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Florida Atlantic University Foundation, Inc. Endowment Fund

Name: Florida Atlantic University Foundation, Inc.

Assets Under Management: $238.1 Million (Source: Florida Atlantic University Foundation, Inc. on 6/30/2013)

Annual Report: Florida Atlantic University Foundation, Inc. Financial Statements and Additional Information June 30, 2013 and 2012

Portfolio Insights: “Florida Atlantic University Foundation, Inc. (the “Foundation”) is organized under Florida Law as a direct support organization to the Florida Atlantic University (the “University” or “FAU”). The Foundation’s mission is to receive, hold, invest and administer private gifts on behalf of the University.

The Foundation has approximately 395 fully endowed funds established for the support of the students, programs and faculty of the various colleges at Florida Atlantic University. Endowments include both donor restricted endowment funds and funds designated by the Foundation or college to function as endowments. As required by generally accepted accounting principles (GAAP), net assets associated with endowment funds, including funds designated to function as endowments are classified and reported based on the existence or absence of donor-imposed restrictions.” (Source)

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Top Florida Atlantic University Foundation, Inc. Endowment Fund Headlines:

1) According to Randy Talbot, FAU Foundation executive director and FAU vice president for university advancement, the DSO allows the FAU Foundation to establish and administer designated accounts for Harbor Branch programs, endowments and special projects.    “It is in the best interest of the university to avoid duplication of efforts, and we consider the HBOIF as an extension of the FAU Foundation with a separate board dedicated to supporting Harbor Branch programs.   We can now officially assist the HBOI Foundation to raise funds in support of the educational mission of Harbor Branch and the FAU Foundation will provide full support for accounting, receipts and fund management.   We look forward to a long and productive relationship between the FAU Foundation and the HBOI Foundation,” said Talbot. (Source)

2) The FAU Foundation’s endowment was $187.6 million as of March 31, 2013 and assets of the HBOI Foundation currently total $58 million. Led the process of creating the 2012-17 Strategic Plan, which establishes FAU’s three signature themes: Marine and Coastal Issues, Biotechnology, and Contemporary Societal Issues.

Doubled freshman applications from 12,000 to 24,000 in 2011. The incoming class in fall 2012 was the largest in FAU history and had highly competitive SAT and ACT scores. FAU has become the most selective institution in the State University System and the student body has grown to an all-time high of 30,000-plus. (Source)

3) The head of Florida Atlantic University’s fund-raising organization has taken back a $750,000 pledge because the recently approved state budget failed to provide funding for a matching donation. FAU Foundation Chairman Herbert Gimelstob and his wife, Elaine, made the gift this winter to build a Judaic studies center named for them. The Gimelstobs and other donors had raised more than $1 million. The donations qualified for a state program that matches major donations to public universities. (Source)

4) Florida Atlantic University Foundation Inc is headquartered in the United States. The company’s line of business includes the management of the funds of trusts and foundations organized for religious, educational, charitable, or nonprofit research purposes. (Source)

5) The mission of the Florida Atlantic University Foundation, Inc., is to encourage, promote and provide funds and other resources for the benefit of Florida Atlantic University in furtherance of its missions and purposes and to secure the application of these funds in the best manner adapted to the conditions of time and to the needs of FAU. (Source)

About Richard C. Wilson