Name: Union College Investment Office
Assets Under Management: $572 Million (Source: Union College on 6/30/2013)
Annual Report: Union College Financial Statements June 30, 2013 and 2012
Portfolio Insights: “Union College (the College) was founded in 1795 and is a coeducational, independent, liberal arts, and engineering college located in Schenectady, New York. The College is a scholarly community dedicated to shaping the future and to understanding the past.
The financial statements of the College have been prepared on the accrual basis of accounting and in accordance with accounting principles generally accepted in the United States of America. Permanently restricted net assets are those that are subject to donor-imposed stipulations that they be maintained permanently by the College. Generally, the donors of these assets permit the College to use all or part of the investment return on these assets to support program activities such as financial aid and instruction.” (Source)
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Top Union College Endowment Fund Headlines:
1) An endowment is an investment in the future of the Union College. Your gift is invested to provide support for a specific purpose you choose, such as a scholarship or award, or the College’s general fund. The investment ensures the principal amount of your gift grows. Your original principal is never spent, only the return on investment (interest) up to a defined percentage. Any remaining interest income is put back into the fund so it continues to grow. (Source)
2) Union College’s endowment was $317 million in fiscal 2012, down 1.6 percent from $322 million in fiscal 2011. And while that seems like a loss, it doesn’t tell the whole picture, said Diane Blake, the school’s vice president for administration and finance. She said endowment totals reflect investment performance as well as spending and gifts. She said the school had a positive return on investments, but alumni donations slowed.
She said endowments are rarely static, with money constantly coming in from donors and going out to pay for the budget. Despite that uncertainty, they fund a significant part of the school’s operations, especially financial aid that allows students to attend who might not otherwise afford the school. (Source)
3) Union College has incorporated sustainability into the campus master plan. The college employs a full-time sustainability coordinator, and the U-Sustain Committee coordinates campus environmental initiatives. An alumni green fund and a presidential green grant fund help finance sustainability projects on campus. Union purchases mostly Energy Star-qualified appliances and exclusively EPEAT-certified computers.
Union has committed to achieve carbon neutrality, partially through the use of offsets, by 2060 and has reduced building energy consumption by 10 percent since 2005. Energy-saving technologies have been installed across campus, including LED and other high-efficiency lighting, as well as steam line insulation. (Source)
4) Jul 31, 2012 – Union President Stephen C. Ainlay returned to his Canadian roots this past weekend, traveling to the tiny village of Brussels in Huron County, Ontario to help celebrate the 140th anniversary of the village’s official incorporation. Ainlay and his wife, Judith, joined with residents to help celebrate the 140th anniversary of the village’s official incorporation. Ainlay served as grand marshal of the homecoming parade on Saturday.
It was Ainlay’s great-great grandfather, William, who in 1854 purchased 200 acres of land near the Maitland River. An enterprising surveyor for the Canada Company, William Ainlay mapped out a plot that he called “Ainlayville.” Though a careless clerk mistakenly registered the name as “Ainleyville,” the new community, with its post office, flour mill, sawmill and hair salon, took off. By the time the railroad arrived in 1872, William Ainlay’s dream had been incorporated as a village and renamed Brussels. (Source)
5) The Stephen C. Ainlay and Judith Gardner Ainlay scholarship will be used to provide financial aid. The board has left it to the discretion of the Ainlays to establish the criteria for the award.
Ainlay became the 18th president of Union on July 1, 2006. He has played a key role in developing and implementing the College’s strategic plan, which outlines the College’s vision for strengthening its academic programs, affirming its commitment to diversity and sustainability and focusing on Union’s fiscal resources.
In addition to his role as president, Ainlay serves as a professor of sociology at the College and chancellor of Union University, a united entity composed of Union College, Union Graduate College, Albany Medical College, Albany Law School, Albany College of Pharmacy and the Dudley Observatory. (Source)