Name: Medical College of Georgia Foundation, Inc.
Assets Under Management: $228.5 Million (Source: Medical College of Georgia Foundation, Inc. on 6/30/2014)
Portfolio Insights: “Medical College of Georgia Foundation, Inc. (the “Foundation”) is a nonprofit corporation incorporated under the law of the State of Georgia in 1954. The Foundation serves the needs and interests of the Medical College of Georgia, the Georgia Regents University Health Sciences campus and the Georgia Regents Health System.
Endowment and other income along with private gifts which have donor stipulations that limit their use are recorded as revenue under temporarily restricted net assets and released from restrictions when a stipulated time restriction ends or purpose restriction expires. The related expenses are presented as changes in unrestricted net assets.” (Source)
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Top Medical College of Georgia Foundation, Inc. Endowment Fund Headlines:
1) The mission of the MCG Foundation has remained the same. The Board of Directors of the MCG Foundation is still committed to supporting education, research, and clinical care through the Foundation’s student scholarships, endowed chairs and professorships, and through all other funds presently invested in the MCG Foundation. Due to the recent merger, the MCG Foundation has a primary focus on support for the benefit of the Medical College of Georgia. However, the Foundation manages a number of endowed and expendable funds for the Colleges of Dentistry, Nursing, Allied Health, and Graduate Studies, and a number of additional campus and clinical accounts. (Source)
2) After giving $10 million last year to help fund a building that bears his name, the late Dr. J. Harold Harrison and his family topped that by giving $66 million, what is believed to be the largest gift ever to a public university in Georgia, to fund scholarships and faculty at his beloved Medical College of Georgia.
The Medical College of Georgia Foundation board voted unanimously Saturday to create the J. Harold Harrison, M.D. Fellows Fund to facilitate the gift from his estate and his private foundation. Harrison, a longtime member of the foundation who led it in 1974 and 1979, died June 2. (Source)
3) The Foundation’s investment of funds is administered by an Investment Committee appointed by the Executive Committee of the Board of Directors. The Investment Committee is delegated the duty of investing the assets of the Foundation as a prudent investor would given the distribution requirements, purposes, and circumstances of the Foundation. This prudent investor standard requires the exercise of reasonable care, skill, and caution, and is to be applied to investments not in isolation, but in the context of the Foundation portfolio as a whole, and as part of an investment strategy which incorporate risk and return objectives reasonably suitable to the Foundation. (Source)
4) On November 7th, 2013, Gov. Nathan Deal appointed Augusta’s distinguished citizen, local philanthropist and real estate developer, Jim Hull, to the Board of Regents of the University System of Georgia. Hull is a member manager of Hull Storey Gibson Companies, LLC. In addition to serving on the MCG Foundation board, he is also a member of the ASU Foundation Board of Directors and sits on the GRU Board of Visitors.
Hull will be the first Augusta appointee to the Board of Regents since 2007. (Source)
5) MCG Annual Fund – Starting November 17th, MCG is kicking off its 2014 phonathon to support the medical college’s annual fund. Since gifts to the Annual Fund support the overall operating budget and scholarships, a gift of any amount represents a powerful loyalty to the Medical College of Georgia. Unrestricted dollars and expendable scholarship dollars from alumni, family, and friends play a vital role in preserving quality and excellence at MCG.
Tamara Cundey Dunstan Memorial Endowment Fund- This memorial fund is dedicated to memory of Tamara Cundey Dunstan. Tamara was a dedicated pediatric oncology nurse and her fund supports the special needs of the Children’s Hospital of Georgia patients and their families including, but not limited to, camps, special events and family and patient support and education. (Source)