Name: James Madison University Foundation, Inc.
Assets Under Management: $118.3 Million (Source: James Madison University Foundation, Inc. on 6/30/2014)
Annual Report: James Madison University For the Year Ended June 30, 2014
Portfolio Insights: “The James Madison University Foundation, Inc. is included as a component unit in the University’s financial statements. The Foundation was formed to promote the achievements and further the aims and purposes of the University. The Foundation accomplishes its purposes through fundraising and funds management efforts that benefit the University and its programs. Donations to the foundation earmarked for athletics operations or capital projects are not included in the Schedule, nor is endowment financial activity related to athletics.
The Commonwealth’s Appropriation Act requires that educational and general programs in institutions of higher education recover the full indirect cost of auxiliary enterprise programs. University assesses each auxiliary unit an indirect charge to recover institutional educational and general administrative overhead costs.” (Source)
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Top James Madison University Foundation, Inc. Endowment Fund Headlines:
1) The James Madison University Foundation will mark the 50th anniversary of its founding in 2019, and the board has set an ambitious and necessary goal of attaining a $100 million endowment by that occasion. Since its establishment during Dr. Ronald Carrier’s presidency, the foundation has grown significantly. In the last 10 years, the foundation’s endowment fund has grown from $29.6 million to $78.4 million as of June 30, 2014. Endowments support JMU in a variety of ways. Last year, 60 percent of the endowments supported student scholarships. The remaining percentage of endowments went to fellowships, professorships and chairs (14 percent), academic support (13 percent), unrestricted (11 percent) and other (2 percent). The JMU Foundation Endowment comprises many separate endowment funds. Each endowment fund comes with its own criteria about how the income is to be used and for what purpose. (Source)
2) The JMU Foundation has assumed the role of “champion of the endowment” on behalf of JMU. Warren Coleman (’79, ’81M), chair of the foundation’s development committee, made the announcement at the 2014 Annual Stewardship Luncheon on March 21. “Universities that achieve their dreams have active, vital and visible foundations advocating on their behalf,” he said.
Coleman told JMU leaders and investors attending the luncheon to expect a more visible and active partnership with the university. “In fact,” Coleman said, “we plan to help reach the $100 million endowment mark by 2019, the year of the foundation’s 50th anniversary. As of Dec. 31, the endowment was $74 million so we have high goals of increasing this by 33 percent.”
The foundation officers and board of directors plan to play a leadership role in support of private fundraising efforts and ultimately to provide an ever-growing and sustainable source of private support for JMU.
An active alumnus and athletics scholarship donor, Coleman described the importance of its new-found advocacy. “As all of us here in this room recognize, the financing of higher education has changed forever. Gone are the days when we could rely exclusively on state support. Many of today’s “mature” alums left Madison during those years when the state provided funding and thus left not realizing how important it would be for them to ‘give back or pay it forward.’” (Source)
3) In his 1999 inaugural speech, President Linwood H. Rose called private support “imperative.” Three years later the Madison Century — JMU’s first comprehensive capital campaign — began. Through the six-year campaign that ended on JMU’s Centennial anniversary celebration in 2008, a total of $70 million — $20 million over goal — was committed through contributions from 32,900 donors. Of that, $54 million went to support academic programs, fellowships and scholarships, while $15 million went to support the intercollegiate athletics program.
The Madison For Keeps temporary emergency fundraising effort raised $432,178 from 3,963 donors in 2010 to help 108 students stay in school through the economic downturn. It was so successful that the Office of Annual Giving has established Madison Forever, a permanent and proactive way to help students.
Thirty-six percent of JMU employees believe in the university so deeply that they make a charitable gift to Madison. That’s an increase from 15 percent in 2005.
Today the size of JMU’s endowment has risen to almost $56 million, up from $22 million 14 years ago. And donors have helped raise to $1.2 million the total scholarship dollars awarded annually, up from $467,577 when the Rose presidency began. (Source)
4) On July 1, 2012, Jonathan R. Alger became president of James Madison University, the sixth since the university’s founding in 1908. Alger’s appointment was announced by the JMU Board of Visitors on Nov. 28, 2011.
President Alger serves as JMU’s chief executive officer. In addition to ensuring the development and provision of high quality academic and student life programs, his leadership involves developing and articulating a shared vision and mission for the university, anticipating trends and issues affecting higher education, providing strategic institutional leadership and planning, and ensuring sound fiscal management. These responsibilities inform the president as he oversees an executive team and management structure to lead and manage education, student life, facilities and services, financial management, health and safety, planning, fundraising, constituent development and stewardship, and athletics.
Alger plays a very public role in the life of JMU, as he represents JMU to the government of the Commonwealth of Virginia, presides at university events, serves as the principal voice of the institution, participates in fundraising and stewards JMU’s many relationships. The new president conducted an extensive listening tour that took him around the country to hear from JMU’s alumni and friends. (Source)
5) SunTrust Bank announced Monday it will contribute $100,000 to James Madison University toward construction of the university’s new Robert and Frances Plecker Athletic Performance Center.
The center, which is currently under construction, is located on the south end of Bridgeforth Stadium. It is expected to be completed in 2005.
“SunTrust is very pleased to give its support to James Madison University,” said Harrisonburg SunTrust President Martha Shifflett. “The JMU athletic program is a great asset to JMU, the community and the state.”
Shifflett said that “the athletic performance center is a most worthwhile cause. This new facility will greatly enhance not only the JMU athletic program but also the broader mission of the university.”
The 48,000-square-foot center will provide an academic support area for student-athletes in each of JMU’s 28 intercollegiate sports, a sports-medicine complex, a strength-training area, a new football locker room, meeting rooms and coaches’ offices. The academic support area is named for Challace McMillin, JMU’s first football coach and a retired faculty member at the university.