson Adobe Corporation Charitable and Plitt Charitable Fund Claneil Foundation, Inc. Educational Trust Herman T. & Phenie R. Wollowick Family $5,000–$9,999 Hess Foundation Cogswell The Chesley G. Magruder Pott Foundation Foundation The Sandy Hill Hugh J. Andersen Benevolent Trust Foundation, Inc. Pringle Family Woodward Fund Foundation Foundation Crane Fund for Widows Oliver Dewey Marcks Charitable Fund M.D. Anderson and Children The David and Foundation Foundation Barbara B. Hirschhorn Demoulas Foundation Foundation, Inc. Marmot Foundation
16 u n i t e d N e g r o College Fund l E g a c y D o n o r s G r o u p s a n d U n i o n s
$5,000 AND UP Estate of Edithe Gerig Estate of Shirley Pijeaux $100,000 AND UP $5,000–$9,999 Omega Psi Phi Eunice H. Avery Trust Estate of Rebecca G. Esther H. Rasmussen Zeta Phi Beta AFSCME Fraternity, Inc Arthur F. and Eunice M. Goodman Trust Sorority, Inc. Alpha Phi Alpha Phi Delta Kappa Blaser Trust Estate of Martha A.C. Estate of Elmer R. Rewa Fraternity, Inc. Sorority, Inc. $50,000–$99,999 Estate of Gwendolyn A. Grant Estate of Frances The Black Professionals Philadelphia Inter- Brown Estate of Richard F. Harper Keany Rickard Alpha Kappa Alpha Association Charitable Alumni Council UNCF Sorority, Inc. Estate of Phyllis Estate of Elizabeth B. Alfred H. and Mildred L. Foundation Philomathean May Browne Hone Roberts Family Trust Concerned Pastors Charity Club, Inc. $25,000–$49,999 and Ministers of San Antonio Telethon Estate of Marion Estate of Mary C. Roger L. Shaw Trust Delta Sigma Theta Clarke Burrell Houghton Trenton, New Jersey, Poinsettia Ball John J. Simmons Trust Sorority, Inc. and Vicinity, Inc. Estate of Mary Ruth Estate of Beverly P. Hull (Simmons Family Trust) Top Ladies of Inter Alumni Council Consolidated Chaplain’s Distinction, Inc. Cornwell Calhoun Nicholas Kushta Trust Estate of William E. — Chicago Chapter Fund Group Staff UNCF — Akron Estate of Willena Estate of Marjorie T. Lane Spencer The Links, Inc. Cartwright Eta Phi Beta Sorority, Inc. Fund Night Jane B. Leck Trust Estate of Lili G. Sweat Minority Corporate Jean M. Cluett Trust Group Health United Supreme Estate of Kathryn Estate of Wilma F. Steel Counsel Incorporated Council, A.A.S.R. (PHA) Charlotte M. Reynolds Lewis Estate of Egbert C. Teague Most Worshipful Northern Jurisdiction Danielski Trust Inter Alumni Council Miriam Matthews Trust Estate of LaVerne B. Prince Hall Grand — Ohio Chapter City of Virginia Beach Beth L. Dayton Trust Lodge of Free Masons Thomasson Jack and Jill of Finance Department Beatrice B. Martin Trust ★ Estate of Camilla S. Duff America, Inc. Estate of Emma Henrietta C. $10,000–$24,999 Estate of Rita Dungee Waring Trust Kappa Alpha Psi Lou McCowan The Democracy Alliance Emily Fairbanks Trust Estate of Virginia Fraternity, Inc. Estate of LaRoi N. Mills District Council 37, Robinson Wesby Local 98 International Harriet Jeffrey Estate of Cecelia O’Brien American Federation Ferguson Trust Estate of Eleanor White Brotherhood of Estate of John O. Nicklis Local 372 New York City Electrical Workers Estate of Laura K. Fisher Estate of Donna L. White Education Employees ★ Estate of Carol R. Noyes The Moles Estate of Carolyn Estate of Lillian A. Philander Smith College Estate of Carrie Peters Ann Fowler Windham Trust Pre-Alumni Council Estate of Pearlie Phillips Estate of Chester J. Gray, Sr UNCF/WIAC
2 0 0 6 A n n u a l R e p o r t 17 C h u r c h e s I n d i v i d u a l s
$25,000 AND UP $5,000–$9,999 Lackland AFB Chapel $5,000 AND UP Dorcas Carter Florence Fox Fountain Baptist Bethany Baptist Fund (Lackland Mr. and Mrs. Pearlene Carter George Gallantz AFB, TX) ★ Church (Summit, NJ) Church (Newark, NJ) Hank Aaron Dorwin and Barbara Randilyn W. Gilliam Bethany Baptist Langley AFB Chaplain Rev. Dr. and Mrs. Cartwright $10,000–$24,999 Fund (Langley AFB, VA) Dr. Arnold Golodetz Church Benevolent Claude Alexander Jack Cato Alfred Street Baptist Fund (Newark, NJ) Macedonia Missionary Mr. and Mrs. William H. James N. Alston Gage Hipp Caulder Goodwin, Jr. Church (Alexandria, VA) Bethlehem Baptist Baptist Church (Eatonville, FL) Yele Aluko, MD, and Carolyn Chhutani Marlene Graf Baptist Community Church (Alexandria, VA) Shirley Houston- Ministries (New Cathedral International Mt. Ennon Baptist Aluko, MD Michael Chhutani Marion Greene Orleans, LA) Church (Clinton, MD) (Perth Amboy, NJ) Philip Antoon Sheila Chhutani Daniel and Heidi Beulah Baptist Church of Mt. Sinai Baptist Church Christ Fellowship Baptist Edward Coburn Greenstone DeKalb Co. (Atlanta, GA) (Washington, DC) Dr. Lionel Arnold Church (Brooklyn, NY) Joseph and Marjorie Daniel Aronson Alfred E. Coleman First Baptist Church Church of God in Oak Grove African Grinnell West (Charlotte, NC) Christ Little Zion Methodist Episcopal Joyce and Ed Backhaus Charles Corpening Church (Detroit, MI) Carl Haefling Friendship-West Baptist (Freeport, NY) Jean A. Coyne Rebecca and Scott Michael Harkins Church (Dallas, TX) Compassionate St. Luke Missionary Barancik Howard Dancy Baptist Church Robert Hart Mt. Carmel Baptist Heart Ministries, Inc. Justina Baskauskas ★ (Charlotte, NC) John and Sarah Church (Charlotte, NC) (Inglewood, CA) Davenport Gladys Haynie Third Baptist Church Irene Beuker Saint Paul’s Baptist Fellowship Missionary ★ Gladys W. Davis R. Hermes (Portsmouth, VA) Judith Bigelow ★ Church (Richmond, VA) Baptist Church Willie Hicks (Minneapolis, MN) Trinity Baptist Church Philippe Bonnefoy Dr. Carolyn St. Paul Baptist Church (Bronx, NY) Milanés De Joie Mrs. Harold H. Hines, Jr. (Charlotte, NC) Immanuel Baptist Freeman Bradley Church (New Haven, CT) West Angeles Church of Mrs. John A. Dietze Hayne Hipp Trinity United Church Roger O. and God (Los Angeles, CA) of Christ (Chicago, IL) Interdenominational Barbara Brown Robert J. Dole William F. Hipp Ministerial Alliance Zion Baptist Church ★ ★ University Park Baptist Willie L. Brown, Jr. Roger and Chaz Ebert Louis J. Horvitz Greater Bridgeport (Washington, DC) ★ Church (Charlotte, NC) and Vicinity, Inc. Vincent Bryson Herbert Fenster Alice and Wade Houston (Bridgeport, CT) Rosemary Cadigan Candy Flemister Phillip Howard
