Letter from the President Friends, Donors and Alumni, It Is Hard to Believe Another Year Has Passed
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Letter from the President Friends, donors and alumni, It is hard to believe another year has passed. Time seems to be moving at a breakneck pace, surely the result of all the activity happening on our University of Toledo campuses. The past year has been a time of great accomplishment, inside and outside the classroom. We have increased our enrollment for the third consecutive year, with a nearly six percent increase in our student body this fall. We have introduced The University of Toledo Learning Collaborative, a new learning model designed to meet the individualized needs of our students. We have seen extensive renovations to Savage Arena, which recently welcomed its first visitors. And with your generous support, we have seen our capital campaign goal come to fruition, with more than $106 million in pledges and donations. Another accomplishment of the past year was the renovation and rebirth of the Memorial Field House. While this project will go a long way to meeting our need for state-of-the-art classrooms and academic workspace, it has become more than just another capital investment. The Memorial Field House is symbolic of the renewed sense of excitement and enthusiasm one feels when walking across our scenic campuses. In many ways, it links our history with our future. By retaining its original exterior, we were able to preserve the legacy of the facility. Yet, inside its frame, we have created something entirely new that will serve our campus community well as we create a new future for The University of Toledo. In 2006, we did much the same, by taking the existing framework of two institutions of higher education and forging something entirely new for our students, our community, our state, our friends, our donors and our alumni. Today, life at The University of Toledo feels a lot like the vibrant interior of 2008 Annual Report 2008 Annual the Memorial Field House, built upon a history and legacy that serves as the foundation for our future. Sincerely, Lloyd A. Jacobs, M.D. President The University of Toledo 2 Lloyd A. Jacobs, M.D. Letter from UTF President and Board Chair Dear Friends of The University of Toledo, Change is seldom a singular event. It has a ripple effect, putting into motion other waves of transformation. When The University of Toledo Foundation and the former Medical University of Ohio Foundation merged on July 1, 2007, it presented an opportunity to also realign goals, reassess policies and procedures, and restructure the organization. By combining the expertise and the skill sets of its two former boards and its employees, the new UT Foundation realized many accomplishments in its first full year, including: - Adoption of a new strategic plan Michael J. Todak - Savings of approximately $416,500 in the operating budget - Lowering of the administrative fee assessed to endowed funds, from a rate of 1.6 percent (MUO Foundation) and 1.35 percent (UT Foundation) to 1.25 percent - Selection of a new investment consultant, and progress made in alternative investment areas - Selection of a new independent auditor Amidst all these changes and improvements, the Foundation stayed focused on its ongoing and primary duties as the official gift-receiving organization for the University. Throughout fiscal year 2008, the tremendously successful final year of UT’s capital campaign, the Foundation: - Worked with donors to establish nearly 90 new funds - Receipted and acknowledged gifts and pledges from 13,000 donors, totaling a record $22.2 million - Provided $12.9 million in support of UT students, programs and services Brenda S. Lee During these difficult economic times, fiscal stewardship is as important as ever. Please be assured that our prudent investment strategy is designed to meet the Report 2008 Annual present and future needs of the University. While we, too, are concerned with the short-term results of the portfolio, our focus remains the long-term growth of our asset pool. The Foundation’s investment performance has always placed high among our peer institutions. As the new UT Foundation looks to the future, more change is inevitable—and acknowledged as a necessary and welcomed step toward our continued success. We welcome the collaboration of our supporters and friends, whose support remains the key ingredient in that success. Sincerely, Michael J. Todak Brenda S. Lee Chair, UT Foundation Board of Trustees President, UT Foundation Lloyd A. Jacobs, M.D. 3 106 Million Thanks a———— Million The Time Is Now Campaign Exceeds Goal When The University of Toledo entered a capital campaign in 1993, its goal of raising $40 million seemed a formidable task. Some years later, when UT embarked on its newest major fund-raising campaign, many thought even $60 million may Leadership gifts included: be an ambitious goal. – $15 million, the largest gift in UT’s history, from