University of Maine Foundation Annual Report
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The University of Maine DigitalCommons@UMaine General University of Maine Publications University of Maine Publications 2016 University of Maine Foundation Annual Report University of Maine Foundation Follow this and additional works at: https://digitalcommons.library.umaine.edu/univ_publications Part of the Higher Education Commons, and the History Commons Repository Citation University of Maine Foundation, "University of Maine Foundation Annual Report" (2016). General University of Maine Publications. 411. https://digitalcommons.library.umaine.edu/univ_publications/411 This Report is brought to you for free and open access by DigitalCommons@UMaine. It has been accepted for inclusion in General University of Maine Publications by an authorized administrator of DigitalCommons@UMaine. For more information, please contact [email protected]. UNIVERSITY OF MAINE FOUNDATION • 2016 ANNUAL REPORT PRIVATE SUPPORT FOR UMAINE possibilities UNIVERSITY OF MAINE FOUNDATION • 2016 ANNUAL REPORT Possibilities 1 Message from the Foundation Board Chair & Foundation President 3 Message from the University of Maine President 5 Foundation Spending Policy/Facts at a Glance 6 Statement of Financial Position June 30, 2016 8 contents Statement of Activities for the Year Ended June 30, 2016 9 Annual Fund Report 10 Ways of Giving 12 New Funds Established in FY16 14 Endowment Funds 24 Giving Societies 48 FY16 Giving Society Members 50 UMF Officers and Board of Directors 64 possibilities Possibilities are about setting the environment for maximizing potential. When we talk about the private support that benefi ts the University of Maine, we are really talking about the people at the University of Maine. The scholarship that enables the fi nancially burdened student to remain in school; the money necessary to send the band to a tournament game; the laboratory which sparks new ideas and collaborations; the simple $100 needed by a student to cover an unexpected emergency; the fellowship which allows a student to study in another country; the professorship which allows UMaine to reward a world-class faculty member are all the bridges that lead to the world of possibilities for students, faculty and staff at the University of Maine. This year’s annual report illustrates some of the many POSSIBILITIES created through private support. 1 University of Maine Foundation Jeffery N. Mills ’82, Ph.D. President and CEO Buchanan Alumni House Two Alumni Place Orono, ME 04469-5792 207.581.5100 | 800.982.8503 [email protected] umainefoundation.org OUR FUNDRAISING PARTNERS University of Maine Alumni Association John N. Diamond ’77, ’89G President and Executive Director Buchanan Alumni House One Alumni Place Orono, ME 04469-5792 207.581.1131 | 800.934.2586 [email protected] umainealumni.com Maine 4-H Foundation Susan Jennings ’82 Executive Director 5717 Corbett Hall, Room 310 Orono, ME 04469-5717 207.581.3739 | 800.287.0274 (in Maine) [email protected] umaine.edu/4hfoundation University of Maine Pulp & Paper Foundation Carrie Hurd Enos ’99 President 5737 Jenness Hall Orono, ME 04469-5737 207.581.2298 [email protected] mainepulpaper.org 2 Thanks to you, 2015-16 philanthropic support of A messag e from the University of Maine exceeded expectations the Board Chair & at $19,849,613 in gifts received. The Foundation Foundation PresidentPresi holds 1,578 endowment funds and assets totaling $208,441,203. The total endowment, including endowment funds held at the Foundation, the University of Maine System, the University of Maine Pulp & Paper Foundation and Maine 4-H Foundation We cannot say is $274,888,435. it enough— The Foundation managed UMaine’s Annual Fund in your gifts FY16 and we are happy to report that it is up by 21%. make a difference This has been a challenging time for foundation for the endowments across the country, and our investment University of Maine. returns are not where we would like them to be. Due to market conditions, investment returns could be muted for some time to come, but we are taking the steps necessary to ensure that we can continue to most effectively support the University over the long term. The contents of this report have changed. All philanthropic support of the University of Maine is now included. This change refl ects a growth in our scope of work. The University of Maine has so much faith in services provided by the Foundation that we have been entrusted with the responsibility Kurt R. Marston ’74, ’79G of merging the fundraising services of the University’s Chair of the Board development offi ce into the Foundation as of July 1, 2016. This means that we have increased our capacity to serve you in a more streamlined and cost-effective way while still maintaining our independent 501(c)(3) status. We are honored to accept this additional responsibility and look forward to the new opportunities it represents in our ongoing cooperative relationship with the College of Our Hearts, Always. On behalf of those of us who serve you from the Foundation staff and the people at UMaine whose Jeffery N. Mills ’82, Ph.D. experiences are enhanced by your continued President/CEO generosity, we are truly grateful for your support. 