18 u n i t e d N e g r o College Fund ★ ★ Wentworth Hubbard Basil G. Lee Charles Merrill Franklin D. Raines Robert Schnabel Dr. George Wallerstein Marjorie S. Isaac Tova Leidesdorf William Miller Sarah F.R. Randolph Michael Schnitzer John M. Walsh, III Paulette Jackson Nathan and Leslie Mr. and Mrs. G. Richard Rawson David and Judith L. Bobby Ward ★ Charlie and Bettie Levenson Gilmer Minor, III John Rees Sensibar Jean Warnke Johnson Mr. and Mrs. Patricia Morris Kenneth and Mace Siegel Geneva Watson Charles Liebman ★ David A. Jones Maxine Morrison Frances Reid James D. Sinegal Robert D. Webb, Jr. Thomas and Virginia Little Elise S. Myer Malcolm and Tamara B. Mark Smith ★ Stephen R. and Elisabeth Jones Michael L. and Larry Neeb Robinson Douglas Smith Phyllis M. West Cheryl F. Lomax L. Daniel and Paul Newman Kenneth and Jean Jeanne Smith Joan Wheeler Patricia M. Jorndt James Lurie Robinson Randall Newman Jack L. Stahl Woodie T. White James Joye Joseph and Shirley David Rockefeller Roger Newton John D. Summers Alan Wilson C.J. and Cleotha Kelley Mangin Larry R. Rogers, Sr. Jessye Norman Paul Tanico Norman Winston John J. Kennelly Shawn Marion Dr. James M. Julia Jones Matthews William Oberndorf Rosin Memorial Mr. and Mrs. Fred The Honorable and Patricia Kind Tattersall Mrs. Andrew Young Paul McDonald Gilman Ordway Scholarship Fund John Kingery Sherwin Terry Helen Newberry Felix Oviasu Robert Ross Mark and Amy ★ McDowell Mary Palevsky Dr. Gary and Mr. and Mrs. Henry J. Kistulinec Thomas ★ Patricia Runes Richard Kopf Paula and Tom Steven Parrish McInerney Andrea and Stan and Dotty Thurston Irene Daniell Kress ★ Owen Perry Sandra S. McIver Kenneth Saffir Natalie and William Kuntz Zeena Pleesko ★ Dennis Troha Mr. and Mrs. William Saltonstall Vincent Kyle Frank Melville The Honorable and Edward R. Samuels A. Raymond Tye Mrs. Colin Powell A.G. Lafley George Merrifield Robert Schaller Willie Upshaw
★ Includes support for the Hurricane Katrina fund
2 0 0 6 A n n u a l R e p o r t 19 C o r p o r a t e a n d P u b l ic s P o n s o r s h ip s a n d s P E C I a l E v e n t s E mp l o y ee C a mp a i g n s ✣
An Evening of General Mills The Clorox Company Morgan Stanley Corporate Campaigns Public and Federated Stars® National Foundation Foundation National City Bank Campaigns Co-Sponsors $1,000,000 AND UP General Motors ComEd, an Exelon Northern Trust American Airlines Foundation Company Company The JPMorgan Chase $1,000,000 AND UP ★ Foundation McDonald’s Hewitt Associates LLC DaimlerChrysler PepsiCo Foundation Combined Federal Prudential JPMorgan Chase & Co. Corporation Campaign (National) Perry Homes $100,000–$999,999 Target Stores, Inc. Office Depot, Inc. Darden Restaurants, Inc. Pfizer Inc HSBC — North America $100,000–$999,999 Toyota Motor Shell Oil Company Eastman Kodak Company The Procter & Gamble Employees’ United Way Chicago Public Sales USA, Inc. Foundation Company Campaign EDS Schools Campaign Wachovia Target Stores, Inc. Prudential CARES Pro-Line International ★ City of Chicago ExxonMobil Foundation Disaster Relief Fund USA Funds Prudential Financial Employee Campaign $100,000 AND UP Ford Motor Company City of Detroit BET Holdings, Inc. $25,000–$49,999 Roy S. Roberts $50,000–$99,999 HSBC — North America Employee Campaign Richard Scrushy American Express Tyler Perry AirTran Airways, Inc. ING Foundation Foundation Company Combined Charitable Wachovia American Electric Power iStar Financial Inc. Campaign (OH) RR Donnelley ExxonMobil Corporation American Family Mutual Johnson Publishing Los Angeles Unified $50,000–$99,999 Insurance Company Sony Corporation SBC Communications, Inc. School District Co., Inc. of America BlueCross & BlueShield Anheuser-Busch State of Michigan of Florida Kaiser Permanente Sterling Bank $20,000–$49,999 Companies, Inc. Health Plan, Inc. Employees Citigroup Inc. Union Bank of California The Allstate Foundation Bayer Corporation LaSalle Bank N.A. United Way Community City of Chicago United Space Alliance BellSouth Corporation Services of Detroit Cardinal Health Lockheed Martin ChevronTexaco The Coca-Cola Company Center Point Energy Corporation UPS United Way for Greater IBM New Orleans Area Dell Chicago Tribune McCormick Tribune Verizon Foundation Federated Department Foundation Foundation Wal-Mart Foundation Microsoft Corporation United Way of Delaware, Inc. Stores, Inc. Chubb Corporation Merck & Company, Inc. Young & Rubicam Inc. PSE&G United Way of the Merrill Lynch & Co. Shell Oil Company National Capital Area (DC) Foundation
20 u n i t e d N e g r o College Fund $50,000–$99,999 City of Philadelphia United Way Services County of Wayne, Public Sector Charitable United Way California The Board of Education Employees’ Combined (Cleveland, OH) Detroit, MI Campaign, Newark, NJ Capital Region of the City of Detroit Campaign University of Minnesota Cuyahoga Metropolitan Regional Transit Sacramento Chicago Area Combined Southeastern Community Fund Drive Housing Authority (OH) Authority Employee United Way Federal Campaign Pennsylvania Dallas Independent Campaign (OH) — Cleveland (OH) Transportation $20,000–$49,999 School District School Board of United Way of Central Columbus Public Authority (SEPTA) Schools (OH) Atlanta Housing Employee Charitable Polk County (FL) Carolinas, Inc. State Employees Authority Campaign School Board of United Way of Genesee Combined Federal Charitable Atlanta Public (Lawrenceville, NJ) Volusia County (FL) County (MI) Campaign (LA) Campaign (NC) Schools Campaign Fort Worth Independent School District United