University of Florida Foundation, Inc.
Financial and Compliance Report June 30, 2015
Contents
Independent Auditor’s Report on the Financial Statements 1 – 2
Financial Statements Statement of Financial Position 3 Statement of Activities 4 Statement of Cash Flows 5 – 6 Notes to Financial Statements 7 – 32
Supplemental Schedules Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program 33 – 54 Schedule of Receipts, Expenditures and Endowment Balances for Eminent Scholar Program 55
Independent Auditor’s Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 56 – 57
Independent Auditor’s Report on Compliance for Each Major State Financial Assistance Project and Report on Internal Control Over Compliance Required by State of Florida Chapter 10.650, Rules of the Auditor General 58 – 59
Schedule of Expenditures of State Financial Assistance 60
Notes to Schedule of Expenditures of State Financial Assistance 61
Schedule of Findings and Questioned Costs 62
Independent Auditor’s Report
To the Board of Directors University of Florida Foundation, Inc. Gainesville, Florida
Report on the Financial Statements We have audited the accompanying financial statements of the University of Florida Foundation, Inc. (the Foundation), (a component unit of the University of Florida), which comprise the statement of financial position as of June 30, 2015, and the related statements of activities and cash flows for the year then ended, and the related notes to the financial statements.
Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the organization’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the University of Florida Foundation, Inc. as of June 30, 2015, and the changes in its net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.
1
Report on Summarized Comparative Information We have previously audited the University of Florida Foundation, Inc.’s June 30, 2014 financial statements, and we expressed an unmodified audit opinion on those audited financial statements in our report dated September 18, 2014. In our opinion, the summarized comparative information presented herein as of and for the year ended June 30, 2014, is consistent, in all material respects, with the audited financial statements from which it has been derived.
Other Matters – Supplementary Information Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The accompanying supplemental schedules as listed in the table of contents are presented for purposes of additional analysis and are not a required part of the financial statements. The accompanying schedule of expenditures of state financial assistance, as required by the State of Florida Chapter 10.650, Rules of the Auditor General, is presented for purposes of additional analysis and is also not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.
Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated September 24, 2015, on our consideration of the University of Florida Foundation, Inc.’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the University of Florida Foundation, Inc.’s internal control over financial reporting and compliance.
Orlando, Florida September 24, 2015
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University of Florida Foundation, Inc.
Statement of Financial Position June 30, 2015 (with summarized comparative information as of June 30, 2014)
2015 2014 Assets Cash $ 5,121,455 $ 12,501,703 Other receivables 48,017,886 15,449,387 Pledges receivable, net 86,923,916 83,120,382 Investments 1,615,176,856 1,771,919,258 Real estate held for sale 7,544,249 8,255,259 Other assets 7,129,433 5,009,469 Present value of amounts due from externally managed trusts 2,632,102 2,687,029 Property and equipment, net 32,921,456 19,444,592 Land preserve 15,719,467 15,719,467 Permanent collections 39,382,489 37,743,374 Total assets$ 1,860,569,309 $ 1,971,849,920
Liabilities and Net Assets Liabilities Accounts payable, accrued expenses and other liabilities $ 5,326,138 $ 3,258,660 Notes payable 20,493,258 15,902,168 Annuity liabilities 6,664,448 6,653,927 Trust liabilities 14,476,087 14,057,040 Pension liability 10,349,689 6,261,932 Deferred revenue 821,000 1,237,410 Amounts held on behalf of University of Florida related entities 38,834,077 21,405,116 Total liabilities 96,964,697 68,776,253
Net assets Unrestricted 8,266,506 15,545,661 Temporarily restricted 527,164,711 691,283,755 Permanently restricted 1,228,173,395 1,196,244,251 Total net assets 1,763,604,612 1,903,073,667 Total liabilities and net assets$ 1,860,569,309 $ 1,971,849,920
See Notes to Financial Statements.
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University of Florida Foundation, Inc.
Statement of Activities Year Ended June 30, 2015 (with summarized comparative information for the year ended June 30, 2014)
Temporarily Permanently Total Total Unrestricted Restricted Restricted 2015 2014 Operating revenue and other additions Contributions $ 144,158 $ 60,633,694 $ 31,138,703 $ 91,916,555 $ 111,847,401 Support from the University of Florida 14,912,304 - - 14,912,304 9,954,079 Investment return, net 18,932,770 52,093,407 (367,632) 70,658,545 188,348,335 Alumni program support 1,849,540 24,101 743,837 2,617,478 3,005,022 Other 1,504,363 6,907,092 1,227,289 9,638,744 8,577,316 Net assets released from restrictions 283,679,675 (283,679,675) - - - Total operating revenue and other additions 321,022,810 (164,021,381) 32,742,197 189,743,626 321,732,153
Operating expenses and other expenditures Program services General college support 82,483,434 - - 82,483,434 63,379,628 Student financial aid 45,098,447 - - 45,098,447 9,330,290 Faculty and staff support 57,213,749 - - 57,213,749 10,261,821 Research 32,532,393 - - 32,532,393 7,783,059 Facilities 33,498,896 - - 33,498,896 17,223,190 Other 37,236,654 - - 37,236,654 11,636,928 Total program services 288,063,573 - - 288,063,573 119,614,916
Supporting services Communications and marketing 1,749,274 - - 1,749,274 856,168 Alumni affairs 4,433,513 - - 4,433,513 4,251,157 Development 20,451,979 - - 20,451,979 18,995,156 Advancement services 7,485,472 - - 7,485,472 5,405,591 Talent management 2,203,438 - - 2,203,438 1,975,895 Total supporting services 36,323,676 - - 36,323,676 31,483,967
Total operating expenses and other expenditures 324,387,249 - - 324,387,249 151,098,883
Change in net assets from current operations (3,364,439) (164,021,381) 32,742,197 (134,643,623) 170,633,270
Other changes Change in value of split interest agreements - (187,176) (477,678) (664,854) 3,259,410 Pension changes other than net periodic pension costs (3,914,609) - - (3,914,609) 486,419 Provision for doubtful pledges (107) 89,513 (335,375) (245,969) (3,596,514) Change in net assets (7,279,155) (164,119,044) 31,929,144 (139,469,055) 170,782,585
Net assets, beginning of year 15,545,661 691,283,755 1,196,244,251 1,903,073,667 1,732,291,082 Net assets, end of year $ 8,266,506 $ 527,164,711 $ 1,228,173,395 $ 1,763,604,612 $ 1,903,073,667
See Notes to Financial Statements.
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University of Florida Foundation, Inc.
Statement of Cash Flows Year Ended June 30, 2015 (with summarized comparative information for the year ended June 30, 2014)
2015 2014 Reconciliation of change in net assets to net cash used in operating activities: Change in net assets $ (139,469,055) $ 170,782,585 Adjustments to reconcile change in net assets to net cash used in operating activities: Contributions restricted for long-term investment (32,314,453) (29,001,013) Increase (decrease) in trust and annuity liabilities 429,568 (271,874) Increase (decrease) in pension liability 4,087,757 (315,199) Provision for doubtful accounts and pledges 289,644 3,596,514 Amortization of deferred revenue (416,410) (404,590) Depreciation expense 493,457 437,130 Gain on investments, changes in real estate held for sale, property and equipment and other assets (61,081,465) (194,567,465) Noncash contributions (6,303,117) (9,238,409) Changes in operating assets and liabilities: Pledges receivable (6,014,497) 668,629 Due from externally managed trusts 54,927 (213,382) Other receivables (32,711,887) 302,470 Accounts payable, accrued expenses and other liabilities 2,067,478 383,582 Net cash used in operating activities (270,888,053) (57,841,022) Cash flows from investing activities: Purchases of investments (12,858,057) (55,616,770) Proceeds from sales of investments 232,426,858 91,510,573 Proceeds from sales of real estate held for sale 2,345,367 940,581 Purchases of property and equipment and other assets (8,686,018) (911,995) Proceeds from sales of property and equipment and other assets 1,594,480 1,255,380 Origination of notes receivable - (70,000) Collections of notes receivable 99,713 34,770 Net cash provided by investing activities 214,922,343 37,142,539 Cash flows from financing activities: Proceeds from contributions restricted for long-term investment 32,314,453 29,001,013 Payments on long-term debt (408,910) (394,344) Proceeds from (payments to) University of Florida related entities 19,424,299 (6,157,222) (Payments to) proceeds from accounts held on behalf of employees (8,877) 499 Payments to beneficiaries and other split interest expenses (2,735,503) (2,764,398) Net cash provided by financing activities 48,585,462 19,685,548
Net decrease in cash (7,380,248) (1,012,935)
Cash: Beginning of year 12,501,703 13,514,638 End of year $ 5,121,455 $ 12,501,703
(Continued)
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University of Florida Foundation, Inc.
Statement of Cash Flows (Continued) Year Ended June 30, 2015 (with summarized comparative information for the year ended June 30, 2014)
2015 2014 Supplemental disclosure of cash flow information Cash paid for interest $ 443,824 $ 365,496 Cash received (paid) for income taxes 41,135 (1,934,730)
Supplemental data for noncash investing and financing activities Purchase of land with mortgage payable $ 5,000,000 $ - Receipt of permanent collection gifts 1,021,860 2,218,904 Receipt of real estate held for sale 1,588,040 983,500 Receipt of real estate held for use 1,141,001 - Receipt of life insurance 1,976,919 273,048 Receipt of non-liquid investments 387,504 5,448,556 Receipt of livestock 187,793 13,601
See Notes to Financial Statements.
6 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 1. Nature of Organization and Significant Accounting Policies Nature of Organization: University of Florida Foundation, Inc. (the Foundation) is a nonprofit entity established to solicit and manage funds for the benefit of the University of Florida (the University). The Foundation is governed by a self-perpetuating board of directors consisting of a majority of volunteer board appointed members, some of whom are significant donors to the Foundation. The Board also includes ex-officio University and Foundation officials. The Foundation functions as a direct support organization of the University and is reported as a component unit of the University in its financial statements.
A summary of the Foundation’s significant accounting policies follows:
Comparative Financial Statements: The financial statements include certain prior-year summarized comparative information in total but not by net asset class. Such information does not include sufficient detail to constitute a presentation in conformity with accounting principles generally accepted in the United States of America. Accordingly, such information should be read in conjunction with the Foundation’s financial statements for the year ended June 30, 2014, from which the summarized information was derived.
Basis of Accounting: The accompanying financial statements of the Foundation have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The Foundation follows the guidance of the provisions for accounting for nonprofit organizations. Under this guidance, the Foundation is required to report information regarding its financial position and activities according to three classes of net assets: permanently restricted, temporarily restricted and unrestricted. Accordingly, net assets of the Foundation and changes therein are classified and reported as follows:
Permanently restricted net assets – net assets subject to donor-imposed stipulations that they be maintained permanently by the Foundation. Generally, the donors of these assets permit the Foundation to use all or part of the income earned on related investments for general or specific purposes in the support of the University.
Temporarily restricted net assets – net assets subject to donor-imposed stipulations that may or will be met, either by the passage of time or satisfaction of the restriction. When the restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions.
Unrestricted net assets – net assets which represent resources generated from operations or assets not subject to donor-imposed stipulations, but may be designated for specific purposes by action of the board of directors.
Revenues: Revenues are reported as increases in unrestricted net assets unless use of the related assets is limited by donor-imposed restrictions. Amounts received that are designated for future periods or restricted by the donor for specific purposes are reported as temporarily restricted or permanently restricted support that increases these net asset classes. Gains and losses on investments and other assets or liabilities are reported as increases or decreases in unrestricted net assets unless their use is restricted by explicit donor stipulations or by law.
7 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 1. Nature of Organization and Significant Accounting Policies (Continued) In the normal course of business, the Foundation accepts financial assets from donors on behalf of specified beneficiaries to which it is financially interrelated and recognizes the fair value of assets received as contributions. Contributions, including unconditional promises to give, are recognized as revenues in the period received and are recorded at their estimated fair value on the date of contribution. For the years ended June 30, 2015 and 2014, the Foundation recognized $64,493,534 and $60,316,081, respectively, in in-kind operating revenue and other additions. Conditional promises to give are not recognized until they become unconditional, that is, when the conditions on which they depend are substantially met.
Liquidity: Assets are presented in the accompanying statement of financial position according to their nearness of conversion to cash and liabilities according to the nearness of their maturity and resulting use of cash.
Use of Estimates: Management uses estimates and assumptions in preparing financial statements in conformity with accounting principles generally accepted in the United States of America. Those estimates and assumptions affect the reported amounts of assets and liabilities, and reported revenues and expenses. Significant estimates used in preparing these financial statements include those used in calculating the pledges receivable and related allowance for doubtful amounts, the annuity and trust liabilities under split interest agreements and the pension benefits obligation, and in determining the impairment of long-lived assets and the fair value of certain investments. Actual results could differ from these estimates, and the change may be material.
Cash: Cash consists of cash on hand and cash in operating accounts.
Other Receivables: Other receivables primarily consist of amounts due from the University (see Note 15).
Property and Equipment: All real property (buildings and land) is capitalized. Property and equipment purchased with an original cost of $5,000 or more are recorded at cost. Contributed property and equipment having a fair value of $5,000 or more are recorded at their estimated fair value on the date of donation. If donors stipulate how long the assets must be used, the contributions are recorded as restricted support for the term of the restricted period. In the absence of such stipulations, contributions of property and equipment are recorded as unrestricted support.
Property and equipment are depreciated using the straight-line method of depreciation over the estimated useful lives of the assets. The estimated useful life for vehicles and equipment is 3 years and ranges from 5 years to 30 years for buildings and improvements. If equipment is donated to the Foundation for the benefit of the University, the Foundation transfers title to the specified University recipient and no amounts are capitalized in the Foundation’s financial statements.
Permanent Collections: The Foundation capitalizes its permanent collections. Additions are capitalized at cost if purchased and at fair value at date of contribution, if received by donation. Gains and losses on disposals of donated collections are recorded based on the presence or absence of donor restrictions placed on items at the date of donation.
8 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 1. Nature of Organization and Significant Accounting Policies (Continued) Real Estate Held For Sale: The Foundation receives contributions in the form of real estate with donor intentions that the properties are to be sold and proceeds from the sale are to benefit the Foundation or the University. Real estate held for sale is held at fair value less estimated costs to sell.
Fundraisers’ Salaries and Expenses Paid by Various Colleges of the University: A portion of certain fundraisers’ salaries and expenses is paid either directly to the fundraisers by the colleges which they represent or it is reimbursed to the Foundation by the colleges. These amounts, which totaled $10,760,403 and $8,126,326 for the years ended June 30, 2015 and 2014, respectively, are included in unrestricted operating revenues as support from the University and in expenses as fundraising costs. At June 30, 2015 and 2014, $801,927 and $316,123 of these amounts are included in other receivables.
Pledges Receivable: Unconditional promises to give that are expected to be collected within one year are recorded at net realizable value. Unconditional promises to give that are expected to be collected in future years are recorded at the present value of their estimated future cash flows. The discounts on those amounts are computed using a risk adjusted discount rate applicable to the month in which the promises are received. Amortization of the discounts is included in contributions revenue. The Foundation uses the allowance method to determine uncollectible receivables. The allowance is based upon management estimates of current economic factors and analysis of specific accounts.
Split Interest Agreements: The Foundation accepts gifts subject to split interest agreements. These gifts may be in the form of annuities, life estates or charitable remainder trusts. At the time of receipt, a gift is recorded based upon the fair value of assets donated less any applicable liabilities. Liabilities include the present value of projected future distributions to the annuity or trust beneficiaries and are determined using the Internal Revenue Service rate for computing charitable deductions for such gifts in effect at the time of the gift ranging from 2.0% to 8.2%. Funds subject to split interest agreements are classified as temporarily restricted or permanently restricted based upon donor designations.
Current Florida law requires charities to maintain certain minimum gift annuity reserves. As of June 30, 2015 and 2014, the Foundation held assets in excess of the minimum required by state law.
Accrued Compensated Absences: The Foundation accrues accumulated unpaid vacation and sick leave and associated employee-related costs when earned (or estimated to be earned) by the employee. Eligible employees are entitled to annual vacation and sick leave with pay. Accrued compensated absences totaled $1,700,511 and $1,516,206 at June 30, 2015 and 2014, respectively, and are included in accrued expenses in the accompanying statement of financial position.
Financial Instruments: The carrying amount reported in the statement of financial position for cash, other receivables, accounts payable, accrued expenses and other liabilities approximate fair value because of immediate or short-term maturities of these financial instruments. The carrying amount of pledges receivable and annuity and trust liabilities approximate fair value as they are presented on a discounted basis. The carrying amount of the Foundation’s notes payable approximates their fair value based on the fact that the rates of such notes are similar to rates available for debt of the same terms.
See Note 6 for a description of the fair values and carrying amounts for investments and amounts due from externally managed trusts. Income and realized and unrealized gains and losses on investments of permanently restricted net assets are reported as increases or decreases in temporarily restricted net assets.
9 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 1. Nature of Organization and Significant Accounting Policies (Continued) Fair Value Measurements: The Foundation’s investments are stated at fair value (see Note 6). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Foundation uses various methods including market and income approaches. Based on these approaches, the Foundation often uses certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Foundation uses valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.
Functional Allocation of Expenses: The costs of providing various programs and support services have been summarized on a functional basis in the accompanying statement of activities. Accordingly, certain costs have been allocated to the programs and supporting services receiving benefit from the expenditures.
Impairment of Long-Lived Assets: Long-lived assets, such as land, buildings and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset be tested for possible impairment, the Foundation first compares undiscounted cash flows expected to be generated by an asset to the carrying value of the asset. If the carrying value of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models and third-party independent appraisals, as considered necessary.
Income Taxes: The Foundation is exempt from federal income taxes under section 501(a) of the Internal Revenue Code as an organization described in section 501(c)(3). However, the Foundation is subject to income tax on unrelated business income. The Foundation’s primary source of unrelated business income is from certain investments in private equity partnerships. For the years ended June 30, 2015 and 2014, the Foundation had current income tax (benefit) expense of $(1,913,387) and $1,934,730, respectively, which are included as an adjustment to investment return in the accompanying statement of activities.
The Foundation files income tax returns in the U.S. federal jurisdiction and in various state and local jurisdictions. Tax periods open to examination by major taxing jurisdictions to which the Foundation is subject include fiscal years ended June 30, 2012 through June 30, 2015.
The Foundation has reviewed and evaluated the relevant technical merits of each of its tax positions in accordance with accounting principles generally accepted in the United States of America for accounting for uncertainty in income taxes, and determined that there are no uncertain tax positions that would have a material impact on the financial statements of the Foundation.
Amounts Held on Behalf of University of Florida Related Entities: Gator Boosters, Inc., the University of Florida Law Center Association, Inc., the University of Florida Health Proton Therapy Institute, and Shands Teaching Hospital and Clinics, Inc. have entered into agreements with the Foundation for administrative services. The liability included in the accompanying statement of financial position represents the amounts due to these entities, including any share of investment returns.
10 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 1. Nature of Organization and Significant Accounting Policies (Continued) Deferred Revenue: Amounts received in advance under agreements with terms in excess of one year are recorded as deferred revenue and are amortized into revenues using the straight-line method over the life of the related agreements.
Recent Accounting Pronouncements: The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). The amendment applies to reporting entities that elect to measure the fair value of an investment using the net asset value per share (or its equivalent) practical expedient. Currently, investments valued using the practical expedient are categorized within the fair value hierarchy on the basis of whether the investment is redeemable with the investee at net asset value on the measurement date, never redeemable with the investee at net asset value, or redeemable with the investee at net asset value at a future date. For investments that are redeemable with the investee at a future date, a reporting entity must consider the length of time until those investments become redeemable to determine the classification within the fair value hierarchy. The amendment removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. This ASU also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. This ASU is effective for the Foundation for their fiscal year beginning after December 15, 2016 and requires retrospective treatment to all periods presented. Management is reviewing the requirements of this ASU but believes the only impact on the financial statements will be on disclosure of certain investments recorded at the net asset value practical expedient.
The FASB and other entities have issued other certain new or modifications to, or interpretations of, existing accounting guidance. The Foundation has considered the new pronouncements that altered accounting principles generally accepted in the United States, and does not believe that any other new or modified guidance will have a material impact on the Foundation’s reported financial position or activities in the near term.
Subsequent Events: The Foundation has evaluated subsequent events through September 24, 2015, which is the date the financial statements were available to be issued.
Note 2. State Match Receivable In accordance with Florida Statute Chapter 1011.94, University Major Gifts Program, endowment contributions of $100,000 or more, made after July 1, 1985, with income to be used to support libraries and instruction and research programs, are eligible for state match. As of June 30, 2015 and 2014, the Foundation has approved state matching requests that have not yet been received or recognized in the financial statements totaling $130,958,616. The State of Florida has temporarily suspended funding for this program and did not appropriate any funds; therefore, no receivable has been recorded in the accompanying financial statements.
11 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 3. Pledges Receivable Pledges receivable and the related allowance for doubtful accounts at June 30, 2015 and 2014, are summarized as follows:
2015 2014 Due in less than one year $ 23,964,943 $ 26,725,904 Due in one to five years 63,351,443 55,472,078 Due after five years 21,476,407 22,112,324 108,792,793 104,310,306 Allowance for doubtful amounts (13,270,096) (13,131,635) Unamortized discounts (8,598,781) (8,058,289) Pledges receivable, net$ 86,923,916 $ 83,120,382
Pledges receivable are discounted using a risk adjusted discount rate for the month the pledge was initially recognized. The risk adjusted discount rate consists of the 5-year Treasury yield plus a 1% risk premium. Discount rates used ranged from 1.6% to 8.2%.
Note 4. Investment Management Agreement The University of Florida Board of Trustees created the University of Florida Investment Corporation (UFICO), a direct support organization, to manage University investments. UFICO is governed by an independent volunteer board of directors. The Foundation has a management agreement with UFICO to manage a significant portion of its investments. Management fees are payable at the beginning of each quarter and are computed based on amounts budgeted by UFICO and the market value of the assets as reported by the custodians at the previous quarter-end. The asset valuations used in the fee calculations include all funds and assets under management, including cash and accrued income. Annualized fees charged were 0.15% and 0.10% of the related assets under management for the years ended June 30, 2015 and 2014, respectively. Management fees expensed during the years ended June 30, 2015 and 2014, under this agreement totaled $2,323,534 and $1,557,750, respectively, which are included in investment return in the accompanying statement of activities.
Note 5. Investments Investments at June 30, 2015 and 2014, are summarized as follows:
2015 2014 Government issues – domestic $ 770,227 $ 260,382 Government issues – foreign 176,776 134,453 Corporate stocks 574,023 228,210 Short-term investments 12,076,837 40,137,634 Mutual funds – equities 21,956,870 23,626,739 Mutual funds – fixed income 12,101,512 12,444,443 Hedge strategies - 1,947,645 Private equity investments 5,598,048 4,258,787 Private equity investments – UFICO limited partnerships 1,561,922,563 1,688,880,965 $ 1,615,176,856 $ 1,771,919,258
12 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 5. Investments (Continued) Investments managed by UFICO on behalf of the Foundation are held in investment limited partnerships (shown as private equity investments – UFICO limited partnerships in the preceding table). The limited partnerships have entered into an agreement with BNY Mellon to provide custody and other services related to the investments. UFICO serves as the general partner and the investment manager for each of the limited partnerships. As of June 30, 2015 and 2014, the major investment categories of the limited partnerships are shown below. See Note 6 for breakdown of investments by limited partnership.
2015 2014 Short-term investments $ 15,325,508 $ 78,335,207 Global equities 504,661,951 538,248,271 Fixed income 104,260,737 201,423,880 Hedge strategies 520,237,938 418,805,537 Private equity investments 417,436,429 452,068,070 $ 1,561,922,563 $ 1,688,880,965
As of June 30, 2015 and 2014, the Foundation’s total capital commitments under its private equity investment agreements were $960,000,269 and $886,928,374, respectively. The total amounts requested for investment under these agreements were $743,383,318 and $695,098,540 as of June 30, 2015 and 2014, respectively, leaving unfunded commitments of $216,616,951 and $191,829,834.
The underlying investments of the limited partnerships managed by UFICO are generally pooled and managed under various asset diversification strategies, depending upon the specific pool’s objectives, and to avoid significant concentrations of market risk. Short-term investments and global equity securities include investments in large-cap, mid-cap and small-cap companies primarily located in the United States, as well as international companies. Fixed income securities include corporate bonds of companies from diversified industries and U.S. Treasuries. Hedge strategies and private equity investments include real estate and international funds.
The following schedule summarizes the investment return in the accompanying statement of activities for the years ended June 30, 2015 and 2014.
2015 2014 Investment gain (loss), net of UFICO management fees (Note 4) $ 7,725,814 $ (340,234) Net realized and unrealized gains on investments 63,300,363 188,582,052 Net real estate realized and unrealized (depreciation) appreciation (367,632) 106,517 Total return on investments$ 70,658,545 $ 188,348,335
Assets held under various split interest agreements at June 30, 2015 and 2014, are included in the accompanying financial statements as follows:
2015 2014 Investments $ 35,976,236 $ 35,318,670 Real estate held for sale 110,000 125,000 Total assets held under split interest agreements$ 36,086,236 $ 35,443,670
13 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 6. Fair Value Measurements The fair value measurement accounting literature provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:
Level 1 – Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Foundation has the ability to access.
Level 2 – Inputs to the valuation methodology must be observable for substantially the full term of the specified (contractual) term, if applicable, and include:
Quoted market prices for similar assets or liabilities in active markets.
Quoted prices for identical or similar assets or liabilities in inactive markets.
Inputs other than quoted prices that are observable for the asset or liability.
Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
The asset’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Any transfer between fair value hierarchy levels is recognized by the Foundation at the end of each reporting period.
Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis. There have been no changes to the methodologies used at June 30, 2015 and 2014.
Corporate stocks and mutual funds (equities and fixed income) – Valued at quoted market prices in active markets on which individual securities are traded, which for mutual funds represents the net asset value of shares held by the Foundation at year end.
Short-term investments – Valued at the net asset value of shares held by the Foundation at year end, based on observable inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Corporate bonds and government issues (domestic and foreign) – Valued based upon quotes from independent pricing vendors based upon independent pricing models or other model-based valuation techniques such as the present value of the stream of expected cash flows adjusted for the security’s credit rating and other factors such as credit loss assumptions.
Hedge strategies – Valued as a practical expedient, at the net asset value of the units held by the Foundation at year end, as reported by the investment manager and within the valuation guidelines stipulated in respective investments agreements.
14 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 6. Fair Value Measurements (Continued)
Private equity investments – Valued as a practical expedient, at the net asset value of the units held by the Foundation at year end, as reported by the investment manager and within the valuation guidelines stipulated in respective investment agreements.
Externally managed trusts – Valued at the present value of the stream of expected cash flows on charitable interests in trusts due to the Foundation at year end, using appropriate discount rates in accordance with the Internal Revenue Code.
Following is a description of the valuation methodologies used for assets measured at fair value on a nonrecurring basis. There have been no changes to the methodologies used at June 30, 2015 and 2014.
Pledges receivable – Unconditional promises to give that are expected to be collected in future years are recorded at the present value of their estimated future cash flows. The discounts on those amounts are computed using a risk adjusted discount rate applicable to the month in which the promises are received.
Long-lived assets held for use – Valued principally from or corroborated by both observable and unobservable market data by correlation or other means.
Long-lived assets held for sale – Valued principally from or corroborated by both observable and unobservable market data by correlation or other means.
Permanent collections – Valued principally from or corroborated by both observable and unobservable market data by correlation or other means.
Split interest agreements – trust assets – Valued at the present value of the stream of expected cash flows on charitable interests in trusts due to the Foundation, using appropriate discount rates in accordance with the Internal Revenue Code.
Split interest agreements – annuity assets – Valued at the present value of the stream of expected cash flows on charitable interests in annuities due to the Foundation, using appropriate discount rates in accordance with the Internal Revenue Code.
Livestock – Valued principally from or corroborated by both observable and unobservable market data by correlation or other means.
The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Foundation believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determining the fair value of certain financial instruments could result in a different fair value measurement at the reporting date, and any differences may be material.
Long-lived assets are measured each year at June 30 when there is evidence of impairment.
15 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 6. Fair Value Measurements (Continued)
Assets measured at fair value on a nonrecurring basis as of June 30, 2015 and 2014, are as follows:
Quoted Prices in Active Significant Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Impairment Description Total (Level 1) (Level 2) (Level 3) Losses Impairment valuation
June 30, 2015 Long-lived assets held for use $ 106,001 $ - $ - $ 106,001 $ 290,699 Long-lived assets held for sale 1,421,000 - - 1,421,000 443,000 $ 733,699
June 30, 2014 Long-lived assets held for use$ 262,000 $ - $ - $ 262,000 $ 66,000 Long-lived assets held for sale 3,088,400 - - 3,088,400 907,500 $ 973,500
Valuation of contributions
Year ended June 30, 2015 Pledges receivable $ 34,303,159 $ - $ - $ 34,303,159 Long-lived assets held for use 1,141,001 - - 1,141,001 Long-lived assets held for sale 1,588,040 - - 1,588,040 Permanent collections 1,021,860 - - 1,021,860 Split interest agreements – trust assets 3,157,375 - - 3,157,375 Split interest agreements – annuity assets 845,952 - - 845,952 Livestock 187,793 - - 187,793
Year ended June 30, 2014 Pledges receivable$ 32,197,740 $ - $ - $ 32,197,740 Long-lived assets held for use 300,000 - - 300,000 Long-lived assets held for sale 983,500 - - 983,500 Permanent collections 2,218,904 - - 2,218,904 Split interest agreements – trust assets 464,827 - - 464,827 Split interest agreements – annuity assets 1,176,217 - - 1,176,217 Livestock 13,601 - - 13,601
Impairment losses shown above from assets held for use and assets held for sale are included in the accompanying statement of activities, respectively, in other and in investment return.
