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Georgia Institute of Technology & Foundations Endowment Fund

Name: Georgia Tech Foundation

Assets Under Management:  $1.311 Billion (Source: Georgia Institute of Technology on 6/30/2014)

Annual Report: Georgia Institute of Technology & Foundations’ Consolidated Financial Statements June 30, 2014 and 2013

Portfolio Insights:The Foundation management has interpreted the Georgia Uniform Prudent Management of Institutional Funds Act of 2008 (UPMIFA or the Act) as providing among
other things, expanded spending flexibility by allowing, subject to a standard of prudence, the institution to spend from an endowment fund without regard to the book value of the corpus of the fund. This flexibility under UPMIFA allows an expenditure that lowers the value of the corpus of an endowment fund below its book value, which was previously not allowed. As a result of this interpretation, the Foundation classifies as permanently restricted net assets (a) the original value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the permanent endowment, and (c) accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund.” (Source)

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Top Georgia Institute of Technology & Foundations Endowment Fund Headlines:

1) The Investments committee manages the endowment fund for the Georgia Tech Student Foundation.  The Committee is also charged with educating its membership and provides an outlet for them to develop financial and managerial leadership within the group.  This process includes a mentorship program at the beginning of each semester designed to teach newer members about the basics of investing, accounting, and finance.  The Investment committee also helps to educate the entire Tech community with an annual 200+ person Investments Seminar; sponsored in part by the Georgia Tech Foundation, Alumni Association, and Student Foundation.

Finally, the Committee is responsible for making quarterly status reports to the investments subcommittee of the Georgia Tech Foundation, as well as biweekly reports to the Board of Trustees of the Student Foundation. (Source)

2) The Georgia Tech Foundation will maintain the Dean Dull Ramblin’ Reck Endowment.  The Ramblin’ Reck Club and the Driver will draw funds from the returns on the overall investment for the maintenance, preservation, and promotion of the Ramblin’ Reck as an icon of the Georgia Institute of Technology.  In order to ensure future generations have the opportunity to know and love the Ramblin’ Reck as all Georgia Tech alumni and fans do, the endowment must grow to a level that matches the significance of this beloved icon. (Source)

3) The Georgia Tech Foundation’s primary function is to manage Georgia Tech’s financial investments, a sizeable endowment used to support everything from student scholarships to strategic growth. The Georgia Tech Foundation, Inc. (GTF), an external organization responsible for management of the private gifts that provide critical financial support for Institute priorities, has named Al Trujillo as its next president and chief operating officer. A current trustee of GTF and a former chairman of the Georgia Tech Alumni Association, Trujillo will assume the leadership position on July 1.

“As an alumnus, an astute businessman, and tireless advocate for Georgia Tech, Al is the perfect person to serve as our next president and COO,” Charlie Moseley, who chaired the search committee and currently chairs the GTF’s Board of Trustees, said in a news release. “We feel very fortunate to have someone with Al’s ability and passion in this role.” (Source)

4)  Since 1997, the Georgia Institute of Technology’s Foundations for the Future (F3) has been one of the organizations training teachers in the GLOBE protocols. The program is designed to help students boost their skills in science and math, while providing hands-on environmental education.

“It’s a ‘train the trainer’ kind of activity,” says Claudia Huff, a Georgia Tech Research Institute researcher who helps coordinate F3’s partnership with GLOBE. “The week-long training is quite intense. Teachers spend a lot of time in the field — literally — collecting data, making observations and learning the proper data-collection procedures. They also work on computers to learn how to add their data to the GLOBE site.” (Source)

5) The Georgia Tech Student Foundation Investments Committee, which is the largest wholly student-run endowment in the country. On Sept. 18, the committee reached a milestone of $1 million net asset value.

What do you get when you give a group of college students $100,000?

At Georgia Tech, a million dollars.

The Georgia Tech Student Foundation Investments Committee, which is the largest wholly student-run endowment in the country, reached a milestone of $1 million net asset value.  The endowment was originally a $100,000 donation in 1986 and has been run exclusively by students since. (Source)

 

About Richard C. Wilson