Way, Inc. (CA) Combined Federal United Way of Fairfax Birmingham Public School District of Hillsborough Campaign United and Falls Church (VA) United Way of Way of Atlanta Schools Campaign (AL) Fulton School Employees County, Florida Northeast Florida United Way of City of Cincinnati Charitable Fund (GA) School District of DeKalb School Metropolitan Chicago Winston-Salem Forsyth Employees Campaign Gulf Coast Combined Philadelphia County Schools (NC) United Way of Foundation (GA) City of Dayton Campaign Federal Campaign State Employee Metropolitan Dallas, Inc. Combined Appeal (PA) Georgia State Employees City of St. Louis Houston Independent United Way of Charitable Program Campaign School District (HISD) State of Illinois New York SEFA Employee Campaign City of Los Angeles Cleveland Board Los Angeles City United Way of Marta Employees of Education Treasury, DWP State of Minnesota Southeastern Employee Campaign Charity Club (GA) Pennsylvania Combined Charity Maryland Charity Campaign UNCF Manatee City of Philadelphia Campaign (MD) United Way of Campaign Tri-State (NY)
★ Includes support for the Hurricane Katrina fund
✣ Includes corporate matching gifts
2 0 0 6 A n n u a l R e p o r t 21 H u r r ic a n e K a t r i n a r e l ie f f u n d
$1,000,000 AND UP Paradies-Pugh, Inc. McKesson Johnson C. Smith Lora Backus Carnegie Corporation The JPMorgan Chase Malcolm and Foundation, Inc. University Joint Betty Bardige of New York Campaign Foundation Tamara Robinson Pearson Charitable Wes Barker Henry Champen The RosaMary Foundation Sandra McIver Computer Sciences $100,000–$999,999 Richard L. and Foundation William Saltonstall Robert Schnabel Eileen A. Bazelon Corporation Dell RR Donnelley Foundation Vassar College Council for Christian $5,000–$9,999 Bernard M. Baruch Charles A. Frueauff Dr. George Wallerstein College Colleges & Universities Foundation, Inc. Aldi, Inc. $1,000–$4,999 Alan and Cynthia Coxe Curry & General Mills Foundation $25,000–$49,999 AXA Foundation Academic Impressions Berkshire Associates, Inc. Microsoft Corporation The Ahmanson Judith Bigelow Jim and Julia C. Adams Jutta and Hans Fred Harris Daniels Foundation, Inc. Motorola Foundation Foundation Cedric “The James Albrecht Bertram-Nothnagel Larry A. Dunn Samuel I. Newhouse General Motors Entertainer” Charitable Alliance of Black Dr. Robert Binswanger Foundation Foundation, Inc. Foundation, Inc. Leaders, Inc. Black Community Albert Eisenberg Oberlin College Robert D. Webb, Jr. CNA Foundation Jessica Allina-Pisano Information Center, Inc. Curtis Ellis The Procter & Compassionate Heart Alpha Phi Omega Mary Boies Mr. and Mrs. Alan S. $10,000–$24,999 Ministries, Inc. Gamble Company Fraternity, Inc. Psi Col. Clotilde Dent Emmet, Jr. Burger King/McLamore Coors Brewing Co. Omicron Chapter Prudential CARES Foundation Bowen, USA (Ret.) Emory University Disaster Relief Fund Herbert Fenster Ameritech Black Clifton Boyer Robert and Dianne M. CD Baby Advocacy Panel Research, Inc Ella Fitzgerald Kevin Brookins Engram College Loan, Inc. Charitable Foundation Lynne Anderson Willie L. Brown, Jr. Robert A. Files $50,000–$99,999 Computer Sciences Christabel Gough Mary Anderson Corporation Nancy L. Buc Jonathan and Amy Altria Group, Inc. Louis J. Horvitz Richard Anderson Fleming Tikkun HSBC — North America Philip L. Buckman Olam Fund Compton Foundation, Inc. Antioch Baptist Church MasterCard International Nora L. Cameron FedEx Appleby Foundation
22 u n i t e d N e g r o College Fund
Franklin and Wanda Hamming Felice Laird Silas Norman Paul and Inge Lillie Taylor Renee Fletcher Melinda Harper Sandra Leiblum Hazel O’Leary Roberts Fund Harvey Thomas Michael Flynn Brian Hasbrouck Robert Lewis Patricia A. O’Neill Dorothy Robinson Jini D. Thornton Alan Fohrer Harold Henderson Tom Lookabaugh The Osprey Fund Charles Rollins Jackie and Jay Topkis James Foxworth Willie Hicks Jay and Patricia Lorsch Mary Palevsky Michael and United Negro College Tamara Root The Fremont Group The Holidays, Inc. Dorothea Lyas Paul Frederick Pape, Jr. Fund Special Programs Foundation S & Co., Inc. Timothy and Diane Hunt Robert Lynch Park Inn Association Vibe Ventures, LLC Charlie George Bruce Sanders Inglewood Area Dr. and Mrs. Pennsylvania School of Dawn Vincent Denise Diana Gibson Ministers Association Walter Massey Social Policy and Practice Robert Scarlett Joy M. Warfield The Gillette Company Jack and Jill of Charles J. Pershing Charitable Alan Schwartz Julian Webb Matching Gift Program America, Inc. McDonald, M.D. Trust David and Judith L. Kenneth M. and Randilyn W. Gilliam Daniel M. and The Milken Family Peter J. Solomon Sensibar Susan G. Weil Lyle Gittens Judith E. Joffe Foundation Company, L.P. Charles Shirk Peter Wellhofer Derick Glymin Wallace Johnson Calvin Miller Philadelphia Inter- Robert T. Joan Wheelwright Alumni Council UNCF Simmelkjaer, Esq. Ray Goetz Kaiser African American Diane Miller Eric Wieschaus Professional Association Mr. and Mrs. Nanci and Ronald GoGo Coalition The Moles Wilberforce University The Joan & Marvin Ronald M. Pirtle Slayen Fund Richard and Barbara Most Worshipful Cynthia Young Goldsby Kaplan Family Sons of Light Grand Robert Quinn Peter Small Charitable Foundation Alfred G. and Hope P. Lodge A.F. & A.M. Rainbow Community Deborah Sorondo These lists represent Goldstein Fund Richard Kauffman Mutual of America Praise Center Gretchen gifts from April 2005 International through March 2006. The Goodnow Fund (for Sallie Ketcham Foundation Stromberg Fund Efforts have been made Edward B. Goodnow) Richard and Doreen Kopf Veenita Rena Naylor Randall Reeves Edward Swan, Jr. to ensure a full and Harriet P. Richardson Adele Hall Karen Krisberg Murray and Grace Tabernacle Baptist accurate listing. In the Nissman Foundation Rising Oak Foundation Church event of an inadvertent error, please alert UNCF immediately.
