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Weber State University Endowment Fund

Name: Weber State University

Assets Under Management: $374.7 Million (Source: Weber State University on 6/30/2012)

Annual Report: Weber State University’s Annual Financial Report 2012

Portfolio Insights: “In fiscal year 2012, total assets of the University increased 8.6% largely due to capital asset additions and continued University growth. Current assets increased $46.8 million or 95.3% largely due to $33.2 million in certificates of deposit, held at Wells Fargo Bank, which mature in fiscal year 2013. Cash and cash equivalents increased by approximately $13.5 million. Restricted cash and cash equivalents increased $11.5 million primarily due to bond funds held by Wells Fargo Bank restricted to partially finance the construction of the Davis Campus Professional Classroom Building, the Recreation Center Project, and the final phase of the Student Housing Project. Total investments decreased by $2.3 million for the fiscal year, largely due to market value fluctuations on investments. Noncurrent liabilities increased $16.7 million mainly due to the University bonding for $17.4 million, which will be used to partially finance the three previously mentioned projects. At the end of fiscal year 2012, the University’s current assets of $95.9 million were sufficient to cover current liabilities of $22.2 million. Also at the end of fiscal year 2012, total assets of $462.9 million are sufficient to cover total liabilities of $88.2 million.” (Source)

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Top Weber State University Endowment Fund Headlines:

1) Weber State University (WSU) began its $9 million revolving fund in 2010 after securing seed money through a loan from the institution’s endowment and other capital sources. To allow the fund to expand beyond its original size, 25 percent of cost savings from efficiency projects accrue to the general utilities budget; 75 percent will replenish and grow the revolving fund even after the initial project cost has been repaid. However, this earmarked 75 percent is currently being used to repay the endowment loan. (Source)

2) Weber State University officials have announced the creation of an endowed program for arts-integrated learning made possible by a $3 million gift from the Sorenson Legacy Foundation.

The Beverley Taylor Sorenson Arts Learning Program will train future educators to incorporate artistic instruction into their content areas as well as provide outreach opportunities to children in northern Utah. (Source)

3) Jan 8, 2011 – Weber State University announced Friday the hiring of Dr. Tom Peterson, one of the most decorated and well-credentialed volleyball coaches in the western United States, as the Wildcats head women’s volleyball coach.

Peterson had spent the past three seasons as an assistant at Utah State University, including the last two years as associate head coach. In 2010, he helped led USU to a 24-9 record and an appearance in the NCAA Tournament after finishing third in the Western Athletic Conference during the regular season followed by victories over Nevada (3-1), New Mexico State (3-2) and No. 3 Hawai’i (3-0) to win its first-ever WAC Tournament. (Source)

4) Apr 26, 2005 – Intermountain Health Care is donating more than $1 million to Weber State University to boost its nursing programs. The money will enable the university to add nursing classes this fall at its Davis Campus. The donation enables Weber State to hire more nursing faculty at both campuses and train 150 additional registered nurses during the next five years. IHC also will donate $100,000 to Weber State’s Department of Clinical Laboratory Sciences. “This gift will make a difference,” said Shelley Conroy, dean of Weber State’s College of Health Professions. The university produces about 240 to 270 licensed RNs each year. IHC also is donating funds to other colleges and universities statewide, but Weber State, which produces 60 percent of nursing associate degree graduates in Utah, is receiving the largest amount of money, Conroy said. (Source)

5) Feb 5, 2013 – The Alan and Jeanne Hall Foundation has donated $3.5 million to Weber State University to launch a sales training center. The Alan E. Hall Center for Sales Excellence will enhance the university’s technical sales program and will be available to students and business people. The center has been accepted as a member of the University Sales Center Alliance, a consortium of sales centers for faculty around the country.

“The corporate element the center will provide will be a tremendous boon to Weber State University, the university’s sales students and corporate America,” Alan E. Hall, venture capitalist and Weber State alumnus, said in a statement. The center will offer a four-year sales program and be the only one of its kind at a Utah public university. It will be part of WSU’s College of Applied Science and Technology. (Source)

About Richard C. Wilson