2017 Annual Report
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2017 ANNUAL REPORT Announcing the public phase UMaine’s Comprehensive Campaign 2017 University of Maine Foundation ANNUAL REPORT Contents Vision for Tomorrow . .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, 2017 . .8 Statement of Activities for the Year Ended June 30, 2016 . .9 Annual Fund Report . .10 Ways of Giving . .12 New Funds Established in FY17 . .15 Vision for Tomorrow Campaign Update . .22 Endowment Funds . .26 Giving Societies . .50 Giving Society Members FY17 . .53 UMF Officers and Board of Directors . .68 UMaine’s Comprehensive Campaign Vision for Tomorrow oung children have little sense of the future; their minds are absorbed in the Y present. As we mature, we become more conscious of what tomorrow might bring, and of how we might shape the future. Philanthropic giving, especially when coupled with volunteerism, affords us the opportunity to make a difference in the future of organizations we care most about. How are donors, who care about the future, impacting our university? Every gift from every donor has short- and long-term benefits. Even the most modest annual gifts help us take advantage of special opportunities. Scholarships make a UMaine education affordable. Graduate fellowships help UMaine to attract and educate the next generation of scholars. Endowed chairs and professorships reward talented and dedicated faculty members who devote their careers to our students and research and outreach that bring acclaim to our university. Named funds create meaningful opportunities for students to learn in and well beyond the classroom — in laboratories, museum galleries, performing arts spaces, and athletic facilities, among other places. To a child, the world is full of endless possibilities. Infinite choices also await the thoughtful and creative donors who wish to make a difference in the future of our university and its fundraising partners. Vision for Tomorrow 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 The 15th anniversary of the Robert D. Buchanan Alumni House has been celebrated throughout 2017. Dr. Buchanan visited in May to celebrate his 95th birthday with family and friends. 2 University of Maine Foundation A MESSAGE FROM the Board Chair and Foundation President e are pleased to announce the public phase of the Vision for W Tomorrow comprehensive campaign for the University of Maine. Our donors’ gifts build on the goodwill and thoughtfulness of previous generations. The University of Maine Foundation now holds 1,662 endowment funds and assets totaling $232,941,554, thanks to an investment return of 12.9 percent this past fiscal year. Altogether, the endowments held at the University of Maine Foundation, University of Maine System, University of Maine Pulp & Paper Foundation, and the Maine 4-4 Foundation total a record breaking $304,258,055. Kurt R. Marston ’74, ’79G Chair of the Board Endowments are only one way in which donors contribute to a bright future. Our donors’ gifts to the Annual Fund make it possible for us to take advantage of special opportunities, enhance important budgets and meet unexpected challenges. In addition, gifts for capital needs allow us to create and maintain facilities that are second-to-none in Orono and around the state. Generous expendable gifts, sometimes pledged over a period of years, have an immediate impact on our mission. The University of Maine Foundation is proud to be leading the $200M Vision for Tomorrow comprehensive campaign for the entire UMaine community. We remain grateful and humbled by the support of thoughtful donors who share a vision for a tomorrow which is full of promise. Jeffery N. Mills ’82, Ph.D. President/CEO Vision for Tomorrow 3 4 University of Maine Foundation A MESSAGE FROM the President of the University of Maine any of our alumni and friends have heard me say that as President of the University of Maine, I have the best job in the world. This is M because the University of Maine has a leadership role in shaping the future of tens of thousands of students, including our largest-ever class of undergraduates who arrived this fall. We also have a responsibility to ensure that UMaine remains a place of excellence and a source of pride, with a sense of community that is second to none. Since 1934, the University of Maine Foundation has worked with university presidents, alumni and friends, to raise the financial resources that make bright futures possible for our graduates. The role of the University of Maine Foundation and our other fundraising partners is of special