Name: Lynchburg College Endowment Office
Assets Under Management: $128.6 Million (Source: Lynchburg College on 6/30/2013)
Annual Report: Lynchburg College – A Special Annual Report 2013-2012
Portfolio Insights: “Since its founding in 1952, the Virginia Foundation for Independent Colleges (VFIC) has provided generous support for Lynchburg College and its fourteen other member institutions. VFIC contributions are vital to the College’s unrestricted Annual Fund and other programs.
The VFIC also provided the College with support for scholarships, student research, and the library. In 2012-13, the VFIC secured a total of $3,031,351 from many businesses, benefactors, and endowments. Of that sum, Lynchburg College received $154,580.” (Source)
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Top Lynchburg College Endowment Fund Headlines:
1) Lynchburg College’s endowment remained steady at about $84.5 million from June 2007 to June 2008, said Steve Bright, vice president for business and finance. He acknowledged that the endowment has declined in value since then, but the college focuses on the perpetual nature of the funds and their gradual gains over an extended period of time. “We’re really looking into something called intergenerational equity,” he said. “The important thing is to be having a long-term view. And you don’t panic as much about the present.” (Source)
2) Lynchburg College in Virginia has announced a $5 million bequest from alumnus Walter W. Ridgway Jr. (’48), the largest gift in the school’s 111-year history.
Half of the income from the Walter W. and Josephine Sheffield Ridgway Memorial Fund will be used to provide scholarships to students from Virginia Baptist Children’s Home, Glade Spring Baptist Church, and First Baptist Church in Roanoke. The other half will help support the construction and/or maintenance of new and existing buildings on campus. The college will apply the capital portion of the bequest to the Drysdale Student Center, which is scheduled to open this fall. (Source)
3) The President of Lynchburg College says an alumnus left the school a record-breaking donation in his estate. Roanoke native Walter W. Ridgway Jr. left $5 million, the bulk of his estate, to the college when he died Feb. 23, 2013. Ridgway was 91.
In a statement released by the college, President Garren said, “it is tremendous that an alumnus of the College believed so strongly in L.C. that he wanted to see our College prosper and grow for years to come.” The now second-largest gift given to the college was $4.7 million and college officials say about half of all donations are unexpected.
Under the terms of the donation, the “Walter W. and Josephine Sheffield Ridgway Memorial Fund,” half of the income will be used to provide scholarships to students attending Lynchburg College from the Virginia Baptist Children’s Home, Glade Spring Baptist Church, and the First Baptist Church in Roanoke. The other half is to be used for construction of new buildings or for the maintenance of new or existing buildings on campus. (Source)
4) Dr. Kenneth R. Garren is in his 14th year as president of Lynchburg College, beginning his tenure in 2001 as the College’s 10th president. During his tenure, Lynchburg College’s enrollment has grown at an impressive rate: 32% at the undergraduate level and 169% in graduate programs. Lynchburg College’s liberal arts, sciences, and professional programs promote critical thinking skills, self-confidence, a diverse view of society, and respect for others. (Source)
5) A robust endowment is one of the main factors in ensuring an insitution’s financial and academic strength over the long term. At Lynchburg College, we are committed to increasing our endowment so we can recruit and support the most talented students and faculty and provide our students with an educational experience that prepares them to be effective leaders in their careers as well as in the civic, spiritual, and social dimensions of their lives.
The power of an endowed gift is compelling: It serves the institution in perpetuity. An endowed gift becomes part of the donor’s legacy as it ensures a scholarship year after year; as it enables countless students to study abroad; as it sustains a research program so it can provide sound, longitudinal results; as it provides two cans of red paint every April to touch up the Adironack chairs on the Dell. (Source)