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Kettering University Endowment Fund

Name: Kettering University Committee on Investments

Assets Under Management: $179.1 Million (Source: Kettering University on 6/30/2014)

Annual Report: Kettering University Financial Report June 30, 2014

Portfolio Insights: “Kettering University (the “University”) is a private educational institution located in Flint, Michigan. The University provides education and training in the areas of engineering, science, and business. The University records all investments in money market funds, common stock, equity securities, and debt securities at fair value.

The University has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of the endowment assets. Endowment assets include those assets of donor-restricted funds that the University must hold in perpetuity or for a donor-specified period as well as board-designated fund.” (Source)

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Top Kettering University Endowment Fund Headlines:

1) A $1.2 million estate gift from the Riopelles to Kettering University in Flint, Mich., will do just that. The Earl and Lanice Riopelle Fund will create a $1.2 million endowment to support Graduate and Continuing Education opportunities, especially for engineers seeking advancement in business and industry. The fund will also provide resources and library materials for Graduate-level and Continuing Education coursework at the University.

The gift was announced Monday, Dec. 21, at Kettering and is one of the largest estate gifts ever given to the University. The gift was delivered by Christopher D. Conner, senior vice president of corporate and institutional banking at National City, now part of PNC Bank, Lansing.

“Kettering University is very grateful to the Riopelle family for this lasting and noteworthy gift,” said President Stan Liberty. “There is a dynamic value to Earl and Lanice’s contribution,” Liberty said. “We will use this investment to help professional engineers improve themselves and their companies. We will also use it to develop new coursework in areas, such as Technical Management and Engineering Management, exactly the kind of pro-active, post-graduate education Earl envisioned at his alma mater.” (Source)

2) Kettering University President Robert McMahan has named Tom Ayers as the university’s new vice president for administration and finance. He most recently served as the Executive Vice President for Operations & Treasurer at Huntington University in Huntington, Indiana.

“Tom brings three decades of pertinent experience to Kettering and a superb record of leadership in operational services, management and budgeting,” McMahan said in a news release. “His expertise on endowment management, campus master planning, facilities marketing and campus relationships with chief financial officers have made him a sought-after speaker at national conferences. His volunteer work extends to the Boy Scouts of America and community foundation work.”

“I am looking forward to working with everyone in helping the institution move forward in meeting the challenges before us, while recognizing the great work that has been done in the past,” Ayers said in the release. “I believe Kettering is uniquely positioned to truly make a difference through preparing students and in moving STEM initiatives forward in our nation.” (Source)

3) Kettering University President Robert McMahan to give the Charge to the 2012 Graduates when Kettering University hosts Commencement ceremonies for more than 260 graduates on Saturday, Dec. 8, 2012. The 11 a.m. event is open to the public in the Connie and Jim John Recreation Center in Flint.

Kettering will graduate 213 undergraduates and 54 master’s candidates during graduation services. President Robert McMahan will address the gathering with a Charge to the 2012 Graduates. Dr. McMahan became the seventh President of Kettering University in August 2011. Prior to this, he was the Founding Dean of the Kimmel School (the College of Engineering and Technology) at Western Carolina University. (Source)

4) The Charles Stewart Mott Foundation in Flint, Michigan, has announced a $15.5 million commitment to Kettering University in support of several programs designed to increase student enrollment, bolster Flint’s economy, and boost alumni participation in the school’s various efforts.

Mott plans to award a series of grants to Kettering over the next three or more years on condition that the school meets specific criteria. Kettering will use the grants to advance a set of strategies aimed at growing and retaining its student body, nurturing its effect on the economy of the Flint region, communicating its identity to a broader audience, and building alumni relationships and revenue.

Those strategies include redesigning admissions and graduation criteria for educational programs outside Kettering’s traditional engineering curricula; expanding programs that engage local high school students in the study and exploration of science, technology, engineering, and mathematics; and developing initiatives focused on helping entrepreneurs create new products and businesses. The first grant made as part of the initiative, totaling more than $2 million, was awarded in May. (Source)

5) A Kettering University alum was among the participants featured in a recent Bloomberg Businessweek article on a Battle Fin, a company that provides contests in which participants assemble hedge funds and pit them against each other.

Stephen Longo, 54, graduated from Kettering in 1981, according to Kettering.

Bloomberg Businessweek describes Longo — in the article titled “The Hedge Fund Hunger Games” — as “a Fu Manchu–mustache-sporting Long Islander, had spent 20 years as an engineer at General Motors (GM). He had been racking up impressive gains on a theoretical trading platform for years, making millions, but only on paper; winning the tournament would give him a chance to prove his investing chops without a safety net.”

In the contest, the participant, “who made the most while risking the least would win the right to manage seven figures of capital,” according to the article. (Source)

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