USD Foundation announces FY08 financial report
The Foundation's endowment on June 30 totaled $119 million despite a 5.1 percent investment loss for the fiscal year. New gifts to the endowment offset investment losses and distributions from the portfolio utilized by the University as designated by donors.
"The Foundation's conservative, contrarian investment-style protected the portfolio from larger losses that many similar organizations have suffered and are suffering during these difficult investment conditions," stated USD Foundation CEO Bryan Benchoff. "The Foundation's investment committee continually monitors current market conditions in order to strategically achieve a long-term return sufficient to fund the Foundation’s mission at the least relative risk."
The 5-year and 10-year returns of 11 percent and 8.3 percent, respectively, placed the Foundation in the top 10 percentile of more than 21,000 charitable foundations nationwide. In addition, over a 10-year period, the Foundation performed 2 percent better than other college and university portfolios with portfolios of a similar size ($100 - $500 million), according to the June 30, 2007 survey of 778 participants made by The National Academy of College and University Board Officials (NACUBO).
The Foundation directly provided $11.3 million to the University for support in fiscal year 2008, including $4.3 million for scholarships. Over a 10-year period, the Foundation has provided $64.9 million to the University for scholarships, buildings, faculty and other support.
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