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Drake University Endowment Fund

Name: Drake University

Assets Under Management: $400.4 Million (Source: Drake University on 6/30/2013)

Annual Report: Drake University Financial Statements as of and for the One-Month Period Ended June 30, 2013, and as of and for the Years Ended May 31, 2013, and May 31, 2012, and Independent Auditors’ Report

Portfolio Insights: “Drake University (the “University”) is a private, Masters-Large university in Des Moines, Iowa. The University is accredited as a member of the North Central Association of Colleges and Schools.

The University’s mission is to provide an exceptional learning environment that prepares students for meaningful personal lives, professional accomplishments, and responsible global citizenship. The Drake University experience is distinguished by collaborative learning among students, faculty, and staff and by the integration of the liberal arts and sciences with professional preparation.” (Source)

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Top Drake University Endowment Fund Headlines:

1) Drake University says it has surpassed a $200 million fundraising goal nearly six months ahead of its planned target date. The Des Moines-based privately held university says it has commitments from more than 22,000 donors. Contributions include more than 60 gifts of $1 million or more.

The university says $46 million will support scholarship programs and $36 million will enhance teaching and learning through endowed faculty positions and faculty development funds. More than $45 million will support new construction and renovation projects on campus. More than $110 million in gifts have been designated to the University’s endowment fund.

The drive was launched in October 2010 and had a goal of reaching $200 million by June 30. (Source)

2) Drake University is an Iowa based private university. Its endowment funds are invested with a view toward long-term returns. The university’s intention is that the funds of the endowment itself will not be spent – only the returns from the endowment’s investments will. Drake University has set a target long-term growth rate of over 10% for its endowment. (Source)

3) Drake University President David Maxwell plans to retire in June 2015, the Des Moines school announced Wednesday evening. Maxwell will continue to head Iowa’s largest private school through the end of the next academic year which will be his 16th in the role.

“Drake University is a remarkable institution, an institution that lives its values and its mission,” Maxwell, 69, said in a news release. “It’s a place where very special things happen, where students launch themselves on the path to making their dreams come true with the enthusiastic support and guidance of committed faculty and staff.” (Source)

4) Drake University announced today that Franklin “Pitch” Johnson Jr. and his wife, Catherine, have made a $2 million commitment to endow and establish the Franklin P. Johnson Director of the Drake Relays.

The new position will honor the memory of Pitch Johnson Sr., who served as head track and field coach at Drake from 1928 to 1940 and Relays director from 1933 to 1940. During his tenure, Johnson put Drake track and field on the map and ensured that the Relays continued to thrive and grow during the upheaval of the Great Depression.

In addition to the $2 million endowment, the Johnsons contributed to the recent renovation of Drake Stadium. Their latest gift will be used to enhance the Relays, attract outstanding track and field athletes and strengthen the competitiveness of Drake’s track and field program. Brian Brown, Drake Relays director since 2005, will be the inaugural holder of the position. (Source)

5) Drake University’s Phi Gamma Delta (FIJI) and Colleen’s Dream Foundation have donated $10,000 to support ovarian cancer research, according to Billy Cundiff, President of Colleen’s Dream Foundation.

Cundiff, who is also the kicker for the Cleveland Browns, says the money raised by the FIJIs Kicking Cancer Event was matched by Colleen’s Dream Foundation and will fund research to be conducted by Michael Goodheart, MD, an Assistant Professor in the Division of Gynecologic Oncology at the University of Iowa’s Holden Comprehensive Cancer Center.

Cundiff says the Drake FIJIs were instrumental in making this donation possible.

“The FIJIs did a great job this year with their Kicking Cancer Event,” says Cundiff. “We wanted to maximize the impact of their efforts by keeping the money in the state of Iowa and we can do this by making this donation to the University of Iowa’s Holden Cancer Center.”

FIJI representative Andrew Bell says this was a wonderful community event inspired by Billy Cundiff and Colleen’s Dream Foundation. (Source)

About Richard C. Wilson