16 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 6. Fair Value Measurements (Continued) Assets measured at fair value on a recurring basis as of June 30, 2015 and 2014, are as follows:
Quoted Prices in Active Significant Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Description (Level 1) (Level 2) (Level 3) Fair Value June 30, 2015 Investments: Government issues – domestic $ - $ 770,227 $ - $ 770,227 Government issues – foreign - 176,776 - 176,776 Corporate stocks 574,023 - - 574,023 Short-term investments - 12,076,837 - 12,076,837 Mutual funds – equities 21,956,870 - - 21,956,870 Mutual funds – fixed income 12,101,512 - - 12,101,512 Private equity investments - 1,144,486,134 423,034,477 1,567,520,611 Total investments 34,632,405 1,157,509,974 423,034,477 1,615,176,856 Present value of amounts due from externally managed trusts - - 2,632,102 2,632,102 Total $ 34,632,405 $ 1,157,509,974 $ 425,666,579 $ 1,617,808,958
June 30, 2014 Investments: Government issues – domestic$ - $ 260,382 $ - $ 260,382 Government issues – foreign - 134,453 - 134,453 Corporate stocks 228,210 - - 228,210 Short-term investments - 40,137,634 - 40,137,634 Mutual funds – equities 23,626,739 - - 23,626,739 Mutual funds – fixed income 12,444,443 - - 12,444,443 Hedge strategies - - 1,947,645 1,947,645 Private equity investments - 1,236,812,895 456,326,857 1,693,139,752 Total investments 36,299,392 1,277,345,364 458,274,502 1,771,919,258 Present value of amounts due from externally managed trusts - - 2,687,029 2,687,029 Total $ 36,299,392 $ 1,277,345,364 $ 460,961,531 $ 1,774,606,287
17 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 6. Fair Value Measurements (Continued) Following is a description of the significant investment strategies of each major category of investments that is valued at net asset value per share and are not in an active market (Level 2 and Level 3 measurements):
Short-term investments – To preserve capital, liquidity and current income through money market funds and other short-term instruments.
Hedge strategies – To provide capital appreciation and generate high returns at reduced risk through aggressively managed portfolio of investments using advanced investment strategies.
Private equity investments – To provide long-term capital appreciation and current income through investments in limited partnerships, which invest in diversified portfolios ranging from short-term to long-term instruments, as described in Note 5.
The following table discloses the fair value as of June 30, 2015 and 2014, related to the Foundation’s private equity investments in limited partnerships managed by UFICO that are valued at net asset value, as described in Note 5.
Description 2015 2014 Florida Long Term Pool Fund, LP $ 1,557,598,616 $ 1,511,933,346 Florida Enhanced Cash Fund, LP 4,323,947 176,947,619 $ 1,561,922,563 $ 1,688,880,965
Redemptions under Florida Long Term Pool Fund, LP and Florida Enhanced Cash Fund, LP classified as level 2 within the fair value hierarchy can be made monthly with a 30 day notice period, and are subject to restrictions on the underlying investments. For investments in the Florida Long Term Pool Fund, LP that are allocated to the Florida Private Investments Fund, LP, redemptions are not permitted and therefore, are classified as level 3 within the fair value hierarchy.
The table below sets forth a summary of changes in the fair value of the Foundation’s Level 3 assets for the years ended June 30, 2015 and 2014.
Externally Hedge Private Equity Managed Strategies Investments Trusts Balance, June 30, 2013$ 3,155,437 $ 447,319,696 $ 2,473,647 Purchases, issuances and settlements (net) (1,501,430) (34,927,872) (53,154) Investment income (loss) (2,231) 12,126,222 - Net realized and unrealized gains 295,869 31,808,811 266,536 Balance, June 30, 2014 1,947,645 456,326,857 2,687,029 Purchases, issuances and settlements (net) (1,947,645) (72,994,779) - Investment income - 8,679,383 - Net realized and unrealized gains (losses) - 31,023,016 (54,927) Balance, June 30, 2015$ - $ 423,034,477 $ 2,632,102
18 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 6. Fair Value Measurements (Continued) The total Level 3 changes in net unrealized gains and losses for the years relating to those investments still held at June 30, 2015 and 2014 were $(17,162,059) and $(1,164,224), respectively, and are reflected as part of investment return in the accompanying statement of activities. The total Level 3 changes in value related to managed trusts at June 30, 2015 and 2014 were $(54,927) and $266,536, respectively, and are reflected as part of contributions in the accompanying statement of activities.
Note 7. Endowment The Foundation’s endowment consists of over 3,000 individual donor-restricted endowment funds established for a variety of purposes. As required by accounting principles generally accepted in the United States of America, net assets associated with endowment funds are classified and reported based on the existence or absence of donor-imposed restrictions.
Interpretation of Relevant Law: The Board of Directors of the University of Florida Foundation, Inc. (the Board) has interpreted the State of Florida Statute (617.2104) cited as the Florida Uniform Prudent Management of Institutional Funds Act (FUPMIFA) as requiring the Board to use reasonable care and caution as would be exercised by a prudent investor, in considering the investment management and expenditures of endowment funds. In accordance with FUPMIFA, the Board may expend so much of an endowment fund as the Board determines to be prudent for the uses and purposes for which the endowment fund is established, consistent with the goal of conserving the long-term purchasing power of the endowment fund. The Board considers the following factors in making its determination:
The purpose of the Foundation.
The intent of the donor of the endowment fund.
The terms of the applicable instrument.
The long-term and short-term needs of the Foundation and the University in carrying out their purposes.
General economic conditions.
The possible effect of inflation or deflation.
The other resources of the Foundation and the University.
Perpetuation of the endowment.
19 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 7. Endowment (Continued) As a result of this interpretation, the Board classifies as permanently restricted net assets: (a) the original value of gifts donated to a permanent endowment, (b) the original value of subsequent gifts to the permanent endowment, and (c) the original value of other corpus additions including state match provided to the permanent endowment. The remaining portion of the donor-restricted endowment fund that is not classified as permanently restricted net assets is classified as temporarily restricted net assets until those amounts are appropriated for expenditure in a manner consistent with the standard of prudence prescribed by FUPMIFA. However, by Board policy, any appreciation is considered an asset of each individual endowment and is not appropriated for general Foundation or University use.
Spending Policy: The Foundation’s spending policy is designed to provide for positive growth in the market value of its endowment, net of distributions, over an extended period of time. In establishing this policy, the Board considered the long-term expected return of the endowment investment pool and the goal of maintaining the purchasing power of the endowment assets. Over the long-term, the current spending policy is designed to return a net positive gain in market value (growth) after spendable transfers and administrative fees.
The annual rate for spendable transfers, distributed quarterly, is 4% of the spending base of each endowment’s principal fund. The principal fund’s spending base is a percentage of the market value, and is adjusted quarterly, if necessary, to fall within a range of 85% to 95% of the market value of the endowment investments. In addition, the principal fund is assessed an annual 1.2% administrative fee, charged quarterly. This fee is a portion of the funding mechanism for the development and alumni programs of the University.
Investment Policy: The Foundation’s investment objectives are to provide an annualized real rate of return, net of fees, of at least 5% in order to preserve, or increase, the purchasing power of endowment capital, while generating an income stream to support activities of the funds held for the colleges and units of the University. This policy is designed to tolerate volatility in short and intermediate-term performance.
To satisfy its long-term rate of return objectives, the Foundation relies on a total return strategy in which investment returns are achieved through both capital appreciation (realized and unrealized) and current yield (interest and dividends). The Foundation, through UFICO, targets a diversified asset allocation that places an emphasis on hedge strategies and private investments to achieve long-term objectives within prudent risk constraints.
Endowment net asset composition by type of fund at June 30, 2015 and 2014, are as follows:
Temporarily Permanently Unrestricted Restricted Restricted Total Donor-restricted endowment funds: June 30, 2015$ (235,128) $ 383,946,805 $ 1,171,991,421 $ 1,555,703,098
June 30, 2014$ (174,473) $ 380,298,557 $ 1,139,398,335 $ 1,519,522,419
20 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 7. Endowment (Continued) Changes in endowment net assets for the years ended June 30, 2015 and 2014, are as follows:
Temporarily Permanently Unrestricted Restricted Restricted Total Endowment net assets, June 30, 2013$ (5,665,799) $ 261,910,732 $ 1,103,397,677 $ 1,359,642,610
Investment return: Investment loss (net of investment expense) - (2,923,608) - (2,923,608) Real estate net depreciation (realized and unrealized) - - (852,480) (852,480) Net appreciation (realized and unrealized) 5,491,326 183,728,604 - 189,219,930 Total investment return 5,491,326 180,804,996 (852,480) 185,443,842
Contributions and other revenues - - 36,853,138 36,853,138
Appropriation of endowment assets for expenditure - (62,417,171) - (62,417,171) Endowment net assets, June 30, 2014 (174,473) 380,298,557 1,139,398,335 1,519,522,419
Investment return: Investment income (net of investment expense) - 7,430,298 - 7,430,298 Real estate net depreciation (realized and unrealized) - - (367,632) (367,632) Net appreciation (depreciation) (realized and unrealized) (60,655) 63,269,532 - 63,208,877 Total investment return (60,655) 70,699,830 (367,632) 70,271,543
Contributions and other revenues - - 32,960,718 32,960,718
Appropriation of endowment assets for expenditure - (67,051,582) - (67,051,582) Endowment net assets, June 30, 2015$ (235,128) $ 383,946,805 $ 1,171,991,421 $ 1,555,703,098
Underwater Endowments: As a result of market declines, the fair values of certain donor-restricted endowments were less than the historical cost values (original gift/book values), and therefore, are considered to be underwater. The fair value deficiencies of underwater endowments were $235,128 and $174,473 at June 30, 2015 and 2014, respectively (see Note 11). These losses have been recorded as reductions in unrestricted net assets in accordance with accounting principles generally accepted in the United States of America. Future gains will be used to restore these deficiencies in unrestricted net assets before any net appreciation above the historical cost value of such funds increases temporarily restricted net assets. Under current State of Florida law, there is no legal obligation to restore these deficiencies.
21 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 8. Property and Equipment Property and equipment and the related accumulated depreciation at June 30, 2015 and 2014, are summarized as follows:
2015 2014 Land $ 29,600,964 $ 16,667,989 Buildings and improvements 7,043,155 6,743,155 Vehicles 64,501 64,501 Equipment 2,237,284 1,790,698 38,945,904 25,266,343 Accumulated depreciation (6,024,448) (5,821,751) Property and equipment, net$ 32,921,456 $ 19,444,592
Note 9. Real Estate Held for Sale, Land Preserve and Permanent Collections Contributions of real estate held for sale, land preserve and permanent collections are generally recorded at their appraised value at the date of gift. Real estate held for sale is actively marketed with realtors and is expected to be sold at a reasonable price. Land preserve and permanent collections are considered by management to be non-revenue producing assets. These assets are not expected to provide revenue to the Foundation in the near future due to donor restrictions.
The table below sets forth a summary of changes in real estate held for sale, land preserve and permanent collections for the year ended June 30, 2015 and 2014.
Real Estate Permanent Held for Sale Land Preserve Collections Balance, June 30, 2013$ 9,420,109 $ 15,719,467 $ 35,198,437 Donations 983,500 - 2,218,904 Purchases - - 326,033 Disposals (1,240,850) - - Impairments (907,500) - - Balance, June 30, 2014 8,255,259 15,719,467 37,743,374 Donations 1,588,040 - 1,021,860 Purchases - - 617,255 Disposals (1,856,050) - - Impairments (443,000) - - Balance, June 30, 2015$ 7,544,249 $ 15,719,467 $ 39,382,489
22 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 10. Notes Payable Notes payable at June 30, 2015 and 2014, consist of the following:
2015 2014 Note payable to Shands Teaching Hospital and Clinics, Inc., due in annual installments of $100,000 through 2024. Noninterest bearing (interest imputed at a rate of 3.25%), collateralized by an asset with a carrying value of $900,000 (see Note 15). $ 900,000 $ 1,000,000
Unsecured note payable to a bank, with principal and interest due quarterly. The note bears interest at the greater of 3% or overnight LIBOR plus 0.55% (3% at June 30, 2015) and matures annually with automatic one year renewals through January 2019. Subject to bank approval and financial covenants, the Foundation can exercise two 10-year renewal periods with a maximum maturity date of January 2039. Proceeds were used for construction of a University administration building (see Note 15). 14,021,581 14,323,036
Note payable to an individual, due in monthly installments of $3,500 through 2016, $4,000 through 2021 and $4,500 through 2034. The note bears interest at a fixed rate of 6% and is collateralized by property with a carrying value of $548,333 (see Note 15). 571,677 579,132
Note payable to a limited partnership, due in annual installments of $1,000,000, plus accrued interest, through 2020. The interest rate is 2%, and the note is collateralized by property with a carrying value of $10,790,903. 5,000,000 - $ 20,493,258 $ 15,902,168
Aggregate future maturities of notes payable at June 30, 2015, are summarized as follows:
Years Ending June 30, Amount 2016 $ 15,130,498 2017 1,114,632 2018 1,115,535 2019 1,116,493 2020 1,117,510 Thereafter 898,590 $ 20,493,258
Interest expense charged to operations totaled $665,269 and $398,537 for the years ended June 30, 2015 and 2014, respectively, which is allocated between the program and supporting services in the accompanying statement of activities.
Certain debt agreements have associated financial covenants that require the Foundation to maintain its debt service coverage ratio at specific levels.
23 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 11. Net Assets Temporarily restricted and permanently restricted net assets by purpose at June 30, 2015 and 2014, are as follows:
Net Assets Temporarily Permanently Restricted Restricted June 30, 2015 General college support $ 80,640,847 $ 242,440,451 Student financial aid 117,093,000 304,032,739 Faculty and staff support 174,669,563 415,347,305 Research 32,734,075 145,192,291 Facilities 89,728,211 12,188,414 Other 32,299,015 108,972,195 Total$ 527,164,711 $ 1,228,173,395
June 30, 2014 General college support$ 132,578,484 $ 232,750,979 Student financial aid 141,940,899 295,927,793 Faculty and staff support 211,069,617 408,920,075 Research 51,954,102 138,664,618 Facilities 99,748,636 11,864,227 Other 53,992,017 108,116,559 Total$ 691,283,755 $ 1,196,244,251
Unrestricted net assets at June 30, 2015 and 2014, consist of the following:
2015 2014 Undesignated $ (161,338) $ 4,108,701 Board designated: Reserve fund 611,799 3,262,876 Real estate fund 3,061,335 2,501,928 Strategic investment fund 4,754,710 5,672,156 Total board designated 8,427,844 11,436,960 Total unrestricted net assets$ 8,266,506 $ 15,545,661
Undesignated net assets, as shown in the table above, is net of underwater endowments of $235,128 and $174,473 at June 30, 2015 and 2014, respectively (see Note 7, Underwater Endowments ).
24 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 12. Retirement Plan The Foundation has a noncontributory, defined benefit pension plan (the Plan) which covers approximately 25% of Foundation employees. The remaining personnel are State employees who participate in the University’s retirement plan. The Plan provides for deferred benefits and covers Foundation employees, who are not State employees, with more than 5 years of service and a minimum age of 21 years. Benefits are based on years of service and the employee’s final average compensation as defined under the Plan. Contributions for eligible employees covered by the Plan are made annually in compliance with legal funding requirements. Plan assets consist of investments in a variety of fixed income, equity and real estate securities and cash equivalents. Arthur J. Gallagher & Co. served as the Plan’s actuary as of June 30, 2015 and 2014. The measurement dates used were June 30, 2015 and 2014.
The following table presents a reconciliation of the beginning and ending balances of the benefit obligation, fair value of plan assets and the funded status of the pension plan to the net amounts measured and recognized in the statement of financial position at June 30, 2015 and 2014.
2015 2014 Accumulated benefit obligation at end of year $ 29,187,703 $ 24,963,379
Change in projected benefit obligation: Projected benefit obligation, beginning of year $ 26,888,841 $ 23,802,392 Service cost 663,529 637,761 Interest cost 1,151,231 1,107,099 Actuarial loss 3,220,172 1,808,321 Benefits paid (542,056) (466,732) Projected benefit obligation, end of year 31,381,717 26,888,841 Change in fair value of plan assets: Fair value of plan assets, beginning of year 20,626,909 17,225,261 Actual return on plan assets 247,175 2,964,778 Employer contributions 700,000 903,602 Benefits paid (542,056) (466,732) Fair value of plan assets, end of year 21,032,028 20,626,909 Unfunded status at end of year$ (10,349,689) $ (6,261,932)
The unfunded statuses at June 30, 2015 and 2014 of $10,349,689 and $6,261,932, respectively, are recorded in pension liability in the accompanying statement of financial position.
The following table presents the components of net periodic pension cost for the plan years ended June 30, 2015 and 2014. 2015 2014 Service cost $ 663,529 $ 637,761 Interest cost 1,151,231 1,107,099 Expected return on plan assets (1,451,838) (1,213,558) Amortization of net loss 510,226 543,520 Net periodic pension cost$ 873,148 $ 1,074,822
The net periodic pension cost has been allocated over communications and marketing, alumni affairs, development, advancement services and talent management expenses in the accompanying statement of activities.
25 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 12. Retirement Plan (Continued) The weighted-average discount rates used to measure the projected benefit obligations were 4.41% and 4.27% as of June 30, 2015 and 2014, respectively. The assumed rate of increase in future compensation levels was 3.5% as of June 30, 2015 and 2014. The discount rate is the estimated rate at which the obligation for pension benefits could be effectively settled. The average wage increase assumption reflects the Foundation’s best estimate of the future compensation levels of the individual employees covered by the Plan.
Generally accepted accounting principles require the use of a mortality assumption that reflects the best estimate of the plan’s future experience for purposes of estimating the plan’s obligation. Professional associations of actuaries and actuarial companies occasionally develop and publish updated mortality tables to reflect changes in mortality conditions based on recent historical trends and other information. For the year ended June 30, 2014, the Foundation’s best estimate of future events by plan participants were based on the RP-2000 male and female optional combined mortality tables with projections. During the year ended June 30, 2015, the Society of Actuaries released new RP-2014 mortality tables and MP- 2014 mortality improvement scales. As such, for the year ended June 30, 2015, the Foundation’s best estimate of future events were based on the RP-2014 mortality tables fully projected with scale MP-2014.
As of June 30, 2015, the amount of benefits expected to be paid, based on the assumptions used to measure the benefit obligation, are as follows:
Years Ending June 30, Amount 2016 $ 807,889 2017 931,225 2018 1,070,383 2019 1,091,036 2020 1,133,739 2021 – 2025 6,982,721
As of June 30, 2015, the Foundation expects to contribute an amount, on an annual basis, that will satisfy the minimum funding requirement. The minimum funding requirements may be in part, or in full, satisfied with the funding standard carryover balance (credit balance) as calculated by the actuary.
The expected long-term rate of return on plan assets was 7.0% as of June 30, 2015 and 2014, which reflects the average rate of earnings that the Foundation estimates will be generated on the assets of the Plan.
The Foundation’s investment policy for pension plan assets includes various guidelines and procedures designed to ensure assets are invested in a manner necessary to meet expected future benefits earned by participants. The investment guidelines consider a broad range of economic conditions. Central to the policy are target allocation ranges by major asset categories.
The investment policy for pension plan assets is periodically reviewed for investment matters by the Foundation, UFICO and Wilshire, the pension plan investment advisors. The policy is established and administered in a manner that is compliant at all times with applicable government regulations.
The objective of the Plan is to maximize the investment return at appropriate levels of risk, while preserving the value and ensuring the availability of funds to meet its obligations. The Plan has a long- term investment horizon. Therefore, it can tolerate variability in short and intermediate-term investment performance, provided that returns meet the actuarial rate of return objective. Investments of the Plan shall be diversified as to minimize the risk of large losses.
26 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 12. Retirement Plan (Continued) The Plan’s weighted-average asset allocations at June 30, 2015 and 2014 by asset category are as follows:
Target Allocation Percentage of Plan Assets as of June 30 2015 2015 2014 Equity securities 70% 63% 64% Debt securities 29% 36% 35% Cash equivalents 1% 1% 1% 100% 100% 100%
The following is a description of the valuation methodologies used for the Foundation’s pension plan assets measured at fair value. There have been no changes in the methodologies used at June 30, 2015 and 2014:
Mutual funds – Valued at quoted market prices which represent the net asset value of shares held by the Plan at year end.
Money market funds – Valued at the net asset value of shares held by the Plan at year end.
27 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 12. Retirement Plan (Continued) The following tables summarize the Foundation’s pension plan assets by level within the fair value hierarchy at June 30, 2015 and 2014.
Quoted Prices in Active Markets for Significant Significant Identical Observable Unobservable Assets Inputs Inputs Description (Level 1) (Level 2) (Level 3) Fair Value June 30, 2015 Equity securities: Mutual funds – domestic equities $ 8,473,710 $ - $ - $ 8,473,710 Mutual funds – international equities 4,755,434 - - 4,755,434 Debt securities: Mutual funds – fixed income 7,535,603 - - 7,535,603 Cash equivalents: Money market funds 127,494 139,787 - 267,281 Total$ 20,892,241 $ 139,787 $ - $ 21,032,028
June 30, 2014 Equity securities: Mutual funds – domestic equities$ 7,859,448 $ - $ - $ 7,859,448 Mutual funds – international equities 5,360,274 - - 5,360,274 Debt securities: Mutual funds – fixed income 7,180,869 - - 7,180,869 Cash equivalents: Money market funds 75,056 151,262 - 226,318 Total $ 20,475,647 $ 151,262 $ - $ 20,626,909
28 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 13. University of Florida Alumni Association, Inc. The financial statements of the Foundation include the activity related to the University of Florida Alumni Association, Inc. (the Alumni Association). The Foundation funds any operating deficiency of the Alumni Association and the operating accounts relating to the Alumni Association have no assets or liabilities at the end of each fiscal year. The following schedule presents the operating activities of the Alumni Association accounts administered by the Foundation for the years ended June 30, 2015 and 2014.
2015 2014 Revenues and other additions: Support from the Foundation $ 2,295,738 $ 1,806,574 Alumni program support 1,834,006 2,161,568 Other 448,755 275,261 Total revenues and other additions 4,578,499 4,243,403
Expenses and other changes: Alumni relations supporting services 4,433,513 4,251,157 Alumni relations pension changes other than net periodic pension costs 144,986 (7,754) Total expenses and other changes 4,578,499 4,243,403 Change in net assets $ - $ -
Note 14. Fee Assessment The University funds its development and alumni programs primarily through a series of fees. The fees are part of the Foundation’s operating budget. The Finance Committee of the Foundation’s Board is responsible for reviewing and recommending a fee assessment policy. Changes to the policy are approved by the Foundation’s Board. As of June 30, 2015, the fee schedule is as follows:
Fee Type Fee Rate Frequency Basis One-time gift and non-gift fees Endowment funds: Cash gift 2.5000% Per transaction Gross amount of gift received Non-cash gift 2.5000% Per transaction Net proceeds from liquidation of asset Non-gift 2.5000% Per transaction Gross amount of receipt For endowment gifts, the gift fee is accrued as a payable in the spendable fund. One-half of each quarterly spendable transfer is used to reduce the gift fee payable until the gift fee is paid in full.
Non-endowed funds: Cash gift 2.5000% Per transaction Gross amount of gift received Non-cash gift 2.5000% Per transaction Net proceeds from liquidation of asset Non-gift 5.0000% Per transaction Gross amount of receipt
Facilities funds: Cash facilities matching gift 1.0000% Per transaction Gross amount of gift received Non-cash facilities matching gift 1.0000% Per transaction Net proceeds from liquidation of asset
Tigert and Horizon funds – No gift fee is assessed at the time of the original contribution to the fund. The gift fee is assessed when the purpose is determined and the gift is transferred from the fund.
29 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 14. Fee Assessment (Continued) Fee Type Fee Rate Frequency Basis Recurring administrative fees
Endowment principal funds: Security investments pool 0.3000% Quarterly Spending base Security investments non-pooled 0.3000% Quarterly Market value
Real estate held for resale, notes receivable and other income- producing assets 0.3000% Quarterly Market value
Non-endowed funds: Real estate held for resale, notes receivable and other income- producing assets 0.5000% Quarterly Market value
Tigert fund 0.2500% Quarterly Market value
Horizon fund None Not applicable Not applicable
Annuities and irrevocable trusts: Security investments 0.1250% Quarterly Market value as of the previous January 1
Real estate held for resale, notes receivable and other income- producing assets 0.1250% Quarterly Market value
Revocable trusts: Security investments 0.1875% Quarterly Market value as of the previous January 1
Real estate held for resale 0.1875% Quarterly Market value
30 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 14. Fee Assessment (Continued) During the years ended June 30, 2015 and 2014, the Foundation assessed the following fees:
2015 2014 Fees assessed on pooled investments $ 15,738,286 $ 14,713,541 Gift fees associated with major gifts and eminent scholar program funds 183,925 219,338 Gift fees associated with all other funds 2,326,429 2,170,006 Real estate fees 90,699 106,623 Non-gift fees 77,520 66,299 Total fees $ 18,416,859 $ 17,275,807
These fees are included in investment return in the accompanying statement of activities.
Effective July 1, 2015, annual administrative fees on endowment principal funds increased from 1.2% to 1.35%.
Note 15. Related Party Leases and Receivables The Foundation assumed the financial obligation for a parking garage facility and the related $3,000,000 note payable, of which $900,000 is outstanding as of June 30, 2015, from Shands Teaching Hospital and Clinics, Inc. during 1994. Simultaneously, the Foundation executed a non-cancelable operating lease with the University as the tenant. The lease agreement requires the University to make annual lease payments of $100,000 to the Foundation through June 30, 2024 (see Note 10).
The Foundation executed a non-cancelable operating lease for real property with the University as the tenant. The lease agreement requires the University to make monthly lease payments of $3,500 through 2016, $4,000 through 2021 and $4,500 through 2025. The University has the right to renew the lease; whereby, the agreement requires monthly lease payments of $4,500 to be made through 2034 (see Note 10).
The Foundation has several long-term agreements relating to office facilities with the University expiring in 2044 to 2046. Lease payments for these facilities range from $1 per year to $10 per year, well below the current market rates for comparable space. The Foundation recognized an expense and in-kind revenue associated with these lease agreements of $1,651,905 and $1,596,842 for the years ended June 30, 2015 and 2014, respectively.
Included in other receivables at June 30, 2015 and 2014, is $14,021,581 and $14,323,036, respectively, due from the University related to advances on a note payable for the construction of a University building as indicated in Note 10.
31 University of Florida Foundation, Inc.
Notes to Financial Statements
Note 15. Related Party Leases and Receivables (Continued) Effective July 1, 2014, the University created a Strategic Fund by consolidating investable cash from the colleges, units, and certain component units. As part of this consolidation, the Foundation transferred ownership of $168,619,985 of non-endowed funds, by purpose, to the University as follows:
Purpose Amount General college support$ 56,926,614 Student financial aid 28,224,877 Faculty and staff support 39,616,625 Research 19,388,687 Facilities 10,891,188 Other 13,571,994 Total transferred $ 168,619,985
The Foundation also transferred excess operating funds and certain funds held on behalf of University related entities and recorded a receivable due from the University. The receivable from the University was $30,405,113 as of June 30, 2015, and is included in other receivables on the accompanying statement of financial position.
