Name: Office of Development – Old Dominion University
Assets Under Management: $388.3 Million (Source: Old Dominion University on 6/30/2013)
Annual Report: Old Dominion University Financial Statements June 30, 2013
Portfolio Insights: “Old Dominion University is a comprehensive, multicultural, and student-centered research doctoral university whose central purpose is to provide our students with the best education possible. The University’s local, regional and national impact continues to grow. With an economic impact on the Hampton Roads area of over $1 billion annually, Old Dominion University is one of the largest generators of new jobs in the region.
The University accounts for its investments that are purchased at fair value. Investments received by gift are carried at fair value at date of acquisition in accordance with GASB Statement 31, Accounting and Financial Reporting for Certain Investments and for External Inv estment Pools as modified by GASB Statement 59.” (Source)
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Top Old Dominion University Endowment Fund Headlines:
1) Old Dominion University’s Board of Visitors formally approved the change of name of its business school to the Strome College of Business and its new entrepreneurial center to the Strome Entrepreneurial Center, in recognition of an $11 million donation by Mark and Tammy Strome to the university in support of a new, multipronged program to nurture business entrepreneurs. Mark Strome, a 1978 ODU graduate in civil engineering, is chief investment officer for the Strome Group and Strome Investment Management, L.P., based in Santa Monica, Calif.
The Strome Family Foundation, administered by Mark and Tammy Strome, invested in the creation of a university-wide entrepreneurial ecosystem, covering academics, student entrepreneurs and economic development. Old Dominion University President John R. Broderick said the Strome Family Foundation gift will ‘inspire a whole new generation of entrepreneurs and innovators by creating an entrepreneurial ecosystem at the university. These future entrepreneurs will create great economic and social value in Hampton Roads and beyond. ‘ (Source)
2) The Office of Risk Management is responsible for administering the University’s insurance, risk management and fire safety programs. Insurance products are provided through a combination of self insurance and purchased insurance while assuring acceptable risk transfer and retention for all routine and unique exposures. Other safety programs are directed through the Office of Environmental Health and Safety.
The Office of Risk Management investigates and administers all property and casualty claims for the University and conducts program audits to determine vulnerabilities to distinct liability and property exposures. Support is also provided through loss prevention programs that serve to preserve the University’s physical assets by utilizing a combination of facility inspections, fire protection engineering and immediate attention to reports of at-risk conditions. (Source)
3) Established in 1995, the Real Estate Foundation has taken the lead in the development of the University Village, a mixed use development including retail, residential and office buildings.
The results of its work are visible to all in the form of The District Apartments, University Village Apartments, restaurants, shops, the North Village Parking Garage, the Innovation Research Park, The President’s House, Marriott SpringHill Suites Hotel, the University Bookstore and the construction of the Powhatan Sports Complex to support the expansion of the athletic programs. (Source)
4) Old Dominion University is Virginia’s forward-focused residential research university for high-achieving students who want rigorous and dynamic academic programs and an exceptional student lifestyle in metropolitan Norfolk, Va.
With 24,753 students (5,387 graduate students, 19,367 undergraduates) from more than 113 countries and across the U.S., ODU is a rich and creative fusion of cultures, viewpoints, and life experiences.
Life here is active, energizing, and entrepreneurial. So is our education. It’s the kind of learning that gets you involved and engaged, both inside and outside the classroom – internships, research, service learning and fieldwork. Our hands-on style gives you opportunities to challenge yourself and gain leadership experience in a thousand different ways. (Source)
5) An Old Dominion University graduate and his wife have given the school $10 million, the second-largest individual gift in the university’s history. University President John Broderick announced the donation by Mark and Tammy Strome of Santa Monica, Calif., on Tuesday. Mark Strome is a hedge fund manager who received a bachelor’s degree in civil engineering from ODU in 1978.
The Virginian-Pilot reports that the donation will be used to create a new entrepreneurial curriculum that will be based in the College of Business and Public Administration but will be available to students across the university. Broderick also announced a $1 million gift from Donna Fischer, president and CEO of Virginia Beach-based DLS Engineering Associates, to create an endowment to support student participation in interscholastic competitions. (Source)