Name: University of North Dakota Foundation
Assets Under Management: $335.7 Million (Source: University of North Dakota on 6/30/2014)
Annual Report: Alumini Association of The University of North Dakota and University of North Dakota Foundation Grand Forks, North Dakota Combined Financial Statements Including Independent Auditors’ Report As of and for the Year Ending June 30, 2014
Portfolio Insights: “The Alumni Association of the University of North Dakota and the University of North Dakota Foundation (the “Organizations”) are related nonprofit organizations utilizing a common board of directors and administration organized exclusively for the benefit of the University of North Dakota (“UNO”). The administrative offices for the Organizations are maintained on the University of North Dakota Campus.
The Foundation’s endowment consists of over 1,000 individual funds established for a variety of purposes. Its endowment includes both donor-restricted endowment funds and funds designated by the Board to function as endowments. As required by GAAP, 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 University of North Dakota Foundation Endowment Fund Headlines:
1) The $110 million University of North Dakota Foundation is weighing plans to increase its alternatives allocation and may target hedge funds for the play.
The $110 million University of North Dakota Foundation is weighing plans to increase its alternatives allocation and may target hedge funds for the play. The foundation may raise its alternatives exposure to 20% of its portfolioup from 10% nowvia hedge funds, said an official. (Source)
2) University of North Dakota Foundation, Inc. is a not for profit foundation that raises and manages funds for the University of North Dakota. The foundation was founded in 1978 and is based in Grand Forks, North Dakota. University of North Dakota Foundation, Inc. operates as a subsidiary of University of North Dakota. (Source)
3) The University of North Dakota Foundation issued through Wells Fargo Brokerage Services, LLC, tax-exempt lease revenue bonds on October 24, 2003 of $4,400,000 to finance the land purchase and construction of the Minot Family Practice Center. The center is a component of the School of Medicine & Health Sciences at UND. Interest only is due on a semi-annual basis at a variable rate of interest with a maturity date of December 15, 2018. The interest rate is 4.15% at June 30, 2010. The foundation may pay down principal in increments of $100,000 on interest payment dates without penalty. Principal balance outstanding at June 30, 2010 is $3,356,606. A receivable from UND and the bond payable is included on the financial reports of the foundation and UND has recorded a capital asset and a capital lease payable as of June 30, 2010. (Source)
4) North Dakota’s Board of Higher Education gave its permission for NDSU to seek legislative permission to build a new home for the school’s president “at a total cost not to exceed $900,000.” The Legislature’s Budget Section approved the plan. The board’s motion allowed NDSU the option to build a new house or add to the president’s existing home. The existing home was razed and a new one built.
The president’s house cost $2.04 million to build and furnish, according to figures prepared for the Board of Higher Education. The sum includes site preparation, landscaping, exterior concrete work, parking, lighting, and $155,270 worth of furniture and appliances. It does not include $372,355 in donated materials and services. (Source)
5) 06/25/2008 – The University of North Dakota Foundation and UND President Charles Kupchella announced today that Ann and Norman Hoffman, ’59, of Waconia, Minn., have donated more than $2 million to support UND, specifically the School of Engineering and Mines/Chemical Engineering Department. The Hoffman’s gift will establish The Ann and Norman Hoffman Chair in National Defense/Energetics within the School.
“Norm Hoffman is one of our most successful engineering graduates. He has already served the University well through his success as an engineer, businessman and entrepreneur. By endowing a chair in our School of Engineering and Mines, Norm and Ann provide UND with a perpetual, additional benefit to all future engineering students, faculty and staff,” Kupchella remarked. (Source)