2 0 0 6 A n n u a l R e p o r t 23 Officers and Directors
O f f ice r s o f t h e C o r p o r a t i o n ( e l ec t e d M a r c h 2 0 0 5 )
Raymond V. Gilmartin Alfred G. Goldstein Dorothy Cowser Dr. Michael L. Lomax Shari F. Crittendon Hubert C. Graves Chair of the Board of Vice Chair Yancy President and CEO Secretary of the Assistant Secretary Directors and Chair Vice Chair of the Board Corporation Jack L. Stahl, Jr. James Dimon Desireé Boykin of the Executive (Institutional Director) Vice Chair Vice President William F. Stasior Assistant Secretary Committee and Vice Chair of the Treasurer Executive Committee Claude Weir Assistant Treasurer
C o r P o r a t E b o a r d o f D I R EC t o r s
Ms. Judy Barker Ms. Ann Fudge Mr. Milton H. Jones, Jr. Ms. Shannon Mr. Lee R. Raymond Mr. William F. Stasior President Chairman & CEO Executive Vice President McFayden Chairman & CEO Senior Chairman The J. Barker Young & Rubicam Bank of America Head of Human ExxonMobil Booz Allen & Group, LLC Brands Resources and Corporation Hamilton, Inc. Mr. Michael H. Jordan Corporate Relations Mr. Gary L. Cowger Mr. Raymond V. Chairman & CEO Mr. Steven S. Mr. Joseph M. Weller Wachovia Corporation President, GM Gilmartin EDS Reinemund Chairman & CEO North America Chairman, President Chairman & CEO Nestlé, USA Mr. Alan G. Lafley Mr. Steven C. Parrish General Motors & CEO Senior Vice President, PepsiCo, Inc. Chairman of the Ms. Linda M. White Corporation Merck & Company, Inc. Corporate Affairs Board, President & Mr. H. Lee Scott, Jr. International President Altria Group, Inc. Mr. James Dimon Mr. Alfred G. Chief Executive President & CEO (Supreme Basileus) President and Chief Goldstein Procter and Gamble Mr. Ashton Phelps, Jr. Wal-Mart Stores, Inc. Alpha Kappa Alpha Operating Officer President & CEO President & Publisher Sorority, Inc. Mr. John A. Luke, Jr. Mr. James D. Sinegal JPMorgan Chase & Co. A.G. Associates The Times-Picayune Chairman, President President & CEO Mr. Richard W. Zahn Mr. John D. Finnegan Mr. John H. Johnson & CEO Mr. Charles O. CostcoWholesale Former President Chairman, President Publisher, Chairman MeadWestvaco Prince, III Corporation Schering Laboratories & CEO & CEO Corporation CEO Mr. Jack L. Stahl The Chubb Corporation Johnson Publishing Citigroup President & CEO Company, Inc. Revlon, Inc.
24 u n i t e d N e g r o College Fund I n s t i t u t i o n a l d I r ec t o r s
Dr. Belinda C. Dr. Walter D. Broadnax Dr. Beverly Dr. Lee E. Monroe, Jr. Dr. Albert J.H. Dr. John K. Waddell Anderson President Wade Hogan President Sloan, II President President Clark Atlanta University President Voorhees College President Saint Paul’s College Virginia Union Tougaloo College Miles College Dr. Larry L. Earvin Dr. Clarence G. Dr. Dorothy University President Dr. Sebetha Jenkins Newsome Dr. Beverly Cowser Yancy Dr. Michael A. Battle Huston-Tillotson President President Daniel Tatum President President University Jarvis Christian College Shaw University President Johnson C. Smith Interdenominational Spelman College University Dr. Floyd H. Flake Dr. Walter E. Massey Dr. Luns Richardson Theological Center President President President Wilberforce University Morehouse College Morris College
s E n i o r S t a f f
Dr. Michael L. Lomax Hubert Graves Shari Crittendon Margot Tyler James N. Alston James H. Mayo, III President & CEO Executive Vice President Vice President, General Executive Director, Senior Vice President Vice President – West & Chief Financial Officer Counsel & Secretary Gates Millennium – Northeast John P. Donohue Woodie T. White of the Corporation Scholars Executive Vice President LaJuan Lyles Maurice E. Jenkins Vice President – Midwest Development Senior Vice Robert Rucker James Dixon Senior Vice President President & Chief Vice President Chief of Staff – Southeast Administrative Officer Transformation Officer
2 0 0 6 A n n u a l R e p o r t 25 Member Colleges and Universities
Allen University Dillard University Jarvis Christian Morehouse College Saint Augustine’s Tougaloo College Columbia, SC New Orleans, LA College Atlanta, GA College Tougaloo, MS Hawkins, TX Raleigh, NC Benedict College Edward Waters Morris College Tuskegee University Columbia, SC College Johnson C. Smith Sumter, SC Saint Paul’s College Tuskegee, AL Jacksonville, FL Lawrenceville, VA Bennett College University Oakwood College Virginia Union Charlotte, NC for Women Fisk University Huntsville, AL Shaw University University Greensboro, NC Nashville, TN Raleigh, NC Richmond, VA Lane College Paine College Jackson, TN Bethune-Cookman Florida Memorial Augusta, GA Spelman College Voorhees College Atlanta, GA Denmark, SC College University LeMoyne-Owen Paul Quinn College Daytona Beach, FL Miami, FL College Dallas, TX Stillman College Wilberforce University Memphis, TN Tuscaloosa, AL Wilberforce, OH Claflin University Huston-Tillotson Philander Smith Orangeburg, SC University Livingstone College College Talladega College Wiley College Austin, TX Salisbury, NC Clark Atlanta Little Rock, AR Talladega, AL Marshall, TX University Interdenominational Miles College Rust College Texas College Xavier University Atlanta, GA Theological Center Birmingham, AL Holly Springs, MS Tyler, TX New Orleans, LA Atlanta, GA
26 u n i t e d N e g r o College Fund UNCF Area Offices
Atlanta Dallas Minneapolis St. Louis (404) 302-8612 (972) 234-1007 (612) 338-5742 (314) 241-5958 Birmingham Detroit New Orleans San Francisco (205) 322-8623 (313) 873-1500 (504) 581-3794 (415) 956-1018 Boston Houston New York Seattle (617) 227-0937 (713) 942-8623 (212) 820-0140 (206) 292-8859 Charlotte Indianapolis Newark Stamford (704) 377-8625 (317) 283-3920 (973) 642-1955 (212) 820-0140 Chicago Los Angeles Orlando Washington, DC (312) 845-2200 (213) 639-3800 (407) 896-6940 (703) 205-3400 Cleveland Miami Philadelphia (216) 781-8623 (305) 573-8623 (215) 925-9044 Columbus Milwaukee Richmond (614) 221-5309 (414) 372-6700 (804) 644-3157
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2 0 0 6 A n n u a l R e p o r t 27 Financials United Negro College Fund, Inc.
