26, No. 6, Sept. 21, 2006
Private gifts to university
increase by 22 percent
Gifts to the UI and the UI Foundation for the fiscal year that ended June 30
totaled $184.9 million, an increase of more than $33 million over the previous
year, according to Stephen K. Rugg, UI chief financial officer and treasurer
of the foundation. Of the $184.9 million received, $40.9 million was given
to the UI directly and $144 million was contributed through the foundation.
Rugg announced the private gift figures during the business session of the
71st annual meeting, held Sept. 15. The foundation is the private gift
procurement arm of the UI.
Of the $184.9 million in private support received last fiscal year, $64.3 million
(35 percent) came from alumni and friends, $50.5 million (27 percent) was from
corporations, $47.7 million (26 percent) was from foundations and $22.4 million
(12 percent) was from associations.
Private gifts support a number of programs across the three UI campuses. Last
fiscal year, $49.3 million of the $184.9 million raised was added to the endowment.
Student financial aid in the form of scholarships, fellowships and student loans
received $3.2 million in contributions. Donors to the UI provided more than $28
million to academic divisions, $43.4 million for research, $10.1 million for
buildings and equipment, $16 million for public service and extension, and $2.3
million for faculty and staff member compensation. Gifts to UI athletics at all
three campuses increased slightly over the preceding year to $7.6 million.
Of the $184.9 million received last year, 68 percent or $126.4 million was designated
by donors for current use. Those funds provided support to a number of programs
across all three campuses. Twenty-seven percent ($49.3 million) was invested
in endowed funds, which are held in pooled investment accounts under the policy
supervision of the Investment Policy Committee of the foundation board and the
Finance and Audit Committee of the UI Board of Trustees. Earnings from endowed
funds help support university endeavors, including student financial aid, faculty
and programs. Such investments also provide specified annuity and life-income
funds for many donors.
The UI’s combined active and deferred endowment stood at $1.787 billion
as of June 30. The active endowment, which represents 70 percent of the university’s
endowment picture, grew to $1.252 billion.
Also included in the UI’s total endowment is $394.9 million designated
as revocable deferred gifts. Another $139.7 million of the endowment is in charitable
trusts and other irrevocable gifts held by the UI Foundation and others.
The foundation’s endowment goal is to provide a distribution to the university
each year to meet its spending needs, coupled with a desire to protect the purchasing
power of the endowment against inflation. Over the past 10 years, the investment
return allowed the foundation not only to meet the spending and inflation objectives,
but also permitted a net real return to the endowment of 3.6 percent.
Growth of the endowment over the past decade, Rugg said, has enhanced many important
academic efforts at the UI. The library’s endowment has risen from $13.6
million in 1996 to $31.9 million as of June 30 this year. The endowment for professorships
has increased from $29.9 million to more than $86.9 million. Graduate fellowships
have climbed from $24.9 to $79.2 million. Endowed chairs have risen from $42.3
million to $138.6 million. And undergraduate scholarships and student aid endowment
jumped from $49.1 million to $170.5 million.
“Total market returns,” Rugg said, “combined with new-gift
development have produced a total endowment today that is nearly two and one-half
times what it was 10 years ago, rising from $729.7 million to $1.786 billion.
That translates to total endowment growth of 9 percent annually over the past
decade,” he said.
One challenge for the foundation, according to its president, Sidney S. Micek,
is to continue to raise the level of participation. “While annual giving
support for the university has increased, by comparison we do not currently have
the level of participation from our donor or alumni base that other peer universities
have,” Micek said.
Private gifts announced
Private gifts totaling more
than $15 million earmarked for UI programs at Chicago, Springfield
and Urbana-Champaign were announced at the UI Foundation’s annual
Gifts made to the Urbana-Champaign campus include:
- $4.5 million
to the Division of Intercollegiate Athletics from the Irwin Family
Foundation to double the size of the Irwin Academic Services Center.