32 University of Florida Foundation, Inc. Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended June 30, 2015
Balance at Corpus at Contributed Investment Corpus Balance at Corpus at Description June 30, 2014 June 30, 2014 Corpus Return Expenses Transfers Other June 30, 2015 June 30, 2015 Gator Club® of Volusia County Scholarship Fund $ 145,876 $ 112,784 $ - $ 4,825 $ (12,500) $ - $ 7,919 $ 146,120 $ 112,784 Jacksonville Gator Club® 183,946 112,974 - 5,022 (9,000) - - 179,968 112,974 Gahan Scholarship/Fellowship Fund 1,509,424 847,544 - 49,332 (101,607) - - 1,457,149 847,544 Gator Club® of Central Florida Scholarship Fund 267,656 163,588 10,000 8,864 (16,500) - 6,414 276,434 173,588 Leavitt/Lee-McCachren/Boyd Scholarship 367,917 211,195 - 11,681 (34,579) - - 345,019 211,195 Grebe-Wahlberg Memorial Fund 601,249 341,627 250 19,812 (35,879) - - 585,432 341,877 Rose, Johnson, Wohlgemuth, Schlueter and McFerrin Scholarship 716,464 357,387 - 23,373 (49,448) - - 690,389 357,387 Claudia Ross Memorial Fellowship for Investigative Reporting 601,670 340,151 - 18,512 (73,393) - - 546,789 340,151 Walter J. Matherly Professorship Fund 340,706 158,917 - 11,356 (16,647) - - 335,415 158,917 Newton C. Ebaugh Professorship in Mechanical Engineering 3,317,290 1,334,440 - 109,346 (196,847) - - 3,229,789 1,334,440 E. Lovelle Ahrano Scholarship Fund 5,528,803 4,145,289 - 174,449 (550,499) - - 5,152,753 4,145,289 William R. Kenan, Jr. Professorship Fund 2,378,488 739,956 - 60,148 (662,009) - - 1,776,627 739,956 William W. and Marie C. Wolff Scholarship Fund 1,087,798 650,385 - 35,974 (61,186) - - 1,062,586 650,385 Stephen C. O'Connell/Capital Gator Club® Scholarship 469,043 286,994 - 15,283 (14,000) - - 470,326 286,994 Charles B. Viall, III Scholarship Fund 418,565 280,079 - 13,665 (28,605) - - 403,625 280,079 Edward R. Woodward Professorship 1,989,298 969,643 - 64,726 (142,186) - - 1,911,838 969,643 Ernst & Young Professorship of Accounting 576,793 246,257 - 17,810 (68,542) - - 526,061 246,257 Charles M. Shinn, Jr. Endowment for Citrus Research 217,929 152,255 - 6,697 (26,822) - - 197,804 152,255 O. Ruth McQuown Scholarship Fund 1,073,126 522,961 100 36,018 (45,339) - - 1,063,905 523,061 Addison Franklin Marshall Scholarship in Civil Engineering 410,655 288,446 5,500 12,861 (43,910) - - 385,106 293,946 Salsbury Endowment Fund for Veterinary Medicine Scholarships 739,041 446,404 - 24,073 (52,052) - - 711,062 446,404 Gertrude Brick Memorial Fund 526,809 419,323 8,605 17,325 (38,548) - - 514,191 427,928 Milk Bottle Promotion Fund 523,979 238,774 - 17,104 (35,889) - - 505,194 238,774 Jessie Ball duPont Fund Craniofacial Center Endowment 475,326 219,634 34 14,931 (49,260) - - 441,031 219,668 Dolly and Robert L. Secrist, Sr. Scholarship Fund 301,437 146,056 - 9,939 (17,812) - - 293,564 146,056 Florida Rural Rehabilitation Corporation, Inc., Scholarship Fund in Agriculture 1,577,496 745,448 - 51,740 (100,969) - - 1,528,267 745,448 James G. Richardson Lectureship 551,545 369,186 10,000 16,977 (72,610) - 5,000 510,912 379,186 Frederick E. Fisher Accounting Fund 5,060,235 3,452,957 - 167,019 (293,948) - - 4,933,306 3,452,957 F. N. Rhines and W. R. Tarr Scholarship 237,049 174,996 - 7,898 (11,678) - - 233,269 174,996 KPMG Professorship in Accounting Fund 977,511 650,904 51,772 32,935 (40,823) - - 1,021,395 702,676 R. F. Lanzillotti Graduate Fellowship in Public Policy Research 350,954 147,475 - 9,660 (75,292) - - 285,322 147,475 Hurst Business Law Endowment 764,949 390,203 - 25,742 (30,353) - - 760,338 390,203 Meredith Lewis Glover Memorial Scholarship 353,230 153,232 - 11,375 (28,616) - - 335,989 153,232 Center for Greek Studies Endowment 589,981 316,636 3,393 19,308 (42,116) - 1,200 571,766 320,029 R. David Thomas Endowed Legislative Professorship 331,866 148,944 - 10,121 (43,031) - - 298,956 148,944 John W. Martin and Annie Mae Martin Phillips Scholarship 742,084 324,937 - 23,709 (65,482) - - 700,311 324,937 John W. Stovall Memorial Scholarship 638,991 295,527 - 21,365 (29,296) - - 631,060 295,527 Billie K. and Betty C. Stevens Scholarship Fund 79,102 36,731 - 2,532 (6,858) - - 74,776 36,731 Harbert S. Gregory Distinguished Lectureship 417,155 358,376 - 13,591 (29,311) - - 401,435 358,376 Doris Lowe and Earl and Verna Lowe Scholarship 2,253,231 1,789,349 - 74,436 (129,018) - - 2,198,649 1,789,349 Caroline Julier and James G. Richardson Art Acquisition Fund 3,256,399 1,446,494 - 72,160 (371) - - 3,328,188 1,446,494 Clarence TeSelle Endowed Professorship 776,093 348,326 - 26,283 (1,184) - - 801,192 348,326 University Women's Club Scholarship 569,545 337,915 8,651 19,001 (27,754) - - 569,443 346,566 Vladimir Grodsky Memorial Scholarship 262,332 143,213 - 8,743 (12,816) - - 258,259 143,213 Ralph G. Blodgett Scholarship 368,047 197,920 - 12,168 (20,812) - - 359,403 197,920 Melton Endowed Legislative Professorship Fund 286,343 147,455 - 9,694 (9,688) - - 286,349 147,455 Daniel Leroy Claville, Jr. Scholarship 195,883 111,903 - 6,479 (10,993) - - 191,369 111,903 Helene Fuld Gift Fund 257,653 112,060 - 8,306 (20,616) - - 245,343 112,060 Frances P. Weaver Scholarship Fund 991,316 440,080 - 32,097 (75,352) - - 948,061 440,080 Manning J. Dauer Fellowships 1,061,393 466,548 - 33,500 (105,376) - - 989,517 466,548 John B. Boy/United States Sugar Corporation Scholarship in Mechanical Engineering 162,150 73,198 200 5,406 (7,897) - - 159,859 73,398 John B. Boy/US Sugar in Agricultural Engineering Fund 161,606 73,144 - 5,413 (7,142) - - 159,877 73,144 McGinty Endowment 283,352 150,080 100 8,991 (26,777) - - 265,666 150,180 H. S. and D. L. Daniels Professorship in Prevention of Blindness 5,285,816 2,401,001 - 178,593 (189,249) - - 5,275,160 2,401,001 Bayard and Arthur Fawcett Scholarship Fund for Nursing Excellence 337,542 150,000 - 11,274 (15,817) - - 332,999 150,000 Emily and Alexander Coudray Memorial Fund 148,420 52,346 - 3,375 (63,053) - 10,950 99,692 52,346 Susan Brown Memorial Fund 361,348 150,000 20,000 11,055 (60,138) - - 332,265 170,000 Nursing Student Development 189,285 90,942 - 5,822 (23,139) - - 171,968 90,942
(Continued) 33 University of Florida Foundation, Inc. Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended June 30, 2015
Balance at Corpus at Contributed Investment Corpus Balance at Corpus at Description June 30, 2014 June 30, 2014 Corpus Return Expenses Transfers Other June 30, 2015 June 30, 2015 Darrey A. Davis Memorial Scholarship Fund 514,527 222,870 - 16,113 (54,715) - - 475,925 222,870 Herbert S. Dolgoff Scholarship Fund 804,993 381,225 2,500 25,787 (69,243) - - 764,037 383,725 William D. Hussey Professorship of Business Administration 673,137 318,899 10,000 21,735 (53,402) - - 651,470 328,899 Harn Program Endowment Fund 1,470,441 775,827 - 49,796 (50,897) - 1,500 1,470,840 775,827 Florida Nursery, Growers and Landscape Association Endowed Research Fund 1,347,110 925,589 22,846 44,696 (70,677) - - 1,343,975 948,435 Hunt Bros Endowment for Fellowship in Citrus Research & Education Lake Alfred 1,479,232 801,128 - 48,529 (94,343) - - 1,433,418 801,128 The Hundred Club of Broward County Inc. Scholarship Program 356,325 150,000 - 11,463 (29,208) - - 338,580 150,000 Wayne H. Chen Endowed Memorial Scholarship Fund 186,639 110,075 1,200 6,085 (13,605) - - 180,319 111,275 jcpenney Professorship I 707,315 300,000 - 22,925 (53,083) - - 677,157 300,000 jcpenney Professorship II Fund 687,837 300,000 - 22,925 (33,606) - - 677,156 300,000 jcpenney Retailing Fund 344,142 150,000 - 11,463 (17,025) - - 338,580 150,000 Edward Shedd Wells Term Professorship-Stereotactic & Functional Neurosurgery 2,724,020 1,395,000 - 90,028 (154,861) - - 2,659,187 1,395,000 Philip L. Graham Scholarship Fund 328,059 151,502 - 10,936 (15,965) - - 323,030 151,502 New York Times Scholarship Fund 314,499 150,000 - 10,327 (19,795) - - 305,031 150,000 Cope and Edna Newbern Fund 1,260,124 1,020,261 - 41,489 (76,129) - - 1,225,484 1,020,261 Rodney R. Million, M.D. Chairman's Professorship in Radiation Therapy 3,167,217 1,347,806 - 95,946 (429,160) - - 2,834,003 1,347,806 John P. Cofrin Professorship in Radiation Therapy 2,899,988 1,316,888 - 93,950 (218,904) - - 2,775,034 1,316,888 Motorola Named Endowed Fellowship in the Department of Electrical Engineering in the College 379,520 150,000 - 10,761 (72,424) - - 317,857 150,000 J. Michael Cook/Deloitte and Touche Professorship Fund 894,049 450,911 - 27,022 (122,919) - - 798,152 450,911 Phillip J. MacLennan Memorial Scholarship Fund 318,224 151,569 - 10,437 (20,371) - - 308,290 151,569 William A. Emerson/Merrill Lynch Professorship Fund 662,671 301,524 - 20,199 (86,235) - - 596,635 301,524 Orlando Sentinel/South Florida Sun-Sentinel Scholarship Fund 305,065 150,000 - 10,029 (18,869) - - 296,225 150,000 Camp Dresser and McKee Endowed Fellowship 313,567 150,500 - 10,501 (13,888) - - 310,180 150,500 Ronnie H. Walker Scholarship Fund 320,316 151,125 - 9,967 (35,874) - - 294,409 151,125 Tampa Bay Times Scholarship Fund 309,005 150,000 - 10,073 (21,549) - - 297,529 150,000 Chemistry Graduate Scholarship Fund 583,115 409,230 - 19,287 (32,724) - - 569,678 409,230 UF Resident Alumni Professorship 1,199,280 592,321 - 37,446 (130,661) - - 1,106,065 592,321 Central Florida Builders' Exchange Frank W. Reed Scholarship Fund 443,499 191,727 - 13,193 (66,989) - - 389,703 191,727 Knight Professorship in Archaeology 894,775 457,000 - 29,570 (50,939) - - 873,406 457,000 Russell Corporation Endowed Scholarship Fund 305,239 150,000 - 9,733 (27,490) - - 287,482 150,000 W. E. Davis Family Faculty Fellowship 394,555 158,024 - 10,191 (103,741) - - 301,005 158,024 Melville G. Brinson Family Graduate Fellowship 314,380 157,687 - 10,395 (17,710) - - 307,065 157,687 Paul G. and Harriette C. Franklin Scholarship 10,373,870 5,199,864 - 343,118 (582,181) - - 10,134,807 5,199,864 PricewaterhouseCoopers Professorship in Accounting 682,231 300,584 - 21,406 (71,366) - - 632,271 300,584 Frank L. Weyenberg MBA Scholarship 655,102 300,062 - 21,484 (42,010) - - 634,576 300,062 Brady S. Johnston Scholarship Fund 335,780 176,318 - 11,191 (16,421) - - 330,550 176,318 Robert L. Kaplan Visiting Professorship Fund 341,075 165,123 - 11,091 (24,565) - - 327,601 165,123 James W. Kynes Memorial Scholarship Fund 1,120,494 528,465 - 34,334 (140,697) - - 1,014,131 528,465 Frank E. Bryant Memorial Scholarship Fund 288,485 149,093 - 9,511 (17,061) - - 280,935 149,093 Nursing Faculty Development Fund 1,234,745 544,148 - 32,781 (299,274) - - 968,252 544,148 Evelyn Timm Koenig Memorial Endowment Fund 976,199 743,039 25,324 33,080 (32,769) - - 1,001,834 768,363 Morton Amsterdam Foundation Scholarship Fund 326,460 156,000 - 10,613 (23,604) - - 313,469 156,000 Jim Steiner Endowed Scholarships 323,157 149,764 - 10,497 (23,612) - - 310,042 149,764 Walter Lorenz Endowed Scholarship 601,082 303,145 - 18,840 (63,440) - - 556,482 303,145 L. D. Hupp Term Professorship for Pediatric Neurosurgery 2,173,780 1,050,000 - 73,588 (73,760) - - 2,173,608 1,050,000 H. T. Odum Graduate Fellowship 129,094 61,983 1,665 3,969 (15,922) - - 118,806 63,648 Samuel Proctor Fellowship Fund In History 567,008 280,933 - 17,496 (67,708) - - 516,796 280,933 Board of Associates Faculty Endowment 115,503 61,353 - 3,733 (8,967) - - 110,269 61,353 W. A. McGriff, III Endowed Professorship Fund 1,859,727 782,937 - 55,495 (276,038) - - 1,639,184 782,937 Paul M. , Laura L. and Amy L. Deutsch Endowment in Life Care Planning 69,884 45,000 - 2,070 (10,807) - - 61,147 45,000 Freedom Forum Scholarship Fund 340,484 147,848 - 11,227 (20,085) - - 331,626 147,848 Dean, Mead, Egerton, Bloodworth, Capouano & Bozarth, P.A. Endowed Scholarship 333,961 150,000 - 10,274 (40,773) - - 303,462 150,000 Harry Rich Endowment For Holocaust Studies 582,352 345,945 20,000 18,605 (62,403) - - 558,554 365,945 Susan and Howard Kaskel Scholarship 86,929 39,925 - 2,875 (4,878) - - 84,926 39,925
(Continued) 34 University of Florida Foundation, Inc. Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended June 30, 2015
Balance at Corpus at Contributed Investment Corpus Balance at Corpus at Description June 30, 2014 June 30, 2014 Corpus Return Expenses Transfers Other June 30, 2015 June 30, 2015 Miami Herald South Florida Scholarship Fund 309,320 149,963 - 10,154 (19,562) - - 299,912 149,963 Mr. and Mrs. E. J. Notley Scholarship Fund 817,494 393,413 - 26,407 (63,919) - - 779,982 393,413 Macfarlane Ferguson & McMullen, P.A. Scholarship 306,784 149,963 - 10,024 (20,736) - - 296,072 149,963 Governor R. H. Gore, Sr. Memorial Scholarship 374,110 150,150 - 12,371 (21,065) - - 365,416 150,150 W. Paul and Erin C. Shelley Scholarship Fund 410,160 250,480 - 13,545 (23,618) - - 400,087 250,480 Walter and Louise Sutcliffe Scholarship Fund 418,250 150,047 - 13,336 (37,682) - - 393,904 150,047 Bank of America Endowed Professorship in Finance 648,957 300,000 - 20,861 (53,643) - - 616,175 300,000 C. E. Norris Memorial/Lake County Gator Club® Endowment 208,656 153,656 - 7,009 (10,000) - 3,103 208,768 153,656 Elroy L. Decker Scholarship Fund 221,884 158,464 - 6,155 (46,233) - - 181,806 158,464 Ruth M. Baldwin Endowed Book Purchase Fund 777,909 459,431 50 25,824 (41,100) - 100 762,783 459,481 James E. Rooks, Jr. Professorship in Neurology 2,077,004 1,389,276 - 67,170 (160,139) - - 1,984,035 1,389,276 Huber Hurst Professorships 1,301,280 602,644 - 42,495 (88,572) - - 1,255,203 602,644 WUFT-TV Endowment Fund 1,646,848 768,739 6,577 46,459 (336,090) - 16,601 1,380,395 775,316 WUFT-FM Endowment 938,829 574,262 - 27,252 (161,136) - - 804,945 574,262 Andrew J. Ferendino Endowment 299,148 151,227 - 10,048 (12,395) - - 296,801 151,227 Dunspaugh-Dalton Foundation, Inc. Scholarship Fund 322,406 150,000 - 10,295 (28,615) - - 304,086 150,000 jcpenney Graduate Fellowship 365,942 150,000 - 12,044 (22,246) - - 355,740 150,000 GrayRobinson, P.A. Endowed Scholarship 306,899 151,000 - 10,193 (16,017) - - 301,075 151,000 Palm Beach Post/Cox Foundation Scholarship Fund 310,188 160,000 - 10,207 (18,909) - - 301,486 160,000 McClatchy Endowed Professorship in Business Administration 693,465 300,000 - 21,910 (68,200) - - 647,175 300,000 Irving Cypen Freshman Scholarship 440,178 167,156 - 13,680 (23,500) - - 430,358 167,156 Bob Paul Family Professorship of Neurology for Research in Alzheimers Disease & Related Disorders 1,438,093 801,311 - 48,699 (48,356) - - 1,438,436 801,311 W. W. Massey, Sr. Presidential Scholarship Fund 362,744 177,550 1,000 11,608 (31,522) - - 343,830 178,550 College of Nursing Endowed Scholarship Fund 686,624 316,640 75 21,621 (70,000) - 350 638,670 316,715 Mr. and Mrs. Warren Trottman Scholarship Fund 1,565,768 750,000 - 51,788 (87,871) - - 1,529,685 750,000 Virginia Sutherland Root Professorship of Pediatric Cardiology Fund 2,146,115 903,881 - 71,451 (107,082) - - 2,110,484 903,881 Kenneth and Janet Keene Endowed Fellowship in the Mathematical Sciences 335,773 150,993 - 11,142 (17,812) - - 329,103 150,993 Albert E. and Birdie W. Einstein Professorship in Computer Assisted Stereotactic Neurosurgery 2,004,512 1,049,985 - 64,110 (174,987) - - 1,893,635 1,049,985 Robert C. Pittman Fellowship Endowment in the College of Engineering 1,911,895 824,569 - 53,108 (396,329) - - 1,568,674 824,569 Judge George C. Carr Scholarship Fund 305,425 153,486 - 10,122 (16,568) - - 298,979 153,486 Florida Surveying and Mapping Society Scholarship 299,867 151,712 - 9,889 (17,663) - - 292,093 151,712 Herbert Russell Gaylord Endowment for Resources in the University Library 660,267 305,678 - 17,266 (167,532) - - 510,001 305,678 Lane, Trohn, Clarke, Bertrand & Williams, P.A. Scholarship 301,332 150,194 - 10,006 (15,779) - - 295,559 150,194 Benjamin Greenbaum Family Visiting Professor Endowment 360,973 147,613 - 11,715 (26,654) - - 346,034 147,613 Egbert R. Beall/Beall's Department Stores, Inc. Faculty Fellowship in Marketing 295,728 150,000 - 9,421 (26,878) - - 278,271 150,000 William R. Hough MBA Faculty Fellowship 329,895 149,450 - 10,360 (34,255) - - 306,000 149,450 Icard, Merrill, Cullis, Timm, Furen & Ginsberg, P.A./Jacksonville Law Alumni Tuition Scholarship 285,889 149,508 - 9,170 (24,192) - - 270,867 149,508 Vaughn-Jordan Foundation Scholarship Fund 309,361 149,995 - 9,853 (28,194) - - 291,020 149,995 William and Else Jennings Scholarship 1,365,873 612,856 - 43,828 (115,125) - - 1,294,576 612,856 Threadgill Scholarship Program 378,188 196,500 - 12,205 (29,879) - - 360,514 196,500 Carl E. Johnson Memorial Fund 358,709 167,265 - 12,148 (12,041) - - 358,816 167,265 Holland & Knight LLP Scholarship 748,808 453,735 - 25,069 (33,391) - - 740,486 453,735 Drago Professorship in Inorganic Chemistry 1,685,562 1,039,468 - 55,399 (104,633) - - 1,636,328 1,039,468 Gold Family Scholarship 360,555 186,026 - 11,895 (21,105) - - 351,345 186,026 James A. Cummings, Inc. Scholarship Fund 287,145 150,000 - 9,211 (24,292) - - 272,064 150,000 George W. Tedder, Jr. and Susan Heald Tedder Scholarship Fund 318,463 151,551 - 9,170 (56,764) - - 270,869 151,551 Annette Kendall Katzoff Fellowship Fund 319,913 149,994 - 10,313 (25,604) - - 304,622 149,994 Hearst Visiting Professorship Endowment Fund 798,620 400,185 - 24,270 (106,028) - - 716,862 400,185 Wedgworth Graduate Fellowship Endowment 1,009,388 450,000 - 30,626 (135,396) - - 904,618 450,000 Gerald L. Gunter Memorial Professorship Endowment 556,553 299,342 - 18,075 (40,742) - - 533,886 299,342 J. H. Shimberg Distinguished Professorship Fund 2,507,577 1,427,200 - 84,731 (89,568) - - 2,502,740 1,427,200 Shimberg Discretionary Fund 247,831 158,689 - 8,233 (14,384) - 1,500 243,180 158,689 Gary R. Gerson Visiting Professorship Fund 291,490 150,000 - 9,394 (23,403) - - 277,481 150,000 Ida Rogero Childre Fellowship and Assistantship Fund in Affordable Housing 319,098 151,024 - 10,763 (11,939) - - 317,922 151,024
(Continued) 35 University of Florida Foundation, Inc. Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended June 30, 2015
Balance at Corpus at Contributed Investment Corpus Balance at Corpus at Description June 30, 2014 June 30, 2014 Corpus Return Expenses Transfers Other June 30, 2015 June 30, 2015 Mr. and Mrs. George W. Etheridge, Jr. Scholarship 287,898 150,000 - 9,393 (19,846) - - 277,445 150,000 George T. Singleton, M.D. Professorship 1,055,189 795,830 1,000 30,776 (177,473) - - 909,492 796,830 Frances Millikan Reitz Scholarship Fund 375,057 180,325 - 11,265 (53,573) - - 332,749 180,325 Pottash Professorship in Psychiatry and Neuroscience 2,051,709 900,000 - 58,892 (371,077) - - 1,739,524 900,000 Dunspaugh-Dalton Foundation, Inc. Professorship in Brain and Spinal Surgery 1,662,792 1,000,000 - 55,830 (69,565) - - 1,649,057 1,000,000 Edith P. Pitts Music Scholarship 338,372 150,765 - 9,845 (57,415) - - 290,802 150,765 Don M. Smith Marine Scholarship/Fellowship 810,357 448,557 - 26,206 (62,521) - - 774,042 448,557 Haskel Hess Professorship in Anatomy and Cell Biology 3,162,407 1,708,567 - 90,389 (582,936) - - 2,669,860 1,708,567 Wells Fargo Faculty Fellowship Fund 269,943 150,000 - 9,004 (12,984) - - 265,963 150,000 Justus Reid Scholarship Fund 271,510 149,999 - 8,973 (15,434) - - 265,049 149,999 Joan S. Mendenhall Fellowship Fund 310,525 153,149 - 9,565 (37,560) - - 282,530 153,149 Dunwody Visiting Professorship and Lecture in Law Fund 543,383 299,988 - 17,807 (35,209) - - 525,981 299,988 Jerome Bain Scholarship Fund 311,360 150,000 - 10,298 (17,474) - - 304,184 150,000 Medical Alumni Professorship 701,321 312,001 - 18,978 (159,728) - - 560,571 312,001 John S. and James L. Knight Foundation Scholarship Fund 1,686,877 901,638 - 56,618 (71,157) - - 1,672,338 901,638 Homer and Dolly Hand Fellowship Fund 724,713 299,994 - 19,854 (208,126) - 50,000 586,441 299,994 Carlton Fields Jorden Burt Scholarship Fund 274,307 150,500 - 8,970 (18,324) - - 264,953 150,500 William E. Crown, Jr. Fellowship 550,564 299,998 - 17,935 (38,737) - - 529,762 299,998 Louise Seaman Bechtel Visiting Professorship 714,233 393,188 - 23,123 (54,366) - - 682,990 393,188 Invertebrate Paleontology Collection Endowment 374,562 250,463 100 10,766 (84,825) - 19,925 320,528 250,563 Tampa Bay Times/James P. Kerlin Fellowship 307,755 155,515 - 10,128 (18,721) - - 299,162 155,515 Robin and Jean Gibson Fellowship Endowment 621,283 300,000 - 19,689 (59,416) - - 581,556 300,000 Jules B. Chapman, M.D. Endowed Scholarship Fund 624,581 374,686 - 20,325 (64,565) - 20,000 600,341 374,686 Wagley/Carter Endowed Fellowship Fund 255,510 150,788 300 7,440 (43,357) - - 219,893 151,088 Huizenga Professorship in Sports Medicine 585,432 302,778 - 19,232 (36,609) - - 568,055 302,778 Emily Howard Bateman Scholarship 559,855 300,127 - 18,802 (23,286) - - 555,371 300,127 STOP! Children's Cancer of Palm Beach County, Inc. Professorship in Pediatric Oncology 2,043,254 1,406,184 30,000 69,212 (68,738) - - 2,073,728 1,436,184 Knox Millsaps Memorial Endowment Fund 536,429 374,959 3,500 17,453 (40,146) - - 517,236 378,459 Elizabeth E. Larsen Music Scholarship 139,374 56,590 - 3,691 (34,052) - - 109,013 56,590 Kenneth W. Grader Professorship Fund 2,233,756 1,069,001 - 67,985 (293,632) - - 2,008,109 1,069,001 Reuters Foundation Scholarship Fund 275,181 150,000 - 8,269 (39,196) - - 244,254 150,000 R. Perry Frankland Term Professorship Fund 402,447 218,665 - 13,413 (19,662) - - 396,198 218,665 Dr. and Mrs. Henri Theil Endowment for the University Gallery 292,795 171,348 - 9,256 (28,663) - - 273,388 171,348 John C. Pinkerton Scholarship Fund 290,039 152,792 - 9,671 (14,069) - - 285,641 152,792 Emanuel and Raidie P. Merdinger Scholarship Fund 3,439,376 2,560,061 - 104,783 (449,156) - - 3,095,003 2,560,061 Joel R. Wells, Jr. Endowments in Finance Fund 873,563 450,000 - 28,027 (73,751) - - 827,839 450,000 Elizabeth E. Larsen Memorial Fund 648,093 340,974 - 20,722 (56,727) - - 612,088 340,974 Barbara A. and John M. Cirino Scholarship/Fellowship Fund 257,222 148,743 - 8,228 (22,419) - - 243,031 148,743 Guy W. Botts Scholarship Fund 302,530 162,604 - 10,085 (14,728) - - 297,887 162,604 B. L. Stalnaker Professorship in Obstetrics and Gynecology 3,054,197 1,990,000 - 100,926 (174,036) - - 2,981,087 1,990,000 Magazine Fund 278,484 152,089 - 8,737 (29,153) - - 258,068 152,089 Sam T. Dell Term Professorship 274,375 150,033 - 9,265 (9,982) - - 273,658 150,033 Preservation Institute: Nantucket Operational Endowment 629,029 372,675 - 21,302 (21,115) - - 629,216 372,675 Daniel Sinclair Bredahl Memorial Scholarship 340,246 188,839 2,850 11,166 (21,824) - - 332,438 191,689 Agricultural Research Center, Inc. Professorship 668,260 357,656 - 17,642 (164,816) - - 521,086 357,656 Gerald Sohn Term Professorship 282,027 150,000 - 9,346 (15,328) - - 276,045 150,000 Marc Desiderio Pediatric Oncology Fellowship 289,436 150,100 - 9,647 (14,140) - - 284,943 150,100 Rudolph Acosta, Jr., M.D. Professorship In Urology Fund 495,885 300,000 - 16,404 (27,759) - - 484,530 300,000 Bunnie Othanel Smith Professorship Fund 587,751 295,987 - 18,336 (64,500) - - 541,587 295,987 Coker, Schickel, Sorensen and Posgay, P.A. Trial Team 309,153 180,858 - 9,386 (41,294) - - 277,245 180,858 Edwin C. Kirkland and Mary Kirkland-Johns Scholarship 2,858,943 1,443,722 - 89,936 (292,391) - - 2,656,488 1,443,722 Gerson Jewish Studies Scholarship/Fellowship 568,038 300,000 - 18,355 (44,240) - - 542,153 300,000 Jessie Ball duPont-Magid Endowment 293,105 165,000 - 9,455 (23,281) - - 279,279 165,000 Arthur and Anna Sahakian Scholarship 1,959,253 1,077,494 - 64,803 (109,953) - - 1,914,103 1,077,494 Chesterfield Smith Professorship Fund 1,095,782 565,925 - 35,877 (27,893) - - 1,103,766 565,925 Florida Leadership Program Endowment 3,168,825 2,322,972 100 102,356 (252,922) - 5,050 3,023,409 2,323,072 Christopher M. Squitieri Scholarship 468,361 226,448 - 13,999 (68,870) - - 413,490 226,448
(Continued) 36 University of Florida Foundation, Inc. Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended June 30, 2015
