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North Carolina State University & Related Foundations Endowment Fund

Name: North Carolina State University & Related Foundations

Assets Under Management: $2.77 Billion (Source: North Carolina State University & Related Foundations on 6/30/2013)

Annual Report: NC State University Annual Financial Report 2013

Portfolio Insights: “As a research-extensive land-grant university, North Carolina State University is dedicated to excellent teaching, the creation and application of knowledge, and engagement with public and private partners. By uniting our strength in science and technology with a commitment to excellence in a comprehensive range of disciplines, NC State promotes an integrated approach to problem solving that transforms lives and provides leadership for social, economic, and technological development across North Carolina and around the world.

This past year has been another of great accomplishment, recognition and merit for NC State. Even in the face of significant challenges, we further strengthened this university and built upon our mission as a leading research-intensive land grant institution and continued our forward momentum.” (Source)

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Top North Carolina State University & Related Foundations Endowment Fund Headlines:

1) The Endowment Fund of NC State University was statutorily created by the State of North Carolina Legislature in 1977 (General Statute) and is subject to University of North Carolina endowment policies (UNC Policy Manual). The Endowment Fund is governed by a nine-member Board of Trustees of the Endowment Fund, which includes the Chancellor, the Chair of the Board of Trustees of NC State University, and the Chair of the University Advancement Committe as ex officio members. (Bylaws) The Endowment Fund is subject to annual review by State of North Carolina auditors and is reported in the University’s financial statements. (Source)

2) The trustees of N.C. State University’s Endowment Fund have agreed to sell the 79,000-acre Hofmann Forest near Jacksonville to an Illinois-based agribusiness company for $150 million, the university announced Tuesday.

The buyer is a family-owned, multistate firm headed by a third-generation farmer named Jerry Walker, NCSU officials said.

According to the contract, the company intends to sell the U.S. Department of Defense easements that will allow aviation training over about 70,000 acres of the property. That land could be used for timber or farming but not development for, say, houses.

Technically, the land is owned by the Natural Resources Foundation, a nonprofit organization that supports NCSU’s College of Natural Resources. The money from the sale will be placed in endowment funds, and income from its investment will be used mainly to benefit the college. (Source)

3) Mar 10, 2010 – Randy Woodson, incoming chancellor at N.C. State University, was in town this week to make the rounds, including spending the day with legislative leaders Tuesday, breakfasting with former Gov. Jim Hunt (and and N.C. State grad) and dropping by the News & Observer to chat with reporters and editors. Woodson showed right off the bat a willingness to talk candidly about academic matters at N.C. State, the largest public university in North Carolina. In his words, he stuck a few stakes in the ground to make points about the university. Among them:

— He thinks N.C. State has become “a bit risk averse” in academic matters and that it should take more risks that make an impact upon the state and the nation — for example, declaring a goal for the university’s program to become the best anywhere in chemical engineering, say, or other disciplines. “Academic risk is where you … put a stake in the ground” and say you’re going to the next level. That includes budget choices, and some departments clearly need to grow to meet challenges. “It’s time to decide where you’re going to expand” — and N.C. State needs a clearly articulated strategic plan that includes targets and measurements. (Source)

4) The forest, which is owned by N.C. State University’s Board of Trustees of the Endowment Fund, is the largest single tract of state-owned property. It is home to an abundance of rare wildlife and plants and serves as a research site for forestry and environmental studies students at N.C. State.

A coalition of professors, foresters, landowners and wildlife conservationists sued the Board of Trustees of the Endowment Fund of N.C. State and the North Carolina State Natural Resources Foundation Inc. to block the sale of Hofmann Forest. (Source)

5) NC State University has changed its course regarding the sale of Hofmann Forest. The university announced Wednesday that the land will still be sold but divided between two buyers.

The university now says a timber investment management company, Resource Management Services out of Alabama, will buy 56,000 acres of the forest and operate it as a sustainable working forest. Opponents of the sale call this a small victory.

“I guess they must be hearing us a little bit but we’re not loud enough right now yet. We need more support,” said Jessica Hult (Source)

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