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University of Georgia Foundation Endowment Fund

Name: University of Georgia Foundation

Assets Under Management: $866.5 Million (Source: University of Georgia Foundation on 6/30/2013)

Annual Report: University of Georgia Foundation’s Fiscal Year Ended June 30, 2013

Portfolio Insights: “The University of Georgia Foundation (the Foundation) is a not-for-profit foundation that was chartered in 1937 to receive and administer contributions for the support of the academic programs of the University of Georgia (the University).

The Foundation uses the net asset value (NAV) per share or its equivalent reported by the investment managers as a practical expedient to estimate fair value for certain investments, although NAV in many instances may not equal fair value. The NAV per share or its equivalent was applied to certain investments that do not have readily determinable fair values, including hedge funds, private equities, private limited partnership interests, real assets, and natural resources, unless it is probable that all or a portion of the investment will be sold for an amount different from NAV.” (Source)

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Top University of Georgia Foundation Endowment Fund Headlines:

1) The University of Georgia Foundation invests $195.9 million, or 30%, of its $661.2 million endowment in hedge funds. In 2012 The Foundation spent 28.7% of its funding on university programs, 25.9% on facilities, 20.8% on scholarships and fellowships, 13.7% on chairs and professorships, 7% on athletics, and 3.9% on research and centers. (Source)

2) Jack Turner was named to the University of Georgia Foundation Board of Trustees in 1999, where he has served as an active member of the Investment Committee. He graduated from the University of Georgia in 1953 with a Bachelor’s of Business Administration in Finance and was a member of Chi Psi fraternity, the Air Force ROTC and Gridiron. As an athlete he was a letterman in both baseball and basketball.

Following graduation, he served as a pilot in the U.S. Air Force and after serving his country embarked on a professional career in the financial services industry. Jack was president and retired as chairman of the board of American Funds Distributors, a subsidiary of the American Funds Group, based in Los Angeles in 1995. (Source)

3) The University of Georgia Foundation, which manages the college’s $400 million endowment, has come under fire for spending more than $30 million on business with companies linked to 27 of its 55 trustees, according to reporting by The Atlanta Journal-Constitution. (Source)

4) The University of Georgia Foundation recently announced the names of eleven incoming freshmen selected to receive its prestigious Foundation Fellowship. Awardees of the scholarship, which is valued in excess of $22,000, were selected from 1,100 applicants. Among the students selected was Reuben (Ben) Reynolds II, a native of Bainbridge and 2009 graduate of Bainbridge High School. Ben, the son of Dr. John and Jean Reynolds, will major in biology.

Among his many accomplishments at during his high school career, Reynolds was; member of BHS varsiy football and wrestling team, Eagle Scout, President of the National Honor Society, Treasurer of the Key Club, Admiral of the Anchor Club, Vincent J. Dooley Award, National Merit Scholar, Earl Carr Greg winner, Ann Rand Institue semifinalist, BHS 2009 class valedictorian and STAR student of the year. (Source)

5) All University of Georgia Foundation funds shall be invested according to the policies defined by the Foundation’s Investment Committee and in accordance with the Board of Trustees. The investment strategy is defined in two broad categories, Short-term/non-endowed funds and operating funds, and Long-term/endowed funds.

The Board of Trustees vests authority to recommend and implement investment policy with the Committee.  This Committee reports to the Board at each meeting regarding the status of the Foundation’s investments and results as well as reports any recommended changes in investment policy to the Board. (Source)

About Richard C. Wilson