75 2009 Annual Report University of Maine Foundation 2009 Annual Report Contents 1 A Message from the Board Chair and President 2 Contributing Author 4 Photo History * 6 Ways of Giving 7 Endowment Funds Financial Review 8 Statement of Financial Position June 30, 2009 9 Statement of Activities for the Year Ended June 30, 2009 10 New Funds Established in FY 2009 12 FY 2009 Facts at a Glance 13 Endowment Funds 24 2009 Donors 34 UMF Officers, Board of Directors, Members and Staff * See Inside Back Cover for all Photo Captions Seventy-five Years in Pictures Inside are over 75 “snapshots” of the people, places and events that have helped support and shape the University of Maine since 1934. Board ChairF roandm t hPresident/CEOe The date was June 9, 1934—the height of the great depression. University President Harold Boardman called a meeting of charter members of the University of Maine Foundation where they adopted a statement of purpose and a set of bylaws. That evening, with a gift from the class of 1909, the Foundation was established. Seventy-five years later, the University of Maine Foundation manages an endowment of approximately $110 million and has assets of $149 million. Since 1975, it has paid over $75 million to support University of Maine programs, students and faculty—nearly two-thirds of that amount supporting student scholarships. The Foundation was created in 1934 during a period of financial uncertainty. Ironically, in our 75th year since incorporation, the challenges are not dissimilar. But, we are now living in a global economy. We are affected not only by what happens on Wall Street, but also what happens in Beijing or London, or even Reykjavík. Like other colleges and universities, our endowments have suffered, but the Foundation continues to remain confident in 1 its long-term investment policies, which call for diversification to enhance returns and reduce risk. And, despite tough times, our donors have been generous. During the fiscal year ending June 30, 2009, total gifts processed were 1,956 amounting to $7,748,262. This is a considerable decrease compared to our average of $11 million and is a reflection of the weak economy and the decline in the stock market. Forty years ago, tuition for Maine students was $400—today, tuition is over $9,000 for in-state students and predicted to rise even higher. To ensure that deserving students have the opportunity to further their education, the Foundation has set a goal of raising $800 million in endowed funds during the next 75 years. This is a reasonable goal, and if successful, we could fulfill the unmet need of every UMaine student in only one generation. Over the past 75 years, the funds that the University of Maine Foundation has provided to students have touched many lives, providing opportunities that may have gone unfulfilled without a little leg up. One such student, Joanne Lynch, tells her story so eloquently we asked her to represent the thousands of students who have benefited from the generosity of our many wonderful benefactors. In the next two pages, you’ll read Joanne’s story. We hope that you are as inspired by her words as we were. In closing, we offer special thanks to you, our alumni and friends, for your private support of UMaine. The gift of education is one of the greatest legacies one can bestow. Darryl N. Brown Amos E.Orcutt Chair of the Board President/CEO AuthorContributing Education is opportunity. On the occasion of our seventy-fifth anniversary, this story is a reminder of everything a student has to gain when support is available. As a child, I channeled my hopes through the blunt end of a black crayon. I spent hours drawing and dreamed of becoming an artist. In high school, 2 following the footsteps of my two older sisters who had gone on to college, I felt extreme pressure to succeed. I did my best, but I shined only in art class. When I applied to colleges, I was rejected by all of them. Hurt by that failure, I gave up the idea of ever being academically successful. I honestly believed that I was stupid. I abandoned my dream of becoming an art teacher and threw my portfolio in the trash, destroying two years of work. Over the years I worked as a nurse’s aid, telephone operator, service representative, truck driver, and nursery school teacher. I also fell in love, got married, and had a son. When he was diagnosed with Asperger’s Syndrome, I taught myself about the condition and became his advocate. As a parent, I faced many roadblocks regarding his treatment and education. This adversity fostered strength, courage, and resolve within both of us. It was also preparation for a devastating blow: after 23 years of marriage, my husband left. The divorce impacted everyone in our family. The wounds ran deep, but I needed to move on, with serious decisions to make. If I wanted to provide my son with the support he would need beyond high school, I needed to find better employment. My chances looked grim without a college education. I decided to enter the University of Maine through the Onward program. I still did not 3 consider myself “smart”; I just wanted to obtain a degree, in the least challenging major, to secure a better life for my son and me. I thought I could skimp by — just enough to gradu- ate. In the first few months, as I began to receive good grades, I attributed it to luck or a professor’s kindness. Then one day in English class, something wonderful happened. Staring, in shock, at an A+ exam grade, I finally perceived myself as intelligent. It was a joy- ful, powerful moment in my life. From that point on, buoyed by the skills I learned in my Onward orientation class, I excelled. At the end of my first semester at the University of Maine, I achieved a GPA of 4.0. I am now about to graduate with a GPA of 3.86 with two bachelor degrees: women’s studies and psychology. Everyone has dreams, but not everyone can afford them, or gets the chance to live them. Mine would never have been possible without scholarships. I’m thankful for every day I spent in college and what I learned, academically and personally. Those who provided support gave me the opportunity to fulfill my dreams and the inspiration to empower others. Joanne Lynch University of Maine Class of 2009 Joanne graduated from the University of Maine in May. She lives in Old Town, Maine, with her son Cody. She plans to earn her Ph.D. and become a child psychologist. Joanne says, “I want to make a difference, even if it’s only on a small scale. That’s all it takes.” Over 90 scholarships and funds have been established in the UMF through alumni class gifts. The Ira C.Darling trust has played a significant role in providing match funding for $5 million in National Science Foundation grants for buildings, research equipment and other infrastructure needs for the Darling Marine Center in Walpole. 1992 Partnership with Alumni Association to build Buchanan Alumni House was completed in 2002 using no public funds. Over 14,000 alumni and friends contributed to the building and endowment. Since 1975, the Foundation has paid over $75 million to support University of Maine programs, students and faculty. The Charles E.Gilbert Loan fund makes low-interest loans totaling several hundred thousand dollars annually to UMaine graduates who are in medical, dental or veterinary school, to help finance their professional studies. ofWays Giving Your gift to the University of Maine Foundation is the gift of a lifetime and an investment in the future. Since 1934, the University of Maine Foundation’s role in supporting the University of Maine has been perpetuated by many alumni and friends who, through their generosity, share a common interest in strengthening the teaching, research and service mission of Maine’s land-grant university. The University of Maine Foundation specializes in planned gifts that include bequests, trusts and other life income plans. Planned giving is a unique philanthropic tool that allows you to support the University of Maine’s continued excellence while also fulfilling your own financial objectives. Planned gifts often have attractive tax benefits associated 6 with them and can allow you to leave a legacy without diminishing assets during your lifetime. A variety of assets can be used to establish a planned gift. From cash to real estate to tangible personal property, the Foundation staff is ready to assist you and your advisors to find the best fit for your personal circumstances. Perhaps the most common form of a planned gift is through a bequest. If you wish to leave the University of Maine Foundation a bequest in your will or trust for a scholarship or some other purpose, you can amend your will or trust to reflect your wishes. The following represents sample language for doing so. “I give and bequeath to the University of Maine Foundation for the University of Maine (possible choices below) • the sum of $______________________________ ;or • ______________________________ percent of my estate; or • the property described herein to establish (or benefit if already existing) the ______________________________ Fund. The principal of said Fund is to be endowed and only the income earned on the principal shall be used to provide financial assistance.” For those individuals that have additional charitable interests outside the University of Maine, the Foundation will help you establish a donor-advised fund.