Marvin and Judy Herb and their sons At the campaign’s conclusion, which was marked Jon and Tom, for the Judith Herb College with a victory celebration on Sept. 26 at the of Education newly renovated Memorial Field House, the – The largest gift ever to UT’s Intercollegiate commitment and support of the University’s Athletics, from Chuck and Jackie Sullivan, alumni and friends was made clear: The Time to support renovations to Savage Hall and Is Now Campaign exceeded its $100 million goal, scholarships raising a total of $106.2 million. – A major gift from George Isaac, to create the The successful campaign is the largest in the Isaac Minimally Invasive Surgery Center University’s history, according to Vern Snyder, – A transformational gift from Alfred and Adela UT vice president for Institutional Advancement. Mundt for the cardiology department “This outstanding accomplishment is the result of – An endowment from Joan and Dr. Julius tireless efforts by UT faculty, staff and volunteers, Jacobson II for collaborative research between combined with the great generosity of thousands UT’s campuses of donors who believe in the University’s mission,” – The creation of an endowed chair in finance said Mr. Snyder. and the Neff Trading Floor, from John and Lilli Neff 2008 Annual Report 2008 Annual – A bequest from Dr. Edward Shapiro, to establish scholarship programs and the Shapiro Lecture Series opportunities across all of UT campuses 4 – A leadership gift to the College of Business, by Savage & Associates, for the Savage & Associates Complex for Business Learning and Engagement The campaign’s – An unrestricted gift from Samuel Carson real success will In addition, Mr. Snyder said, 24 gifts of $1 million or more contributed nearly $50 million toward be made evident the campaign. And though major gifts obviously helped UT reach its goal, he noted that each and every gift was appreciated and important in for generations. this campaign. “The success of this campaign illustrates perfectly Mr. Snyder said contributions were targeted for a the momentum of The University of Toledo,” said wide array of needs and opportunities across all of President Lloyd Jacobs. “Thanks to the generosity UT’s campuses, including scholarships, endowed of our alumni, donors and friends, the University chairs, professorships and facilities. Gifts were is well positioned in its role as a transformative made in the form of cash, trusts and bequests. force for the world.” “Our donors gave a great deal of consideration to the amount of their contributions, and were Though the campaign goal has been attained, equally thoughtful in choosing the purpose and there is more to do, as the needs of the University giving vehicle that best suited their circumstances continue to grow, Mr. Snyder emphasized. and goals.” The campaign’s real success will be made evident for generations. “The programs, services and facilities supported by this campaign will have a lasting impact on The University of Toledo community,” he said. “The Time Is Now may have been our campaign motto, but The Times Look Brighter could be a fitting motto for our future.” Former UT President Dan Johnson and Tom Switzer, dean of the Judith Herb College of Education, look on as the Herb family pledges its support of $15 million. Pictured, from left, are Jon, Tom, Judy and Marvin Herb. Report 2008 Annual 5 2008 Annual Report 2008 Annual 6 Dr. Julius Jacobson Hopes Serendipity and Skill Combine for Success In many of the world’s greatest scientific accomplishments, notes Dr. Julius Jacobson (A/S ’47), a surprising Mt. Sinai Medical Center in New York City. “I’m element has played a a vascular surgeon; that’s what I know. But when it critical role: serendipity. comes to basic biochemistry and physics, I know very little.” Dr. Jacobson, considered to be the pioneer of Through the combined skills and knowledge microsurgery, said that accidental discoveries of basic and clinical scientists, Dr. Jacobson continue to result in major breakthroughs in med- believes the field of medicine will see phenomenal icine and technology. Not to downplay the role developments. “We’re going to solve common of education and skill, Dr. Jacobson quotes Louis issues like cancer and diabetes. These will Pasteur, the famed organic chemist, as saying, no longer be a problem in the next generation,” “Chance favors only the mind that is prepared.” he said. But in Dr. Jacobson’s own mind, and in the shared “The problem of the future generation is Report 2008 Annual thinking of the National Institutes of Health, that the world will have standing room only,” some of the greatest scientific discoveries of the he noted wryly. future may be the result of a meeting of minds: through translational, or collaborative, research. In support of his conviction in translational research, Dr. Jacobson and his wife Joan have “Translational research brings together basic contributed $2 million to create the Joan scientists and clinical scientists,” explained Dr.