Name: Gallaudet University
Assets Under Management: $408.6 Billion (Source: Gallaudet University on 9/30/2012)
Portfolio Insights: “Gallaudet University (“Gallaudet” or the “University”) was established by an Act of Congress in 1864. Gallaudet is the only accredited university in the world established exclusively for deaf or hard of hearing students.
The University’s endowment consists of 358 individual funds which have been established primarily to support the operations of the University and to provide for scholarships. The University’s endowment includes certain permanently restricted, temporarily restricted and unrest ricted net assets. The permanently restricted portion includes the University’s Federal Endowment Fund and other donor restricted funds that the University must hold in perpetuity, pursuant to express donor stipulations.” (Source)
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Top Gallaudet University Endowment Fund Headlines:
1) Gallaudet’s permanent endowment fund is currently valued at over $165 million. Funds can be established in honor or memory of an individual, or named after the founding donor, organization, foundation, or corporation. A memorandum of understanding can be created between the founding donor(s) and the University’s president to provide guidance in the distribution of financial assistance from the fund. An endowed fund can be established through contributions totaling $25,000 or more over a five-year period. Contributions may be made annually, semi-annually, quarterly, or monthly. Until the fund is endowed, investment earnings are fully reinvested to increase the principal balance. Once the fund is endowed, the increasing value of the fund over time provides for awards without depleting the principal balance. (Source)
2) The Secretary and the Board of Trustees of Gallaudet University are authorized to establish the Gallaudet University Federal Endowment Fund as a permanent endowment fund, in accordance with this section, for the purpose of promoting the financial independence of the University. The Secretary and the Board of Trustees may enter into such agreements as may be necessary to carry out the purposes of this section with respect to the University. (Source)
3) Gallaudet University is marking the 25th anniversary of the “Deaf President Now” protests. The grassroots effort was launched by students in 1988, generating national and international headlines and resulting in the university’s first deaf president.
When the Board of Trustees selected the only hearing candidate as Gallaudet University’s next president 25 years ago, students organized a week of protests, chanting “deaf president now.”
“I can remember when we were looking for a deaf president I actually made a comment that I hope we see a deaf president in my lifetime. So I think that gives you an example of how far away it seemed to me,” says Fred Weiner. (Source)
4) Department monitoring efforts indicate that Gallaudet operates in accordance with its authorizing legislation, the Education of the Deaf Act (EDA), and maintains appropriate management structures and procedures necessary to administer its programs. However, the EDA provides Federal funding to Gallaudet University without regard to the benefits of competition. The competitive process helps ensure program oversight and focus on performance. Without competition and with funding earmarked for Gallaudet, there is no direct Federal funding incentive for the University to improve program performance. The Department has not conducted an evaluation of the effectiveness or efficiency of Gallaudet’s programs or whether the direct appropriation to Gallaudet is the best mechanism available to serve the target population. While enrollments at Gallaudet have declined over time, the bulk of the Department’s dedicated dollars for postsecondary education for the deaf continue to go to Gallaudet. (Source)
5) On December 5, Gallaudet University President T. Alan Hurwitz presented the Martin Luther King, Jr. Memorial Library in Washington, D.C., a 25-book collection purchased by an anonymous donor. The set is called the “Gallaudet University 150th Anniversary Library Bookshelf” in honor of the University’s sesquicentennial anniversary in 2014 and contains volumes on deaf history, deaf culture, American Sign Language, deaf American poetry, deaf education, and more.
“The Martin Luther King, Jr. Memorial Library is a wonderful place to share the rich and vibrant history and culture of the deaf community through literature,” said Dr. Hurwitz. “I give many thanks to the anonymous donor for allowing Gallaudet to donate this special collection to the library where the books will be enjoyed and appreciated by countless readers in the years to come.” (Source)