Balance at Corpus at Contributed Investment Corpus Balance at Corpus at Description June 30, 2014 June 30, 2014 Corpus Return Expenses Transfers Other June 30, 2015 June 30, 2015 George K. and Ruthanna Davis Scholarship Fund 530,830 304,586 - 17,374 (35,030) - - 513,174 304,586 Dorion/Springer Professorship Fund 1,305,017 1,053,248 - 43,172 (75,491) - 2,500 1,275,198 1,053,248 Cracchiolo Family Professorship In Surgery 1,254,029 750,020 - 40,235 (105,827) - - 1,188,437 750,020 Gwynndolen F. Jensen Scholarship 1,097,413 640,000 - 35,266 (91,021) - - 1,041,658 640,000 Hazen E. Nutter Scholarship Fund 912,881 618,918 - 29,101 (82,412) - - 859,570 618,918 Floyd-Gehan Scholarship 249,393 129,703 - 8,249 (13,996) - - 243,646 129,703 Chester C. Holloway Professorship in Entrepreneurship 645,700 327,865 - 21,163 (41,768) - - 625,095 327,865 Dr. Denny M. Cook Memorial Scholarship 210,754 152,365 - 6,968 (11,896) - - 205,826 152,365 Hilda W. Dobbins Scholarship 297,870 153,853 - 9,851 (16,760) - - 290,961 153,853 Joseph and Leila Applebaum Visiting Professorship 419,966 210,000 - 12,015 (77,095) - - 354,886 210,000 Dr. and Mrs. Robert B. Bennett Fund 201,362 155,234 - 6,610 (12,741) - - 195,231 155,234 Florida Archaeology Professorship 574,548 300,000 - 17,402 (77,941) - - 514,009 300,000 David M. Drylie, M.D. Visiting Professorship 429,700 187,300 6,500 11,390 (107,298) - - 340,292 193,800 John W. Donahoo Scholarship 244,387 151,057 - 8,086 (13,621) - - 238,852 151,057 Roy A. Howard Scholarship for Latin American Studies 323,180 149,846 - 9,731 (45,494) - - 287,417 149,846 Joachim S. Gravenstein Professorship in Anesthesiology 1,981,806 1,054,451 - 62,760 (190,808) - - 1,853,758 1,054,451 Robin and Jean Gibson Term Professorship 297,663 150,000 - 9,693 (21,036) - - 286,320 150,000 Frank J. Sindelar Scholarship 259,513 139,307 - 8,711 (10,934) - - 257,290 139,307 Mikki and Morris Futernick Visiting Professorship 218,383 163,735 - 7,335 (9,057) - - 216,661 163,735 Charlotte M. Liberty Scholarship and Academic Support Fund 12,684,878 6,701,301 - 429,467 (429,027) - - 12,685,318 6,701,301 Ralph and Bronia Lowenstein Fellowship 301,913 168,235 82 9,632 (27,058) - - 284,569 168,317 Robert H. and Kathleen M. Axline Professorship in Surgery 3,392,947 1,601,105 - 28,240 (425,063) (1,601,105) (1,395,019) - - Airth, Clayton, Warren, and Sisler Scholarship 310,417 169,699 - 10,165 (20,346) - - 300,236 169,699 Alfred T. Airth General Scholarship Fund 318,452 208,803 - 9,108 (58,538) - - 269,022 208,803 Robert H. and Kathleen M. Axline Acquisition Endowment 2,898,096 1,000,000 - 62,807 - - - 2,960,903 1,000,000 William M. Inman and Clara Strickland Inman Graduate Fellowship 589,336 293,970 67 18,960 (48,278) - - 560,085 294,037 PricewaterhouseCoopers ISOM Professorship 427,444 300,050 - 14,078 (25,692) - - 415,830 300,050 Florida Roofing, Sheet Metal and Air Conditioning/Earl Blank Faculty Fellowship 368,119 180,900 - 11,062 (52,426) - - 326,755 180,900 Gerson, Preston and Company, CPA Fellowship 222,702 150,100 - 7,180 (17,809) - 12 212,085 150,100 Krisia and Steve Rhoden Memorial Scholarship 179,890 105,500 - 5,849 (12,962) - - 172,777 105,500 CEMEX Professorship 847,670 500,000 - 27,673 (57,965) - - 817,378 500,000 Marshall M. and Jeannette Butts DeWitt Scholarship 3,730,465 1,879,658 - 120,461 (292,830) - - 3,558,096 1,879,658 Elmer C. and Minnie Margaret Axline Fund 4,362,093 2,225,241 - 139,612 (377,930) - - 4,123,775 2,225,241 Robert H. Axline Health Science Center Library Fund 523,541 198,750 - 11,968 (182,010) - - 353,499 198,750 Delrose Marlene Martino Research Fund 414,702 218,065 - 13,527 (28,667) - - 399,562 218,065 Eloise R. Chandler Program Endowment Fund 707,818 417,510 - 23,970 (23,788) - - 708,000 417,510 Orthopaedic Alumni Professorship 1,246,955 675,325 310,950 42,355 (54,700) - - 1,545,560 986,275 Angelos Langadas Endowed Scholarship 347,298 250,000 - 10,405 (50,356) - - 307,347 250,000 Lois Malasanos Fellowship Fund 302,911 183,442 - 9,674 (26,830) - - 285,755 183,442 Andronicos Nicholas Cassas Professorship in Greek Studies 501,693 332,333 - 14,349 (92,209) - - 423,833 332,333 Kenneth F. Finger Memorial Fellowship 351,245 177,036 - 8,246 (115,925) - - 243,566 177,036 Byron D. Spangler Endowed Professorship in Civil Engineering 676,908 484,826 35,080 22,219 (62,095) - - 672,112 519,906 Lloyd Russell Endowment 72,704 40,000 - 2,359 (5,392) - - 69,671 40,000 Reed Bell Professorship in Pediatrics 1,358,317 1,020,000 - 44,927 (76,229) - - 1,327,015 1,020,000 PricewaterhouseCoopers Faculty Fellowship in Accounting 291,576 140,553 - 7,625 (73,977) - - 225,224 140,553 Benito Agrelo/Christina Holt Memorial Scholarship 211,229 150,010 - 6,987 (11,854) - - 206,362 150,010 Charles Vincent and Heidi Cole McLaughlin Endowment 3,287,918 1,792,918 - 103,817 (325,264) - - 3,066,471 1,792,918 Kenneth H. Leathers Scholarship 1,476,097 828,933 - 48,420 (94,307) - - 1,430,210 828,933 Frank L. Weyenberg Term Professorship 607,128 300,000 - 18,765 (71,631) - - 554,262 300,000 Whitney Labs-Lecture Endowment 320,883 156,262 - 7,814 (97,901) - - 230,796 156,262 John W. Thatcher Scholarship 293,909 150,050 - 9,511 (22,492) - - 280,928 150,050 Helen Aubrey Pratt Scholarship 266,474 150,151 - 8,808 (15,121) - - 260,161 150,151 Allied Healthcare Products Research Endowment 791,778 492,050 - 24,192 (101,404) - - 714,566 492,050 Peter J. Sones, Jr. Scholarship Endowment 218,016 160,322 - 6,831 (23,077) - - 201,770 160,322 Florida Rural Rehabilitation Corporation Endowed Scholarship 205,593 149,500 - 6,741 (13,209) - - 199,125 149,500 John T. and Myrtle B. Creighton Scholarship/Fellowship 279,935 147,500 - 8,621 (33,918) - - 254,638 147,500 Levin, Mabie and Levin Professorships in Law 2,299,459 592,349 - 25,114 (25,323) 69,526 (69,526) 2,299,250 661,875 Esther G. and Robert B. Mautz Law Review Scholarship 350,445 224,957 36,879 11,333 (53,340) - - 345,317 261,836
(Continued) 37 University of Florida Foundation, Inc. Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended June 30, 2015
Balance at Corpus at Contributed Investment Corpus Balance at Corpus at Description June 30, 2014 June 30, 2014 Corpus Return Expenses Transfers Other June 30, 2015 June 30, 2015 Frank and Louise Reed Memorial Scholarship 246,058 188,193 - 8,185 (12,486) - - 241,757 188,193 Occidental Chemical Environmental Engineering Sciences Research Fund 220,384 160,000 - 6,990 (20,591) - - 206,783 160,000 Bice Term Professorship in Health Services Research, Management, and Policy 672,910 472,374 100 19,428 (118,553) - - 573,885 472,474 Earl W. Halsey Scholarship 259,799 152,096 - 8,593 (14,580) - - 253,812 152,096 James E. and Thelma C. Garrison Research Professorship 953,472 568,106 - 32,276 (32,404) - - 953,344 568,106 Joseph S. Field, Jr. Scholarship 220,070 173,713 - 7,127 (16,686) - - 210,511 173,713 Evelyn Hartman Scholarship Fund 611,577 361,877 - 20,438 (28,330) - - 603,685 361,877 Charles A. Stokes Endowed Professorship in Chemical Engineering 752,986 454,598 - 25,500 (25,275) - - 753,211 454,598 Jules B. Chapman, M.D. Professorship in Clinical Care and Humaneness 5,076,633 3,917,321 - 158,519 (552,914) - - 4,682,238 3,917,321 Madelyn M. Lockhart Endowed Doctoral Fund 198,985 150,967 - 6,124 (24,228) - - 180,881 150,967 Osceola Foundation Historic Preservation Fund 234,981 156,209 - 7,958 (7,888) - - 235,051 156,209 Florida Realtors Educational Foundation Scholarship 269,260 153,000 - 8,426 (28,812) - - 248,874 153,000 Dow Chemical Company Foundation Professorship in Chemical Engineering 560,781 450,000 - 18,991 (18,824) - - 560,948 450,000 Gator Club® of Atlanta 186,007 145,100 - 6,108 (24,000) - 13,824 181,939 145,100 George Batchelor Wildlife Fund 1,159,710 1,000,500 - 38,242 (66,542) - - 1,131,410 1,000,500 Glenn Chuck Professorship in Pediatric Cardiology 1,607,984 1,022,068 - 54,432 (54,647) - - 1,607,769 1,022,068 Wendy L. Henderson Fund for Neonatal/Perinatal Nursing Education 576,063 422,489 - 17,504 (76,542) - - 517,025 422,489 Edwin Willinger Trust Scholarship 244,092 150,000 - 8,019 (15,248) - - 236,863 150,000 Thomas O. Hunter Scholarship Endowment 208,365 150,000 - 6,518 (22,367) - - 192,516 150,000 River Branch Endowment for Drug Addiction and Substance Abuse Prevention, Research and Education 279,590 212,500 - 8,677 (31,982) - - 256,285 212,500 AFLAC Cancer Research Fund in Orthopaedics 191,928 150,000 - 6,335 (11,139) - - 187,124 150,000 Birdwell Finlayson, M.D., Ph.D. Research Professorship 797,254 562,762 - 26,350 (45,282) - - 778,322 562,762 Michael G. Cantonis Endowment in Greek Studies 605,746 468,229 - 19,929 (37,026) - - 588,649 468,229 Allen and Lou DeLaney Endowment for University of Florida Performing Arts 424,181 359,308 - 14,247 (17,621) - - 420,807 359,308 Florida Veterinary Medicine Association Scholarship 245,874 198,093 2,600 8,164 (14,757) - - 241,881 200,693 Robert A. Bryan Scholarship 188,905 154,935 - 6,149 (13,431) - - 181,623 154,935 Richard Fay Warner Scholarship Fund 434,040 280,303 8,649 14,357 (24,542) - - 432,504 288,952 Howard T. Odum Wetlands Research Endowment 203,935 100,700 - 5,452 (48,357) - - 161,030 100,700 Alyce Norine Haines Fellowship 308,407 194,076 - 10,201 (17,308) - - 301,300 194,076 Florida Pest Management Association Urban Entomology Professorship 637,294 491,982 - 20,919 (40,325) - - 617,888 491,982 Robert L. Batey, M.D. Cardiology Scholarship Fund 209,386 152,567 - 6,918 (11,971) - - 204,333 152,567 Bucket Milikin Electrical Engineering Scholarship 232,221 169,491 - 7,627 (14,576) - - 225,272 169,491 Florida Endowment for Research and Education in Mental Health 297,598 150,356 - 7,901 (72,123) - - 233,376 150,356 Randall L. Parks Endowment Fund 3,710,078 2,433,817 - 122,611 (211,090) - - 3,621,599 2,433,817 Shands Hospital Board of Directors Scholarship Fund 1,582,430 1,020,001 - 53,530 (54,826) - - 1,581,134 1,020,001 T. G. Williamson Endowment 762,585 526,990 - 25,825 (25,598) - - 762,812 526,990 LaFontaine Scholarship/Fellowship Fund 258,793 175,338 - 8,603 (13,290) - - 254,106 175,338 President's Academic Excellence Fund 1,115,729 804,203 30,505 33,898 (151,629) - - 1,028,503 834,708 Roger G. and Jo Bates Chemistry Fund 237,553 178,950 - 7,857 (13,331) - - 232,079 178,950 George Bergen Butler Polymer Chemistry Professor 2,483,135 1,616,278 3,048 84,067 (85,731) - - 2,484,519 1,619,326 Alexander M. and June L. Maisin Prostate Research Fund 615,784 375,000 - 18,788 (79,631) - - 554,941 375,000 Jerry W. Davis Communications Technology Fund 6,597,127 5,362,371 - 222,874 (236,880) - - 6,583,121 5,362,371 Calvin L. Korf Turfgrass Research Fund 200,967 159,145 - 6,751 (8,325) - - 199,393 159,145 Robert S. Baynard Scholarship Fund 325,665 260,000 - 10,793 (17,666) - - 318,792 260,000 Joseph L. and Marion B. Brechner Research Fellowship 532,665 301,488 - 14,708 (112,935) - - 434,438 301,488 Cunningham Scholarship Endowment 197,617 150,000 - 6,420 (14,399) - - 189,638 150,000 Myasthenia Gravis Rhodes Trust 800,658 553,414 300,000 26,271 (60,802) - - 1,066,127 853,414 Jean L. Bennett Scholarship 247,382 157,104 - 8,169 (14,247) - - 241,304 157,104 Duggan, Joiner & Company Accounting Endowment 437,423 284,820 - 13,831 (42,709) - - 408,545 284,820 Alfred C. Warrington, IV Fund 11,334,807 7,858,566 - 376,659 (585,940) - - 11,125,526 7,858,566 Michael A. Singer Fund 224,209 150,000 - 7,592 (7,552) - - 224,249 150,000 Deedie Wrigley-Hancock Fellowship in Equine Colic Studies 985,176 738,153 - 30,453 (116,137) - - 899,492 738,153 LTC John L. Crown Scholarship Fund 225,913 150,100 - 7,364 (15,773) - - 217,504 150,100 Jon L. and Beverly A. Thompson Fund 777,470 588,750 30,000 23,029 (121,055) - - 709,444 618,750 Henry E. Innes Professorship in Cancer Research 3,284,259 2,688,544 - 110,319 (136,046) - - 3,258,532 2,688,544 Elizabeth and William F. Leonard Endowment Scholarship 301,190 226,525 - 9,503 (29,988) - - 280,705 226,525 A. Ross and Cora B. Evans Endowed Scholarship 216,347 148,424 - 7,161 (11,988) - - 211,520 148,424
(Continued) 38 University of Florida Foundation, Inc. Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended June 30, 2015
Balance at Corpus at Contributed Investment Corpus Balance at Corpus at Description June 30, 2014 June 30, 2014 Corpus Return Expenses Transfers Other June 30, 2015 June 30, 2015 Clarence and Lucille Dee Scholarship 219,076 155,606 - 6,989 (19,638) - - 206,427 155,606 Albert L. Rhoton, Jr., M.D. Chairman's Professorship 6,557,549 5,461,536 - 219,810 (284,735) - - 6,492,624 5,461,536 Dr. Melvin J. Fregly Memorial Fund 220,288 164,646 - 6,901 (23,356) - - 203,833 164,646 Jose M. Sanchez Scholarship 367,809 299,641 20,000 11,944 (27,473) - - 372,280 319,641 Bob and Phyllis Dean Fellowship in Coastal Engineering 274,465 230,000 27,241 8,990 (18,563) - - 292,133 257,241 Linda Wilson College of the Arts Endowment 222,816 149,737 - 7,343 (13,273) - - 216,886 149,737 Peter G. Gordon/Sun-Sentinel Scholarship 214,035 151,159 - 6,962 (15,352) - - 205,645 151,159 American Economics Institutions Endowment 2,510,894 1,094,081 - 82,790 (148,298) - - 2,445,386 1,094,081 Richard and Shirley McGinnis Fund for Advertising Excellence 395,514 282,403 - 13,089 (21,980) - - 386,623 282,403 Music Department Endowment 247,408 150,098 - 7,364 (37,262) - - 217,510 150,098 Ted Fearney Endowed Professorship in Architecture 201,553 166,025 - 6,819 (6,969) - - 201,403 166,025 Miss Lucy Dickinson Fellowship in Vertebrate Paleontology 603,345 394,784 - 18,567 (73,504) - - 548,408 394,784 Taiwan R.O.C. Fund 2,186,430 1,750,641 - 73,046 (101,903) - - 2,157,573 1,750,641 S. Clark Butler Urological Oncology Research 229,302 150,000 - 6,768 (36,169) - - 199,901 150,000 William C. and Bertha M. Cornett Fellowship 840,495 658,056 - 27,284 (61,891) - - 805,888 658,056 Graham-Buffett Teaching Endowment 2,372,956 1,750,001 - 78,657 (128,293) - - 2,323,320 1,750,001 Joy McCann Culverhouse Excellence in Accounting Endowment 5,281,153 4,000,002 - 170,725 (409,112) - - 5,042,766 4,000,002 Roger Long/W. J. and A. C. Wise Scholarship 260,803 198,518 - 8,626 (14,636) - - 254,793 198,518 President's Performance Endowment 2,687,257 2,045,783 - 84,700 (91,213) - - 2,680,744 2,045,783 Criser Internship Fund 201,150 166,000 - 6,809 (6,829) - - 201,130 166,000 Huber C. Hurst Endowment 2,033,422 936,301 - 67,358 (111,199) - - 1,989,581 936,301 Arthur G. and Beverley A. Witters Competition Endowment 324,817 248,273 - 10,393 (28,224) - - 306,986 248,273 Albert C. and Vanda N. O'Neill, Jr. Liberal Arts and Sciences Excellence Fund 196,946 149,416 - 6,180 (20,576) - - 182,550 149,416 Alumni Graduate Fellowships 10,996,465 8,001,635 50 352,991 (923,028) - - 10,426,478 8,001,685 Irving Cypen Professorship 385,197 300,000 - 13,038 (13,112) - - 385,123 300,000 S. Clark Butler Research Fund for Neurology 206,730 152,000 - 6,589 (18,699) - - 194,620 152,000 Fred W. and Mabel H. Barber Forestry Fund 1,300,210 1,073,162 - 44,032 (43,644) - - 1,300,598 1,073,162 Barber Endowment 1,072,400 834,408 72,322 35,923 (98,294) - - 1,082,351 906,730 Sidney Knight Endowment Fund 199,695 163,406 - 6,759 (6,798) - - 199,656 163,406 Glaxo Wellcome Visiting Professorship 226,209 150,000 - 6,205 (49,137) - - 183,277 150,000 Greene Pediatric Neurosurgery Research Fund 1,911,099 922,411 - 64,705 (64,585) - - 1,911,219 922,411 E. Robert Langley Scholarship Fund 195,212 149,010 25 6,301 (15,417) - - 186,121 149,035 Jablonski/Peterson Animal Health Research 200,642 150,000 - 6,205 (23,551) - - 183,296 150,000 Grace H. Osborn Professorship of Medical Ethics and Humanities 1,090,677 854,778 - 35,737 (70,825) - - 1,055,589 854,778 Marjorie Kinnan Rawlings Baskin Scholarship Fund 1,119,592 825,255 5,643 33,585 (161,455) - 500 997,865 830,898 A. J. and Lynne Land Fund in Historic Preservation 184,633 150,325 - 6,253 (6,198) - - 184,688 150,325 Laborers' International Union of North America Arthur A. Coia & R. P. Vinall Scholarship 472,485 306,885 - 13,316 (92,479) - - 393,322 306,885 Law Review Endowment 2,777,108 2,303,050 181,681 92,281 (214,202) - - 2,836,868 2,484,731 UF Law Center Association Inc Endowment 447,111 300,000 - 12,763 (82,897) - - 376,977 300,000 Inez Culp Goodrum Scholarship Fund 193,594 148,493 - 6,281 (14,343) - - 185,532 148,493 Rene Aerts/Virginia J. Cosper Term Professorship 650,347 417,388 - 17,748 (143,854) - - 524,241 417,388 Ruth Selby Noble Scholarship/Fellowship Fund 234,986 182,702 - 7,772 (13,187) - - 229,571 182,702 Lockheed Martin Student Support Program Fund 710,717 600,340 - 23,583 (38,156) - 434 696,578 600,340 James E. Dykes Scholarship Fund 183,445 142,602 - 6,024 (11,543) - - 177,926 142,602 Ralph D. Turlington Scholarship and Fellowship Fund 190,914 155,350 - 6,092 (17,067) - - 179,939 155,350 George P. Wilson MBA Endowment 186,572 153,888 - 6,213 (9,278) - - 183,507 153,888 Richard W. Cope and Margaret M. Cope Real Estate Endowment 201,089 150,000 - 6,363 (19,515) - - 187,937 150,000 E. R. Beall Professorship of Logistics and Supply Chain Management Fund 375,878 300,000 - 12,434 (21,060) - - 367,252 300,000 Tarrant Organic Chemistry Fund 1,343,094 1,044,736 - 41,481 (159,321) - - 1,225,254 1,044,736 Dr. Robert E. Allen, Dr. Owen J. Holyoak and Dr. Paul R. Varnes Scholarship 231,190 187,044 - 7,434 (19,128) - 100 219,596 187,044 Clark Construction Group Fund 222,379 165,000 - 6,476 (52,568) - 15,000 191,287 165,000 Allbritton Endowment for Excellence in Television and Electronic Media 2,634,399 2,100,000 - 83,385 (254,796) - - 2,462,988 2,100,000 Brain Institute Research Endowment 383,656 251,885 115,680 10,245 (95,635) - 535 414,481 367,565 James J. Rizzi Scholarship 193,202 150,000 - 6,297 (13,518) - - 185,981 150,000 Chastain Endowment for UF Students at the New World School of the Arts 255,392 196,500 - 8,053 (25,577) - - 237,868 196,500 Florida Power and Light Company Endowed Term Professorship in Nuclear Engineering 841,612 604,500 - 25,174 (123,202) - - 743,584 604,500
(Continued) 39 University of Florida Foundation, Inc. Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended June 30, 2015
Balance at Corpus at Contributed Investment Corpus Balance at Corpus at Description June 30, 2014 June 30, 2014 Corpus Return Expenses Transfers Other June 30, 2015 June 30, 2015 Wayne and Mary Hockmeyer Endowment Fund for Science and Business Education 342,091 242,745 - 9,800 (62,415) - - 289,476 242,745 Lewis Donald Rushing Finance, Insurance and Real Estate Endowment Fund 1,245,520 1,018,415 - 41,646 (57,049) - - 1,230,117 1,018,415 Judge John M. McNatt Memorial Scholarship 562,525 477,581 - 18,415 (37,021) - - 543,919 477,581 Gene and Barbara Batson Endowed Nursery Fund 1,248,562 967,032 - 36,065 (219,355) - - 1,065,272 967,032 Snelling Scholarship Endowment Fund 253,977 207,881 7,500 8,302 (16,987) - - 252,792 215,381 Melvin and Lorna Rubin Fund 453,305 258,105 - 10,242 - - - 463,547 258,105 Karl B. Hanson, Sr., M.D., Professor of Internal Medicine 349,600 298,141 - 11,834 (11,881) - - 349,553 298,141 Harvard Jolly Architects Scholarship Fund 180,508 150,250 - 5,984 (9,745) - - 176,747 150,250 Joseph J. Bagnor/Shands Professorship 1,205,091 1,020,114 - 40,781 (41,306) - - 1,204,566 1,020,114 Charles W. Abbott Appellate Advocacy/Moot Court Endowment 245,456 188,172 - 7,636 (27,531) - - 225,561 188,172 Meril S. Beers Graduate and Undergraduate Loan 517,377 396,286 - 15,709 (69,099) - - 463,987 396,286 Frances R. and Homer J. Hand EREC Endowment 2,304,436 1,750,123 - 70,588 (340,053) - 50,000 2,084,971 1,750,123 J. Robert Cade, M.D. Professorship of Nephrology Fund 2,014,052 1,547,043 2,500 64,203 (181,989) - - 1,898,766 1,549,543 Gartner Group Information Technology Fund 228,358 150,000 - 5,954 (58,448) - - 175,864 150,000 Davidson Graduate Travel Scholarship 129,181 115,964 1,100 4,379 (4,338) - - 130,322 117,064 Henry A. Kokomoor Memorial Fund 173,896 143,960 5,250 5,711 (10,936) - - 173,921 149,210 Dr. Leighton E. Cluff University of Florida Performing Arts Educational Endowment Fund 248,654 214,219 - 8,352 (10,300) - - 246,706 214,219 James M. Cox, Jr./Palm Beach Post Professorship in New Media Journalism 554,949 450,000 - 18,603 (24,066) - - 549,486 450,000 Keith and Doreen Koenig MBA Endowment 190,547 150,000 - 6,262 (11,834) - - 184,975 150,000 S.F.I. Educational Endowment 545,824 444,654 - 18,482 (18,404) - - 545,902 444,654 Bank of America Professorship in Finance 614,225 326,636 - 20,000 (43,485) - - 590,740 326,636 Ralph W. Miller Scholarship 288,492 222,163 - 9,311 (22,767) - - 275,036 222,163 Rae O. Weimer Scholarship Fund 199,401 158,398 - 6,482 (14,420) - - 191,463 158,398 William E. Dudziak and Emily E. McClintock Business Technology Endowment 1,287,488 1,026,094 - 43,164 (55,705) - - 1,274,947 1,026,094 Alfred A. Ring Trust Fund 180,517 150,099 - 5,957 (10,507) - - 175,967 150,099 Hugh M. "Smiley" Hill, M.D. Scholarship Endowment Fund 2,652,472 2,152,976 32,216 87,931 (150,095) - - 2,622,524 2,185,192 Charles and Teresa Bedford Urology Fund 216,991 167,630 - 6,534 (30,520) - - 193,005 167,630 IMC-Agrico Geology Department Fund 360,699 300,000 - 11,908 (20,875) - - 351,732 300,000 Florida Museum of Natural History Education 375,363 301,148 - 12,130 (29,212) - - 358,281 301,148 Harold Z. Steinbrenner Family MBA Endowment 188,547 150,000 - 6,200 (11,628) - - 183,119 150,000 Irving and Rose Fien Professorship 1,406,151 1,020,002 - 40,497 (250,485) - - 1,196,163 1,020,002 David M. Drylie, M.D. Urology Residents Education Endowment Fund 481,774 371,027 - 15,943 (32,458) - 5,650 470,909 371,027 Dr. Charles W. LaPradd Ph.D. Fellowship 194,484 151,000 - 6,254 (16,006) - - 184,732 151,000 Geology Department 50th Anniversary Fund 806,803 542,621 13,775 21,148 (206,437) - 2,500 637,789 556,396 Friends of the Randell Research Center 2,158,744 1,627,409 86,176 72,902 (90,877) - - 2,226,945 1,713,585 F. Andrew Warden Advertising Scholarship 839,263 705,000 25,000 28,213 (34,610) - - 857,866 730,000 S. Clark Butler Lectureship, Scholarship and Teaching Endowment in Entrepreneurship Fund 308,621 244,612 - 10,452 (10,359) - - 308,714 244,612 Jerry W. and Judith S. Davis Cancer Research Endowment 12,106,959 10,024,993 - 406,675 (501,515) - - 12,012,119 10,024,993 Thomas H. Maren, M.D. Professorship of Pharmacology and Therapeutics 2,296,974 1,820,000 - 76,524 (113,168) - - 2,260,330 1,820,000 David Stuzin Hall Fund 5,459,812 3,989,730 - 173,556 (506,983) - - 5,126,385 3,989,730 International Center for Automated Information Research 7,432,156 5,508,120 - 232,517 (796,739) - - 6,867,934 5,508,120 Lawrence Baynard Hubbell Scholarship in Theatre Studies 192,632 150,000 - 6,348 (11,465) - - 187,515 150,000 Allen L. Lastinger, Jr. and Delores Taylor Lastinger Endowment 5,002,354 4,156,834 - 168,266 (200,478) - - 4,970,142 4,156,834 Materials Science and Engineering Endowed Professorship 1,280,352 1,022,105 - 42,348 (71,853) - - 1,250,847 1,022,105 Fyfe Family Scholarship Fund 188,096 153,500 1,000 6,294 (9,201) - - 186,189 154,500 Russell and Katherine Jaberg Endowment in Religious Studies 202,798 161,532 - 6,670 (12,458) - - 197,010 161,532 McGehee Family Research Fund 201,080 150,000 - 6,376 (19,111) - - 188,345 150,000 Bank of America Business Endowment 1,595,837 1,222,300 - 51,257 (133,103) - - 1,513,991 1,222,300 C. Arnold Matthews Graduate Fellowship in Finance 192,399 151,815 - 6,341 (11,432) - - 187,308 151,815 Jane Adams Edmonds Ph.D. Fellowship 260,589 199,834 - 8,246 (25,259) - - 243,576 199,834 Marshall M. Criser Chair in Electronic Communications and Administrative Law 1,428,051 1,100,000 - 45,778 (121,667) - - 1,352,162 1,100,000 William T. and Jackie C. Reid Scholarship in Pharmacy 168,316 126,112 - 5,307 (16,855) - - 156,768 126,112 William T. and Jackie C. Reid Scholarship in Dentistry 240,718 179,054 - 7,471 (27,503) - - 220,686 179,054
(Continued) 40 University of Florida Foundation, Inc. Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended June 30, 2015
