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Saint Michael’s College Endowment Fund

Name: Saint Michael’s College

Assets Under Management: $194.6 Million (Source: Saint Michael’s College on 6/30/2012)

Annual Report: Saint Michael’s College Consolidated Financial Statements June 30, 2012 and 2011 (With Independent Auditors’ Report Thereon)

Portfolio Insights: “Saint Michael’s College (the College), founded in 1904 by the Society of Saint Edmund and conducted under its auspices, is an independent nonprofit educational institution chartered by the State of Vermont. The mission of the College is to contribute through higher education to the development of human culture and enhancement of the human person in the light of Catholic faith.

The College’s endowment consists of approximately 200 individual funds established for a variety of purposes, including both donor-restricted endowment funds (true endowment) and funds designated by the Board of Trustees to function as endowments. Net assets associated with endowment funds, including funds designated by the Board of Trustees to function as endowments, are classified and reported based on the existence or absence of donor-imposed restrictions.” (Source)

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Top Saint Michael’s College Endowment Fund Headlines:

1) Nineteen Saint Michael’s College students were awarded $3,700 each, from the college to enable them to carry out individual research projects with their professors over the summer. The grants totaling some $70,300, with living allowance on top of that, are titled Vice President for Academic Affairs (VPAA) Research Fellowships. Recipients were determined through a competitive process and were awarded by the Saint Michael’s College Undergraduate Research Committee.

Sixteen of the 19 grants were funded by the VPAA fund, and three by the Alumni Fund for Undergraduate Research, a fund established in 2009 by Shelia and Mark Nelson (Saint Michael’s 1991 graduate) to promote faculty-mentored student research.

Subjects ranged from lab science to fiction writing, from such topics as using quasars to visualize distant galaxies to the impact of ‘fracking’ on agriculture, from the literary impact of the King James Bible on John Milton to the impact of nicotine on coping styles, from sediment effect on Vermont streams to perceptions of health care in Vermont’s refugee community. (Source)

2) Saint Michael’s College is entering the next chapter in its long history of welcoming military men and women home to its campus: A successful recent campaign has raised more than $200,000 in commitments to fund a new Coordinator of Veterans Services position in the college’s student affairs and admissions offices focused on the recruitment and retention of veterans and active duty military personnel.

This new push, spearheaded by the Institutional Advancement Office with college-wide cooperation from many offices, is being called the “30 x 15 Initiative,” so named because of the College’s goal of having 30 veterans enrolled by 2015 with the ability to sustain that number going forward.

Todd Johnstone-Wright, the Wilderness Program’s longtime director and an Army veteran of Operation Desert Storm, for years has been acting as informal liaison to the handful of student veterans presently on campus, but between his Wilderness activities and new duties as associate dean of students, he just hasn’t felt able to do the job the way he feels it should be done for veterans. (Source)

3) Dr. John J. Neuhauser was named president of Saint Michael’s College in 2007 after serving as University Professor of Boston College. Professor Neuhauser was academic vice president and dean of faculties at Boston College from 1999 to 2005 and, before that, dean and professor of Boston College’s Carroll School of Management from 1977 to 1999.

During his six years as academic vice president and dean of Boston College, Dr. Neuhauser was responsible for the leadership of 670 full-time faculty members in seven schools and colleges. As dean of the School of Management, he led a redesign of the MBA program to promote socially responsible, ethical management and to offer several joint degree programs: MBA-MSA, MBA-JD and MBA-PhD. (Source)

4) It is the mission of Saint Michael’s College to contribute through higher education to the enhancement of the human person and to the advancement of human culture in the light of the Catholic faith.

Saint Michael’s College is a multicultural community which values each individual, celebrates diversity, encourages high ethical standards, instills a passion for justice and shapes a campus-wide environment of responsibility, and compassion. Through the efforts of various groups on campus, such as the Multicultural Committee, which is composed of staff and faculty, the College provides ongoing educational opportunities, events, and programs to increase awareness of and appreciation for the rich diversity of humankind. (Source)

5) Moody’s Investors Service has affirmed its Baa1 rating on Saint Michael’s College $50.4 million Series 2012 Refunding Revenue Bonds issued by the Vermont Educational and Health Buildings Finance Agency. The outlook is stable.

The Baa1 rating is based on Saint Michael’s College’s established market position with expectations for stable enrollment for fall 2014, a management team that engages in multi-year forecasting, and satisfactory financial resource cushion relative to debt and operations. Offsetting credit challenges include a highly competitive student market and demographically challenged region, leading to a weak yield on admitted students of 15% and multiple years of stagnant net tuition revenue growth expected to continue in the near-term. (Source)

About Richard C. Wilson