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Suffolk University Endowment Fund

Name: Suffolk University

Assets Under Management: $653 Million (Source: Suffolk University on 6/30/2013)

Annual Report: Suffolk University Financial Statements June 30, 2013 and 2012 (With Independent Auditors’ Report Thereon)

Portfolio Insights: “Suffolk University (the University) is a private, comprehensive, urban university located on historic Beacon Hill in Boston, with two other Massachusetts locations and an international campus in Madrid, Spain.

The University’s endowment consists of approximately 240 individual funds established for a variety of purposes including both donor-restricted endowment funds 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 Suffolk University Endowment Fund Headlines:

1) Suffolk University is currently $360 million in debt, with a comparably meager endowment of roughly $100 million. Only five percent of their alumni donate, but out of the 85 percent of their accepted applicants, only 55 percent of them actually graduate within six years. Needless to say, the University’s new president, James McCarthy, has a lot to contend with.

Last night, Suffolk’s board of trustees approved McCarthy as its new president, at a time when the school could desperately use a boost to their 106-year story.

“When times get tough, there’s not a lot of wiggle room in places like Suffolk,” McCarthy said to the Boston Globe. “I don’t want to say it all comes down to resources, but an awful lot of it does. We’re serving the middle class, and we’re facing the same problems as the middle class.’’ (Source)

2) Just days before the start of the new school year, Suffolk University Wednesday abruptly replaced president James McCarthy with a year remaining on his contract, and tapped a veteran educator with a reputation for turning around struggling colleges to serve as interim leader. At an afternoon meeting, the university’s board of trustees voted unanimously to appoint Norman R. Smith, 68, who is best known for his tenure at Wagner College in New York City, where he led a small school on the brink of closing to new prominence. Smith, who will begin next week, said he was first approached about the Suffolk position just two weeks ago. “This has happened very fast,” he said. “They didn’t want to go internally, but wanted to have a seamless start for the fall.” (Source)

3) The interim president of Suffolk University yesterday said one of his goals will be to grow the school’s endowment so that more financially strapped students can attend.

Norman R. Smith, whose unanimous appointment yesterday by the Board of Trustees takes effect Monday, told the Herald he hopes to establish a major donor-cultivation program so that Suffolk’s endowment, like Harvard’s, will one day be large enough to enable the university to admit qualified students, regardless of their ability to pay. (Source)

4) Suffolk University Law School, located in Boston, is dedicated to welcoming students from all backgrounds and circumstances and educating them to become highly skilled and ethical lawyers who are well-prepared to serve in their local communities, across the nation, and around the world. Because the lawyer’s role has evolved and expanded since Suffolk’s founding in 1906, the Law School seeks to develop in its students the skills necessary to serve the profession’s changing needs in an increasingly diverse, global and technologically-dependent society. As one of the nation’s largest law schools, Suffolk meets that challenge by providing students with a core foundation in legal education, a breadth of courses and programs, and excellent training by a diverse and accessible faculty engaged in scholarship and service to their profession and communities. Suffolk’s goal is to provide its students with access to an excellent legal education, inspire a commitment to justice, and provide its graduates the opportunity to achieve their career aspirations. (Source)

5) Suffolk University and its Mildred Sawyer Library have supported the Afriterra Foundation in its effort to digitize its collection of rare maps of Africa. The maps are viewable online, and 1,000 of them will have been digitized by the end of 2007.

The original maps eventually will be housed at the Sawyer Library, which will make them available to scholars and display them in changing exhibits.

In the meantime, the 66-by-44-inch map donated by Rizzo will be prominently displayed on the third floor of the Sawyer Library, placed so that observers can get right up to the glass and examine the details of the map. (Source)

About Richard C. Wilson