Balance at Corpus at Contributed Investment Corpus Balance at Corpus at Description June 30, 2014 June 30, 2014 Corpus Return Expenses Transfers Other June 30, 2015 June 30, 2015 Verna Hilda Soderstrom Domaschk Scholarship 207,178 162,000 2,608 6,749 (16,021) - - 200,514 164,608 Annabel Davis Jenks Endowed Professorship for Teaching and Research in Clinical Nursing Excellence 1,305,547 1,020,000 - 40,411 (152,315) - - 1,193,643 1,020,000 Frederick Family Fund in Health and Human Performance 99,258 75,241 - 3,180 (8,497) - - 93,941 75,241 Frederick Family Scholarship in Physical Therapy 99,294 75,241 - 3,180 (8,532) - - 93,942 75,241 C. P. and Lynn Steinmetz Scholarship/Fellowship Fund 1,225,326 1,001,321 - 39,666 (93,370) - - 1,171,622 1,001,321 Key West Gator Club® Endowment Fund 309,721 250,150 - 10,172 (10,175) - - 309,718 250,150 Billie K. and Betty C. Stevens Term Professorship Fund 1,106,582 988,180 42 35,455 (94,779) - - 1,047,300 988,222 John Mason Gardner Journalism and Communications Fund 197,116 150,149 - 6,360 (15,622) - - 187,854 150,149 Wesley W. Wood Professorship of Orthopaedics 393,556 307,229 - 12,996 (22,676) - - 383,876 307,229 Louis C. and Jane Gapenski Term Professorship for Health Services Administration 599,785 466,409 - 19,661 (38,702) - - 580,744 466,409 Alpha One Foundation Research Program and Professorship 1,267,524 1,020,100 100 42,926 (42,584) - 110 1,268,076 1,020,200 Raidie P. Merdinger Nursing Fund 1,073,452 711,303 - 27,944 (276,014) - - 825,382 711,303 M. Ann O'Brien MBA Scholars Endowment Fund 192,997 150,780 - 6,349 (11,802) - - 187,544 150,780 Malcom Randall Fellowship in Health Care Administration 117,350 100,000 - 3,800 (8,898) - - 112,252 100,000 Frank P. May Endowment 538,600 449,502 - 18,240 (18,079) - - 538,761 449,502 Marion B. Brechner First Amendment Project Endowment 1,387,645 1,043,585 - 42,574 (172,707) - - 1,257,512 1,043,585 Margie B. and Dempsey R. Sapp, Sr. Distinguished Professorship Fund 2,238,261 1,750,001 - 73,470 (141,626) - - 2,170,105 1,750,001 Alan Epstein Memorial Scholarship Fund 192,617 160,634 - 6,390 (10,255) - - 188,752 160,634 David F. and Cynthia A. Davis Endowed Scholarship 220,550 169,680 - 6,855 (24,937) - - 202,468 169,680 Ellis Research Endowment 1,272,636 981,186 - 41,740 (81,475) - - 1,232,901 981,186 Frank E. Harris Professorship 815,272 659,445 - 26,103 (70,375) - - 771,000 659,445 Cullen W. Banks, M.D. Scholarship Fund 136,098 113,309 4,100 4,489 (10,259) - - 134,428 117,409 Fahien Endowed Teaching Scholarship 219,890 169,597 - 7,202 (14,374) - - 212,718 169,597 Fredric G. and Marilyn Kapner Levin Fund 25,168,754 19,998,200 - 824,576 (1,640,988) - 3,473 24,355,815 19,998,200 Genzyme Professorship of Biomaterials in Materials Science & Engineering 725,340 532,058 - 22,624 (79,713) - - 668,251 532,058 David F. Miller Center for Retailing Education and Research Fund 2,023,242 1,685,923 - 68,391 (71,534) - - 2,020,099 1,685,923 Martha and Arthur Appleton Endowed Professorship in Equine Studies 4,326,909 1,817,968 - 131,865 (563,837) - - 3,894,937 1,817,968 Central Florida Fair Endowment for Scholarships/Fellowships 188,525 150,000 - 6,217 (11,114) - - 183,628 150,000 Joe and Sophie Witten Scholarship 271,052 217,238 - 8,612 (25,296) - - 254,368 217,238 James A. Himes Alumni Scholarship Fund 129,885 107,339 250 4,152 (11,563) - - 122,724 107,589 Brooks Health Foundation Rehabilitation Research Endowment 7,052,408 5,000,000 - 202,866 (1,263,136) - - 5,992,138 5,000,000 Vasil-Monsanto Endowed Professorship 693,790 550,000 - 22,271 (58,235) - - 657,826 550,000 Laura McClamma Research Fellowship Fund 701,383 570,272 - 23,547 (29,401) - - 695,529 570,272 Don D. and Ruth S. Eckis Professorship in Biomedical Engineering 2,260,284 710,146 - 48,234 (883,823) - - 1,424,695 710,146 Ogden Entertainment of Florida Program Enhancement Fund 228,514 187,940 - 7,627 (10,851) - - 225,290 187,940 Grace Hausch and John M. Hausch Memorial Fund 441,323 382,652 - 14,597 (24,767) - - 431,153 382,652 Jack Faricy Professorship 455,834 327,358 - 14,452 (43,424) - - 426,862 327,358 IBM Sanibel Symposium Endowment 466,703 356,688 1,000 14,360 (56,922) - - 425,141 357,688 MedX '96 Program Enhancement Fund 288,306 233,000 - 9,392 (20,278) - - 277,420 233,000 Kelley A. Bergstrom Real Estate Endowment Fund 4,283,930 3,520,001 - 139,541 (301,786) - - 4,121,685 3,520,001 Hoke T. Maroon MBA Fellowship Endowment 192,882 149,998 - 6,333 (12,171) - - 187,044 149,998 William and Grace Dial Endowment 1,195,053 916,200 - 37,504 (124,798) - - 1,107,759 916,200 V. Ravi Chandran, Ph.D. Professorship in Pharmaceutical Sciences 660,240 550,000 - 21,545 (45,394) - - 636,391 550,000 Wells Fargo Scholarship and Internship Fund 809,451 624,878 - 26,728 (46,700) - - 789,479 624,878 Wells Fargo Museum Technology Endowment 197,397 156,220 - 6,682 (6,707) - - 197,372 156,220 Douglas Edwin Salisbury Scholarship 135,592 110,830 - 4,295 (13,015) - - 126,872 110,830 Sears Retail Seminar Series Endowment Fund 469,478 375,000 - 15,716 (20,996) - - 464,198 375,000 William P. and Janet F. Bushnell Professorship in Urban Environmental Sustainability 2,207,452 1,772,548 15,760 69,806 (216,377) - - 2,076,641 1,788,308 Calder Race Course Scholarship 199,463 152,250 - 6,395 (16,952) - - 188,906 152,250 Adams Endowment for Medical Excellence 224,225 151,120 50 5,968 (53,914) - - 176,329 151,170 Richard B. Stephens Eminent Scholar Chair in Federal Taxation 1,635,842 1,298,174 50 53,680 (103,947) - - 1,585,625 1,298,224 J. Robert and Mary Cade Professor of Physiology Fund 1,303,645 1,020,000 - 39,581 (174,109) - - 1,169,117 1,020,000 Upchurch, Watson, White & Max Dispute Resolution Fund 210,767 155,000 - 6,128 (35,895) - - 181,000 155,000 John R. and Carolyn C. Dykes Endowment Fund 358,315 289,561 - 11,806 (21,396) - - 348,725 289,561 James J. Freeland Eminent Scholar Chair in Federal Taxation 1,698,803 1,187,900 100 49,717 (280,017) - - 1,468,603 1,188,000 Gaintner Family Endowment for Arts in Medicine 763,289 570,799 - 23,953 (28,430) - 1,200 760,012 570,799
(Continued) 41 University of Florida Foundation, Inc. Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended June 30, 2015
Balance at Corpus at Contributed Investment Corpus Balance at Corpus at Description June 30, 2014 June 30, 2014 Corpus Return Expenses Transfers Other June 30, 2015 June 30, 2015 Verle M. Hellekson Research Endowment in Cardiovascular Medicine 294,006 175,000 - 9,804 (14,226) - - 289,584 175,000 William R. Rambo, Sr. Scholarship in Medicine 138,024 117,708 - 4,557 (7,994) - - 134,587 117,708 William R. Rambo, Sr. Scholarship in Dentistry 140,220 117,705 - 4,556 (10,192) - - 134,584 117,705 William R. Rambo, Sr. Scholarship in Veterinary Medicine 140,520 117,705 - 4,556 (10,492) - - 134,584 117,705 Roger B. Broderick Fund 176,176 150,000 - 5,827 (9,887) - - 172,116 150,000 Yazdi Scholarship/Fellowship Endowment Fund 294,711 270,000 10,000 9,748 (16,789) - - 297,670 280,000 Ford Foundation Endowment for Tropical Conservation and Development 4,683,390 4,000,002 - 154,904 (262,832) - - 4,575,462 4,000,002 Ernest G. Atkin Memorial Fund 347,186 265,421 - 11,490 (19,282) - - 339,394 265,421 MBA Advisory Board Scholarship 309,634 248,608 1,000 10,285 (17,336) - 3,300 306,883 249,608 William and Linda Eckhoff Bridge Program Fund 195,802 157,000 1,700 6,072 (23,102) - 500 180,972 158,700 Lucy Gooding Fund 1,563,135 1,182,138 - 46,625 (232,574) - - 1,377,186 1,182,138 G. W. Robinson Endowment in Building Construction 766,309 580,918 - 25,675 (33,618) - - 758,366 580,918 John T. and Winifred M. Hayward Professorship in Genetics Research 1,158,927 1,020,000 - 38,929 (48,007) - - 1,149,849 1,020,000 Exhibits 217,556 176,890 48 6,866 (21,621) - - 202,849 176,938 William F. Powers Endowed Professorship 635,055 453,316 - 19,682 (73,390) - - 581,347 453,316 William K. "Bill" Robertson Fellowship Fund 202,107 150,012 - 5,848 (35,223) - - 172,732 150,012 Wayne Hawkins Agricultural Scholarship Fund 196,256 169,337 11,400 6,471 (12,206) - - 201,921 180,737 Ohanian Lecture Series Endowment 184,432 156,537 50 5,870 (16,897) - - 173,455 156,587 Melvin J. and Marilyn S. Fregly Endowment for Biomedical Sciences and Humanities Collection 206,116 150,611 144 6,051 (33,473) - - 178,838 150,755 Barbara J. and Curtis M. Phillips, M.D. Endowment Fund 4,899,372 4,275,206 - 164,571 (202,950) - - 4,860,993 4,275,206 Robert J. and Jane H. Barben Family Scholarship/Fellowship Endowment 116,589 100,884 - 3,842 (6,942) - - 113,489 100,884 Student Enrichment Fund 57,379 51,034 - 1,943 (1,926) - - 57,396 51,034 Evelyn F. McKnight Chair for Brain Research in Memory Loss 5,156,254 3,995,677 - 170,784 (282,515) - - 5,044,523 3,995,677 John and Margaret Sung Family Fine Arts Fellowship 228,235 160,353 1,000 6,520 (42,227) - - 193,528 161,353 James E. McGuigan, M.D. Fellowship 411,000 296,538 - 12,410 (56,838) - - 366,572 296,538 William R. Hough Master's Program in Finance 8,377,840 7,376,085 1,200 283,414 (289,702) - - 8,372,752 7,377,285 Richard E. Darby Accounting Scholarship 186,485 150,000 - 6,098 (12,448) - - 180,135 150,000 Robert G. Frank Professorship 1,442,985 1,126,944 - 44,716 (166,900) - - 1,320,801 1,126,944 William Riffee Dean's Endowment 811,758 608,184 7,450 24,634 (110,972) - - 732,870 615,634 Powell Gene Therapy Fund 4,564,136 4,043,006 500 154,564 (153,434) - - 4,565,766 4,043,506 Anne Troneck Fund 872,867 691,699 - 26,708 (110,681) - - 788,894 691,699 Ruth P. Phillips Sports Medicine Endowment 209,764 152,331 - 6,705 (18,430) - - 198,039 152,331 C. Farris and Julia B. Bryant Florida History Preservation Fund 664,473 470,696 5,060 19,036 (119,451) - (2,000) 567,118 475,756 Albert L. Holloway Graduate Research Endowment 402,303 260,884 - 11,464 (75,146) - - 338,621 260,884 Gerson Hall Excellence Support Fund 1,848,610 1,525,443 50,000 61,439 (93,554) - - 1,866,495 1,575,443 Radiation Oncology Clinical Research Endowment 547,270 386,463 25 15,791 (96,662) - 25 466,449 386,488 Continuing Medical Education Endowment in Cardiology 236,771 186,923 - 7,510 (22,451) - - 221,830 186,923 Continuing Medical Education Endowment in COM 830,694 525,000 300 20,933 (233,492) - - 618,435 525,300 Van Dyke Endowment for the Libraries 471,213 303,602 - 12,240 (121,904) - - 361,549 303,602 Philip B. and Georgia E. Hofmann Fund for Equine Studies 2,366,777 1,750,002 - 67,435 (442,364) - - 1,991,848 1,750,002 Keith Stone, M.D Endowment Fund 201,805 150,020 - 6,048 (29,197) - - 178,656 150,020 Liberty and George Perry Memorial Scholarship in Greek Studies 195,599 156,674 - 6,146 (20,202) - - 181,543 156,674 George and Liberty Perry Endowment in the Center for Greek Studies 577,390 463,683 - 18,317 (54,679) - - 541,028 463,683 Gerold L. Schiebler, M.D. and Audrey Lincourt Schiebler Children's Advocacy Fellowship in Pediatrics 143,540 114,282 3,200 4,746 (8,071) - - 143,415 117,482 Jessie Shaw Bates and Mortimer B. Bates, Jr. Fund 216,117 162,700 2,500 6,257 (37,695) - - 187,179 165,200 Evelyn F. McKnight Brain Research Grant 33,469,604 25,967,781 - 1,120,081 (1,596,541) - 169,626 33,162,770 25,967,781 Linda and Ken McGurn Director's Fund 1,515,465 1,367,567 3,480 50,396 (77,619) - - 1,491,722 1,371,047 Gartner Group Graduate Fellowship 320,484 202,500 - 7,814 (97,496) - - 230,802 202,500 Alvin G. and Effie D. Flanagan Endowment Fund 9,478,388 7,602,421 - 312,891 (549,292) - - 9,241,987 7,602,421 Thomas J. and Jane B. Walker Fund 350,629 315,000 - 11,778 (14,524) - - 347,883 315,000 M. E. Rinker, Sr. Endowment #1 7,830,681 4,006,510 - 262,441 (341,314) - - 7,751,808 4,006,510 M. E. Rinker, Sr. Endowment #2 4,571,941 3,636,964 200 151,227 (256,323) - - 4,467,045 3,637,164 Wilson and Marie Collins Endowment for Graduate Fellowships 201,545 134,250 - 5,205 (53,002) - - 153,748 134,250 Neurology Academic Excellence 350,051 150,100 - 6,052 - - - 356,103 150,100 Orange County Farm Bureau Scholarship 189,066 150,000 - 6,200 (12,125) - - 183,141 150,000 Ralph T. and Ella B. Sadler Extension Term Professorship 195,152 150,000 - 6,048 (22,569) - - 178,631 150,000 Thomas P. Mitchell Professorship in Clinical Physics Fund 916,566 580,389 24,500 24,334 (226,394) - - 739,006 604,889
(Continued) 42 University of Florida Foundation, Inc. Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended June 30, 2015
Balance at Corpus at Contributed Investment Corpus Balance at Corpus at Description June 30, 2014 June 30, 2014 Corpus Return Expenses Transfers Other June 30, 2015 June 30, 2015 Pierre Chagnon Professorship 1,909,140 1,337,002 - 54,376 (357,401) - - 1,606,115 1,337,002 F. Graham McKeel MBA Fellowship Fund 176,473 150,330 - 5,956 (6,495) - - 175,934 150,330 Melvin Greer Academic Endowment Fund 244,006 160,251 13,250 6,575 (59,919) - - 203,912 173,501 Harris Corporation Communication Graduate Fellowship Endowment 307,327 225,000 - 9,129 (46,804) - - 269,652 225,000 Wayne Densch Epilepsy Research Endowment Fund 1,456,106 1,166,668 - 47,531 (104,700) - 5,000 1,403,937 1,166,668 Frank Maturo Excellence Fund 267,587 209,140 700 8,273 (31,899) - 125 244,786 209,840 David A. Cofrin Acquisition Endowment 4,580,149 2,310,451 - 94,017 (2,000) - - 4,672,166 2,310,451 George F. and Hazel Z. Baughman Endowment 345,898 290,741 - 11,714 (11,611) - - 346,001 290,741 Ann R. Stasch Memorial Scholarship 215,621 160,110 - 6,748 (23,043) - - 199,326 160,110 Alumni Professorship of Materials Science and Engineering 1 627,045 510,000 - 20,740 (36,690) - 1,500 612,595 510,000 Alumni Professorship of Materials Science and Engineering 2 627,110 510,053 - 20,742 (35,193) - - 612,659 510,053 Ophthalmology Endowment Fund 324,475 266,865 - 10,766 (17,278) - 25 317,988 266,865 Southwest Florida Gator Club® Academic Endowment 127,124 103,000 - 4,132 (10,000) - 5,000 126,256 103,000 Londono Family Endowment 354,843 322,800 164 9,833 (8,038) - - 356,802 322,964 David E. and Margaret O'Connor Scholarship 187,607 154,576 - 6,205 (10,529) - - 183,283 154,576 Debbie DeSantis Endowment 6,137,565 4,371,137 - 180,505 (986,423) - - 5,331,647 4,371,137 Barbara Goldsby Memorial Fund 903,539 759,210 - 29,611 (58,512) - - 874,638 759,210 T. W. Andersen, M.D. and Haven Perkins, M.D. Educational Endowment 1,398,758 1,143,288 2,000 45,930 (89,124) - - 1,357,564 1,145,288 Addam Kellough Memorial Scholarship 184,469 150,348 25 6,137 (9,349) - - 181,282 150,373 Historic St. Augustine Gator Club® Academic Endowment 214,404 150,000 - 6,103 (2,000) - - 218,507 150,000 Rothman Family Endowment Fund 492,929 378,379 - 15,250 (57,727) - - 450,452 378,379 Babs Dalsheimer Faculty Endowment 121,789 102,144 95 4,091 (5,088) - - 120,887 102,239 Ocala Royal Dames Endowment for Cancer Research and Education 181,106 150,000 - 6,083 (7,502) - - 179,687 150,000 Jeffrey Keene Translational Diabetes Research Endowment 1,906,465 1,463,142 - 60,680 (174,830) - - 1,792,315 1,463,142 John W. and Mittie Collins Engineering Scholarship and Fellowship Fund 1,302,397 1,027,348 - 42,488 (89,900) - - 1,254,985 1,027,348 Wilson and Marie Collins Excellence Fund 1,316,831 1,027,348 - 42,488 (107,833) - - 1,251,486 1,027,348 Hugh and Mabel Wilford Scholarship Fund 2,823,141 2,338,221 - 93,300 (160,599) - - 2,755,842 2,338,221 Fern Audette Professorship in Equine Studies 610,711 450,000 - 18,987 (68,859) - - 560,839 450,000 Paul and Laura Dickert Excellence Fund 180,572 150,000 - 6,114 (6,092) - - 180,594 150,000 Rolf E. Hummel Professorship for Electronic Materials 1,271,319 1,020,000 - 42,049 (71,346) - - 1,242,022 1,020,000 Colonel Allen R. and Margaret G. Crow Professorship in Chemistry 1,882,236 1,487,115 - 61,783 (119,098) - - 1,824,921 1,487,115 Sara Lavinia de Keni Scholarship 39,635 33,810 - 1,311 (2,224) - - 38,722 33,810 Tampa Gator Club® Academic Endowment 121,536 86,907 - 3,456 (9,000) - - 115,992 86,907 Dorothy M. Smith Chair 3,388,650 2,774,810 100 99,974 (535,674) - - 2,953,050 2,774,910 Samuel and Bessie R. Proctor Fund 260,662 206,855 1,213 8,426 (20,249) - - 250,052 208,068 Lawton Family Liver Research Fund 313,321 237,334 - 10,046 (26,646) - - 296,721 237,334 Dean's Enrichment Fund for Teaching and Research 656,391 453,056 - 18,468 (129,370) - - 545,489 453,056 James Weeks Professional Advancement Fund 246,715 192,186 - 8,347 (8,507) - - 246,555 192,186 A. F. Wentworth Fellowship in Forensic Medicine Fund 347,618 243,336 - 9,768 (68,866) - - 288,520 243,336 A. F. Wentworth Honors Scholarship 2,259,309 1,719,820 - 70,916 (235,561) - - 2,094,664 1,719,820 Paula Koch Professorship in Pediatric Critical Care 2,118,875 1,750,002 - 71,755 (71,179) - - 2,119,451 1,750,002 Michael J. Collins Endowment in Chemistry 223,052 150,000 - 6,058 (50,166) - - 178,944 150,000 School of Music Scholarship Endowment 218,590 155,421 - 6,368 (36,862) - - 188,096 155,421 Saliwanchik, Lloyd, and Saliwanchik Intellectual Property Fund 254,526 197,500 - 8,361 (15,920) - - 246,967 197,500 Evelyn Grader Craniofacial Center Endowment 227,320 165,000 - 6,904 (35,295) - 5,013 203,942 165,000 Sara Lavinia de Keni Endowment 376,182 289,284 - 11,860 (37,718) - - 350,324 289,284 Rosalind Heilman Memorial Research Endowment Fund 260,483 186,265 800 7,458 (47,545) - - 221,196 187,065 Charles and Thelma Palmer Scholarship 377,293 298,001 - 12,279 (26,895) - - 362,677 298,001 Josephine B. Sirmyer Fellowship Fund for Occupational Therapy 315,533 200,939 100 8,115 (83,952) - - 239,796 201,039 Hill's Professorship in Oncology 3,788,559 2,628,832 - 109,508 (663,484) - - 3,234,583 2,628,832 American Diabetes Association Research Program Endowment for the Cure 223,502 172,064 - 7,172 (18,844) - - 211,830 172,064 Hugh W. Cunningham Professorship in Journalism Excellence 850,859 632,824 - 26,024 (108,195) - - 768,688 632,824 Latin Builders Association Scholarship for Ethical Development 238,099 200,000 - 7,643 (19,986) - - 225,756 200,000 Connie Mack Fund 560,050 375,000 - 16,475 (89,888) - - 486,637 375,000 Florida Fertilizer & Agrichemical Association Scholarship 189,768 154,000 - 6,232 (11,914) - - 184,086 154,000 Escambia County 4-H Fund 3,760,621 3,275,000 - 127,355 (126,232) - - 3,761,744 3,275,000 Alexander Grass Chair in Jewish Studies 2,374,438 1,749,788 - 79,067 (118,083) - - 2,335,422 1,749,788 Genevieve E. Spurga Endowment in Ophthalmology 1,061,448 867,948 - 35,054 (61,112) - - 1,035,390 867,948 Richard E. Nelson Chair in Local Government 2,471,968 1,978,375 10,000 79,651 (204,425) - - 2,357,194 1,988,375
(Continued) 43 University of Florida Foundation, Inc. Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended June 30, 2015
Balance at Corpus at Contributed Investment Corpus Balance at Corpus at Description June 30, 2014 June 30, 2014 Corpus Return Expenses Transfers Other June 30, 2015 June 30, 2015 Lastinger Archeology Endowment 637,402 450,000 - 19,763 (73,412) - - 583,753 450,000 Ralph Sias Scholarship Fund 366,989 293,066 - 11,836 (29,207) - - 349,618 293,066 William T. Phelps Scholarship 645,430 507,037 15,047 20,847 (61,244) - - 620,080 522,084 Ethel Smith Research Professorship 1,231,848 1,020,002 - 41,714 (41,442) - - 1,232,120 1,020,002 Helen Borer Boggs and Otis Boggs Sports Broadcasting Fund 240,084 154,751 - 6,846 (44,726) - - 202,204 154,751 Knight Chair in Journalism Technologies and the Democratic Process 3,327,967 2,716,698 - 107,881 (249,325) - - 3,186,523 2,716,698 Margaret A. Ross Fellowship 1,139,858 754,843 - 30,957 (256,426) - - 914,389 754,843 Margaret A. Ross Research Professorship 935,957 754,843 - 30,957 (52,526) - - 914,388 754,843 Stephen C. O'Connell Chair in the College of Law 1,493,338 759,978 - 49,991 (66,737) - - 1,476,592 759,978 Darden Restaurants Diversity and Business Ethics Speakers Series 244,949 200,820 - 8,094 (13,953) - - 239,090 200,820 Darden Restaurants Diversity Management Professorship 1,008,571 780,000 - 33,883 (41,635) - - 1,000,819 780,000 Darden Restaurants Diversity and Business Ethics Fellowship 213,257 170,000 - 6,758 (20,395) - - 199,620 170,000 Debbie and Sylvia DeSantis Chair in Natural Products Drug Discovery and Development 4,851,380 3,750,002 - 146,012 (678,812) - - 4,318,580 3,750,002 SantaFe HealthCare Alzheimer's Disease Research Center Endowment 3,645,967 2,708,137 1,000 119,370 (239,608) - 100 3,526,829 2,709,137 Harry F. Goodmark Scholarship Fund 190,155 150,312 - 6,070 (16,928) - - 179,297 150,312 Francis Heide Memorial Scholarship Fund 93,409 75,000 - 3,029 (6,965) - - 89,473 75,000 Harold S. Heide Memorial Scholarship Fund 93,409 75,000 - 3,029 (6,965) - - 89,473 75,000 Theodore H. Heide Memorial Scholarship Fund 93,409 75,000 - 3,029 (6,965) - - 89,473 75,000 Jack D. and Betty J. Lampros Graduate Fellowship and Lectureship Fund 391,242 305,000 10,000 12,687 (29,725) - - 384,204 315,000 Jack C. Massey Professorship Fund 467,098 375,000 - 15,349 (29,091) - - 453,356 375,000 Martha M. Hall Scholarship Fund 650,785 489,295 - 20,406 (68,442) - - 602,749 489,295 John V. Lombardi Scholarship Program Fund 4,610,108 3,696,478 100 155,121 (183,368) - - 4,581,961 3,696,578 Gerald T. Bennett Prosecutor/Public Defender Training Program 638,152 540,186 24,553 22,134 (614) - - 684,225 564,739 Paul and Polly Doughty Research Endowment 176,986 135,410 - 5,830 (10,607) - - 172,209 135,410 Dow Chemical Graduate Fellowship in Materials Science and Engineering 394,258 300,000 - 12,117 (48,485) - - 357,890 300,000 Lincoln and Lillian Hall Fellowship in Memory of Albert G. Hall 121,898 100,000 - 3,828 (12,660) - - 113,066 100,000 George A. Smathers Libraries Fund 2,252,113 1,785,872 - 73,146 (165,457) - 722 2,160,524 1,785,872 Ivan H. Smith Visiting Professorship in Architecture 1,880,039 1,469,088 - 62,595 (93,744) - - 1,848,890 1,469,088 Muriel Rumsey Foundation Endowment 427,021 361,552 44,053 13,961 (30,945) - - 454,090 405,605 James Gamble Rogers/RLF, Inc. Memorial Fellowship 174,159 150,000 - 5,850 (7,225) - - 172,784 150,000 Barry C. Scott, M.D. Research Endowment Fund 149,561 102,085 - 4,281 (27,388) - - 126,454 102,085 David M. and Ann C. Hicks Endowment 228,732 153,937 - 6,218 (51,299) - - 183,651 153,937 John Thomas Ladue McGinty Endowment 1,628,239 776,037 - 53,854 (91,377) - - 1,590,716 776,037 Leighton E. Cluff Award for Aging Research 188,224 143,653 - 6,022 (16,374) - - 177,872 143,653 CVS/pharmacy Endowment 234,579 166,262 - 6,772 (41,329) - - 200,022 166,262 Florida Rural Rehabilitation Corporation 4-H Scholarship 193,695 151,000 - 6,560 (6,502) - - 193,753 151,000 Frank E. Kinsey, Jr. Excellence Fund in Historic Preservation 434,784 350,000 - 14,724 (14,594) - - 434,914 350,000 Florida Sea Grant Endowment 1,925,491 1,500,000 - 64,174 (94,133) - - 1,895,532 1,500,000 Jared and Joshua Piotrkowski and Esther Ragosin Endowment 200,786 150,000 - 6,029 (28,722) - - 178,093 150,000 Thomas H. Maren Medical Student Reading Room Endowment 632,822 551,270 - 21,092 (30,917) - - 622,997 551,270 Cammie Greene Ross Scholarship 551,172 418,985 - 18,198 (31,852) - - 537,518 418,985 Alfred A. McKethan Professorship in Arthritis Research 661,127 456,994 - 20,028 (89,569) - - 591,586 456,994 Alfred A. McKethan Scholarship 5,370,003 4,118,955 - 180,513 (218,648) - - 5,331,868 4,118,955 Arnold J. "Red" Morway Memorial Graduate Fellowship 186,490 149,449 - 6,216 (9,111) - - 183,595 149,449 Lauren and Jordan Goodrich Endowment 181,804 150,000 - 6,013 (10,203) - - 177,614 150,000 Joseph and Lillian A. Damon Scholarship 615,107 450,000 - 20,345 (34,520) - - 600,932 450,000 Arthur Blenn Anderson Scholarship Endowment 1,949,652 1,512,161 - 65,955 (67,458) - - 1,948,149 1,512,161 Info Tech Annual Statistics Winter Workshop Fund 187,419 150,000 - 5,885 (19,466) - - 173,838 150,000 Emil and Charlotte Gross Endowment 266,064 246,667 - 8,688 (18,137) - - 256,615 246,667 V. T. and Louise Jackson Chemistry Endowment 2,385,581 1,750,002 - 76,330 (207,330) - - 2,254,581 1,750,002 Mary Lee and Paul M. Pope, Jr. Excellence Endowment 275,699 197,632 - 8,583 (30,755) - - 253,527 197,632 Powell Center for Construction and the Environment 1,617,901 1,314,681 12,356 54,085 (78,634) - - 1,605,708 1,327,037 Michael and Linda Connelly Professional Advancement Fund 311,483 275,000 25,000 10,459 (14,341) - - 332,601 300,000 Shaler Richardson Chair in Ophthalmic Services #1 1,455,044 758,298 - 49,276 (48,841) - - 1,455,479 758,298 Shaler Richardson Chair in Ophthalmic Services #2 1,455,043 758,298 - 49,276 (48,841) - - 1,455,478 758,298 Eblen Research Endowment 2,335,523 1,048,744 - 75,384 (194,753) - 10,500 2,226,654 1,048,744 Sherwood L. Stokes-Professor James W. Day Scholarships 305,537 220,860 - 10,171 (15,284) - - 300,424 220,860 Sherwood L. Stokes-Professor Clarence J. TeSelle Scholarships 304,537 220,860 - 10,171 (14,284) - - 300,424 220,860
