Name: Rowan University Foundation
Assets Under Management: $949.6 Million (Source: Rowan University Foundation on 6/30/2014)
Annual Report: Rowan University (A Component Unit of the State of New Jersey) Basic Financial Statements and Management’s Discussion and Analysis June 30, 2014 (With Independent Auditors’ Report Thereon)
Portfolio Insights: “This section of Rowan University’s (the University) financial statements presents our discussion and analysis of the University’s financial performance for the fiscal year ended June 30, 2014 with comparative information for the year ended June 30, 2013.
The University’s total assets and deferred inflows of resources increased $77.8 million from $871.9 million at June 30, 2013 to $949.7 million at June 30, 2014. Current assets increased $21.3 million, capital assets increased $37.3 million, other noncurrent assets increased $8.6 million and deferred outflows of resources increased $10.6 million.” (Source)
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Top Rowan University Foundation Endowment Fund Headlines:
1) Pinnacle Financial Advisors, LLC is pleased to announce the appointment of Harry Scheyer, CPA/PFS, CFP as Chairman of the Rowan Foundation Investment Management Committee.
The investment management committee is comprised of thirteen independent members of the investment community whose primary responsibility is the oversight and management of the $180 million investment portfolio benefiting various endowments and funds designated for general as well as specified endowments and scholarships for faculty and students.
Also under the investment management umbrella is the newly formed Rowan University Venture Fund that will initially be funded with $5 million from the Rowan Foundation. The Venture Fund was established to provide seed money for Rowan Foundation facility and students to help underwrite promising research projects that can be capitalized on in the private sector and provide a potential return to the fund. (Source)
2) Salva, vice chairman of the Rowan University Foundation Board, and his wife, Rita, of Princeton, have pledged $1.055 million to the Foundation to establish the Lawrence & Rita Salva Medical Scholars Fund at Rowan. The single largest gift to date for Cooper Medical School of Rowan University (CMSRU), the Salvas’ pledge also is the largest one-time gift ever made to Rowan by an alumnus.
Their gift will establish a $1 million endowment to benefit students enrolled at CMSRU. The additional $55,000 in contributions—and the earnings on the endowment—will provide $100,000 in scholarships for the medical school’s charter class.
“The debt numbers for medical school students are just so compelling,” says Salva, who earned his bachelor’s degree in business from the University in 1977. (Source)
3) The Rowan University Foundation announced on March 11 it will give $5 million to a new venture capital fund catered to the Glassboro, N.J., school’s faculty, students and alumni. Its goal: to promote more researchers and entrepreneurs.
With an endowment of about $175 million, the Rowan Foundation can make a “meaningful investment,” Rowan Foundation chair Paul Tully said in a statement.
“While Rowan’s students and faculty will undoubtedly be successful in attracting outside funding, some may first need seed money to get their ideas started,” Tully said. “Through the Rowan Venture Fund, the Foundation will provide an opportunity to support research ideas at their earliest stages.”
The Rowan Venture Fund is the first of its kind at Rowan, a university that received $24 million in sponsored research and grants last year. The university said it plans to increase that to $100 million in 10 years. (Source)
4) The William G. Rohrer Charitable Foundation has pledged $1 million to the Rowan University Foundation to establish an Endowed Chair in Geriatrics at the Rowan University School of Osteopathic Medicine’s (RowanSOM) New Jersey Institute for Successful Aging (NJISA). The endowment will provide a perpetual funding source to support geriatric research, clinical care and education programs at the NJISA and – when combined with two RowanSOM endowments already established by the William G. Rohrer Charitable Foundation – will result in a fund of more than $2 million. (Source)
5) The Rowan University Foundation Board has elected Joseph Bottazzi as chair and added three new members with expertise in healthcare, medicine and business to reflect the expanding profile of the University. A seasoned business executive and Rowan alumnus, Bottazzi will build on the great progress made under the leadership of former Board Chair Paul Tully.
Bottazzi, executive vice president of business development at Edelman Financial Services, LLC, is a River Edge resident who has served on the board since 2009. Bottazzi earned a degree in marketing from Rowan in 1980 and his MBA. in finance from Fordham University.
Joining Bottazzi are three prominent business leaders —Dorothy Stubblebine of West Deptford, James George of Woodbury and Elizabeth Faircloth of Bordentown—who were confirmed by Rowan University’s Board of Trustees in September for three-year terms. (Source)