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St. Francis College Endowment Fund

Name: St. Francis College

Assets Under Management: $145.3 Million (Source: St. Francis College on 6/30/2013)

Annual Report: St. Francis College Financial Statements Together with Report of Independent Certified Public Accountant June 30, 2013 and 2012

Portfolio Insights: “St. Francis College (the “College”), located in Brooklyn Heights, New York, is a private, nonprofit, independent,co-educational college chartered by the Legislature of the State of New York and the Board of Regents of the University of the State of New York and accredited by the Middle States Association of Colleges and Universities. Income and net gains on investments of endowment and similar funds are reported as increases in temporarily restricted net assets if the terms of the gift impose restrictions on the use of the income, or if such income and gains are pending Board appropriation.

The College’s endowment consists of approximately 258 individual funds established for a variety of purposes and includes both donor-restricted endowment funds and funds designated by the Board of Trustees to function as endowments.” (Source)

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Top St. Francis College Endowment Fund Headlines:

1) After 40 years in commercial banking, Brendan J. Dugan decided to return to his alma mater, St. Francis College, as President in 2008. He had served as Chairman of the College’s Board of Trustees before that, and as a member of the Board played a leading role in the College’s $40 million fundraising Campaign for Big Dreams.

President Dugan’s last banking position was Chairman & CEO of Sovereign Bank’s Metro NY/NJ Division. Sovereign had recently acquired Independence Bank where Mr. Dugan worked since 2003. Prior to joining Independence, he served as Chief Operating Officer of Citibank Commercial Markets (2001-2003), President of European American Bank (1991-2001) and President and Chief Executive Officer of NatWest USA (1974-1991). While at each of these institutions, Mr. Dugan helped develop and manage the implementation of growth strategies in the areas of Commercial and Retail Banking, Leasing and Real Estate Lending, all of which are integral to the New York economy.

Mr. Dugan is also a Director of Cox and Company, a manufacturer of aerospace parts for military and civil applications. (Source)

2) Jan 26, 2000 – St. Francis College, Brooklyn, N.Y., restructured its $78 million endowment fund after a review of its investment strategy with consultant Evaluation Associates, said Dick Halverson, vice president for finance. It hired Alliance to handle $20 million in U.S. large-cap growth equities; ICAP, $17 million, U.S. large-cap value equities; Vanguard, $11 million, institutional S&P 500 index fund; and Metropolitan West, $20 million, U.S. fixed income. The endowment retained Gabelli Asset Management to run its existing $10 million small-cap to midcap U.S. equity portfolio. It terminated Merrill Lynch and Amivest, which managed $22 million and $19 million, respectively, in U.S. equities. Mr. Halverson said the endowment decided to hire managers using more specific strategies than Merrill and Amivest, which each used a blend of approaches. (Source)

3) St. Francis’ College is a recognised, unaided Anglo-Indian minority institution established and administered by “The Catholic Diocese of Lucknow”, a charitable Religious Society registered in Lucknow under the Societies Registration Act XXI of 1860.

The College was founded in 1885. It was established with the object of imparting modern education primarily to Catholic students in a manner that would conserve their “Religion, Language, Script and Culture, “but is open to all, irrespective of religion, caste or community”.

This institution is situated in Hazratganj – the central and posh locality of Lucknow and as such, is very convenient for parents/guardians seeking education for their children. The College has a well-maintained, spacious campus with artistic and imposing buildings, playgrounds and well-grown trees along the boundary, providing an atmosphere for good health and education. (Source)

4) St. Francis College has a proud heritage of preparing students to take their places as leaders in their fields and to become contributing members of society. With a mission founded on the ideals and teachings of St. Francis of Assisi, the College plays a vital role in the community and in the lives of its students and alumni.

A group of Franciscan Brothers first came to Brooklyn in 1858, opening St. Francis Academy several months later in 1859. It was the first private school in the diocese of Brooklyn. The school, which was opened to educate the boys of the diocese, started in a building on Baltic Street and grew quickly. In 1884, just 25 years later, the trustees of St. Francis received permission from the state legislature to “establish a Literary College” under its current name and giving it the power to confer diplomas, honors, and degrees. In June 1885, St. Francis College conferred its first Bachelor of Arts degree, and seven years later the first Bachelor of Science degree was granted.

The addition of the Anthony J. Genovesi Center in 2003 offers students additional opportunities to participate and watch athletic events while the $40 million Frank and Mary Macchiarola Academic Center which opened in 2006, houses a library, numerous smart classrooms, HDTV studio, and black box theater. (Source)

5) St. Francis College principal Brenda King has labelled 2014 as another successful year for the school. The college held its annual prizegiving and presentation day on December 12, with many students recognised for their academic, sporting, creative and social talents. “Excellence in learning and teaching has a very important place in daily life at St Francis College and it is always a thrill to watch our students grow over the course of the school year,” Mrs King said. “The opening of the Marcellin Learning Centre this year has allowed students and teachers to work collaboratively in contemporary learning spaces. “Teachers work side-by-side, learning together. “I thank you (the students) for a rewarding year … remember you have the capacity to achieve anything you set your heart on. “Appreciate the gifts you have and use them well.” (Source)

About Richard C. Wilson