importance to us. We are very thankful for over $121 million in campaign contributions to date Susan J. Hunter ’50H, Ph.D. President that have supported so many priorities on campus and led us to this public phase of our fundraising efforts. We are confident that generous alumni and friends will continue to invest in the future of UMaine as we prepare for the arrival of Lydia (pictured on the cover), along with the other members of the UMaine Class of 2037. Vision for Tomorrow 5 SPENDING POLICY n managing the General Endowment, the University of Maine Foundation keeps two primary goals in mind: providing a significant and stable flow of funds to support the I purpose of the endowed fund, and maintaining the long-term purchasing power of our donors’ endowed funds. The Foundation’s spending policy is designed to be in accordance with the Uniform Prudent Management of Institutional Funds Act (UPMIFA). UPMIFA requires us to ensure the duration and preservation of the endowment fund by appropriating a prudent amount for expenditure from endowment funds within the restrictions of any gift agreements. The net return of the General Endowment for the year ended June 30, 2017 was 12.9%. The Foundation Board set a reduced spending rate at its February 23, 2017 meeting in light of concerns regarding the uncertainty of the investment markets. Because long-term growth of Foundation endowments is essential to providing stable and meaningful distributions over time, the target spending amount will be 3.25% of the market value of an endowment. Annual spending is calculated by applying the percentage to the trailing twelve quarter average market unit value of the General Endowment as of September 30 of each year. The Board may apply a lesser prudent spending amount for funds with insufficient earnings to support the general spending rate — unless such expenditure is prohibited by the gift instrument. To provide for the accumulation of earnings, only endowments held at least one year are eligible for spending. In addition to the general endowment spending rate, an administrative fee of 1.25%, which is reviewed annually by the Board of Directors, is charged to the General Endowment Fund to support the operations of the Foundation. The accompanying endowment funds list in this year’s annual report also includes endowments at the University of Maine System, the University of Maine Pulp & Paper Foundation, and the Maine 4-H Foundation, which support the University of Maine. These endowments are managed under the investment objectives and policies of the respective organizations. FOUNDATION FACTS AT A GLANCE Fiscal Year 2017. July1, 2016–June 30, 2017 Total number of gifts FY17 . 11,136 Total assets. $232,941,554 Total number of new funds in FY17 . 66 Total endowment amount . $203,012,301 Total number of donors FY17 . 7,092 Total number of endowment funds. 1,662 Total number of donors in Maine . 3,759 Total support paid to UMaine in FY17 . $8,768,775 Total number of donors outside Maine . 3,333 New outright and planned gifts in FY17 . $10,362,089 6 University of Maine Foundation ALUMNI MENTOR KEY TO AGILENT TECHNOLOGIES RESEARCH GRANT eather Hamlin, Ph.D., associate professor of marine biology The gift was made through Agilent’s university relations and aquaculture in UMaine’s School of Marine Sciences, is program to establish a mutually beneficial research collaboration. H a reproductive endocrinologist. Her research explores how As part of the collaboration, Hamlin will work closely with Andy environmental factors influence the reproduction and Neilson ’79, ‘81 who will serve as a mentor. Neilson, an R&D development of aquatic animals. Hamlin grew up in Hampden, Scientist for Agilent, holds an undergraduate degree in mechanical Maine, not far from the Orono campus. Those familiar with Maine history will recognize her last name; Hannibal Hamlin was indeed engineering technology and serves on the Advisory Board for the her great-great-grandfather. UMaine College of Engineering. It was Neilson who brought the Her proposal “Metabolic Profiling of Zebrafish Embryos for competitive grants program to Hamlin’s attention. Hamlin did not Assessing Environmental Toxins” resulted in a $170,000 gift from know of Neilson’s UMaine connections at the time. Agilent Technologies, Inc. The gift will help Hamlin and others to “This gift from Agilent is significant, and will impact use a specialized piece of equipment to rapidly screen whether undergraduate and graduate students, as well as faculty here at and how toxins, such as pharmaceutical drugs and pesticides, UMaine,” says Hamlin.