Financial Statements for the Year Ended March 31, 2006, with Comparative Totals for the Year Ended March 31, 2005, and Independent Auditors’ Report Independent Auditors’ Report
To the Board of Directors and Members of of America. Those standards require that we plan and In our opinion, such financial statements present United Negro College Fund, Inc.: perform the audit to obtain reasonable assurance about fairly, in all material respects, the financial position of whether the financial statements are free of material mis- United Negro College Fund, Inc. as of March 31, 2006, We have audited the accompanying balance sheet of statement. An audit includes consideration of internal and the changes in its net assets and its cash flows for the United Negro College Fund, Inc. (the “Fund”) as of March control over financial reporting as a basis for designing year then ended in conformity with accounting principles 31, 2006, and the related statements of activities, cash audit procedures that are appropriate in the circumstances, generally accepted in the United States of America. flows, and functional expenses for the year then ended. but not for the purpose of expressing an opinion on the These financial statements are the responsibility of the effectiveness of the Fund’s internal control over financial Fund’s management. Our responsibility is to express an reporting. Accordingly, we express no such opinion. An opinion on these financial statements based on our audit. audit also includes examining, on a test basis, evidence The prior-year summarized comparative information has supporting the amounts and disclosures in the financial McLean, Virginia been derived from the Fund’s 2005 financial statements, statements, assessing the accounting principles used and August 7, 2006 and in our report dated July 15, 2005, we expressed an significant estimates made by management, as well as unqualified opinion on those financial statements. evaluating the overall financial statement presentation. We conducted our audit in accordance with audit- We believe that our audit provides a reasonable basis ing standards generally accepted in the United States for our opinion.
u n i t e d N egro College Fund Balance Sheet March 31, 2006 (with comparative totals for 2005)
ASSETS 2 0 0 6 2 0 0 5 LIABILITIES AND NET ASSETS 2 0 0 6 2 0 0 5
Cash and cash equivalents $ 1,457,997 $ 579,727 Liabilities: Short-term investments 29,296,892 30,213,369 Accounts payable and accrued expenses $ 7,137,706 $ 3,946,357 Pledges, contributions, and other receivables - net 36,262,777 36,256,821 Accrued wages, vacation, and accrued expenses 2,511,441 2,933,629 Accrued investment income 5,007,604 4,462,888 Accrued distributions to member institutions 7,263,048 6,471,259 Advances to member institution 750,000 825,000 Refundable advances from donor 671,954,379 716,755,320 Investments held for long-term purposes 80,606,005 71,301,362 Total liabilities 688,866,574 730,106,565 GMSP long-term investments (Note 14) 807,223,694 814,665,268 Furniture, fixtures, and equipment - net 3,221,691 3,000,936 Net Assets: Other assets 3,238,140 2,992,510 Unrestricted 9,928,000 12,710,844 TOTAL $ 967,064,800 $ 964,297,881 Temporarily restricted—program services 218,975,359 179,044,055 Permanently restricted—endowment funds 49,294,867 42,436,417 Total net assets 278,198,226 234,191,316
TOTAL $ 967,064,800 $ 964,297,881
See notes to financial statements.
2 0 0 6 A n n u a l R e p o r t Statement of Activities March 31, 2006 (with comparative totals for 2005)
2 0 0 6 2 0 0 5
Temporarily Permanently Unrestricted Restricted Restricted Total Total SUPPORT: Contributions and gifts $ 40,612,011 $ 11,529,671 $ - $ 52,141,682 $ 50,028,197 Gifts-in-kind 1,061,540 164,260 - 1,225,800 1,604,729 Bequests and legacies 7,164,124 1,247,771 923,954 9,335,849 9,637,729 Grants and scholarships - 102,059,779 903,026 102,962,805 105,924,257
Total support 48,837,675 115,001,481 1,826,980 165,666,136 167,194,912
INVESTMENT INCOME: Interest and dividends 485,117 29,896,359 - 30,381,476 17,694,449 Net unrealized and realized gain (loss) 3,919,823 (4,037,013) - (117,190) (6,374,945)
Total investment income 4,404,940 25,859,346 - 30,264,286 11,319,504
NET ASSETS RELEASED FROM RESTRICTIONS—Purpose and time restrictions met 101,989,103 (101,989,103) - - -
Total support and revenue 155,231,718 38,871,724 1,826,980 195,930,422 178,514,416
EXPENSES AND LOSSES: Program services: Distributions to member institutions 26,812,832 - - 26,812,832 26,696,275 GMSP (Note 14) 66,843,557 - - 66,843,557 61,970,369 Scholarships and special projects 32,943,404 - - 32,943,404 21,406,017 Institutional services 1,414,379 - - 1,414,379 1,273,977 Other program services 1,654,883 - - 1,654,883 2,121,311
Total program services 129,669,055 - - 129,669,055 113,467,949
(Continued) u n i t e d N egro College Fund Statement of Activities March 31, 2006 (with comparative totals for 2005)
2 0 0 6 2 0 0 5
Temporarily Permanently Unrestricted Restricted Restricted Total Total Supporting Services: Fundraising $ 14,028,895 $ - $ - $ 14,028,895 $ 14,263,976 Management and general 8,225,562 - - 8,225,562 11,860,895 Total supporting services 22,254,457 - - 22,254,457 26,124,871
Total expenses 151,923,512 - - 151,923,512 139,592,820
CHANGE IN NET ASSETS 3,308,206 38,871,724 1,826,980 44,006,910 38,921,596
NET ASSETS—Beginning of year 12,710,844 179,044,055 42,436,417 234,191,316 195,269,720 Transfer of Net Assets (Note 2) (6,091,050) 1,059,580 5,031,470 - -
NET ASSETS—End of year $ 9,928,000 $218,975,359 $49,294,867 $278,198,226 $234,191,316
(Concluded)
See notes to financial statements.
2 0 0 6 A n n u a l R e p o r t Statement of Cash Flows March 31, 2006 (with comparative totals for 2005)
2 0 0 6 2 0 0 5 2 0 0 6 2 0 0 5
CASH FLOWS FROM OPERATING CASH FLOWS FROM INVESTING ACTIVITIES: ACTIVITIES: Change in net assets $ 44,006,910 $ 38,921,596 Purchase of investments (26,544,247,707) (18,657,875,160) Adjustments to reconcile change in net assets Proceeds from sale of investments 26,543,046,152 18,274,041,583 to net cash provided by operating activities: Purchase of furniture, fixtures, and Depreciation 787,641 648,886 equipment (599,857) (349,064) Gifts of furniture, fixtures, and equipment (408,539) (100,230) Net unrealized and realized loss on Net cash used in investing activities (1,801,412) (384,182,641) investments 254,963 6,374,945 Bad debt expense 375,224 622,530 Contributions restricted for endowment (1,826,980) (586,968) CASH FLOWS FROM FINANCING ACTIVITIES—Contributions restricted for Decrease (increase) in assets: investment in endowment 1,826,980 586,968 Pledges, contributions, and other receivables (381,180) (12,684,375) INCREASE IN CASH AND CASH Accrued investment income (544,716) (1,595,414) EQUIVALENTS 878,270 247,157 Advances to member institutions 75,000 75,000 Other assets (245,630) 374,483 CASH AND CASH EQUIVALENTS Increase (decrease) in liabilities: —Beginning of year 579,727 332,570 Accounts payable and accrued expenses 3,191,349 (317,757) Accrued wages, vacation, and related CASH AND CASH EQUIVALENTS liabilities (422,188) (760,407) —End of year $ 1,457,997 $ 579,727 Refundable advances from donor (44,800,941) 351,399,298 Accrued distributions to member institutions 791,789 1,471,243
Net cash provided by operating activities 852,702 383,842,830
See notes to financial statements.
