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Medical College of Virginia Foundation Endowment Fund

Name: Medical College of Virginia Foundation

Assets Under Management: $444 Million (Source: Medical College of Virginia Foundation on 6/30/2013)

Annual Report: Medical College of Virginia Foundation Statement of Financial Position for the year ended June 30, 2013

Portfolio Insights: The mission of the Medical College of Virginia Foundation is to inspire and steward philanthropy throughout the MCV Campus of Virginia Commonwealth University.

The Egyptian Building stands at the heart of Virginia Commonwealth University’s MCV Campus, an icon of the Medical College of Virginia’s illustrious history and a symbol of the strength and spirit of excellence that propels our campus forward.

Like the Egyptian Building, the Medical College of Virginia Foundation is an integral part of the MCV Campus. Since 1949, the Foundation has worked to achieve a singular objective: support educational, clinical and research excellence on the MCV Campus. (Source)

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Top Medical College of Virginia Foundation Endowment Fund Headlines:

1) The market value of VCU’s endowment for fiscal 2011 rose to $349.7 million, up from $280.7 million the previous year, according to the 2011 NACUBO-Commonfund Study of Endowments. The endowment for the Medical College of Virginia Foundation, a separate entity, had a market value of $256.4 million, up from $214.9 million.

Neither total reflects two major gifts to VCU that were announced in the last calendar year: a $45 million bequest from the Glasgow trusts and $25 million from philanthropists James W. and Frances G. McGlothlin. McAllister credits two separate gifts totaling $150 million with helping boost W&L’s endowment. (Source)

2) Virginia Commonwealth University’s MCV Foundation has presented its 2014 Robert Irby Award for MCV Campus Faculty Volunteer to School of Pharmacy Dean Victor A. Yanchick.

The award was established in 2001 to honor the memory of Robert Irby, a rheumatologist who was as devoted to securing financial support for the MCV Campus as he was to his patients and colleagues. The award was presented May 12 at the MCV Foundation Board of Trustees’ annual dinner at the Country Club of Virginia.

Sheldon Retchin (H.S.’79/M), senior vice president for health sciences and CEO of the VCU Health System, introduced Yanchick and made the award. During the dean’s 18-year tenure, Retchin noted, the VCU School of Pharmacy’s enrollment, research and community outreach all have expanded. (Source)

3) The mission of the Medical College of Virginia Foundation is to inspire and steward philanthropy throughout the MCV Campus of Virginia Commonwealth University. (Source)

4) The missions of the Medical College of Virginia Hospitals are to (i) serve as a general hospital and health care facility, (ii) facilitate and support the health education, research and public service activities of the Health Sciences Schools of the Medical College of Virginia, Health Sciences Division of Virginia Commonwealth University, (iii) provide high quality patient care and other specialized health services not widely available in the Commonwealth, including the provision of medical care to indigent patients, (iv) serve as the principal teaching and training hospital for undergraduate and graduate students of the Schools of the Health Sciences Division of Virginia Commonwealth University, and (v) provide a site for faculty members of the Health Sciences Division of Virginia Commonwealth University to conduct medical and biomedical research, all of which missions constitute essential governmental functions for protecting and promoting the health and welfare of the citizens of the Commonwealth. (Source)

5) This year, Mr. James H. Starkey III succeeded Austin Brockenbrough III as Chair of the MCV Foundation’s Investment Committee and is building on the wonderful legacy of investment stewardship Mr. Brockenbrough provided for numerous years. Mr. L. Preston Hale also has taken over as a committee chair, replacing Ms. Ellen Spong who devoted several years of dedicated service as Chair of the Audit & Appropriations Committee.

In Fiscal Year 2012 the MCV Foundation’s total assets were $410.2 million. In addition, the Foundation disbursed $29.4 million in support of scholarships, faculty chairs and professorships, academic and research programs, equipment, patient care initiatives and other programs on the MCV Campus. For more information please see the Financial Position & Highlights included on the adjacent page. (Source)

About Richard C. Wilson