Name: Endowments – Missouri State University Foundation
Assets Under Management: $138.4 Million (Source: Missouri State University Foundation on 6/30/2014)
Portfolio Insights: “The purpose of the Missouri State University Foundation (the “Foundation”), previously Southwest Missouri State University Foundation, is to be the legal vehicle to receive, manage and distribute all private gifts, restricted and unrestricted, for the benefit of Missouri State University (the “University”), or its successors, or any institution of higher learning with which it may merge.
The Foundation’s endowment consists of approximately 970 individual funds established for a variety of purposes. The endowment includes both donor-restricted endowment funds and funds designated by the governing body to function as endowments (board designated endowment funds). As required by accounting principles generally accepted in the United States of America (GAAP), net assets associated with endowment funds, including board-designated endowment funds, are classified and reported based on the existence or absence of donor-imposed restrictions.” (Source)
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Top Missouri State University Foundation Endowment Fund Headlines:
1) As perpetual gifts, endowed funds provide a link between past, present, and future generations. The income from endowed funds is vital to Missouri State University’s ability to educate students and discover and disseminate new knowledge for the betterment of our world. The level of participation of alumni and friends speaks volumes to the pride you feel while also strengthening the University. We are fortunate the Foundation invests for the long term and that your funds will last into perpetuity for the benefit of generations of students to come. We strive to steward your contributions in a manner that benefits your generosity. (Source)
2) The money is invested in the Missouri State University Foundation, and the earnings are used to help fund scholarships. This occurs annually and in perpetuity, giving the donors a lasting legacy of support for the program,” Lunday explained.
To date, there are 40 named scholarships, some of which are fully endowed and others that are maturing or restricted, Lunday said. All, however, go toward ensuring that student athletes receive the best education possible at Missouri State-West Plains, which is the thrust of the program, he stressed.
“Through the enthusiastic vision of early supporters, a foundation has been laid that, if finished, will ensure the funding security of Grizzly Athletics at Missouri State-West Plains from now on. It will take great effort, but who would have thought we could have come as far as we already have,” Lunday said.
One unique endowment opportunity is the Grizzly Commemorative Endowment, Lunday said. Area residents may contribute any amount to this fund in memory of or in honor of individuals they would like to recognize. The current market value of this particular fund exceeds $16,000, he said. (Source)
3) Greg Onstot, vice president for University Advancement and executive director of the Missouri State University Foundation, confirmed that the $25 million commitment is by far the largest single gift ever made to the University and its foundation.
“I wanted the University to be able to build a facility that would live up to its new name, that would be a magnet for Springfield, and that would make all of us proud,” said Hammons. “I hope this gift helps make that happen and encourages others to invest in the University as well. Missouri State has big aspirations, and I want JQH Arena to be an important part of its future development.”
Missouri State hopes to raise at least $5 million in cash to add to the $5 million provided by Hammons. The University will then issue approximately $50 million in bonds. Hammons will pay the debt service on the remaining $20 million he has committed; the University will pay the balance. (Source)
4) The Missouri State University Foundation received gifts valued at $8 million. A gift from Bobby Allison will support recreational facilities improvements currently underway at the school; Betty Jeanne Wood Turoff donated 157 acres of timbered land in Greene County to the Darr School of Agriculture; the Jack E. Weimer family made a gift to the Betty and Bobby Allison South Stadium; a gift from the Rosemary Witt estate benefits three funds in the College of Arts and Letters; the Virginia Cox Bussey estate supported the Virginia C. Bussey Scholarship in Music and Musical Theatre; Mike and Karen Hanover funded the Hanover Scholarship for Mathematics; and a donation from Vicki Spoonhour will endow men’s basketball scholarships. (Source)
5) Steve Foucart, interim chief financial officer at Missouri State University for the past year, was named permanent CFO at the university. He begins his duties April 1. Foucart’s appointment was approved by the Board of Governors Executive Committee during a meeting Wednesday and will be ratified by the full Board May 16. Missouri State President Clifton M. Smart III recommended Foucart for the position after a national search was completed. Foucart’s annual salary will be $128,000.
The CFO advises the president on all matters pertaining to the management and operation of accounting, accounts receivable, accounts payable, budget control, bursar, student aid disbursement, budget preparation, financial information systems, credit management, collections, fiscal planning, financial statement preparation, investing, payroll, purchasing, property control, receiving, real estate and risk management/insurance.
Other responsibilities include the accounting and investing of the Missouri State University Foundation and the Missouri State University Development Corporation. The CFO also serves as the treasurer of the Board of Governors. (Source)