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University of Maine Foundation Endowment Fund

Name: University of Maine Foundation

Assets Under Management: $219.6 Million (Source: University of Maine Foundation on 6/30/2014)

Annual Report: University of Maine Foundation Financial Statements and Supplemental Information For the Year Ended June 30, 2014 (With comparative totals for 2013)

Portfolio Insights: “The University of Maine Foundation assists in the development activities of the University of Maine by encouraging gifts and bequests for scholarships, instruction, research, endowment, and other purposes that will benefit the University and other charitable organizations.

The Foundation’s operations are supported by unrestricted contributions and a fee charged to the endowment pool. For the year ended June 30, 2014, $2,102,431 was charged to the endowment pool for operations.” (Source)

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Top University of Maine Foundation Endowment Fund Headlines:

1) The University of Maine Foundation, acting as a separate organization, will work collaboratively with all entities to encourage philanthropic support by growing the endowment through planned/deferred giving for the University of Maine and other charitable organizations while carrying out the donor’s wishes in perpetuity. (Source)

2) The University of Maine Foundation usually wants 25% of funds over $50,000. But Kevin Frazier, the foundation’s director of finance, says: “We believe everything is negotiable. We’re working with people to make giving away their money easy.” Mississippi State University, which set up its fund just last year, doesn’t require donors to give anything to the school. (Source)

3) Students and scholarship committee members and donors had the opportunity to meet and share stories Dec. 13 during UMaine Hutchinson Center’s fifth annual scholarship luncheon.

Dr. Jeff Mills, president and CEO of the University of Maine Foundation, welcomed the group, saying that the community is fortunate to have the Fred Hutchinson Center facility in Belfast. The Foundation manages approximately $200 million in scholarships and $50 million in endowments, according to Mills.

“Since I came back in July, I have put 22,000 miles on my car and found that the American dream consists of owning your own home and being able to send your kids to college and being able to go to college yourself,” said Mills. “I am pleased to be able to help make some of those dreams come true.” (Source)

4) As part of the celebration of its “Ensuring the Future” 80th anniversary, the University of Maine Foundation presented one graduate from each of UMaine’s colleges with the President Abram W. Harris Award.

The award was established in 2003 by President Harris’ grandson Abram ”Pete” W. Harris III ’50 and his friend, Marion Waterman Meyer ’51.

Each awardee was a scholarship recipient as a UMaine student, and evidences exemplary and extraordinary leadership, contributions to his or her community and/or service to UMaine — the essence of Harris’ efforts as the president of the University of Maine from 1893 to 1901.

“These six outstanding UMaine alumni represent the results of scholarship support,” said Foundation President/CEO Jeffery N. Mills. “This year, scholarship support from the Foundation to the University of Maine was at a record high of over $4.1 million. In a few years, we expect some of those who received that support to be back to accept their Harris awards.” (Source)

5) Dec 22, 2006 – The University of Maine Foundation has accepted the largest one-time gift ever donated to the University of Maine by a private individual or family, a $4.2 million personal residence at 200 Woodville Road in Falmouth.  Eric and Peggy Cianchette, the home’s previous owners, finalized the donation earlier this week.

“This generous gift represents an important milestone in UMaine’s $150 million private fundraising campaign, known as ‘Campaign Maine,’” said UMaine President Robert Kennedy.  “It will provide an important and useful physical space in the southern part of Maine, where UMaine has a large contingent of supporters, including 25,000 alumni. This facility will allow us to reach out to alumni and friends, and to provide the kind of programming and opportunities that represent UMaine’s broad-based statewide impact.”

“Thanks to the Cianchettes’ remarkable generosity, UMaine’s ability to serve Southern Maine will be greatly enhanced,” said Amos Orcutt, president and CEO of the University of Maine Foundation. “The acquisition of this facility will bring the University of Maine’s considerable resources to Southern Maine and further the foundation’s and the university’s opportunities to provide useful and valuable service to the local communities.” (Source)

About Richard C. Wilson