u n i t e d N egro College Fund Statement of Functional Expenses March 31, 2006 (with comparative totals for 2005) Total Program Services and Program Services - Assistance to Member and Non-member Institutions Supporting Services Supporting Services Expenses
Scholarships Other Total Total Year Ended March 31, and Special Institutional Program Program Management Supporting Distributions GMSP Projects Services Services Services Fundraising and General Services 2006 2005 Capital and operational support $ 25,979,492 $ - $ - $ - $ - $ 25,979,492 $ - $ - $ - $ 25,979,492 $ 25,903,318 Distributions-in-kind 833,340 - 4,610,721 - - 5,444,061 - - - 5,444,061 792,957 Grants and scholarships - 59,248,105 23,040,931 - - 82,289,036 - - - 82,289,036 74,885,172
Total distributions 26,812,832 59,248,105 27,651,652 - - 113,712,589 - - - 113,712,589 101,581,447
Salaries and wages - 1,398,828 751,291 817,178 109,075 3,076,372 4,654,242 3,051,694 7,705,936 10,782,308 10,943,090 Employee benefits - 341,942 212,396 222,010 20,932 797,280 1,260,207 933,235 2,193,442 2,990,722 2,961,372 Advertisements and promotions - 50,606 90,845 635 31,809 173,895 332,019 255,289 587,308 761,203 1,088,549 Professional fees - 2,761,655 2,253,759 194,960 61,527 5,271,901 688,560 1,374,723 2,063,283 7,335,184 6,718,549 Contractual consultants - 161,520 55,937 - 2,954 220,411 175,034 14,709 189,743 410,154 758,758 Office expenses - 51,350 56,795 29,360 9,406 146,911 112,206 35,554 147,760 294,671 258,032 Telephone - 35,991 3,247 22,959 5,149 67,346 167,968 82,558 250,526 317,872 422,025 Postage and shipping - 71,857 41,864 22,564 93,619 229,904 674,196 67,956 742,152 972,056 1,500,194 Occupancy - 159,506 280 28,513 3,096 191,395 992,266 1,189,333 2,181,599 2,372,994 2,105,132 Printing and publications - 266,221 104,447 31,311 166,210 568,189 1,105,363 78,339 1,183,702 1,751,891 1,771,635 Travel - 723,231 266,878 26,928 8,114 1,025,151 295,485 87,481 382,966 1,408,117 1,252,979 Meetings - 990,213 371,845 3,937 11,857 1,377,852 147,347 22,254 169,601 1,547,453 1,485,601 Equipment rental - 88,959 24,737 11,338 4,080 129,114 159,463 64,492 223,955 353,069 425,344 Equipment repairs and maintenance - 61,201 1,930 2,686 7,507 73,324 23,394 221,247 244,641 317,965 634,543 Administrative support - 387,680 1,055,501 - - 1,443,181 - - - 1,443,181 862,752 Air time, production, and support - - - - 1,119,548 1,119,548 2,869,670 - 2,869,670 3,989,218 3,551,402
Total expenditures before depreciation and bad debts expense 26,812,832 66,798,865 32,943,404 1,414,379 1,654,883 129,624,363 13,657,420 7,478,864 21,136,284 150,760,647 138,321,404
Depreciation expense - 44,692 - - - 44,692 371,475 371,474 742,949 787,641 648,886 Bad debts expense ------375,224 375,224 375,224 622,530
Total expenses $ 26,812,832 $ 66,843,557 $ 32,943,404 $ 1,414,379 $ 1,654,883 $ 129,669,055 $ 14,028,895 $ 8,225,562 $ 22,254,457 $ 151,923,512 $ 139,592,820
See notes to financial statements. 2 0 0 6 A n n u a l R e p o r t Notes to Financial Statements March 31, 2006 (with comparative totals for 2005)
1. ORGANIZATIONS AND BASIS OF PRESENTATION Accounting Standards Board. Consistent with the principles of SFAS 117, net assets are classified for financial reporting purposes as follows: The United Negro College Fund, Inc. (the “Fund”) is organized as a not-for-profit entity established to assist its 39 current member institutions of higher education to raise Unrestricted Net Assets—Includes gifts, grants, investment income, or other resources funds from the public for their mutual support. Member institutions participate in where donors have not specified any purpose for which such resources are to be used. both the regular and capital campaigns. The Fund is exempt from income taxes under Temporarily Restricted Net Assets—Includes gifts, grants, investment income, or other Section 501(c)(3) of the Internal Revenue Code. resources where donors have specified the purposes and/or the time for which such All participating member institutions receive distributions of unrestricted sup- resources are to be used, generally for capital development and scholarships. Accordingly, port and revenues, net of expenses, pursuant to a formula. Support and revenue, net distributions of available resources accrue to member institutions only at such time as of expenses, raised in accordance with joint campaign agreements, is distributed, 75% donor restrictions are met, or in the case of capital campaign receipts, when the terms of to the member institutions conducting the campaign; the remaining 25% is included the campaign program have been met. When a time and/or purpose restriction expires in the regular campaign formula distribution to all member institutions. or is met, temporarily restricted net assets are reclassified to unrestricted net assets and In addition, the Fund administers grants, scholarships, and other programs benefit- reported in the statement of activities as net assets released from restrictions. ing students, member and non-member institutions, based on donor stipulations. Permanently Restricted Net Assets—Includes gifts and bequests where donors have 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES stipulated that the principal be maintained intact. These gifts are invested by the Basis of Accounting—The Fund follows the accrual basis of accounting. Fund’s management. Generally, there have been no permanent restrictions placed upon the Fund’s investment earnings. However, the majority of the earnings are specified Financial Statement Presentation—The Fund presents its financial statements in by the donors to support scholarships or program development. Net gains with no accordance with Statement of Financial Accounting Standards No. 117, Financial permanent restrictions and that are not specified by the donors to support scholar- Statements of Not-for-Profit Organizations (“SFAS 117”), issued by the Financial ships or program development may be retained at the Board of Directors’ discretion as reserves for future distribution equalization.
