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Westminster College, Salt Lake City Endowment Fund

Name: Westminster College

Assets Under Management: $177.3 Million (Source: Westminster College, Salt Lake City on 6/30/2009)

Annual Report: Financial Statements and Report of Independent Certified Public Accountants Westminster College June 30, 2009 and 2008

Portfolio Insights: “Westminster College (th e “College”) is a not-for-profit; private, independent college offering both professional and liberal arts courses of study, as well as selected graduate programs. Fundraising for certain campus facilities are designed to raise funds for: 1) construction of the facility, and 2) permanently restricted endowment to support the operation of the facility. The funds raised are recorded as temporarily restricted net assets.

Westminster College’s endowment consists of approximately 260 individual funds established for a variety of purposes. Its endowment includes both donor-restricted endowment funds and funds designated by the Board of Trustees 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 Westminster College, Salt Lake City Endowment Fund Headlines:

1) Dr. Brian L. Levin-Stankevich is Westminster College’s 17th president. President Levin-Stankevich was the chancellor at the University of Wisconsin-Eau Claire from 2006 through 2012. During his tenure, he initiated and led a broadly based strategic planning process and successfully moved new academic programs through the University of Wisconsin system.

President Stankevich is the recipient of the 2011 President’s Award (NASPA) and the 2006 Regents Teaching Excellence Department Award. Prior to his Chancellorship at Eau Claire, he was interim president of Eastern Washington University.  Dr. Levin-Stankevich holds a bachelor’s degree in history from Hamilton College and a Ph.D. from SUNY. (Source)

2) Jim Clark is a well respected business and academic leader. He has an extensive background in business, management and consulting. From 2005 through 2007, Jim served as Dean and Assistant Professor of Management for the Gore School of Business, Westminster College. Prior to that (1994-1999), Jim was a senior executive with American Stores Company, where he held positions as Chief Planning Officer and before that, Senior Vice President for Strategy and Change Management. He also served as the Corporate Senior Vice President, Marketing and Planning, at Lucky Stores in California. His career has included being a consultant with McKinsey & Co. and service as a Naval Officer. Jim is a graduate of the U.S. Naval Academy and the U.S. Naval Postgraduate School. (Source)

3) Westminster College announced today that St. Mark’s Hospital, a member of HCA MountainStar Healthcare, has committed $300,000 to name the St. Mark’s Hospital Anatomy and Physiology Lab in the nursing suite of the college’s new Meldrum Science Center. The $25-million facility is scheduled to open in spring 2010.

“Our gift to Westminster reflects the high regard we have for the college,” said Steven B. Bateman, chief executive officer of St. Mark’s. “We are impressed by the top-notch education the college provides, and the innovative ways in which their students learn. When we hire Westminster nurses, we know they share our commitment to making patients the highest priority.”

St. Mark’s Hospital and Westminster have had a long and mutually beneficial relationship dating back to 1949. “We are pleased to strengthen this tradition with our gift and continued support,” Bateman continued. (Source)

4) The newly expanded position of provost and vice president for academic affairs at Westminster is enormously important,” said search committee member Diane Forster-Burke when discussing one of the college’s most recent and exciting appointments. “This key individual not only oversees all academic programs, with deans from each school reporting to him, he is now responsible for Westminster’s IT programs, the library, student services, student government, residential housing, and athletics. The umbrella is very broad, so I must say we are thrilled that after six months of searching and meeting a range of fascinating and highly qualified people from all over the country, we came to the consensus that Cid Seidelman is indeed the perfect fit.”

Forster-Burke explained that the committee, comprised of faculty, staff, and a member of the board of trustees, evaluated 57 candidates, assessing their qualifications in several key areas. The list included: experience at least at the dean’s level; time involved in education, including classroom time; communication skills; experience with fundraising; and working experience with information technology. “The ideal candidate had to be exceptional in every area—and, a good fit with President Bassis,” added Forster-Burke. (Source)

5) January 23, 2006 – Westminster College President Michael Bassis announced today, the college has received the largest single gift in its history-$10 million to be paid over 5 years-from Ginger and John Giovale of Flagstaff, Arizona. The gift will go toward helping Westminster construct a new $30 million, 60,000-square-foot, state-of-the-art Science Center and endow a faculty chair in science.

In reference to the gift, Ginger Giovale remarked, “I have always believed that a good education can not only have a positive influence in transforming an individual’s life, but also the country and, indeed, the world. This gift is only made possible by the creative work of W.L. Gore associates worldwide, many of whom have received just such an education.”

“This generous gift will support Westminster’s growing science programs. We seek to prepare science majors for important careers and to promote scientific literacy among all Westminster graduates. The science curriculum our faculty has developed includes a variety of active, experiential, collaborative, and cross-disciplinary learning designs and provides students with abundant opportunities to engage in undergraduate research,” said President Michael Bassis. (Source)

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