ANNUAL REPORT FISCAL YEAR 2008 BOARD OF TRUSTEES Fiscal Year 2008 (July 1, 2007 to June 30, 2008) Richard Lee Tucker, Sr. Frank Ros Glenn S. White Chancellor Erroll B. Davis, Jr. (USGF Chairman) (USGF Vice Chairman) (USGF Secretary & Treasurer) (Ex-Officio) Arlington Capital, LLC The Coca-Cola Company United Community Banks University System of Georgia 1505 Lakes Pkwy., # 150 Assistant V.P., Latin Affairs CEO 270 Washington St., SW Lawrenceville, GA 30043 P.O. Box 1734 2230 Riverside Parkway Room 7028 Atlanta, GA 30301 Lawrenceville, GA 20043 Atlanta, GA 30334 Term Ends: June 2010 Term Ends: June 2010 Term Ends: June 2009 Board Members James A. Bishop Gita Hendessi J. Timothy Shelnut The Bishop Law Firm Hendessi & Associates LLC Four Seasons Securities 777 Gloucester St., Ste. 401 President 209 Hudson Trace Brunswick, GA 31520 1212 Collier Rd. Augusta, GA 30907 Term Ends: Dec. 2011 Atlanta, GA 30318 Term Ends: June 2010 Term Ends: June 2009 Kenneth W. Cannestra Glenn White First Bank of Gwinnett 8235 Landing South Felton Jenkins CEO Atlanta, Georgia 30350 800 Crawford Street 2230 Riverside Pkwy. Term Ends: June 2011 Madison, GA 30650 Lawrenceville, GA 30043 Term Ends: June 2011 Term Ends: June 2009 Dwight Evans Southern Company Donald M. Leebern, Jr. James D. Yancey Exec. VP & Pres. Ext. Affairs Georgia Crown Distributing Co. Synovus Financial Corporation 30 Ivan Allen Jr. Blvd. NW. Chairman Retired Chairman Bin SC1501 100 Georgia Crown Drive 901 Front Ave. Atlanta, GA 30308 McDonough, GA 30253 Suite 301 Term Ends: June 2009 Term Ends: June 2010 Columbus, Georgia 31901 Term Ends: June 2009 Part-time Staff Jan Kettlewell Candace Sommer Executive Director Asst. Secretary USG Foundation, Inc. USG Foundation, Inc. P.O. Box 38001 P.O. Box 38001 Atlanta, GA 30334 Atlanta, GA 30334 Phone: 404-656-2261 Phone: 404-463-1756 Fax: 404-463-2032 Fax: 404-463-2032 Sara Connor Vikki Williamson, CPA Asst. Executive Director Asst. Treasurer USG Foundation, Inc. USG Foundation, Inc. P.O. Box 38001 P.O. Box 38001 Atlanta, GA 30334 Atlanta, GA 30334 Phone: 404-463-1745 Phone: 404-656-2276 Fax: 404-463-2032 Fax: 404-463-2032 Page 1 THE UNIVERSITY SYSTEM OF GEORGIA FOUNDATION, INC. The University System of Georgia Foundation, Inc. is a cooperative orga- USG Institutions nization of the Board of Regents. Its mission is to advance the University System of Georgia, as a whole, consistent with the priorities determined by the Foundation’s Board of Trustees. The Foundation has three goals: Research Universities Georgia Institute of Technology 1. Cultivate private support for scholarships for students to attend Univer- Georgia State University sity System of Georgia institutions. Medical College of Georgia University of Georgia 2. Serve as the administrative home for private grants awarded to Univer- sity System Office staff in “R&D centers” that feature the strategic priori- ties of the Board of Regents and that involve multiple University System Regional Universities institutions. Georgia Southern University Valdosta State University 3. Provide support to the Office of the Chancellor of the University System of Georgia. State Universities Albany State University The University System of Georgia Foundation, Inc. currently provides four services: Armstrong Atlantic State University Augusta State University 1. Scholarships: The President’s Choice Scholarships in an amount up to Clayton State University $10,000, awarded annually to each University System institution that Columbus State University participates in the Regents’ Awards for Excellence in Education; and Fort Valley State University the Regents’ Foundation Scholarships which provide full tuition and fees Georgia College & State University to students with financial hardships. Georgia Southwestern State University 2. Regents’ Hall of Fame and Lifetime Achievement Awards. Kennesaw State University North Georgia College & State University 3. Funds for non-state reimbursable expenditures necessary for: Savannah State University Southern Polytechnic State University a. The Chancellor to execute his duties for the Board of Regents. University of West Georgia b. The Board of Regents in the execution of their duties. c. University System Office staff functions. State Colleges K E Y OF THE S UN T IV N E E R G S Abraham Baldwin Agricultural College E The 4. Administrative support for program- I Research Universities (4) T R Y F S O Regional Universities Y University (2) S D T R E matic grants received by University A State Universities (13) M O System College of Coastal Georgia B O State Colleges (8) F IA of Georgia G EORG System Office staff in the “R&D cen- Two-Year Colleges (8) Dalton State College University Centers (8) ters” and deposited in the Founda- Research Institute (1) Dalton State College Dalton North Georgia College Gainesville State College & State University tion, with each involving multiple Dahlonega Bartow Center "Creating a More Educated Georgia" Georgia Highlands Gainesville State College Georgia Gwinnett College College Alpharetta Center Gainesville University System institutions. Rome Kennesaw State University Kennesaw Southern Polytechnic Georgia Gwinnett College Gordon College State University Georgia Perimeter Marietta College The University of Georgia Decatur Athens Georgia Institute of Technology Georgia State University Macon State College The University System of Georgia Foun- Atlanta Atlanta Atlanta Metropolitan Clayton College State University Augusta State University dation, Inc. was established as a non- Atlanta Morrow Augusta Newnan Center Middle Georgia College Medical College of Georgia Augusta profit corporation under the applicable University of West Georgia Georgia College & Carrollton Gordon College State University Barnesville Milledgeville provisions of the Georgia Nonprofit Macon State College Macon Robins Center Two-Year Colleges Corporation Code. The corporation is a Fort Valley State University East Georgia College Fort Valley Swainsboro Columbus State Dublin Center University Georgia Southern University Atlanta Metropolitan College voluntary association of individuals and Columbus Middle Georgia College Statesboro Cochran Savannah State University Savannah Georgia Southwestern Armstrong Atlantic Bainbridge College organizations organized exclusively for State University State University Americus Liberty Center Savannah Skidaway Institute of Oceanography Darton College charitable purposes within the mean- Savannah South Georgia College Darton College Douglas Albany the College of Coastal Georgia ing of section 501(c)(3) of the Internal Albany State Brunswick University Abraham Baldwin East Georgia College Albany Agricultural College Tifton Waycross College Waycross Revenue Code. The corporation was Brunswick Center Georgia Highlands College Camden Center Bainbridge College organized as a cooperative organiza- Bainbridge Valdosta State University Valdosta Georgia Perimeter College tion of the Board of Regents. South Georgia College Waycross College Page 2 • University System of Georgia Foundation, Inc. • Annual Report, Fiscal Year 2008 Page 3 FINANCIAL REPORT 2008 Regents’ Awards for Excellence in Education Total Capital The University System of Georgia Foundation, Inc. estab- Capital Balances lished the Regents’ Awards for Excellence in Education in 2005 to recognize the contributions and achievements of its Unrestricted: Non-grant related funds, general students, faculty, and alumni. To that end, the foundation operating funds, and indirect funds from created the Regents’ President’s Choice Scholarships for grants academically talented students, and the Regents’ Founda- tion Scholarships for students in need of financial assistance, Temporarily Restricted: Grant monies with and the Regents’ Hall of Fame Awards to honor faculty and donor specific requirements. alumni in the University System of Georgia. Restricted: Funds to be held in perpetuity Administrative and Programmatic Funds for the support of the foundation. During FY 2008, 96.2 percent of Foundation funds were for Unrestricted: $ 311,532 programs; 3.8 percent were for administrative expenses. Temporarily Restricted: $ 3,881,044 Restricted: $ 1,700,000 University System of Georgia Foundation, Inc. Total: $ 5,892,576 Assets and Liabilities Assets are the cash and investments that the Foundation Unrestricted holds; liabilities are amount owed by the Foundation. Temporarily Restricted Assets: $ 5,892,576 Liabilities: $ 0 Restricted 2008 Regents Awards for Excellence Total Revenue Earned: $ 1,208,427 Scholarships and Awards: $ 382,000 Expenses for Event: $ 221,009 Transfer to Corpus for Future Scholarships: $ 600,000 Page 4 • University System of Georgia Foundation, Inc. • Annual Report, Fiscal Year 2008 Page 5 • University System of Georgia Foundation, Inc. • Annual Report, Fiscal Year 2007 Page 5 2008 REGENTS’ AWARDS FOR EXCELLENCE IN EDUCATION The University System of Georgia Foundation, Inc. established the Regents’ Awards for Excellence in Education to recognize the contributions and achievements of its students, faculty, alumni and supporters. To that end, the University System of Georgia Foundation FBoard! urthcreated the Regents’ An President’s Choice" andua the Regents’# FoundationCele Scholarships,$ati %& the McMillan Lifetime Achievement Award, and the Regents’ Hall of Fame Awards to honor faculty and alumni in the University System of Georgia . On March 29, 2008, nearly 1,000 guests, represent- ents Cindy Pollack and Jasmin Izadpanah, who ing the 35 USG institutions,