u n i t e d N egro College Fund Investments—The Fund accounts for investments in accordance with Statement of Use of Estimates—The preparation of financial statements in conformity with account- Financial Accounting Standards No. 124, Accounting for Certain Investments Held by ing principles generally accepted in the United States of America requires manage- Not-for-Profit Organizations (SFAS No. 124). Under SFAS No. 124, the Fund is required to ment to make estimates and assumptions that affect the reported amounts of assets carry its investments at fair value with any related gain or loss reported in the statement and liabilities and the disclosure of contingent assets and liabilities at the date of the of activities. Realized gains and losses are computed on an average cost basis. financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Furniture, Fixtures, and Equipment—Depreciation is computed on the straight-line basis over the estimated useful lives of the assets, which range from five to ten years. Transfer of Assets—During fiscal year 2006, the Fund determined that, based on Donated fixed assets are recorded at fair value as of the date of gift. understanding of donor intent, certain donor contributions were originally recorded in the incorrect net asset class. Accordingly, the Fund transferred the contributions Support and Revenue—The Fund accounts for contributions in accordance with Statement to the appropriate net asset class. of Financial Accounting Standards No. 116, Accounting for Contributions Received and Contributions Made (SFAS 116). This statement requires the recognition of contributions 3. CASH AND CASH EQUIVALENTS when cash, other assets or unconditional promises to give are received. Cash includes contributions deposited in regional office interest-bearing bank accounts Distributions to Member Institutions—In accordance with SFAS 116, the Fund accrues throughout the country. These amounts are transferred to the Fund’s headquarters expenses due to member institutions and, occasionally, nonmember institutions through a depository transfer system. of higher education up to the amount by which support and collections of pledges, Cash equivalents consist of repurchase agreements used for overnight invest- including the values attributed to gifts-in-kind, exceeds program, fundraising, and ment purposes. administrative expenses. Regular distributions are made three times a year and other distributions, such as capital campaign and designated gifts, are made on an ongoing basis. Current year distributions may also include amounts from net assets designated for distribution.
2 0 0 6 A n n u a l R e p o r t 4. SHORT-TERM INVESTMENTS 6. INVESTMENTS HELD FOR LONG-TERM PURPOSES
Short-term investments are held, invested, and managed by the Fund, subject to guide- Investments held for long-term purposes at March 31, 2006 and 2005, are composed lines established by the Fund. of the following: 2 0 0 6 2 0 0 5 Short-term investments at March 31, 2006 and 2005, are composed of the following:
2 0 0 6 2 0 0 5 Cost Market Cost Market Fixed income $18,458,788 $18,059,293 $16,905,297 $16,504,506 Cost Market Cost Market US equities 21,669,221 24,329,133 16,495,220 18,313,591 Money market Portfolio cash 5,432,534 5,404,066 9,081,595 9,081,595 accounts $ 5,657,433 $ 5,657,433 $ 8,703,281 $ 8,703,281 Global equities 8,153,468 12,948,979 6,327,990 9,248,809 Liquid asset funds 4,151,656 4,151,656 4,634,462 4,634,462 Hedge funds 10,000,000 11,348,413 10,025,225 11,284,286 Government securities 4,326,216 4,326,216 2,000,955 2,000,955 Designated cash, Certificates of deposit, equities, and commercial paper annuities 3,621,989 3,940,714 2,849,256 3,347,721 and other short- Private equity term investments 15,161,587 15,161,587 14,874,671 14,874,671 (real estate) 3,952,826 4,575,407 3,280,192 3,520,854
Total $29,296,892 $29,296,892 $30,213,369 $30,213,369 Total $71,288,826 $80,606,005 $64,964,775 $71,301,362
Investments held for long-term purposes include investments for which the Board 5. CONTRIBUTIONS RECEIVABLE of Directors and member institutions have earmarked the proceeds from the liqui- As of March 31, 2006 and 2005, included in pledges receivables are unconditional dation of such investments to be utilized primarily for distribution equalization in promises to give that are due as follows: low-income years and endowment funds for which donors have stipulated that the 2 0 0 6 2 0 0 5 principal remain intact.
Within one year $20,748,312 $23,343,346 7. ADVANCES TO MEMBER INSTITUTION One to five years 16,621,784 13,763,193 Gross receivables 37,370,096 37,106,539 In fiscal year 1991, the Board of Directors approved an advance of $2 million to a Less discount for time value (1,107,319) (849,718) member institution. This advance is evidenced by a promissory note that accrues Net contribution receivable $36,262,777 $36,256,821 interest at Chemical Bank’s prime rate. In fiscal year 1993, the Board approved the deferral of the principal repayment from July 1992 to July 2002. An annual $125,000 The discount rate was 4.75% and 2.75% for 2006 and 2005, respectively.
10 u n i t e d N egro College Fund payment was made to cover current and past due interest over the 10-year period 9. TEMPORARILY AND PERMANENTLY RESTRICTED NET ASSETS through the reduction of the member’s annual distribution and a balloon payment Temporarily restricted net assets are available for the following purposes: was due at the end of this period. 2 0 0 6 2 0 0 5 During fiscal year 1997, the Member Presidents voted to restructure the $2 mil- lion loan in an effort to cooperate with the institution, its Board of Directors, and its Special projects $ 80,656,485 $ 74,075,234 Gates Millennium Scholars Program (Note 14) 137,751,116 104,401,063 supporting community constituency. The institution had paid $500,000 in interest Health and Human Services 567,758 567,758 payments as of March 31, 1996. These interest payments were capitalized and used to Total temporarily restricted net assets $218,975,359 $179,044,055 reduce the loan principal. The remaining $1,500,000 will be payable over a 20-year period Temporarily restricted net assets released from restrictions during fiscal year 2006 at a rate of $75,000 annually, to be deducted from the member institution’s February were released for the following purposes: distribution. In addition, the Fund waives all interest payments for the loan. Scholarships and special projects $ 35,145,546 8. FURNITURE, FIXTURES, AND EQUIPMENT Gates Millennium Scholars Program (Note 14) 66,843,557 $101,989,103 Furniture, fixtures, and equipment utilized at National Headquarters and area offices are summarized as follows: Permanently restricted net assets are restricted to investment in perpetuity, the income
2 0 0 6 2 0 0 5 from which is expendable to support the following program areas: 2 0 0 6 2 0 0 5 Furniture and fixtures $ 2,142,140 $ 2,142,140 Leasehold improvements 571,035 557,910 Scholarships $ 35,329,523 $ 28,748,223 Computers and equipment 16,152,394 15,157,123 General support 7,653,525 7,526,375 F.D. Patterson Research Institute 6,311,819 6,161,819 Total furniture, fixtures, and equipment 18,865,569 17,857,173 Total permanently restricted net assets $ 49,294,867 $ 42,436,417 Less accumulated depreciation (15,643,878) (14,856,237) Furniture, fixtures, and equipment—net $ 3,221,691 $ 3,000,936
2 0 0 6 A n n u a l R e p o r t 11 10. GIFTS-IN-KIND 12. RETIREMENT PLANS
Gifts-in-kind in fiscal years 2006 and 2005 represent contributions of and promises to All full-time and part-time employees are eligible to participate in the retirement give computer hardware and software with a market value of approximately $1,225,800 plan on the first day of employment. After completing one year of service, employees and $1,604,729, respectively. Approximately $5,444,061 and $792,957 in fiscal years are eligible to receive employer contributions into the retirement plan. The plan con- 2006 and 2005, respectively, were distributed to member institutions and are included sists of participant voluntary and contributory tax deferred annuity plans through in program services expenses. EQUI-VEST and Teachers Insurance and Annuity Association and/or the College Retirement Equities Funds (“TIAA-CREF”). The Fund provides a 3% noncontribu- 11. OTHER FUNDRAISING ACTIVITIES tory amount for each eligible employee. Based on the percentage an employee defers, Contributions—The Fund raised $7,577,709 and $8,356,988 in contributions from the Fund makes an additional matching contribution of up to 7%, totaling an overall special fundraising events and incurred related direct expenses of $2,790,939 and contribution of up to 10%. $3,243,348 in fiscal years 2006 and 2005, respectively. These contributions are reported Supplemental retirement plans have been approved by the Fund’s Executive in the statement of activities net of the related direct expenses and are included with Committee of the Board of Directors to provide additional benefits to certain key contributions and gifts. employees. The costs of the plans for certain key employees are allocated over the remaining service time of the key employees. The Fund has purchased annuities which Evening of Stars—The Fund’s Evening of Stars is treated as a multipurpose activity will provide a portion of the obligations under the supplemental retirement plans. involving both fundraising and program services. The Fund incurred joint costs The Fund’s expense related to the retirement plan and supplemental retirement of $5,855,572 and $7,037,195 for the national telethon in fiscal years 2006 and 2005, plans was $751,392 and $823,660 in fiscal years 2006 and 2005, respectively. respectively. Of those costs, $4,598,299 and $5,737,813 in fiscal years 2006 and 2005, respectively, were allocated to fundraising expense and $1,257,273 and $1,299,382 in fiscal years 2006 and 2005, respectively, were allocated to program services.