3 4 A message f rom the President of the University of Maine Through the years, private support has changed the face of the University of Maine. As the fl agship campus of the University of Maine System, the expectations of what we do and how we do it are high—and we deliver, thanks to the generosity of our dedicated alumni and friends like you. As a member of the UMaine community for over 30 years, I have witnessed many signifi cant Susan J. Hunter, Ph.D. ’50H transformations as a result of private giving. President As we meet new students and their families at our Maine Hello welcome each fall, we know that what has been delivered to them in scholarship support, and what they will encounter in our labs, classrooms, and arts and athletics venues is enhanced by private support. Because of you, we offer them endless possibilities. Thank you for all that Since 1934, the University of Maine Foundation you do for the has been a tremendous partner in our ongoing University of Maine. philanthropic outreach. We are happy to move them to the lead role in this effort and look forward to expanding our relationships with you, our generous donors. 5 The Foundation’s objective in managing is prohibited by the gift instrument. To provide for endowments is to provide stable and sustainable the accumulation of earnings, only endowments support to the University in perpetuity by held at least one year are eligible for spending. In seeking to achieve long-term investment for the addition to the general endowment spending rate, benefi t of current and future University students an administrative fee of 1.25%, which is reviewed and programs. In pursuit of this objective, the annually by the Board of Directors, is charged Foundation manages its General Endowment to the General Endowment Fund to support the Fund on a total return basis, which focuses on the operations of the Foundation. overall return of the investment portfolio, including dividends, interest, and realized and unrealized The accompanying endowment funds list in this capital gains and losses. Under a total-return year’s annual report also includes endowments method, an endowment spending rate of the at the University of Maine System, University of invested assets is established. Maine Pulp & Paper Foundation, and the Maine 4-H Foundation, which support the University of The net return of the General Endowment for the Maine. These endowments are managed under year ended June 30, 2016 was a disappointing the investment objectives and policies of the -3.7%. We were hurt particularly in the fi rst half of respective organizations. the fi scal year by exposure to natural resources (energy) and international equity holdings which reported negative returns the last half of 2015. Foundation These trends have begun to reverse in 2016, Facts at a Glance particularly with natural resources and emerging Fiscal Year 2016 • July 1, 2015 to June 30, 2016 markets equities rebounding, as evidenced by our General Endowment Fund posting a net Total assets ................................ $208,441,203 return of 5.4% for the calendar year 2016 through Total endowment amount ...........$179,886,988 August 31. The investment committee, working Total number of with our consultants at Cambridge Associates, endowment funds ................................... 1,578 has conducted an extensive review of our portfolio Total support paid to UMaine in FY16 ..............................$8,203,516 allocation in an effort to assure long-term growth New outright and of our endowed assets. planned gifts in FY16 .....................$10,816,338 Total number of gifts FY16 .......................8,529 The Foundation’s general endowment spending Total number of new funds rate, as established by its Board of Directors, is in FY16 .........................................................60 4.5% of a twenty-quarter (fi ve-year) average of Total number of donors FY16 .................. 5,842 the market value of the endowment investment Total number of donors pool as of December 31 of each year. The Board in Maine................................................... 3,097 may apply a lesser prudent spending amount for Total number of donors funds with insuffi cient earnings to support the outside Maine ..........................................2,745 general spending rate—unless such expenditure 6 UMaine Honors: Engaging Alumni and Enhancing the Student Experience “It is exciting to be in a position to give back to my alma mater, and to consider all the possibilities Photo: BDN Photo: that await today’s The University of Maine has one of the oldest and of the Honors community most respected Honors programs in the country. as well as other interested students. They will The Honors College is associated with legendary students and faculty.