Name: Endowments | Central Michigan University
Assets Under Management: $805.6 Million (Source: Central Michigan University on 6/30/2013)
Portfolio Insights: “The Central Michigan University College of Business Administration Foundation (the “ Foundation”) is a not-for-profit foundation formed on January 28, 2011. The purpose of the Foundation is to financially support the charitable, educational, and scientific purposes of Central Michigan University by furthering the objectives and mission of the Central Michigan University College of Business Administration within Michigan. The Foundation is supported primarily through contributions.
Investments are stated at fair value. Investments in money market funds and mutual funds are based on quoted market prices. Investment transactions are accounted for on the trade date (date the order to buy or sell is executed). Gains or losses on investments sold are determined using the specific identification method.” (Source)
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Top Central Michigan University Endowment Fund Headlines:
1) Established in 1892, Central Michigan University (CMU) offers undergraduate and graduate courses to more than 28,000 students. CMU is a doctoral research-intensive institution offering more than 170 programs for bachelors, masters and specialists. Endowments are invested by the university and its incomes provide scholarships, fellowships, lectureships or faculty awards or fund academic programs, lectureships, academic professorships or artists-in-residence programs. CMU’s current endowment grew by 12.3 per cent to USD 59 million over the 2004-05 financial year.
Central Michigan University Endowment has a long term allocation of 5% of its total assets to alternative investments including hedge funds, natural resources, private real estate and commodities. The endowment has no specific allocation to hedge funds within this alternatives budget, and instead will invest opportunistically. (Source)
2) Efforts to begin a medical school at Central Michigan University are getting a boost with two $100,000 gifts from university leaders. President Michael Rao and board member Sam R. Kottamasu, a Saginaw radiologist, made the first two financial contributions to the $30 million to $50 million undertaking. School leaders want to build a medical school to enroll first-year students beginning in fall 2011 at the Mount Pleasant campus. Rao said he expects to hire a dean by spring, but he’s unsure when an official fundraising drive will begin. (Source)
3) The Humane Society of the United States encourages employers to implement programs to allow dogs in the workplace, and a recent study conducted by Central Michigan University confirms the benefits of such programs. The new research found that when dogs were present in a group, employees were more likely to trust each other and collaborate more effectively in the office.
“It’s heartening when research confirms our instincts and our practices,” commented Jennifer Fearing, co-author of Dogs at Work: A Practical Guide to Creating Dog-Friendly Workplaces and California senior state director for The Humane Society of the United States. “We heartily agree with the positive impact that dogs can have on workplace morale, collaboration and productivity. The more than 50 dogs that ‘work’ in The HSUS offices every day have been a huge boost that more companies should be enjoying.” (Source)
4) Central Michigan University President George Ross is to speak at the annual Black History Celebration at Victorious Believers Ministries in Buena Vista Township. The event takes place at 5 p.m. Sunday, Feb. 15, at the church, located at 624 S. Outer Drive. “The event will feature special music, poetry, dance and inspirational messages honoring the history and accomplishments of deceased and contemporary African Americans,” according to a news release. In 2010, Ross was appointed the 14th president of CMU, the state’s fourth largest public university and one of the nation’s 100 largest. “(He) believes in the transformative power of education on individual lives and the future of our communities, state and nation,” the release states. “Under his direction, CMU opened America’s 137th college of medicine in 2013 with a distinctive mission to prepare physicians desperately needed to serve rural and medically undeserved communities. The university’s business college is the North American leader in information systems. Likewise, CMU sales students have ranked top in the nation two years in a row.” (Source)
5) Central Michigan University president George Ross made his point loud and clear to the State Senate Subcommittee on Higher Education Thursday afternoon:
CMU needs more state funding.
Ross advocated for more per-student funding in order to bring CMU in line with other state universities and make up for a decrease in state-supplied funding.
“If we operated on state funding at Central Michigan University to serve our students, we would operate for 62 days,” Ross said. “State funding today accounts for 17 percent of our operating budget. Once upon a time, it was 75 percent, and that once upon a time wasn’t that long ago.” (Source)