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California Lutheran University Endowment Fund

Name: California Lutheran University

Assets Under Management: $262.7 Million (Source: California Lutheran University on 5/31/2013)

Annual Report: Report of Independent Auditors and Consolidated Financial Statement s for California Lutheran University May 31, 2013 and 2012

Portfolio Insights: “California Lutheran Educational Foundation (the “Foundation”) is a private foundation whose primary function is to provide fundraising support for California Lutheran University. KCLU – FM California Lutheran University (the “Station”) is a noncommercial radio station owned and operated by CLU.

The University’s endowment consists of approximately 300 individual funds established for a variety of purposes. Its endowment includes both donor – restricted endowment funds and funds designated by the governing board to function as endowments. As required by GAAP, net assets associated with endowment funds, including funds designated by the governing board to function as endowments, are classified and reported based on the existence or absence of donor – imposed restrictions.” (Source)

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Top California Lutheran University Endowment Fund Headlines:

1) California Lutheran University in Thousand Oaks has received its largest-ever scholarship donation, a $4.7 million estate gift from a Pacific Palisades educator, the university said Feb. 25. California Lutheran University in Thousand Oaks has received its largest-ever scholarship donation, a $4.7 million estate gift from a Pacific Palisades educator, the university said Feb. 25.

The endowment is funded by John Manken’s bequest and will provide about $240,000 per year in Manken Family Scholarships to students who are seeking teaching credentials or majoring in math, physics or religion. The gift will boost CLU’s scholarship outlays from endowed funds by about 20 percent, the university said. About $23,000 can be distributed in 2014 and the full awards will be available in 2015.

Manken died of a heart attack at the age of 89 on March 27, 2012. He had spent 40 years as an elementary school teacher and principal before retiring in 1993. He earned a bachelor’s and master’s degree and a doctorate in music from USC, but after a year touring as a concert pianist decided to return to USC and earned a doctorate in educational administration instead. CLU noted that Manken, whose parents owned a plumbing business, had received a scholarship to attend college and wanted to extend the same opportunity to others. (Source)

2) The self-made Oxnard millionaire has pledged the largest gift in California Lutheran University’s history, a $5-million cash infusion designed to boost a building campaign at the Thousand Oaks campus.

The donation adds to the more than $4 million that Gilbert, founder of the TOLD Corp. construction firm, has given the university since 2002 to support modernization at the 46-year-old campus.

“The university is at a critical stage in its development and we want to help it along,” said Gilbert, 84, who pledged the money with his wife, Carol. “We hope to encourage others to give.” (Source)

3) California Lutheran University has received a challenge grant of $500,000 from the John Stauffer Charitable Trust to establish the John Stauffer summer research program in chemistry. CLU is calling on alumni and friends to make the additional donations needed to match the trust’s contributions, bringing the endowment for the John Stauffer Research Fellows Program in Chemical Sciences to $1 million. An anonymous donor already has committed the first $200,000.

At full funding, the endowment would provide fellowships to about 10 students a year to conduct original research full time for eight weeks with mentoring from faculty. It would also cover travel costs for the students to present their research at professional conferences. Grady Hanrahan, the John Stauffer Endowed Professor of Analytical Chemistry, will direct the program.

The new endowment will provide opportunities for many more chemistry majors to conduct summer research. Currently, two or three chemistry students have been conducting summer projects through the Swenson Science Summer Research Fellowship program. CLU’s long-term goal is to allow all interested and qualified undergraduate chemistry students to participate in summer research. (Source)

4) California Lutheran University’s endowment account increases with generous offers and adjoining forces. Cal Lutheran’s endowment account is now estimated at $80 million thanks to its generous philanthropic gifts.

“Think of the endowment as a long-term savings account for the university,” said Stephen Wheatly, vice president of University Advancement. An endowment account is filled with dollars entrusted, or donated, by mostly alumni of Cal Lutheran, that is used for either specified reasons or unrestricted access.

“An endowment is a measure of wealth and capitalization in an institution,” said vice president of Enrollment Management and Marketing Matt Ward.

Donors are given the choice on whether they would prefer their money contribute to a specific department or section of the university, or to assign their donation as unrestricted, leaving Cal Lutheran the opportunity to invest their gift in the way it deems fit in hopes of turning a greater profit. (Source)

5) An administrative and academic leader with more than 25 years experience in higher education, Chris Kimball is president and chief executive officer of California Lutheran University in Thousand Oaks. Kimball became the University’s seventh president in April 2008 after serving as Provost and Vice President for Academic Affairs for nearly two years. He is currently focused on leading the University through its second half-century, with a commitment to academic excellence, service, and real world learning in support of the University’s 2012–2017 Strategic Plan.

Kimball is a historian by training. Having earned a doctorate and a master’s degree in history from the University of Chicago, his studies focused on American History, specifically, urban history and the history of sport. He has been published in a variety of journals and has spoken and lectured on topics ranging from the history of baseball and classic ballparks to current trends in higher education. He is co-author of a forthcoming book on historic ballparks in Minnesota. Kimball completed his undergraduate work at McGill University in Montreal, Quebec, Canada. (Source)

About Richard C. Wilson