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Culinary Institute of America Endowment Fund

Name: Culinary Institute of America

Assets Under Management: $381.8 Million (Source: Culinary Institute of America on 5/31/2013)

Annual Report: Culinary Institute of AmericaConsolidated Financial Statements May 31, 2013 and 2012 (With Independent Auditors’ Report Thereon)

Portfolio Insights: “Culinary Institute of America (Institute) has been a leader in culinary education since 1946. The Institute has three domestic campuses, located on the East and West coast of the United States of America in Hyde Park NY and St. Helena, CA (Greystone), respectively, as well as a campus in San Antonio, TX.

The investment objective of the Institute is to invest its assets in a prudent manner to achieve a long-term rate of return sufficient to fund a portion of its spending and to increase investment value after inflation.” (Source)

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Top Culinary Institute of America Endowment Fund Headlines:

1) Endowed investments grew to $92.3 million due to donor contributions, internal reinvest-ment, and solid investment returns. The CIA’s total endowment fund grew $25.2 million, or 37.5%. The endowment helps support student scholarships, as well as facility maintenance and quality initiatives.

The college’s assets were $310.8 million, an increase of $39.5 million, or 15%. The largest asset increases were in property, plant, and equipment (PP&E) and endowed investments. The CIA continued its re-investing in PP&E in order to maintain and enhance its world-class facilities. PP&E grew to $172.3 million, an increase of $7.5 million. (Source)

2) The three largest foundations have a combined 13% of the total assets in the study. The foundation of the Culinary Institute of America, Hyde Park, N.Y., has $77.7 million; New England Institute of Technology, East Greenwich, R.I., $34.5 million; and Northampton Area Community College, Bethlehem, Pa., $29.9 million.

“While most foundations are invested in longer-term strategies over 93% of the time, 10 community colleges still have most of their funds invested in cash only, and many of those with longer-term investments still hold very large savings accounts that seem much higher than necessary,” according to the study. “If the (foundation’s) funds are comprised of endowment funds, the board should develop a longer-term strategy. Also, some have large (certificate of deposit) investments as part of their balances, which has the potential to lower long-term returns for a foundation.” (Source)

3) Dr. Tim Ryan has served as president of The Culinary Institute of America (CIA) since 2001. Dr. Ryan graduated from the CIA in 1977 and received bachelor’s and Master of Business Administration (MBA) degrees from the University of New Haven. He earned his doctorate degree in education from The University of Pennsylvania. With the unique background of being a Certified Master Chef and Culinary Olympic Champion with an Ivy League doctoral degree, he is the first alumnus and faculty member to rise through the CIA to become president.

In more than three decades at the college, Dr. Ryan has been instrumental in generating the sustained excellence, innovation, and growth that have shaped today’s CIA. His thought leadership has guided The Culinary Institute of America to a position of prominence on such important matters as health and wellness, world flavors, food ethics, and sustainability. (Source)

4) The Culinary Institute of America continues to maintain financial stability and growth in support of its mission to provide the world’s best professional culinary education.

The CIA’s operating revenues grew to $92.5 million, an increase of $6.5 million, or 7.6%, from last year. Increased enrollment generated increases in tuition and fee revenues, as well as housing revenues. These contributed to the college’s strong operating revenue growth. Consolidated (total) revenues were $93.3 million, a slight decline from last year’s consolidated total due to a decline in non-operating revenues. The college’s derivative interest rate swap agreement—which has saved the college a significant amount of interest expense—had a market value decline of $3.2 million during the year. (Source)

5) Plans for a new Culinary Institute of the Pacific at Diamond Head have taken a giant step forward with the announcement of a $5 million grant from the Conrad N. Hilton Foundation.

The world-class advanced culinary institute will be built on the former U.S. Army Fort Ruger Cannon Club site on the northern slope of the Diamond Head monument. The new facilities will occupy 40,000 square feet on 7.8 acres. The project will feature two laboratory buildings, a classroom building, an administrative and faculty office facility and a culinary amphitheater in addition to a world-class restaurant designed to serve the public as well as a training site for culinary students. The buildings will meet Leadership in Energy and Environmental Design (LEED) standards for environmental sustainability. Plans call for the Culinary Institute of the Pacific at Diamond Head to welcome its first students in 2011-2012. (Source)

About Richard C. Wilson