(Continued) 44 University of Florida Foundation, Inc. Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended June 30, 2015
Balance at Corpus at Contributed Investment Corpus Balance at Corpus at Description June 30, 2014 June 30, 2014 Corpus Return Expenses Transfers Other June 30, 2015 June 30, 2015 Sherwood L. Stokes-General Practitioner Scholarships 305,537 220,860 - 10,171 (15,284) - - 300,424 220,860 Sherwood L. Stokes-Environmental and Water Quality Scholarships 339,429 220,859 - 10,171 (49,177) - - 300,423 220,859 William L. and Agnes F. Brown Endowment 211,531 150,075 - 6,518 (25,535) - - 192,514 150,075 Ruth and Gerry Hartman Scholarship 209,068 150,000 - 6,915 (11,734) - - 204,249 150,000 Irving and Rose Fien Reading Fellowship 214,757 150,000 - 7,048 (13,621) - - 208,184 150,000 Eugene Chester Terzenbach Memorial Scholarship 659,239 463,272 - 21,768 (38,032) - - 642,975 463,272 Eleanor Roberts Public Television Excellence Fund 655,462 437,025 - 20,535 (69,451) - - 606,546 437,025 Lawrence M. Goodman Scholarship Fund 8,517,525 6,271,821 - 285,656 (365,660) - - 8,437,521 6,271,821 CVS/Pharmacy, Inc. Professorship 393,612 300,000 - 13,007 (22,433) - - 384,186 300,000 Prairieview Trust Endowment 560,787 327,372 - 15,296 (124,288) - - 451,795 327,372 Prairieview Trust - Earl and Margo Powers Professorship 2,186,799 1,330,047 - 59,474 (489,578) - - 1,756,695 1,330,047 Stephany W. Holloway University Chair in AIDS Research 5,524,044 3,139,206 - 165,178 (810,296) - - 4,878,926 3,139,206 Dentistry General Endowment 972,879 730,676 1,100 30,368 (106,824) - - 897,523 731,776 Oslo Riverfront Conservation Area Environmental Education Fund 669,710 411,245 - 19,316 (118,486) - - 570,540 411,245 McGuire Institute for Biodiversity and the Environment Fund 417,755 300,000 - 14,096 (115,480) - 100,000 416,371 300,000 Don D. and Ruth S. Eckis Professorship in Electrical and Computer Engineering 1,884,066 710,146 - 48,234 (507,605) - - 1,424,695 710,146 Nancy A. Fackler Endowment for Brain Research 712,619 574,969 10 24,112 (24,513) - - 712,228 574,979 Florida Blue Endowed Chair 5,283,186 3,590,279 - 149,333 (1,021,612) - - 4,410,907 3,590,279 Wells Fargo Extension Term Professorship 500,677 300,000 - 14,434 (88,756) - - 426,355 300,000 Madelyn M. Lockhart African Studies Library Fund 271,798 206,126 (744) 6,369 (37,373) - 320 240,370 205,382 Office Depot, Inc. Retail Symposium 2,450,006 1,750,002 - 81,666 (119,482) - - 2,412,190 1,750,002 Edwin Edward Domaschk Fund 140,553 100,000 2,608 4,007 (27,627) - - 119,541 102,608 Harold and Mary Jean Hanson Rare Book Fund 151,772 118,275 335 4,846 (13,480) - - 143,473 118,610 Joseph and Lillian A. Damon Scholarship II 430,213 309,922 - 14,229 (24,144) - - 420,298 309,922 Courtelis International Student Awards 176,360 138,766 - 5,851 (9,376) - - 172,835 138,766 James W. Van Horn Music Fund 305,691 186,932 - 8,784 (55,031) - - 259,444 186,932 Gayle L. Eschmann Fellowship in Psychiatry 470,716 324,571 - 14,178 (66,124) - - 418,770 324,571 Gus H. Hancock, Jr. Endowment Fund 752,213 543,641 - 25,325 (29,494) - - 748,044 543,641 Health Care for All Education Fund 535,225 369,984 - 14,717 (115,226) - - 434,716 369,984 Bill and Patti Alcorn Scholarship Endowment 122,710 101,028 - 4,057 (6,945) - - 119,822 101,028 Professor Emeritus, Dr. Harold R. Stanley Oral Pathology Endowment Fund 223,909 152,465 - 7,294 (15,746) - - 215,457 152,465 Robert E. and Roselee S. Wheeler Professorship of Medicine 2,126,154 1,623,200 - 68,393 (174,391) - - 2,020,156 1,623,200 Leta Gertrude Thibert Nursing Scholarship 335,808 237,761 - 10,955 (23,177) - - 323,586 237,761 Wayne Densch Epilepsy Research Endowment II 765,847 583,334 - 23,765 (87,646) - - 701,966 583,334 Deb Richard Foundation Scholarship 837,191 588,708 - 26,963 (67,751) - - 796,403 588,708 Robert and Margaret Rothman Endowed Chair in the Humanities 3,338,013 2,827,706 - 106,666 (294,047) - - 3,150,632 2,827,706 Hobe and Gertrude Hooser Scholarship Fund 885,251 650,394 - 29,280 (49,680) - - 864,851 650,394 Barbara C. Joslin Scholarship 237,975 164,898 - 7,745 (16,950) - - 228,770 164,898 Richard and Velia Parrino Graduate Student Endowment 144,388 110,867 - 4,525 (15,250) - - 133,663 110,867 Robert H. Hux, M.D. Professorship of Surgery 1,413,819 1,020,000 - 45,400 (118,232) - - 1,340,987 1,020,000 Mary Ellen Burnett Endowment Scholarship in Loving Memory of George H. Burnett 186,059 163,565 (36,565) 4,820 (9,959) - - 144,355 127,000 L. Gale Lemerand Scholarship Fund 2,808,119 2,183,211 - 92,879 (157,592) - - 2,743,406 2,183,211 Everett L. Holden and Marian G. Holden Memorial Scholarship Endowment 519,231 372,462 - 16,422 (50,596) - - 485,057 372,462 Russ and Carol Blaser Memorial Scholarship 167,197 150,150 162 5,450 (11,749) - - 161,060 150,312 UF Shands Cancer Center Endowment 288,251 233,282 250 9,688 (11,925) - - 286,264 233,532 Sylvia T. McKenney Scholarship/Fellowship Fund 317,715 252,527 - 10,658 (13,552) - - 314,821 252,527 Dixie V. Bayer Nursing Excellence Fund 2,438,973 1,566,289 - 66,180 (550,371) - - 1,954,782 1,566,289 Larry A. Webb and Jean V. Webb Carillon Fund 755,147 524,166 - 22,150 (123,034) - - 654,263 524,166 Dr. Greta Andron Smolowe Scholarship 122,085 100,000 - 4,038 (6,859) - - 119,264 100,000 Dr. Suzanne M. Wester, M.D. Scholarship 239,264 200,000 - 7,903 (13,739) - - 233,428 200,000 Florence W. Ruebush Endowment 198,141 150,000 - 6,331 (17,471) - - 187,001 150,000 Todd C. Prosser Memorial Scholarship 239,393 206,610 (34,915) 6,504 (15,298) - - 195,684 171,695 Packaging Education Forum Endowment 189,367 150,000 - 6,331 (13,598) - 4,900 187,000 150,000 UF 150th Anniversary Cultural Plaza Endowment-FMNH 641,660 506,668 - 21,553 (26,580) - - 636,633 506,668 UF 150th Anniversary Cultural Plaza Endowment-Harn 636,533 506,668 - 21,553 (21,452) - - 636,634 506,668 UF 150th Anniversary Cultural Plaza Endowment-UF Performing Arts 642,239 507,153 - 21,573 (26,604) - - 637,208 507,153 Brightest Students to Faculty 546,006 514,889 - 17,668 (41,795) - - 521,879 514,889
(Continued) 45 University of Florida Foundation, Inc. Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended June 30, 2015
Balance at Corpus at Contributed Investment Corpus Balance at Corpus at Description June 30, 2014 June 30, 2014 Corpus Return Expenses Transfers Other June 30, 2015 June 30, 2015 Iva and Norman Tuckett Scholarship/Fellowship Fund 2,846,199 2,029,713 - 85,078 (418,296) - - 2,512,981 2,029,713 Vada Allen Yeomans Professorship 924,848 719,841 - 30,408 (57,085) - - 898,171 719,841 Vada Allen Yeomans Fellowship Fund 502,822 359,949 - 15,174 (69,800) - - 448,196 359,949 Lee C. Yeomans Fisheries and Aquatic Sciences Fellowship Fund 1,507,106 1,079,761 - 45,472 (209,455) - - 1,343,123 1,079,761 Calvin Yeomans Special Collections Enrichment Fund 788,728 562,977 549 23,603 (115,210) - - 697,670 563,526 Fisher School Enhancement Fund 406,309 331,690 - 13,754 (13,812) - - 406,251 331,690 Straughn 4-H Faculty Fellowship 209,872 150,000 - 6,489 (24,686) - - 191,675 150,000 Melvin Greer, M.D. Professor of Neurology 2,366,973 1,924,089 - 80,130 (82,266) - 2,000 2,366,837 1,924,089 McClatchy Professorship in Freedom of Information 1,358,852 1,025,000 - 40,649 (198,851) - - 1,200,650 1,025,000 Elizabeth B. and William F. Poe, Sr. Business Ethics Education and Research Center 2,852,140 2,500,000 - 96,345 (102,712) - - 2,845,773 2,500,000 Joelen K. and Robert G. Merkel Endowment 210,272 178,361 - 7,062 (8,738) - - 208,596 178,361 Pamela Cahoon Fitch Research Endowment for Brain Aneurysms 151,547 100,100 - 4,396 (26,105) - - 129,838 100,100 Ruth L. Pugsley Memorial Fund 1,653,567 1,289,645 - 54,692 (92,798) - - 1,615,461 1,289,645 William F. Parma Fund for Excellence 3,598,819 2,953,269 - 114,464 (332,303) - - 3,380,980 2,953,269 Keira Grace Lauzardo Fund for Children's Cancer: Hope Across Borders 243,102 154,860 - 6,578 (55,372) - - 194,308 154,860 Betty C. Stevens Endowment 239,204 150,000 - 6,391 (56,812) - - 188,783 150,000 Joseph A. DiPietro Horse Farm Hundred Scholarship 279,363 227,567 - 8,895 (25,526) - - 262,732 227,567 Henry and Eugenia Graham Professional Development Fund for Science/Health Communication 382,258 301,500 - 11,992 (40,029) - - 354,221 301,500 Bond Foundation, Inc. Fund 120,852 100,000 - 4,032 (5,786) - - 119,098 100,000 Allyn Lepidoptera Endowment 381,747 300,000 - 12,923 (12,961) - - 381,709 300,000 Carol B. Currier Scholarship Fund 247,666 189,854 - 7,803 (24,990) - - 230,479 189,854 Lewis "Lukie" Ansbacher Memorial Scholarship 175,088 128,931 1,100 5,351 (22,399) - - 159,140 130,031 Carl Mercer Dow Fellowship Fund in Chemical Engineering 214,408 167,452 376 7,146 (10,478) - - 211,452 167,828 Carl Mercer Dow Alumni Fellowship Fund in Chemistry 100,367 79,613 - 3,320 (5,633) - - 98,054 79,613 Robert L. Richardson Endowment Fund 338,385 268,165 - 10,409 (41,347) - - 307,447 268,165 Ruth Hay and Hans Schrader Astronomy Scholarship/Fellowship Fund 452,372 350,705 - 14,606 (35,558) - - 431,420 350,705 Ruth Hay and Hans Schrader Nursing Scholarship/Fellowship Fund 447,328 350,680 - 14,605 (30,545) - - 431,388 350,680 Dr. Elizabeth M. Eddy Endowment 1,582,618 1,284,194 - 50,185 (150,458) - - 1,482,345 1,284,194 Adelaide Lackner Professorship in Medicine 1,512,322 1,152,328 - 49,131 (110,237) - - 1,451,216 1,152,328 FLMNH Exhibit Maintenance Endowment 199,096 150,500 - 6,183 (22,638) - - 182,641 150,500 Bernard F. Masseria Scholarship/Fellowship Fund 968,286 779,538 - 32,026 (54,340) - - 945,972 779,538 Larry R. Arrington Extension Internship Endowment 116,307 100,000 - 3,849 (6,470) - - 113,686 100,000 David H. Levin Chair in Family Law 1,763,930 2,377,996 69,526 109,662 (215,097) (69,526) 69,526 1,728,021 2,377,996 Robert L. Anderson and Glenn Anderson Visiting Lectureship and Travel Fellowship 117,592 100,273 - 3,871 (7,117) - - 114,346 100,273 Ben Franklin Ethics Fund 183,336 145,603 - 5,982 (12,632) - - 176,686 145,603 Marion C. and Virginia T. Roche Faculty Excellence Fund 188,072 151,240 - 6,221 (10,555) - - 183,738 151,240 Franklin P. Flowers Endowed Research Fund 231,957 151,903 - 6,287 (52,541) - - 185,703 151,903 Colonel Allen R. and Margaret G. Crow Term Professorship in Chemistry 218,209 180,000 - 7,380 (7,607) - - 217,982 180,000 Colonel Allen R. and Margaret G. Crow Chemistry Fund for Library Resources 229,899 180,000 - 7,380 (19,297) - - 217,982 180,000 Colonel Allen R. and Margaret G. Crow Undergraduate Scholarship and Graduate Fellowship in Chemistry 278,481 208,623 - 8,445 (37,485) - - 249,441 208,623 Colonel Allen R. and Margaret G. Crow Term Professorship in Liberal Arts and Sciences 1,129,568 900,000 - 36,899 (76,559) - - 1,089,908 900,000 Richard R. Streiff Endowed Research Fund 154,973 100,918 - 4,247 (33,775) - - 125,445 100,918 Central Florida Gator Club® Faculty Support Fund 124,827 100,000 - 3,901 - - - 128,728 100,000 Attorneys' Title Insurance Fund Instructional Endowment 383,077 304,000 - 12,570 (24,372) - - 371,275 304,000 Fogler Family Endowment 431,732 325,000 - 12,326 - - - 444,058 325,000 Dannheisser Endowment 123,921 100,000 - 4,010 (9,485) - - 118,446 100,000 Mary Jelks Irwin Cancer Research Fund 272,332 221,019 - 9,148 (11,281) - - 270,199 221,019 William P. Bushnell Endowment for Structural Engineering 1,792,372 1,416,866 - 57,843 (141,681) - - 1,708,534 1,416,866 William P. Bushnell Endowment for Academic Excellence 1,451,269 1,105,988 - 45,152 (162,761) - - 1,333,660 1,105,988 William P. Bushnell President's Excellence Fund 2,334,810 1,339,754 - 63,866 (512,245) - - 1,886,431 1,339,754 Bill and Bryon Bushnell Graduate Fellowship in Civil Engineering 245,004 184,025 - 7,513 (30,610) - - 221,907 184,025 Bedford Endowment 595,462 450,000 - 18,977 (53,918) - - 560,521 450,000 Margaret J. Early Program Endowment 854,108 713,130 - 28,922 (28,754) - - 854,276 713,130
(Continued) 46 University of Florida Foundation, Inc. Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended June 30, 2015
Balance at Corpus at Contributed Investment Corpus Balance at Corpus at Description June 30, 2014 June 30, 2014 Corpus Return Expenses Transfers Other June 30, 2015 June 30, 2015 James and Barbara Mondello Cancer Center Research Fund 1,637,984 1,358,845 - 54,949 (69,878) - - 1,623,055 1,358,845 Todd C. Prosser Memorial and Ted C. Prosser, III Book Endowment in Florida History 104,012 89,090 2,500 3,367 (8,000) - - 101,879 91,590 Gene K. Glasser and Elaine Glasser Fund 270,833 232,708 11,750 8,844 (19,077) - - 272,350 244,458 Phyllis Kottler Friedman Professorship 1,275,379 995,951 - 38,584 (174,285) - - 1,139,678 995,951 Marion Harlow Gerber Fund 280,619 198,521 - 8,063 (50,512) - - 238,170 198,521 Sam and Connie Holloway Scholarship/Fellowship Endowment 280,462 212,671 - 8,204 (46,347) - - 242,319 212,671 George W. Etheridge, Jr. and Lisa O. Etheridge Professorship 1,164,856 896,769 - 36,849 (113,272) - - 1,088,433 896,769 John H. and Mary Lou Dasburg Professorship 3,811,546 3,150,001 - 125,438 (231,864) - - 3,705,120 3,150,001 Franklin L. DeBusk Endowed Lectureship 127,391 110,179 3,400 4,204 (7,561) - - 127,434 113,579 Folke Peterson Trust Endowment 4,277,234 3,623,652 - 138,254 (331,833) - - 4,083,655 3,623,652 Steven E. Bernstein Real Estate Scholarship Fund 121,222 100,000 - 3,948 (8,556) - - 116,614 100,000 Ralph H. and Alice J. Sharpe Fellowship Fund 153,567 121,459 - 5,080 (8,590) - - 150,057 121,459 Folke Peterson Endowment 4,259,891 3,623,652 - 138,254 (314,491) - - 4,083,654 3,623,652 Elizabeth Wood Dunlevie Honors Term Professorship Endowment 817,474 720,000 - 27,215 (40,818) - - 803,871 720,000 Dean's Professorship in Engineering 1,970,127 1,480,000 - 56,906 (346,184) - - 1,680,849 1,480,000 Richard H. Simons Charitable Trust Faculty Professional Development Fund 132,927 106,459 - 4,275 (10,939) - - 126,263 106,459 Ruth P. Phillips Art Acquisition Endowment 572,308 402,567 - 15,715 - - - 588,023 402,567 Blanche J. Salisbury Diabetes Research Fund 556,056 469,910 - 18,342 (32,620) - - 541,778 469,910 Arthur C. and Edna J. Tebbutt Alzheimer's Endowed Research Fund 2,189,592 1,578,044 - 60,664 (458,409) - - 1,791,847 1,578,044 Richard L. Jones Outstanding New Faculty Research Fund 118,325 100,735 1,100 3,977 (4,894) - - 118,508 101,835 Harry and Edith H. LaFontaine Fund 2,546,978 2,243,643 - 84,242 (142,936) - - 2,488,284 2,243,643 Cynthia A. Melnick Endowment 197,003 164,351 5,000 6,437 (21,063) - 5,000 192,377 169,351 Kingsway Financial Professional Advancement Fund for International Communication 116,762 100,000 - 3,875 (6,193) - - 114,444 100,000 Michael Aschoff Dissertation Fellowship 181,508 159,036 - 6,050 (8,868) - - 178,690 159,036 Charles H. and Wanda N. Denny Education Endowment 194,458 162,664 - 5,886 (26,495) - - 173,849 162,664 Calder Race Course Equine Research Fund 238,650 200,000 - 7,665 (19,906) - - 226,409 200,000 Oscar Araujo Alumni Scholarship Endowment 292,382 253,322 8,196 9,582 (22,172) - 1,310 289,298 261,518 LaFontaine Endowment for IFAS 904,554 767,177 60,283 30,299 (82,910) - - 912,226 827,460 Susan O. Rasmussen Scholarship Fund 603,932 515,506 - 19,969 (34,060) - - 589,841 515,506 Dallas Townsend Term Professorship 203,825 172,788 100 6,743 (11,436) - - 199,232 172,888 Cofrin Curator of Asian Art Endowment 2,749,405 2,588,363 - 93,108 (92,344) - - 2,750,169 2,588,363 Furlow/Bingham Plastic Surgery Education Endowment 203,636 185,228 4,900 6,787 (10,171) - - 205,152 190,128 William P. and Tracy Cirioli Research Endowment 311,318 271,019 30,000 10,375 (19,703) - - 331,990 301,019 Dr. Allen Spiegel Graduate Endowment in Pharmaceutical Research 1,738,867 1,416,002 - 53,421 (214,382) - - 1,577,906 1,416,002 Raymond Ehrlich Eminent Scholar Chair in Political Science in Memory of Ben and Esther Ehrlich 2,358,946 2,024,402 - 77,145 (157,430) - - 2,278,661 2,024,402 Raymond & Miriam Ehrlich Chair in U.S. Constitutional Law in Memory of Ben & Esther Ehrlich 2,824,322 2,124,402 236,695 88,336 (436,681) - - 2,712,672 2,361,097 L. E. "Red" Larson Professorship and Graduate Fellowship in Animal Sciences 2,484,432 2,050,002 - 77,241 (280,178) - - 2,281,495 2,050,002 L. E. "Red" Larson 4-H Endowment 397,012 360,350 - 13,445 (13,327) - - 397,130 360,350 L. E. "Red" Larson Dairy Endowment 628,202 542,500 3,000 20,246 (50,584) - - 600,864 545,500 Mary Ellen Burnett Endowment for Works on Animals 70,907 60,259 7,500 2,469 (5,540) - - 75,336 67,759 Dr. William and Joan Mendenhall Book Fund in Florida History 115,475 100,000 - 3,819 (6,493) - - 112,801 100,000 William and Joan Mendenhall Professorship in Radiation Oncology 812,322 600,000 - 22,914 (158,431) - - 676,805 600,000 Rinker Scholar Endowment 1,333,919 1,080,000 - 41,119 (160,479) - - 1,214,559 1,080,000 School of Building Construction 70th Anniversary Faculty Support 932,572 820,025 - 30,866 (51,725) - - 911,713 820,025 John B. and Emily J. Higdon Fellowship Fund 2,132,981 1,674,416 - 61,986 (364,059) - - 1,830,908 1,674,416 Andy and Amy Fletcher Endowment for Journalism and Communications Excellence 114,929 100,000 - 3,817 (5,995) - - 112,751 100,000 Pepsi Bottling Group Faculty Enhancement Endowment 1,696,640 1,275,000 - 47,656 (336,666) - - 1,407,630 1,275,000 Jean and Bayard Bidwell Endowed Scholarship 1,880,551 1,782,500 160,719 65,944 (71,216) - - 2,035,998 1,943,219 Dennis A. Calfee Eminent Scholar Chair in Federal Taxation 1,163,152 918,201 88,749 39,390 (81,291) - - 1,210,000 1,006,950 Charles R. Perry Craft Awareness Endowment 922,221 845,250 - 30,836 (42,233) - - 910,824 845,250 John and Terry Appel Management Communications Program Fund 273,355 215,417 - 8,351 (35,038) - - 246,668 215,417 Steven Sablotsky Endowment 440,434 392,804 - 14,680 (21,518) - - 433,596 392,804 Dewey and Lynn Burnsed Endowment in Law 380,908 340,034 - 12,710 (18,211) - - 375,407 340,034
(Continued) 47 University of Florida Foundation, Inc. Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended June 30, 2015
Balance at Corpus at Contributed Investment Corpus Balance at Corpus at Description June 30, 2014 June 30, 2014 Corpus Return Expenses Transfers Other June 30, 2015 June 30, 2015 Dewey and Lynn Burnsed Endowment in IFAS 818,315 680,066 - 25,419 (92,922) - - 750,812 680,066 John Early Publications Endowment 166,312 150,000 - 5,630 (5,653) - - 166,289 150,000 Laura and Kenneth Berns Docent Program Endowment 166,083 151,757 - 5,623 (5,626) - - 166,080 151,757 Kenneth and Laura Berns Genetics Institute Endowment 144,199 112,423 - 4,061 (28,308) - - 119,952 112,423 Paul J. DiMare Foundation Term Professorship 2,267,464 2,000,002 - 74,978 (127,804) - - 2,214,638 2,000,002 R. Glenn Davis, M.D., Dialysis Clinic, Inc. Professor of Nephrology 2,383,855 2,000,002 - 74,899 (246,421) - - 2,212,333 2,000,002 Thoracic and Cardiovascular Surgery Excellence Fund 113,306 100,500 - 3,837 (3,803) - - 113,340 100,500 Richard P. Donnellan Real Estate Graduate Scholarship 180,641 150,000 - 5,873 (13,032) - - 173,482 150,000 Bruce and Barbara Manne Faculty Endowment 138,587 103,848 - 4,788 - - - 143,375 103,848 City Furniture Professorship 778,922 670,000 100,000 25,573 (54,441) - - 850,054 770,000 Lewis H. Kent Geomatics Endowment 166,411 150,151 - 5,636 (5,586) - - 166,461 150,151 Wen-Hsiang Chai Scholarship Fund 251,037 221,220 - 8,303 (14,088) - - 245,252 221,220 Dr. Joan Joesting-Mahoney Endowment 125,995 110,000 - 4,190 (6,423) - - 123,762 110,000 Charles R. Perry Endowed Professorship 1,916,513 1,750,000 - 63,790 (96,130) - - 1,884,173 1,750,000 Lealand L. Lovering Scholarship Fund 209,748 191,475 - 6,956 (11,247) - - 205,457 191,475 J. Crayton Pruitt Family Chair in Biomedical Engineering 2,552,254 2,000,000 - 83,782 (161,347) - - 2,474,689 2,000,000 J. Crayton Pruitt Family Biomedical Engineering Excellence Fund 17,729,414 16,000,010 - 600,416 (595,121) - - 17,734,709 16,000,010 McCurdy Perinatal Endowed Research Fund 133,857 100,000 - 3,894 (22,741) - - 115,010 100,000 Iona M. Pettengill Graduate Fellowship in Public and Community Outreach Nursing 348,546 300,000 50,000 11,492 (23,235) - - 386,803 350,000 Dr. Andrea Trescot Fund for Graduate Studies in Zoology 126,606 100,050 100 3,749 (19,626) - - 110,829 100,150 American Heart Association Academic Support Endowment 471,554 150,000 - 13,353 (90,482) - - 394,425 150,000 C. Addison Pound, Sr. and Annie Cannon Pound Scholarship in Business Administration 1,369,696 1,134,378 - 43,795 (119,916) - - 1,293,575 1,134,378 Ron and Vicki Canakaris Finance Endowment Fund 179,079 150,500 - 5,816 (13,106) - - 171,789 150,500 Herbert A. and Marjorie G. Laitinen Chemistry Scholarship Fund 407,510 329,358 - 12,201 (59,319) - - 360,392 329,358 Progress Energy-UF Water Institute Endowment 1,599,637 1,320,040 - 50,518 (157,974) - - 1,492,181 1,320,040 Preston A. Wells, Jr. Endowment 6,523,848 5,749,184 300 214,823 (393,827) - 450 6,345,594 5,749,484 Wolf Family American Property Law Lecture Endowment 190,331 157,000 - 5,966 (20,072) - - 176,225 157,000 Nadia Venable Hall Scholarship Fund 365,755 321,446 - 11,894 (26,323) - - 351,326 321,446 North Florida Doctoral Consortium 713,853 600,000 - 23,101 (54,614) - - 682,340 600,000 Marc Gale Endowed Professorship 254,150 199,883 2,400 8,037 (24,893) - - 239,694 202,283 Library Leadership Board Endowment 127,283 111,790 2,500 4,293 (6,236) - 765 128,605 114,290 C. M. Overstreet Retinal Eye Disease Research Fund 6,398,458 6,000,000 - 216,687 (214,776) - - 6,400,369 6,000,000 Mark A. and Dorothy H. Ahrano Excellence Fund 2,081,151 1,741,983 - 70,479 (69,858) - - 2,081,772 1,741,983 Stop! Children's Cancer/Bonnie R. Freeman Professorship for Pediatric Oncology Research 1,911,101 1,750,027 - 63,697 (93,367) - - 1,881,431 1,750,027 Joseph Jay Deiss Memorial Scholarship or Fellowship for Summer Studies in Rome 229,906 207,360 - 7,498 (15,936) - - 221,468 207,360 Florida Association of County Agricultural Agents Educational Scholarship Fund 173,087 157,670 625 5,818 (7,156) - - 172,374 158,295 Stephen M. Varosi Memorial Scholarship/Fellowship in Electrical and Computer Engineering 155,976 125,060 250 4,798 (19,061) - - 141,963 125,310 Gidel Family Foundation Endowment 212,806 170,491 - 7,207 (7,143) - - 212,870 170,491 Supply Chain Management Center Fund 424,342 376,225 - 14,219 (18,561) - - 420,000 376,225 Gene A. and Dr. Richard E. Garrett Endowment for Physics Education 423,633 338,471 - 12,723 (60,558) - - 375,798 338,471 Cancer/Proton Therapy Research 495,171 385,313 - 14,695 (68,655) - - 441,211 385,313 Cardiology Research Fund 189,616 146,313 - 5,460 (35,805) - 2,000 161,271 146,313 Ken and Linda McGurn Dean's Fund 1,073,860 1,000,001 - 35,735 (54,068) - - 1,055,527 1,000,001 Bonni G. Tischler Endowment for Student Leadership and Professional Advancement 178,921 164,288 2,245 5,854 (11,898) - - 175,122 166,533 LCA College Enhancement Fund 1,097,784 1,020,000 - 36,059 (68,744) - - 1,065,099 1,020,000 Wilton R. Miller Family Excellence Scholarship 215,070 203,750 100 7,008 (15,075) - - 207,103 203,850 J. Donald and Jayne B. Butterworth Fund 1,255,844 1,023,500 - 38,459 (158,335) - - 1,135,968 1,023,500 Thomas H. Maren, M.D. Eminent Chair in Pharmacology and Therapeutics 3,929,470 3,000,000 - 109,112 (815,692) - - 3,222,890 3,000,000 Thomas H. Maren, M.D. Junior Investigators Research Fund 2,872,022 2,706,925 - 95,434 (148,584) - - 2,818,872 2,706,925 Robert F. and Patricia J. Lanzillotti Family Fund 684,606 535,229 - 20,794 (81,171) - - 624,229 535,229 Harold Walton and Margaret Harn Goforth Endowment 240,267 228,802 - 8,136 (8,082) - - 240,321 228,802 Philip A. Decker GatorNest Endowment 232,739 210,000 2,500 7,929 (8,960) - 6,000 240,208 212,500
(Continued) 48 University of Florida Foundation, Inc. Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended June 30, 2015
