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North Central College Endowment Fund

Name: Finance/Financial Economics | North Central College

Assets Under Management: $258.6 Million (Source: North Central College on 6/30/2014)

Annual Report: Financial Statements and Report of Independent Certified Public Accountants North Central College June 30, 2014 and 2013

Portfolio Insights: “Founded in 1861, North Central College (the College) is an independent, comprehensive college of the liberal arts and sciences that offers approximately 60 under graduate majors and graduate programming in seven areas.

The College’s endowment fund investments are managed to achieve the maximum long- term total return. The College’s Board of Trustees has authorized a policy permitting the use of total returns at a rate (spending rate) of up to 6.0% of the average market value of the endowment portfolio on the last day of the three preceding fiscal years for current operations. The remainder is retained to support operations in future years. This policy is designed to preserve the value of the portfolio in real terms (after inflation) and provide a predictable flow of funds to support operations currently and into the future. The actual spending rate was 4.0% in 2014 and 2013.” (Source)

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Top North Central College Endowment Fund Headlines:

1) As of August 31, 2014, North Central College’s endowment was $109.9 million ($115.2 million when charitable trusts and similar funds were included). The College publishes its annual report every December. (Source)

2) North Central College has announced a 3 1/2-year campaign to raise $50 million, with plans to use the proceeds to double endowment funds for student scholarships and faculty salaries, build a new fine arts center and complete other building renovations.

The Naperville campus has proposed dedicating $26 million toward permanent endowments, which are invested with the goal of providing continuous funding. Another $24 million would be spent on capital building projects, $15 million of which would be earmarked toward constructing a fine arts center at the corner of Chicago Avenue and Ellsworth Street. (Source)

3) Oct 26, 2012 – Dr. Troy D. Hammond, a scientist, teacher and entrepreneur, will be North Central College’s next president, only the 10th in the school’s 151-year history. Board Chair Steven Hoeft ’73 announced the selection of Hammond after a unanimous vote of the College’s Board of Trustees.

“Dr. Hammond brings a wealth of experience to North Central College,” says Hoeft. “He is uniquely equipped to lead this institution forward.”

The 45-year-old scientist, originally from Kokomo, Ind., earned his Ph.D. in experimental atomic physics from Massachusetts Institute of Technology (MIT) in 1996 where he was mentored by Dr. David Pritchard and Nobel Laureate Dr. Wolfgang Ketterle. (Source)

4) During the spring semester members of the North Central College football team donated their time to Feed My Starving Children, a non-profit organization committed to feeding starving and impoverished children in more than 60 countries around the world. The athletes assisted in measuring ingredients, packing food and preparing boxes for shipments at the organizations Aurora, Ill. location.

This past December and January, the North Central College Student-Athlete Advisory Committee collected new and gently used winter clothing as part of the CCIW Service Initiative, “Winter Wear Drive: Keeping Our Communities Warm”. Each CCIW member institution was asked to participate and select a local agency to benefit from their efforts. North Central College selected Sharing Connections, a local agency who provides material goods to individuals in need. (Source)

5) North Central College is remembering the service of alumnus and Life Trustee Albert Benedetti of Naperville, a longtime stalwart of the College who passed away on May 3. He was 88.

He was president of Bruno Benedetti & Sons, a Naperville home building company. A street in Naperville bears the family name, Benedetti Drive.

“Few figures have had more impact on the North Central College physical campus in the past half century than Al, and his role in Naperville over this period … has been equally significant,” said Harold R. Wilde, North Central College president. “His generous spirit, his love of the College and its athletic program since his own participation on Cardinal baseball and football teams following World War II made Al a one-of-a-kind cheerleader for his alma mater.” (Source)

About Richard C. Wilson