12 u n i t e d N egro College Fund 13. LEASE COMMITMENTS 14. GATES MILLENNIUM SCHOLARS PROGRAM
The Fund leases space for its national headquarters in Fairfax, Virginia and approxi- During the fiscal year ended March 31, 2000, the Fund received a grant from the Bill mately 25 regional field offices at various locations throughout the United States. The and Melinda Gates Foundation (the “Foundation”) for $1 billion over a 20-year period lease for the headquarters expires in 2014 and the office leases for the regional offices or approximately $50 million per year to administer the Gates Millennium Scholars expire between 2005 and 2010. Program (“GMSP”). This grant is conditional based upon the Fund’s successful annual At March 31, 2006, aggregate net minimum annual rental commitments under administration of the GMSP as determined by the administration agreement and noncancelable operating leases having an initial or remaining term of more than one the Foundation. year are as follows: During the fiscal year ended March 31, 2004, the original grant agreement was
F iscal Y ear A m o u nt restated to increase the grant amount by $42 million and eliminate the previous arrangement of annual installments replacing it with a lump-sum payment and a series 2007 $ 1,742,007 of annual payments. The initial lump sum payment was paid in December 2003 in the 2008 1,541,098 2009 1,382,046 amount of $262,517,654. The series of annual payments will equal an amount not less 2010 1,286,553 than $175 million and will commence in 2004 until the total amount of $1,042,000,000 2011 1,241,309 has been paid by the Foundation. 2012 and thereafter 3,506,157 Total $10,699,170 During the fiscal year ended March 31, 2005, the annual payments were accelerated into three lump-sum payments. During the fiscal year ended March 31, 2005, the total Rent expense for the Fund amounted to approximately $2,138,774 and $1,855,812 for amount received from the Foundation was $425,202,522. The cumulative payments fiscal years 2006 and 2005, respectively. through March 31, 2005 were $1,042,000,000. During the fiscal year ended March 31, 2006, the Foundation approved enhance- ments to the original program. To fund the enhancements, the Foundation awarded GMSP a project support of up to $58,003,043 and made a payment of $35,000,000 in support of this grant during the current fiscal year. The cumulative payments through March 31, 2006 are $1,077,000,000.
2 0 0 6 A n n u a l R e p o r t 13 GMSP funds are invested and held in a separate account by the Fund and all 2 0 0 6 2 0 0 5 investment gains and losses and interest and dividends earned are restricted for the Balance—beginning of year $716,672,715 $365,280,487 purpose of the grant. Receipts 35,000,000 425,202,522 In accordance with SFAS No. 116, revenue recognition will be based on the uncon- Income (approved 2006–2007 and 2005–2006 budgets, respectively) (79,810,836) (73,810,294) ditional/conditional promise to give. The restated grant agreement requires GMSP Refundable grant advances $671,861,879 $716,672,715 to abide by specific performance metrics. In any case for which performance metrics are not met, the GMSP will be terminated and any unspent funds will be returned Investments held for long-term purposes are comprised of the following at March to the Foundation. In addition, the agreement also outlines general conditions that 31, 2006 and 2005: 2 0 0 6 2 0 0 5 stipulate (1) in the event of a modification, enlargement, frustration or the impossibility of achieving the purposes of the grant agreement and/or (2) GMSP’s continued failure Government $350,458,555 $338,538,844 to perform any of its duties under the restated grant agreement and/or (3) GMSP’s Residential mortgage backed 178,657,860 75,883,145 failure to submit an acceptable annual budget and/or (4) a significant leadership or Commercial mortgage backed 3,450,720 7,900,681 Asset backed 23,713,255 19,640,314 other material change that may adversely threaten the administration and success Credit 206,549,420 196,491,162 of the Program, the Foundation has the discretion to cancel the grant agreement, Municipal 11,397,803 9,829,187 Cash and cash equivalents 96,105,794 182,062,929 suspend any further payments outstanding under the grant agreement and/or require Subtotal 870,333,407 830,346,262 that any portion of the funds that were distributed but unexpended will be repaid or Receivables for unsettled sales 54,077,956 92,639,038 transferred to another administrator. Payables for unsettled purchases (117,187,669) (108,320,032) Due to the conditions placed in the restated grant agreement, the funding is Total $807,223,694 $814,665,268 treated as a conditional promise to give. Therefore, the funding received by GMSP will not be recorded as revenue in the year received, but rather as a liability (refundable grant advances) with revenue being recognized in the year in which the conditions are met. For the years ended March 31, 2006 and 2005, the following amounts have been received and recognized:
14 u n i t e d N egro College Fund 15. RELATED PARTY
On April 1, 2000, the Fund separated its government grant programs and all related activities and transferred those activities to the United Negro College Fund Special Programs Corporation (the “Corporation”), a separate 501(c)(3) corporation. The President and CEO of the Fund serves as the Chairman of the Board of Directors of the Corporation and three other members of the Board of Directors of the Fund are also Board members of the Corporation. The Fund does not exercise control nor does it have an economic interest in the Corporation, as defined by Statement of Position 94-3 Reporting of Related Entities by Not-for-Profit Organizations. Therefore, the Fund did not consolidate the financial statements of the Corporation and no government grant activities are included in the Fund’s financial statements for fiscal year 2006 or 2005. ******
2 0 0 6 A n n u a l R e p o r t 15 8260 Willow Oaks Corporate Drive • P.O. Box 10444 • Fairfax, VA 22031-8044 (703) 205-3400 • www.uncf.org
28 u n i t e d N e g r o College Fund