Balance at Corpus at Contributed Investment Corpus Balance at Corpus at Description June 30, 2014 June 30, 2014 Corpus Return Expenses Transfers Other June 30, 2015 June 30, 2015 Carl Loop Legislative Internship Endowment 171,711 163,625 100 5,767 (7,147) - - 170,431 163,725 Robert B. Primack Memorial Foundations of Education Endowment 169,341 150,285 - 5,254 (19,413) - - 155,182 150,285 Allen L. Poucher Legal Education Series Fund 455,170 399,883 - 15,017 (26,619) - - 443,568 399,883 Edward Downey Academic Endowment for Trusts, Estates and Fiduciary Representation 190,410 156,142 - 5,894 (22,200) - - 174,104 156,142 Edmund William Burbach, Sr. and Marianne Schumacher Burbach Scholarship Fund 462,819 400,250 50,000 15,153 (33,026) - - 494,946 450,250 Robert B. Cole Health Law Endowment 306,739 267,318 12,500 10,110 (18,893) - - 310,456 279,818 Jon L. and Beverly Thompson Research Endowment to support the Regeneration Project 2,588,164 2,551,277 - 87,641 (87,115) - - 2,588,690 2,551,277 Environmental Horticulture Turfgrass Scholarship 163,034 150,000 - 5,244 (13,392) - - 154,886 150,000 Boyd Family Endowment 104,173 100,001 - 3,528 (3,497) - - 104,204 100,001 National Foliage Foundation Graduate Assistantship 555,417 525,000 - 18,353 (31,673) - - 542,097 525,000 William R. Hough Endowment 21,926,451 20,442,880 1,250 734,838 (957,015) - 392 21,705,916 20,444,130 Fred C. and Helen Donn Flipse Endowment 248,119 214,564 - 7,955 (21,112) - - 234,962 214,564 Donald R. Dizney Chair in Psychiatry 2,279,579 2,025,001 - 70,076 (279,801) - - 2,069,854 2,025,001 Dr. Paul Tarrant Faculty Fellowship 394,954 350,000 - 12,678 (33,152) - - 374,480 350,000 Barbara and Reed Toomey Endowment in Invertebrate Paleontology 262,519 252,633 (28,700) 4,278 (5,728) - - 232,369 223,933 Barbara and Reed Toomey Endowment in Vertebrate Paleontology 107,508 100,000 - 3,528 (6,833) - - 104,203 100,000 Nathan S. Collier Masters in Real Estate Program Fund 1,151,759 1,000,101 - 38,685 (47,796) - - 1,142,648 1,000,101 Lowe Family Professorship in Pediatric Immunology and Allergies 730,390 494,584 - 17,493 (123,741) - 12,000 636,142 494,584 Gladys Harn Harris Art Acquisition Endowment 249,382 200,000 - 7,056 - - - 256,438 200,000 Marshall M. Criser Distinguished Lecture Series 1,442,491 1,320,000 - 47,230 (94,684) - - 1,395,037 1,320,000 Bushnell Presidential Chair 2,157,725 2,000,000 - 72,478 (89,381) - - 2,140,822 2,000,000 BB&T Professorship in Free Enterprise Fund 731,246 600,000 - 24,306 (37,618) - - 717,934 600,000 Jon L. and Beverly A. Thompson Geology Chair 1,809,128 1,505,010 - 57,400 (171,091) - - 1,695,437 1,505,010 Jon L. and Beverly A. Thompson FLMNH Chair 1,952,660 1,464,886 - 66,064 (67,358) - - 1,951,366 1,464,886 Jon L. and Beverly A. Thompson Endowment 226,072 200,000 - 7,473 (12,816) - - 220,729 200,000 Jean and Jewel Ahrano Excellence Fund 597,483 501,423 - 17,689 (92,683) - - 522,489 501,423 Jean and Jewel Ahrano Scholarship and Fellowship Fund 565,148 501,423 - 18,763 (29,710) - - 554,201 501,423 Jean and Jewel Ahrano Scholarships Fund 535,810 501,423 - 18,287 (13,951) - - 540,146 501,423 Jean and Jewel Ahrano Research Fund 535,933 501,423 - 18,287 (14,076) - - 540,144 501,423 GCREC Scholarship Endowment 191,336 182,574 - 6,427 (7,926) - - 189,837 182,574 Edmond H. Prominski Endowment Fund 1,155,547 1,125,001 - 38,201 (65,396) - - 1,128,352 1,125,001 Craig and Audrae Tisher Professorship/Chair in Nephrology 826,145 588,362 - 25,375 (102,011) - - 749,509 588,362 Silverstein Family Fund in Pediatric Endocrinology 2,086,899 2,000,001 - 70,556 (73,421) - - 2,084,034 2,000,001 William G. Lassiter, Jr. and Aneice R. Lassiter Pediatric Diabetes Research Fund 499,320 400,500 - 14,134 (95,976) - - 417,478 400,500 William G. Lassiter, Jr. and Aneice R. Lassiter Professorship 625,024 600,000 - 21,167 (20,980) - - 625,211 600,000 William G. Lassiter, Jr. and Aneice R. Lassiter Professorship in Building Construction 1,074,807 1,000,001 - 35,278 (68,067) - - 1,042,018 1,000,001 Mrs. Irene B. Kirbo Scholarship Fund 320,936 250,000 - 8,438 (80,141) - - 249,233 250,000 Thomas H. Maren Scholarship for Doctoral Nursing Students 308,608 300,000 - 10,125 (19,655) - - 299,078 300,000 Ernst & Young Endowment 432,919 195,164 1,161 11,712 (98,726) - - 347,066 196,325 Susan M. Cameron Professorship 755,320 620,000 - 24,725 (49,741) - - 730,304 620,000 John I. Williams, Jr. Professorship in Marketing 720,460 600,000 - 23,712 (43,781) - - 700,391 600,000 Edward and Betty Proefke Fellowship 99,703 100,000 - 3,375 (3,386) - - 99,692 100,000 Orlando Garden Club Fellowships in honor of Mary S. Compton and Ann Guthrie 155,606 150,000 - 5,063 (11,129) - - 149,540 150,000 Andrew J. Semesco Fund for Oral, Head, and Neck Cancer Research 229,788 186,503 315 6,590 (41,891) - 100 194,902 186,818 Dean for Extension Excellence Fund 144,007 106,071 - 4,335 (20,301) - - 128,041 106,071 Seymour Goldweber Faculty Fellowship Endowment 330,875 244,838 - 10,113 (42,272) - - 298,716 244,838 Christine Waddill Faculty Fellowship Endowment 74,742 60,724 - 2,472 (4,195) - - 73,019 60,724 Arthur Hornsby Faculty Fellowship Endowment 203,271 161,641 - 6,542 (16,567) - - 193,246 161,641 Master Gardener Faculty Fellowship Endowment 141,910 112,548 700 4,589 (10,983) - - 136,216 113,248 Anne and Oscar Lackner Eminent Scholar Chair 1,529,474 1,152,327 - 49,131 (127,390) - - 1,451,215 1,152,327 Thomas J. Walker Endowment for UF's Natural Area Teaching Laboratory 150,278 150,000 - 5,048 (6,225) - - 149,101 150,000 Folke Peterson Dean's Distinguished Professorship 5,538,255 4,609,432 - 179,351 (420,035) - - 5,297,571 4,609,432 Shewey Excellence Fund 677,021 599,648 - 22,068 (47,269) - - 651,820 599,648
(Continued) 49 University of Florida Foundation, Inc. Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended June 30, 2015
Balance at Corpus at Contributed Investment Corpus Balance at Corpus at Description June 30, 2014 June 30, 2014 Corpus Return Expenses Transfers Other June 30, 2015 June 30, 2015 DuBow Family Graduate Student Education 1,201,049 1,000,001 - 38,146 (112,453) - - 1,126,742 1,000,001 Emeritus Faculty Research Endowment at the Everglades Research & Education Center -Belle Glade 1,312,497 1,048,290 500 41,380 (131,619) - - 1,222,758 1,048,790 Hyatt and Cici Brown Professorship(s) 2,096,686 2,034,465 - 68,666 (137,133) - - 2,028,219 2,034,465 A. H. Burnett Law Scholarship 36,966 31,108 - 1,213 (2,339) - - 35,840 31,108 A. H. Burnett Equine Studies Endowment Fund 121,845 100,000 - 3,571 (19,938) - - 105,478 100,000 A. H. Burnett Merit Scholarship 102,043 100,000 - 3,375 (5,727) - - 99,691 100,000 Graham Family Endowment for Teacher Renewal at P.K. Yonge 171,476 150,200 - 5,657 (10,026) - - 167,107 150,200 John B. Hall Faculty Endowment 2,115,400 1,748,927 - 71,589 (72,424) - - 2,114,565 1,748,927 Alan Siegel, M.D. Resident and Fellows Endowment 138,101 128,863 1,500 4,435 (11,628) - - 132,408 130,363 American Diabetes Association Eminent Scholar Chair 3,332,770 2,605,550 - 112,855 (112,174) - - 3,333,451 2,605,550 P. K. Yonge General Endowment 229,777 213,477 10,370 7,598 (13,695) - - 234,050 223,847 David Lawrence Jr. Endowed Chair in Early Childhood Studies 1,850,437 1,488,655 - 61,675 (90,403) - - 1,821,709 1,488,655 Jeanne Scheibler Scholarship 687,071 664,856 - 22,358 (49,042) - - 660,387 664,856 Thomas S. Johnson Master of Science in Entrepreneurship Program Endowment 2,247,771 2,000,001 - 76,119 (75,845) - 305 2,248,350 2,000,001 Jack Kramer Professorship 783,124 626,463 15,413 24,649 (81,465) - - 741,721 641,876 Lola Maroon Study Abroad Scholarship 119,041 100,018 - 3,924 (7,072) - - 115,893 100,018 Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. Student Professional Development Endowment 131,685 115,000 - 4,247 (10,478) - - 125,454 115,000 Beulah Lambert Alexander Breast Cancer Research Fund 152,128 136,641 - 4,571 (21,673) - - 135,026 136,641 Joye Giglia Endowment for Innovative Agricultural Technology 113,111 100,000 - 3,566 (11,355) - - 105,322 100,000 Edwin Presser Scholarship in Law 727,476 668,100 - 24,138 (38,636) - - 712,978 668,100 Edward M. Copeland III, M.D. Professorship in Surgical Oncology 832,422 711,216 1,040 27,105 (58,935) - - 801,632 712,256 Nicholas Bodor Professorship in Drug Discovery 723,888 616,529 - 23,079 (65,266) - - 681,701 616,529 Endowed Professorship for Construction Services 749,699 571,000 - 23,471 (79,902) - - 693,268 571,000 C. M. Overstreet Family Research Endowment for Spinal Cord Injury 4,294,926 1,999,488 - 145,433 (144,656) - - 4,295,703 1,999,488 Leland and Virginia Sponholtz Family Fund for Cancer Research 306,448 255,764 - 10,294 (12,694) - - 304,048 255,764 Fuqua Family Fund for Oral History 122,890 112,000 - 3,771 (15,263) - - 111,398 112,000 B. J. and Eve Wilder Professorship for Epilepsy 600,583 600,000 - 20,007 (29,646) - - 590,944 600,000 Maurice C. and Frances A. Holmes Endowed Scholarship Fund 760,170 688,083 - 24,287 (67,082) - - 717,375 688,083 Robert B. Carter Professorship 723,066 601,357 - 23,524 (51,756) - - 694,834 601,357 Philip L. Graham Program Fund 1,741,178 1,501,039 42,918 58,032 (85,086) - - 1,757,042 1,543,957 Graham Center Endowment Fund 447,183 416,895 1,001,025 14,913 (46,847) - - 1,416,274 1,417,920 Academy for Excellence Endowment 1,020,762 811,225 60,629 33,958 (84,260) - - 1,031,089 871,854 Lt. Col. R. G. Engstrand AFROTC Scholarship 262,209 226,352 - 8,620 (16,228) - - 254,601 226,352 Bill Alcorn Undergraduate Professional Development Endowment 621,354 525,763 - 21,042 (20,857) - - 621,539 525,763 Marion County Farm Bureau Scholarship/Fellowship Fund 101,777 100,000 - 3,323 (6,936) - - 98,164 100,000 W. Bernard and Elaine P. Lester Student Development 117,767 101,000 1,000 3,686 (12,604) - - 109,849 102,000 Hughes Estate Scholarship Fund 216,832 200,987 - 7,172 (12,155) - - 211,849 200,987 Alan and Carol Squitieri Performing Arts Endowment 989,374 1,000,001 - 33,233 (40,984) - - 981,623 1,000,001 Frederick N. Rhines Professorship 731,469 600,000 - 23,774 (53,034) - - 702,209 600,000 LAVFW, Department of Florida for Cancer Research Endowment in memory of Brenda Ellsmore 208,989 179,787 - 7,020 (8,657) - - 207,352 179,787 Hazel Kitzman Professorship in Genetics 2,868,685 2,135,118 - 93,757 (193,095) - - 2,769,347 2,135,118 George H. Kitzman Professorship in Genetics 2,768,522 2,135,118 - 93,757 (92,931) - - 2,769,348 2,135,118 David A. Cofrin Endowed Chair in Endourology Fund 1,678,065 901,853 - 54,585 (120,340) - - 1,612,310 901,853 M. Franklin Dolwick University Chair 420,796 341,241 12,550 13,052 (48,995) - - 397,403 353,791 Fitzhugh and Essie Carter Scholarship 374,891 320,665 - 11,005 (60,827) - - 325,069 320,665 Albert Brick President's Professorship in English 850,037 797,823 - 27,301 (70,925) - - 806,413 797,823 Monica Christina Stokely Memorial Scholarship Fund 151,764 137,506 8,000 5,113 (6,270) - - 158,607 145,506 Peter C. Barr Integrated Marketing Communications Endowment 633,115 500,655 - 19,440 (78,337) - - 574,218 500,655 Russell V. and Phyllis Hughes Oral History Endowment 108,614 100,000 - 3,368 (12,491) - - 99,491 100,000 Stanley Taylor Endowment Fund 136,294 122,618 - 4,185 (16,853) - - 123,626 122,618 Wayne and Marti Huizenga Eminent Scholars Chair in Urology Research 2,035,123 2,000,001 - 68,268 (86,947) - - 2,016,444 2,000,001 Dr. Frank C. and Juliette D. Bolser Memorial Fellowship 144,084 129,283 - 4,564 (13,854) - - 134,794 129,283 Harriet B. Weeks Bovine Research Fund 1,063,196 978,569 - 33,711 (101,176) - - 995,731 978,569 Harriet B. Weeks Professorship in Bovine Medicine Fund 1,148,723 975,069 - 33,559 (191,042) - - 991,240 975,069 Harriet B. Weeks Forestry Education and Research Fund 2,096,582 1,952,639 - 67,229 (178,053) - - 1,985,758 1,952,639
(Continued) 50 University of Florida Foundation, Inc. Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended June 30, 2015
Balance at Corpus at Contributed Investment Corpus Balance at Corpus at Description June 30, 2014 June 30, 2014 Corpus Return Expenses Transfers Other June 30, 2015 June 30, 2015 Gary Henry Endowment for the Study of Florida Native Wildflowers 385,793 300,000 - 12,025 (42,638) - - 355,180 300,000 Alicia R. Maun, M.D. Scholarship Fund 152,660 125,000 - 5,043 (8,747) - - 148,956 125,000 Grevior Animal Welfare Fund 288,775 287,500 187,500 3,413 20,550 - - 500,238 475,000 William W. and Eloise D. Gay Endowment Fund 103,954 100,000 - 3,413 (6,547) - - 100,820 100,000 Innovation Nexus Building Fund 348,865 300,000 - 10,240 (56,640) - - 302,465 300,000 Bud and Kim Deffebach Engineering Outreach Fund 175,435 150,000 - 5,120 (29,320) - - 151,235 150,000 Bud and Kim Deffebach Step-Up Fund 151,190 150,000 - 5,120 (5,075) - - 151,235 150,000 Frank Karel Chair in Public Interest Communications Fund 2,473,634 2,016,796 20,000 72,781 (514,968) - 117,267 2,168,714 2,036,796 Robin Weeks Chair in Veterinary Medicine 2,339,110 2,000,001 - 68,268 (390,934) - - 2,016,444 2,000,001 Raymond T. Skirvin Graduate Fellowship 171,683 148,568 11,382 5,505 (15,197) - - 173,373 159,950 Deloitte Foundation Professorship 810,392 642,217 47,090 25,324 (86,838) - - 795,968 689,307 Stiles Corporation Fund 113,022 100,000 - 3,413 (15,614) - - 100,821 100,000 Rita M. Cooke Glaucoma Endowment 104,554 100,000 - 3,413 (7,147) - - 100,820 100,000 Al and Mary LaFaye Endowed Fund 124,611 115,085 - 3,928 (12,508) - - 116,031 115,085 Gilbart-Olsen Educational Technology Endowment 131,994 119,117 - 4,139 (13,884) - - 122,249 119,117 Broad and Cassel Florida Law Review Scholarship 156,954 105,360 18,762 5,124 (24,095) - - 156,745 124,122 Nestor and Virginia Morales Scholarship Fund 124,826 75,000 - 4,170 (5,826) - - 123,170 75,000 Peter T. Fay Jurist-In-Residence Program 159,295 136,755 2,700 5,260 (9,248) - - 158,007 139,455 Lake Lytal, Jr. Scholarship Fund 231,642 139,993 - 7,339 (22,199) - - 216,782 139,993 Mark A. Rentenbach Memorial Scholarship Fund 61,342 35,386 - 1,855 (8,401) - - 54,796 35,386 Michael A. Fogarty Memorial Scholarship Fund 91,351 56,206 - 2,947 (7,261) - - 87,037 56,206 James J. Freeland Graduate Tax Fund 152,381 88,500 - 4,999 (9,721) - - 147,659 88,500 Joseph R. Julin Scholarship Fund 154,480 90,408 - 5,101 (8,900) - - 150,681 90,408 Judge Wm. Terrell Hodges Tuition Scholarship 131,496 85,000 300 4,292 (8,910) - - 127,178 85,300 William F. and Elizabeth R. Leonard Tuition Scholarship Fund 130,267 84,024 - 4,293 (7,756) - - 126,804 84,024 Richard E. McGee, Sr. and Patricia M. McGee Scholarship Fund 113,958 77,036 - 3,731 (7,482) - - 110,207 77,036 Cypen & Cypen Scholarship 102,626 75,000 - 3,286 (8,847) - - 97,065 75,000 Theodore R. Crom Endowed Lecture Series & Tau Beta Pi Community Service Project Fund 116,954 100,000 - 3,413 (19,547) - - 100,820 100,000 Theodore R. Crom Endowed Professorship in Structural Design 1,158,374 1,122,115 - 38,302 (65,336) - - 1,131,340 1,122,115 Jennifer Sorrells Research Fund 122,499 100,000 - 3,932 (10,288) - - 116,143 100,000 Ingeborg E. Rabe Endowment for Clinical Research Unit 378,266 375,050 - 12,810 (12,697) - - 378,379 375,050 Marjorie S. Coffey Library Endowment 781,671 561,268 - 24,286 (88,606) - - 717,351 561,268 Frank D. Upchurch, Sr. and Hamilton D. Upchurch Endowment 111,717 100,000 - 3,525 (21,127) - 10,000 104,115 100,000 Optech, Inc. Geosensing Systems Engineering Endowment 108,487 100,000 - 3,432 (10,552) - - 101,367 100,000 Dyslexia Center Intensive Summer Treatment Program Endowment 120,211 110,000 - 3,823 (11,100) - - 112,934 110,000 Arthur K. Woodman Scholarship Endowment 823,303 732,266 - 25,206 (103,999) - - 744,510 732,266 Parker E. Mahan Facial Pain Endowed Professorship 1,231,322 771,427 - 38,497 (132,709) - - 1,137,110 771,427 Florence and Melvin Eickhorst Scholarship/Fellowship in Nursing 378,383 366,000 - 12,586 (19,211) - - 371,758 366,000 Florence and Melvin Eickhorst Scholarship/Fellowship in Mechanical and/or Electrical Engineering 386,883 366,000 - 12,586 (27,711) - - 371,758 366,000 Helios Education Foundation Fund for FloridaTeach 1,063,304 1,000,001 - 34,318 (83,957) - - 1,013,665 1,000,001 Dr. Howard and Brenda Sheridan Fund in Chemistry 197,170 185,000 25,000 6,608 (9,918) - - 218,860 210,000 Angelo Anaclerio, M.D. Endowed Fund in Ophthalmology 99,997 98,679 - 3,386 (3,357) - - 100,026 98,679 Jim and Sharon Theriac Florida Opportunity Scholarship in Law 138,334 111,198 200 4,536 (8,905) - - 134,165 111,398 LLM Tax Law Programs Endowment Fund 524,733 446,558 85,050 18,200 (25,420) - - 602,563 531,608 Norman and Irma Braman Chair in Holocaust Studies 1,114,800 1,010,001 - 34,725 (123,830) - - 1,025,695 1,010,001 John T. Barnes Professorship 604,880 570,617 100 19,584 (46,050) - - 578,514 570,717 Robert F. and Eleonora W. McCabe Eminent Scholar Chair in Psychiatry and Community Mental Health 2,399,307 2,000,001 - 79,595 (127,864) - - 2,351,038 2,000,001 Raymond E. and Karola M. Passage IFAS/4-H Endowment 145,632 118,855 - 4,932 (4,888) - - 145,676 118,855 Elling Eide Professorship in Miccosukee Language and Culture 815,680 675,000 - 25,479 (88,582) - - 752,577 675,000 David A. Cofrin Chair in Urological Oncology 1,860,994 1,500,000 - 61,007 (120,025) - - 1,801,976 1,500,000 Mary Ann Harn Cofrin Chair in Urologic Bioengineering 1,841,405 1,500,002 - 57,503 (200,423) - - 1,698,485 1,500,002 Anesthesiology and Critical Care Endowment 364,495 300,000 - 11,381 (39,707) - - 336,169 300,000 Raymond P. and Jane F. Oglesby Scholarship 120,664 100,000 - 3,794 (12,402) - - 112,056 100,000 James D. Winefordner Fund 228,607 186,594 7,396 7,522 (15,371) - - 228,154 193,990 Dr. Cappy Archibald Longstreth/Alex and Mary Frances Archibald Geriatric Psychiatric Nursing Fund 627,502 506,637 - 19,185 (80,017) - - 566,670 506,637
(Continued) 51 University of Florida Foundation, Inc. Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended June 30, 2015
Balance at Corpus at Contributed Investment Corpus Balance at Corpus at Description June 30, 2014 June 30, 2014 Corpus Return Expenses Transfers Other June 30, 2015 June 30, 2015 Jacquelin Goldman Fellowship in Developmental Psychology 2,779,216 2,095,573 30,584 89,220 (249,918) - - 2,649,102 2,126,157 Margaret Early United World College Scholarship Program Fund 167,861 146,348 - 5,552 (9,420) - - 163,993 146,348 Dr. William M. and Sue Goza Endowment Fund 206,221 173,147 13,743 6,908 (18,902) - - 207,970 186,890 Richard and Thelma O. C. Barney Term Professorship in Health Disparities 560,385 357,648 - 18,534 (31,465) - - 547,454 357,648 Graham Mack Endowment 129,543 101,054 - 3,834 (20,139) - - 113,238 101,054 Linda Parker Hudson Scholarship/Fellowship in the Department of Industrial and Systems Engineering 173,733 138,909 - 5,376 (20,326) - - 158,783 138,909 Merton T. Hartman, Jr. Scholarship/Fellowship 113,164 100,000 - 3,794 (4,902) - - 112,056 100,000 Terrye Coggin Proctor Memorial Scholarship 801,227 382,252 20 25,735 (17,501) - - 809,481 382,272 Benedict A. Silverman Scholarship Fund 140,522 75,000 - 4,620 (8,689) - - 136,453 75,000 James E. Lockwood, Jr. Professorship in Proton Therapy 1,464,196 1,000,001 - 45,329 (170,627) - - 1,338,898 1,000,001 Rhonda D. Holt Endowment for Academic Excellence 172,367 137,000 - 5,436 (17,249) - - 160,554 137,000 Palm Beach County Gator Club® Scholarship Endowment 143,541 100,100 - 4,358 (44,000) - 30,000 133,899 100,100 Jerry W. and Judith S. Davis Cancer Endowment 11,204,888 10,000,002 2,000,000 381,084 (435,629) - - 13,150,343 12,000,002 Florida Opportunity Scholars Endowment 1,012,916 891,787 173,115 34,970 (52,089) - - 1,168,912 1,064,902 William A. Shands Professorship in Medical History and Ethics 789,905 600,000 - 26,126 (44,329) - - 771,702 600,000 Louis D. Arieno Cancer Research Fund 226,495 174,000 - 7,039 - - - 233,534 174,000 Methodist Medical Center Professor of Surgery in Transplantation 841,075 652,445 50 28,471 (28,584) - - 841,012 652,495 Catherine Hawkins Shands Memorial Fund 219,512 150,000 - 6,532 (33,119) - - 192,925 150,000 J. Crayton Pruitt Family Biomedical Engineering Professor I 1,118,217 1,000,000 - 37,869 (37,535) - - 1,118,551 1,000,000 J. Crayton Pruitt Family Biomedical Engineering Professor II 1,118,217 1,000,000 - 37,869 (37,535) - - 1,118,551 1,000,000 James E. Lockwood, Jr. Professorship in Florida and Caribbean Archaeology 1,404,196 1,000,001 - 45,329 (110,627) - - 1,338,898 1,000,001 Chamings Family Nursing Scholarship/Fellowship Fund 147,425 117,000 10,000 4,915 (7,683) - - 154,657 127,000 Nan-Yao and Jill H. Su Endowed Scholarship/Fellowship Fund 351,840 250,000 - 11,332 (28,447) - - 334,725 250,000 Robert G. Stubbs and Henry G. Hamilton Scholarship Fund 414,531 298,678 - 13,000 (43,535) - - 383,996 298,678 Eric Friedheim Endowment 239,306 100,000 - 4,277 (167,252) - 50,000 126,331 100,000 Chris and Bernie Machen Florida Opportunity Scholars Endowment 338,454 279,969 50,906 12,005 (16,785) - - 384,580 330,875 William and Jane Groot-Camp Cloverleaf Endowed Fund 289,101 227,717 - 9,791 (9,704) - - 289,188 227,717 Fluor Corporation Endowment Fund 153,045 100,163 - 4,540 (23,478) - - 134,107 100,163 Nancy V. Perry Endowment for Teaching Excellence 128,136 100,000 - 3,936 (15,822) - - 116,250 100,000 Chase Bank USA Florida Opportunity Scholarship Endowment 2,358,983 2,000,001 - 78,024 (132,396) - - 2,304,611 2,000,001 Robin Weeks Excellence Endowment 2,271,293 1,500,001 - 67,993 (330,940) - - 2,008,346 1,500,001 Robin Weeks Endowed Scholarship Fund 1,239,776 900,000 - 40,796 (75,564) - - 1,205,008 900,000 Bayard Wickliffe Heath Memorial Lecture Series on U.S. Antitrust Policy 143,477 100,000 - 4,533 (14,120) - - 133,890 100,000 Robinson Family Endowment 336,798 252,000 - 11,406 (11,805) - 500 336,899 252,000 Williamson Agricultural Land Environment Service and Research Endowment 143,163 101,749 - 4,463 (15,792) - - 131,834 101,749 Sam Berman Excellence Endowment 312,338 225,000 - 9,870 (30,678) - - 291,530 225,000 George and Jane Yarb Cancer Research Fund 212,366 146,500 - 6,380 (30,301) - - 188,445 146,500 Marshall E. Rinker, Sr. Foundation and David B. and Leighan R. Rinker Chair 526,854 480,000 120,000 17,998 (19,590) - - 645,262 600,000 S. A. Wright Endowment 284,537 215,151 18,963 9,531 (26,080) - - 286,951 234,114 Innovation Propagation and Production Training Endowment 173,443 143,110 - 5,576 (14,329) - - 164,690 143,110 Theodore Mischuck Endowment 447,346 356,560 2,000 14,803 (25,014) - - 439,135 358,560 Gravenstein Scholars Program 385,228 323,325 31,760 12,655 (30,717) - 250 399,176 355,085 FNGLA-Action Chapter MREC Excellence Endowment 136,250 108,024 50 4,298 (13,632) - - 126,966 108,074 Troy and Julianne Davis Financial Markets Education Endowment Fund 156,530 125,000 - 5,092 (11,231) - - 150,391 125,000 Urban and Shelley Meyer Florida Opportunity Scholars Endowment 1,199,866 1,000,001 - 39,686 (67,337) - - 1,172,215 1,000,001 Research Excellence Fund in Computer Science and Engineering 2,640,601 2,300,100 600,000 87,737 (168,567) - - 3,159,771 2,900,100 Benedict Silverman Florida Opportunity Scholarship Endowment 126,472 100,000 - 4,183 (7,098) - - 123,557 100,000 21st Century News Laboratory Endowment 189,074 154,576 16,500 6,179 (17,849) - - 193,904 171,076 Jay Chicone Memorial Fund for Bipolar Research and Recovery 137,606 103,225 100 4,206 (17,657) - - 124,255 103,325 David Jewell Florida Opportunity Scholarship Endowment 203,474 166,727 - 6,730 (11,419) - - 198,785 166,727 J. Roy Duggan Professorship of Accounting 1,112,233 890,021 - 36,253 (77,711) - 197 1,070,972 890,021 Marilyn Southwick Fregly International Business Endowment Fund 953,213 600,010 - 24,440 (373,155) - 117,395 721,893 600,010 Herbert E. Pickle Endowment for Excellence in Civil Engineering Fund 140,017 111,044 - 4,525 (10,884) - - 133,658 111,044 Helene Fuld Health Trust, HSBC Bank USA, N.A., Trustee Scholarship 357,112 300,000 - 11,889 (17,839) - - 351,162 300,000 Brian R. Gamache Professorship 569,869 500,000 100,000 18,911 (35,502) - - 653,278 600,000 Florida Chapter ISA Arboriculture Endowment Fund 249,139 220,000 80,000 8,298 (16,562) - - 320,875 300,000 Helen E. Khouri Memorial Scholarship in Electrical and Computer Engineering 270,323 220,301 - 8,854 (17,647) - - 261,530 220,301
(Continued) 52 University of Florida Foundation, Inc. Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended June 30, 2015