Richard Irwin was a UI graduate and founder of the publishing house
of Richard D. Irwin Inc., now Dow Jones-Irwin Inc. The foundation’s
other major gifts to the DIA include $1.5 million toward construction
of the football coaching and training headquarters near Memorial
Stadium and $7 million for the construction of the Irwin Indoor
- $2 million from
Marlyn Whitsitt Rinehart, of Urbana, to endow the Kenneth L. Rinehart
Jr. Chair in Natural Products Chemistry in the College of Liberal
Arts and Sciences. The chair honors the late professor Rinehart,
who for many years led the department of chemistry’s marine
natural products division. Marlyn Rinehart earned her master’s
degree in English from the UI. John F. Hartwig, most recently at
Yale University, will serve as the first Kenneth L. Rinehart Chair.
- $1.5 million
from Sandford “Sandy” and
Mimi Furman, of Tenafly, N.J., to enhance educational programs and
promote academic excellence in the School of Architecture. The
Furmans also have given 47 Frank Lloyd Wright plates to the Rare
Book and Manuscript Library. Sandy Furman, who earned his bachelor’s
degree in architecture at the UI, is the founder and partner emeritus
of FDS Architects in Tenafly. Mimi Furman is an accomplished interior
than $1 million from Charles Hammond Jr., of Key West, Fla., in
support of scholarships, with preference given to graduates of
Canton High School. A native of Canton, Hammond earned three degrees
from the UI, including a doctorate in economics. He retired as
a loan officer and international economist with the Export-Import
Bank of the United States.
- More than $1
million from Keith R. Westcott, of Newbury Park, Calif., to establish
and support the Westcott Bioscience Fellowship in the department
of biochemistry. Westcott earned his master’s
degree and doctorate at the UI, both in biochemistry. He was a protein
chemistry scientist with Amgen Inc., a biotechnology company in Thousand
- $1 million from
David and Meredith Mills, of Champaign, to endow the head coaching
position for men’s tennis in the
Division of Intercollegiate Athletics. Their gift marks the fourth
head coaching position at Illinois to be supported by private gifts.
David Mills is president and chief operating officer of Busey Bank
in Urbana. Meredith Mills is a financial analyst for Irwin Mortgage
Co., of Indianapolis.
support from Ruth V. Shaff, of Savoy, and the late Genevie I. Andrews
that creates the Math Careers for Women Scholarship Fund in the
College of LAS. Their gift will support scholarships, especially
for Illinois resident women and incoming female freshmen majoring
in math or combinations of math, computer science and statistics.
Their fund will also support graduate fellowships and provide support
for academic excellence in the department of mathematics. Shaff
and Andrews both graduated from the UI and worked together for
many years at People’s Gas,
Light and Coke (now People’s Energy) in Chicago, retired
to Arizona and then returned to Champaign-Urbana in 1990.
- Seven-figure support from Edgar Tafel, of New York,
N.Y., that has established the Edgar Tafel Endowment in the School
of Architecture, which will fund the Edgar Tafel Chair in Architecture
and provide unrestricted funding for the school. A renowned architect
, Tafel began his career as an apprentice to Frank Lloyd Wright at
Taliesin, the residential architecture school founded in Spring Green, Wis.,
by Wright. UI professor Botond Bognar has been named as the first Edgar Tafel
- $600,000 from
Phillip C. and Beverly K. Goldstick, of Chicago, to fund the Goldstick
Initiative for the Study of Communicative Disorders in the department
of special education. The Goldstick Initiative supports the College
of Education’s goal to find new ways to
help children with communicative disorders and their families bridge
communication gaps, as well as to train faculty members who will
expand the body of research and practice in this field. The Goldsticks
are both UI graduates, and Phil was a member of the 1952 UI Rose
Bowl football team. He is a lawyer, former state representative,
and serves as chairman of G. Equity Investment Group Ltd.
- Six-figure support from Richard L. Chavez, of Joliet, a UI graduate,
to endow scholarships that will assist students from Joliet, as well
as undergraduates in the College of Education, with preference given
to Latina/Latino students, and those in the Illinois Promise program.
Chavez recently retired after a 40-year teaching career.
The three-day annual meeting of the UI Foundation also included the
dedication of Doris Kelley Christopher Hall, a new three-story building
on the corner of Lincoln Avenue and Nevada Street in Urbana, which
will house The Pampered Chef Family Resiliency Program. Funds to
construct the new facility – as well as to establish an endowed faculty
chair – came from a 2002 donation of $11.5 million from Christopher,
a UI home economics graduate, and her husband, Jay.