Balance at Corpus at Contributed Investment Corpus Balance at Corpus at Description June 30, 2014 June 30, 2014 Corpus Return Expenses Transfers Other June 30, 2015 June 30, 2015 James Hollis Tillman Scholarship Fund 133,647 100,000 - 4,163 (14,854) - - 122,956 100,000 Harold B. Clark Award 123,496 100,275 - 3,895 (12,353) - - 115,038 100,275 George W. and Lisa O. Etheridge Professorship #2 705,604 600,000 - 23,205 (43,397) - - 685,412 600,000 Dr. Robert L. Egolf Library Endowment 125,408 100,365 60 3,939 (14,007) - 1,000 116,400 100,425 James C. Waggoner, Jr. Grants-In-Aid Endowment 149,037 116,089 - 4,832 (11,132) - - 142,737 116,089 River Branch Fellowship in Public Psychiatry 591,910 500,000 - 19,234 (43,019) - - 568,125 500,000 James B. and Margaret H. Gahan Endowment Professorship in Entomology 870,466 750,744 - 29,724 (22,211) - - 877,979 750,744 David A. Cofrin Fund for Asian Art 1,307,170 1,000,001 - 40,203 (1,750) - 70,000 1,415,623 1,000,001 Paul A. Robell Florida Opportunity Scholarship Endowment 347,861 300,390 - 11,565 (17,827) - - 341,599 300,390 Billy and Christine Donovan Florida Opportunity Scholarship Endowment 119,029 100,000 - 3,937 (6,684) - - 116,282 100,000 Jennie Petkavage Scholarship Fund in the College of Medicine 256,655 210,852 - 8,488 (14,418) - - 250,725 210,852 Kitzman Family Professorship 927,697 689,069 - 28,681 (109,218) - - 847,160 689,069 Steven M. Scott and Rebecca J. Scott Professorship 2,448,618 2,000,001 - 79,330 (184,750) - - 2,343,198 2,000,001 Rinker Fellowship for International Student Exchange 493,485 375,000 75,000 14,046 (121,619) - 25,000 485,912 450,000 Wright/Falls/Simmons Professorship in PSP/Atypical Parkinson's 952,779 694,573 - 28,540 (138,311) - - 843,008 694,573 Endowment for Undergraduate Student Leaders 121,813 100,000 5,000 3,922 (10,145) - - 120,590 105,000 Muriel M. Barr Nursing Scholarship 193,968 167,078 - 6,452 (9,836) - - 190,584 167,078 Community Pharmacy Business and Entrepreneurial Endowment 223,658 181,048 20,000 7,002 (24,887) - - 225,773 201,048 Waldo W. Neikirk Professorship #1 720,157 568,889 - 22,679 (72,955) - - 669,881 568,889 Waldo W. Neikirk Professorship #2 691,927 568,889 - 22,679 (44,725) - - 669,881 568,889 Intel/Charles E. Young Leadership Chair in Nanotechnology 2,603,782 2,000,001 - 84,830 (182,956) - - 2,505,656 2,000,001 Intel/Charles E. Young Leadership Chair in Information Technology 3,137,011 2,000,001 - 84,830 (716,185) - - 2,505,656 2,000,001 Carol M. Brewer and Andrew J. Ogilvie Law Endowment 118,264 100,000 - 3,862 (8,062) - - 114,064 100,000 Professor Harold W. Kemp Endowed Scholarship Fund in Architecture 478,181 430,138 - 16,061 (19,857) - - 474,385 430,138 Lou Oberndorf Professorship in Healthcare Technology 1,423,717 892,270 - 40,406 (271,631) - 1,000 1,193,492 892,270 Jean Imparato Endowed Term Professorship in Oncology 601,453 443,166 - 16,775 (122,747) - - 495,481 443,166 Gail Hendrick Endowment 1,189,480 1,012,684 - 38,849 (80,822) - - 1,147,507 1,012,684 Miller and Toni Couse Physical Therapy Fellowship 123,275 100,000 - 3,862 (13,073) - - 114,064 100,000 John H. and Mary Lou Dasburg Chair in Business Administration 1,694,252 1,500,001 - 55,475 (111,138) - - 1,638,589 1,500,001 William G. Nash Scholarship Fund 193,492 163,097 - 6,094 (19,584) - - 180,002 163,097 Andrew Parker Memorial Scholarship 197,173 174,325 - 6,518 (11,518) - 350 192,523 174,325 Edward M. Copeland III Chair in Breast Cancer made possible by Ann & Ira Horowitz 658,988 523,339 113,887 19,568 (106,681) - - 685,762 637,226 Frederick J. and Dorothy A. Luder Endowed Scholarship Fund 709,209 618,726 - 22,930 (54,850) - - 677,289 618,726 Malcom and Christine Randall Professorship in the Dept. of HSRMP 1,029,980 853,361 - 32,636 (98,638) - - 963,978 853,361 Dr. Mary Elizabeth Hilliard Professorship in Nurse Midwifery 612,722 521,739 105 19,613 (53,032) - - 579,408 521,844 Drs. Martin and Sandra Fackler HSCL Endowment 241,951 212,454 60 7,888 (16,839) - - 233,060 212,514 Nell Bryant Kibler Professorship in Ovarian Cancer Research 701,618 601,350 - 23,565 (29,052) - - 696,131 601,350 William F. Enneking, William E. Anspach and Orthopaedic Alumni Chair 1,694,406 1,511,040 3,600 56,252 (89,506) - - 1,664,752 1,514,640 Russell and Mary Hyatt McCaughan Scholarship 116,390 100,093 - 3,694 (10,967) - - 109,117 100,093 Powell Family Florida Museum of Natural History Excellence Endowment 212,889 182,984 - 6,754 (20,161) - - 199,482 182,984 Dean Robert H. Jerry, II Scholarship in Law 118,087 100,000 - 3,871 (7,626) - - 114,332 100,000 Elizabeth H. Faulk Professorship 459,068 401,667 - 14,825 (36,013) - - 437,880 401,667 Sam A. Banks, Jr. Florida Opportunity Scholarship 2,109,208 1,900,000 - 70,412 (99,839) - - 2,079,781 1,900,000 Morris and William Skor Family Scholarship Fund 214,601 183,000 31,000 7,267 (13,279) - - 239,589 214,000 Samuel R. "Bud" Shorstein Professorship in American Jewish Culture and Society 573,440 492,845 - 18,246 (52,738) - - 538,948 492,845 Lois Kugler Small Animal Research Fund 351,813 294,297 - 11,588 (21,110) - - 342,291 294,297 Grant Thornton LLP Faculty Fellowship 196,368 161,811 14,950 6,209 (18,957) - - 198,570 176,761 Chemistry Leadership Fund 135,428 110,000 - 4,342 (11,515) - - 128,255 110,000 Jack and Tifi Bierley International Legal Visiting Professorship 359,097 310,056 60,000 11,773 (26,339) - - 404,531 370,056 Stephen N. Zack Endowment 836,964 700,000 - 27,627 (48,556) - - 816,035 700,000 Downey Florida Opportunity Scholarship in Law 123,138 100,000 - 3,947 (10,508) - - 116,577 100,000 Silverstein Chair for Cardiology Education 2,423,754 2,000,001 - 78,935 (171,160) - - 2,331,529 2,000,001 Community Hospice of Northeast Florida/Neviaser Family Professorship in Pediatric Palliative Care 810,938 600,100 - 23,684 (129,000) - - 705,622 600,100 Panama Canal Museum Collection Endowment 132,904 110,078 4,359 4,346 (9,505) - - 132,104 114,437 Jeannine Marie Carlos Harvey Endowed Scholarship 193,020 160,000 - 6,315 (12,813) - - 186,522 160,000 Anita Zucker Endowed Professorship in Early Childhood Studies 883,417 800,001 200,000 27,578 (43,620) - - 1,067,375 1,000,001
(Continued) 53 University of Florida Foundation, Inc. Schedule of Receipts, Expenditures and Endowment Balances for Major Gifts Program Year Ended June 30, 2015
Balance at Corpus at Contributed Investment Corpus Balance at Corpus at Description June 30, 2014 June 30, 2014 Corpus Return Expenses Transfers Other June 30, 2015 June 30, 2015 James E. Lockwood Professorship in Pediatric Proton Therapy 1,291,377 1,000,001 - 39,467 (165,080) - - 1,165,764 1,000,001 Evelyn L. Wenzel Memorial Scholarship Fund 333,011 276,501 - 10,913 (21,588) - - 322,336 276,501 Toral Family Foundation Term Professorship in Traumatic Brain Injury 423,176 348,000 - 13,637 (34,022) - - 402,791 348,000 Fournier Family Florida Opportunity Scholarship Endowment 298,317 250,000 - 9,867 (16,742) - - 291,442 250,000 Natural Area Teaching Lab (NATL) Endowment 224,473 200,493 100,000 7,743 (10,348) - - 321,868 300,493 Visual Communication Endowment 198,530 156,021 - 6,392 (16,108) - - 188,814 156,021 Maurice J. Jurkiewicz Professorship in Reconstructive Plastic Surgery 613,415 544,234 5,000 19,638 (51,221) - - 586,832 549,234 Wilder Family Professorship in Epilepsy 1,202,132 1,000,000 - 38,846 (93,577) - - 1,147,401 1,000,000 B.J. and Eve Wilder Excellence in Epilespy Research Fund 4,326,433 3,292,097 - 140,017 (330,711) - - 4,135,739 3,292,097 Cathy Donnellan/ Albert E. and Birdie W. Einstein Fund, Inc./ William Merz Professorship 1,088,583 849,730 60,000 33,937 (126,003) - 5,000 1,061,519 909,730 Robert H. and Kathleen M. Axline Translational Science Professorship in Surgery - - - 36,988 (25,467) 800,552 697,509 1,509,582 800,552 Robert H. and Kathleen M. Axline Basic Science Professorship in Surgery - - - 36,988 (25,467) 800,553 697,508 1,509,582 800,553
$ 1,188,700,636 $ 869,441,746 $ 8,244,951 $ 38,113,673 $ (96,690,054) $ - $ 1,008,385 $ 1,139,377,591 $ 877,686,697
(Continued) 54 University of Florida Foundation, Inc. Schedule of Receipts, Expenditures and Endowment Balances for Eminent Scholar Program Year Ended June 30, 2015
Balance at Corpus at Contributed Investment Corpus Balance at Corpus at Description June 30, 2014 June 30, 2014 Corpus Return Expenses Transfers Other June 30, 2015 June 30, 2015 Robert C. Pittman Eminent Scholar Chair in Electrical Engineering $ 2,197,892 $ 961,726 $ - $ 65,069 $ (340,979) $ - $ - $ 1,921,982 $ 961,726 Katharine Ordway Chair of Ecosystem Conservation 2,595,131 1,054,002 - 85,675 (150,189) - - 2,530,617 1,054,002 Lyle C. Dickman Eminent Scholar Chair in Plant Improvement 2,163,438 1,030,155 - 70,358 (155,597) - - 2,078,199 1,030,155 American Heart Association-Suncoast Chapter, Inc. Chair in Cardiovascular Research 1,399,742 999,229 - 45,946 (88,568) - - 1,357,120 999,229 Ben Hill Griffin, Jr. Eminent Scholar Chair in Agricultural Economics Marketing 2,062,176 1,004,025 - 67,613 (132,681) - - 1,997,108 1,004,025 Carl S. Swisher Eminent Scholar Chair in Water Resources 2,503,284 1,015,026 - 79,012 (248,479) - - 2,333,817 1,015,026 Marcia Whitney Schott Eminent Scholar Chair in Rheumatoid Arthritis 2,641,923 1,035,547 - 79,806 (364,470) - - 2,357,259 1,035,547 Ed Rood Eminent Scholar Chair of Trial Advocacy and Procedure Fund 2,867,088 1,135,110 172,418 92,171 (322,418) - - 2,809,259 1,307,528 jcpenney Eminent Scholar Chair of Retail Management 2,168,376 977,189 - 73,433 (72,786) - - 2,169,023 977,189 Academy One Hundred Eminent Scholar Chair Fund 2,310,048 1,015,717 120 73,615 (209,350) - - 2,174,433 1,015,837 Francis M. Bullard Eminent Scholar Chair in Ophthalmic Sciences #1 2,147,373 1,080,683 - 69,927 (151,837) - - 2,065,463 1,080,683 Maida and Morris Rybaczki Eminent Scholar Chair in Ophthalmic Sciences 2,103,828 1,100,428 - 71,247 (70,619) - - 2,104,456 1,100,428 Huber C. Hurst Eminent Scholar Chair in Law 3,109,137 1,026,314 280,626 97,743 (480,626) - - 3,006,880 1,306,940 Hugh F. Culverhouse Eminent Scholar Chair in Federal Taxation 2,604,823 1,176,076 - 80,266 (314,231) - - 2,370,858 1,176,076 American Heart Association Teaching Chair in Cardiology 2,433,463 1,004,895 - 81,685 (102,401) - - 2,412,747 1,004,895 American Heart Association, Gerold L. Schiebler, M.D., Chair in Pediatric Cardiology 2,553,105 1,182,104 5,000 85,094 (124,732) - - 2,518,467 1,187,104 Boston Family Eminent Scholar Chair in Human Nutrition 2,082,447 1,001,486 - 69,899 (87,706) - - 2,064,640 1,001,486 Frederick E. Fisher Eminent Scholar Chair Fund 2,757,220 1,335,171 - 91,858 (135,847) - - 2,713,231 1,335,171 James W. Walter Eminent Scholar Chair of Entrepreneurship 2,826,483 1,231,543 - 92,586 (184,317) - - 2,734,752 1,231,543 C. V. Griffin, Sr. Eminent Scholar Chair in Agriculture 2,276,769 1,070,388 - 66,790 (370,765) - - 1,972,794 1,070,388 Arthur R. Marshall, Jr. Eminent Scholar Chair in Ecological Studies 2,215,848 998,466 - 73,926 (106,204) - - 2,183,570 998,466 Samuel P. Harn Eminent Scholar Chair Fund 3,129,009 1,648,410 - 98,986 (304,200) - - 2,923,795 1,648,410 Bacardi Family Eminent Scholar Chair in Latin American Studies 2,231,371 996,701 - 71,760 (183,543) - - 2,119,588 996,701 Thomas M. and Irene B. Kirbo Endowed Chair 3,098,233 1,147,643 - 83,770 (707,644) - - 2,474,359 1,147,643 Bank of America Eminent Scholar Chair in Finance 1,927,404 1,069,237 - 65,273 (64,697) - - 1,927,980 1,069,237 McKethan-Matherly Eminent Scholar Chair of Business Administration 2,710,337 1,148,557 - 90,611 (124,541) - - 2,676,407 1,148,557 Richard Milbauer Chair in History 2,185,764 1,063,845 - 73,496 (88,385) - - 2,170,875 1,063,845 Marston-Milbauer Eminent Scholar Chair 2,581,551 1,056,881 - 79,149 (322,855) - - 2,337,845 1,056,881 Lanzillotti-McKethan Eminent Scholar Chair in Business Administration 2,870,566 1,339,045 - 92,621 (227,394) - - 2,735,793 1,339,045 Dr. Perry A. Foote Eminent Scholar Chair Fund 1,938,716 1,029,748 - 63,625 (123,620) - 600 1,879,321 1,029,748 John E. Price Eminent Scholar Chair in Cancer Research 2,789,509 1,078,413 - 76,059 (623,989) - 5,000 2,246,579 1,078,413 Central Florida Kidney Center, Inc. Eminent Scholar Chair in Nephrology and Hypertension 2,194,405 999,715 - 67,656 (263,684) - - 1,998,377 999,715 Marcia Whitney Schott Eminent Scholar Chair in Rheumatoid Arthritis II 8,628,460 3,967,914 - 292,139 (291,584) - - 8,629,015 3,967,914 William H. Dial/SunTrust Eminent Scholar Chair of Banking 1,997,010 1,001,031 - 67,630 (67,034) - - 1,997,606 1,001,031 Manning J. Dauer Eminent Scholar Chair in Political Science 1,884,796 1,008,027 - 63,490 (72,966) - - 1,875,320 1,008,027 Mr. and Mrs. J. R. (Rip) Graves Eminent Scholar Chair in Biotechnology Fund 2,474,500 1,020,004 - 74,634 (344,631) - - 2,204,503 1,020,004 Jerry and Lola Collins Eminent Scholar Chair in Veterinary Medicine 3,179,748 1,518,136 - 101,775 (275,347) - - 3,006,176 1,518,136 Edward R. Koger Chair for Basic Cancer Research 2,192,615 1,027,422 - 74,235 (74,154) - - 2,192,696 1,027,422 Russell Berrie Foundation Eminent Scholar Chair in Marketing 2,329,324 1,020,001 - 78,884 (78,188) - - 2,330,020 1,020,001 John B. Higdon Eminent Scholar Chair in Business Administration 2,131,766 1,045,914 - 71,683 (86,114) - - 2,117,335 1,045,914 Nemours Eminent Scholar Chair in Pediatrics 1,930,813 1,020,000 - 64,856 (79,981) - - 1,915,688 1,020,000 Davies, Fischer and Eckes Eminent Scholar Chair in IFAS 2,582,271 1,020,000 - 78,254 (349,120) - - 2,311,405 1,020,000 Andrew H. Hines, Jr./Progress Energy Eminent Scholar Chair 2,051,788 1,017,932 - 69,485 (68,872) - - 2,052,401 1,017,932 Joe B. Cordell Eminent Scholar Chair in Corporate Development and Strategy 2,406,375 1,147,266 - 81,493 (80,775) - - 2,407,093 1,147,266 Frank A. Duckworth Eminent Scholar Chair in Drug Research and Development 1,953,946 1,064,237 - 64,624 (109,747) - - 1,908,823 1,064,237 AT&T Eminent Scholar Chair in Computer Engineering and Science 3,066,129 1,347,829 - 87,645 (564,957) - - 2,588,817 1,347,829 Joseph L. Brechner Eminent Scholar Chair Endowment #1 1,050,344 458,389 - 31,560 (149,694) - - 932,210 458,389 Brechner Center Support Endowment 1,121,171 538,609 - 37,239 (77,429) - 14,000 1,094,981 538,609
$ 118,657,515 $ 54,236,186 $ 458,164 $ 3,816,351 $ (10,019,947) $ - $ 19,600 $ 112,931,683 $ 54,694,350
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Independent Auditor’s Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards
To the Board of Directors University of Florida Foundation, Inc. Gainesville, Florida
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of the University of Florida Foundation, Inc. (the Foundation), which comprise the statement of financial position as of June 30, 2015, and the related statements of activities and cash flows for the year then ended, and the related notes to the financial statements, and have issued our report thereon dated September 24, 2015.
Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Foundation’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Foundation’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Foundation’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit, we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
Compliance and Other Matters As part of obtaining reasonable assurance about whether the Foundation’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.
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Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Foundation’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Foundation’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
Orlando, Florida September 24, 2015
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Independent Auditor’s Report on Compliance for Each Major State Financial Assistance Project and Report on Internal Control Over Compliance Required by State of Florida Chapter 10.650, Rules of the Auditor General
To the Board of Directors University of Florida Foundation, Inc. Gainesville, Florida
Report on Compliance for Each Major State Financial Assistance Project We have audited the University of Florida Foundation, Inc.’s (the Foundation) compliance with the types of compliance requirements described in the Department of Financial Services’ State Projects Compliance Supplement that could have a direct and material effect on the Foundation’s major state financial assistance project for the year ended June 30, 2015. The Foundation’s major state financial assistance project is identified in the summary of auditor’s results section of the accompanying schedule of findings and questioned costs.
Management’s Responsibility Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its state financial assistance projects.
Auditor’s Responsibility Our responsibility is to express an opinion on compliance for the Foundation’s major state financial assistance project based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the State of Florida Chapter 10.650, Rules of the Auditor General. Those standards and State of Florida Chapter 10.650, Rules of the Auditor General, require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major state financial assistance project occurred. An audit includes examining, on a test basis, evidence about the Foundation’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances.
We believe that our audit provides a reasonable basis for our opinion on compliance for its major state financial assistance project. However, our audit does not provide a legal determination on the Foundation’s compliance.
Opinion on Each Major State Financial Assistance Project In our opinion, the Foundation complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on its major state financial assistance project for the year ended June 30, 2015.
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Report on Internal Control Over Compliance Management of the Foundation is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the Foundation’s internal control over compliance with the types of requirements that could have a direct and material effect on its major state financial assistance project to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for its major state financial assistance project and to test and report on internal control over compliance in accordance with the State of Florida Chapter 10.650, Rules of the Auditor General, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Foundation’s internal control over compliance.
A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a state financial assistance project on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a state financial assistance project will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a state financial assistance project that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the State of Florida Chapter 10.650, Rules of the Auditor General. Accordingly, this report is not suitable for any other purpose.
Orlando, Florida September 24, 2015
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University of Florida Foundation, Inc.
Schedule of Expenditures of State Financial Assistance Year Ended June 30, 2015
CSFA Transfers to State Grantor / Program Title Number Expenditures Subrecipients
Florida Department of Highway Safety and Motor Vehicles: University of Florida License Plate Project 76.034$ 7,429,376 $ 6,629,376
Florida Department of Education and Commissioner of Education: University Major Gifts Program 48.074 106,710,001 (1) Total Expenditures of State Financial Assistance $ 114,139,377
(1) The Foundation transfers a portion of the funds to the University as per the donors' wishes.
See Notes to Schedule of Expenditures of State Financial Assistance.
60 University of Florida Foundation, Inc.
Notes to Schedule of Expenditures of State Financial Assistance Year Ended June 30, 2015
Note 1. Basis of Presentation The accompanying schedule of expenditures of state financial assistance (the Schedule) includes the state financial assistance project activity of the University of Florida Foundation, Inc. (the Foundation) under programs of the State of Florida for the year ended June 30, 2015. The information in this Schedule is presented in accordance with the requirements of the State of Florida Chapter 10.650, Rules of the Auditor General. Because the Schedule presents only a selected portion of the operations of the Foundation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Foundation.
Note 2. Summary of Significant Accounting Policies Expenditures: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles established by the State of Florida Department of Financial Services, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
University of Florida License Plate Project: The expenditures under the state license plate project in the Schedule represent $6,629,376 in scholarship expenditures and $800,000 in fundraising expenditures. Receipts from the program during the year ended June 30, 2015, of $2,569,729 are allocated to be spent for scholarships and for fundraising, consistent with the allocation plan, as amended, submitted to the Florida Board of Education and the Florida Department of Highway Safety and Motor Vehicles.
In prior years, the Foundation has collected more in receipts for scholarships than it has expended. As a result, the Foundation has the ability to expend more in future years related to scholarships. Amounts are not expended until eligible scholarship recipients are identified. At June 30, 2015, the Foundation had $384,425 in collected, but unexpended funds related to scholarships. Receipts for fundraising are used in the year of receipt for the Foundation’s fundraising programs.
University Major Gifts Program: The University Major Gifts Program has been temporarily suspended by the State of Florida, and no funding was received from the state in the form of matching funds during the year ended June 30, 2015. The expenditures under the University Major Gifts Program in the accompanying schedule of expenditures of state financial assistance represent expenditures of earnings on endowments that have received state matching funds or have been submitted for matching. These expenditures include amounts spent from earnings on both the state match portion and the private donor portions of the endowments.
61 University of Florida Foundation, Inc.
Schedule of Findings and Questioned Costs Year Ended June 30, 2015
Section I – Summary of Auditor's Results
Financial Statements
Type of auditor's report issued: Unmodified
Internal control over financial reporting: Material weakness(es) identified? Yes X No Significant deficiency(ies) identified? Yes X None Reported Noncompliance material to financial statements noted? Yes X No
State Financial Assistance
Internal control over major programs: Material weakness(es) identified? Yes X No Significant deficiency(ies) identified? Yes X None Reported
Type of auditor's report issued on compliance for major state financial assistance projects: Unmodified
Any audit findings disclosed that are required to be reported in accordance with the State of Florida Chapter 10.650, Rules of the Auditor General ? Yes X No
Identification of major state financial assistance projects: Name of State Financial CSFA No. Assistance Project 48.074 University Major Gifts Program Dollar threshold used to distinguish between type A and type B state financial assistance projects: $ 3,424,181
Section II – Financial Statement Findings
No matters were reported.
Section III – Findings and Questioned Costs for State Financial Assistance
No matters were reported.
Section IV – Other Reporting
1. No Summary Schedule of Prior Audit Findings is presented because there were no prior audit findings related to state financial assistance projects. 2. No Corrective Action Plan is presented because there were no findings required to be reported under the Florida Single Audit Act. 3. There was no management letter or control deficiency letter issued for the year ended June 30, 2015 and there were no matters required to be reported in these letters.
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