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Committees:
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FISCAL ADVISORY
COMMITTEE December 3, 2004 Notes Present: Alan Selser, Business and Finance (For Greig Mitchell) Jerome DeRidder, Faculty (Accounting) 2002-2005 Johanna Laird, Faculty (Clinical Lab Science) 2003-2006 (Chair) Memo Diriker, Faculty (Perdue School) 2004-2007 Janet Horne, Faculty (Communication and Theater Arts) 2004-2007 Jackie Eberts, Staff (Financial Services) 2003-2005 Charlotte Rayne, Staff (Financial Services) 2003-2006 Lisa Gray, Staff (Bookstore) 2004-2007
1. Call to Order
2. The notes of the November 5, 2004 meeting were approved.
3. Announcements from Administration and Finance: Alan Selser was present for Greig Mitchell. The Board of Regents meets next week. No tuition has been set for University System of Maryland institutions. There has been no state budget appropriation either. Some think additional funding may be forthcoming, but that is still unknown. The Chancellor's office has stated that tuition increases likely will not be greater than 9.5%, and if appropriations increase, tuition may be less.
3. Presentation – Salisbury University Foundation Rosemary Thomas, Executive Director Kim Nechay, Assistant Director; Director of Development
Mission of the Salisbury University Foundation, Inc. “The Salisbury University Foundation, Inc. was created in 1973 to accumulate funds, by gift and investment, and to foster, encourage and enrich the activities, educational programs, athletics and scholarships/grants of Salisbury University. It is the intent of the Foundation to promote, sponsor and carry out educational, scientific and charitable purposes and objectives for the benefit of Salisbury University and its students. Through the generosity of major benefactors, corporations, foundations, faculty, staff, parents, alumni and friends, the Salisbury University Foundation is fulfilling its promise to the SU community.” (Salisbury University Foundation, Inc. Annual Report 2004).
The Salisbury University Foundation was founded in 1973 with a gift of $5,000. Today, its worth is nearly $32 million. Last year, the foundation raised $1.5 million. Investment growth was 17.2% last year, the highest in the University System of Maryland. Last year, more than $3 million was transferred to Salisbury University: $422,185 in scholarships, $2,390,574 in programming, and $193,793 in other categories.
The foundation has been increasingly involved in negotiating “planned giving” which could include life insurance, appreciated stock, real state, gift annuities, bequests. In the last quarter, the foundation has secured $10 million in planned gifts, the lion’s share for scholarships. Dr. Dudley-Eshbach and others have expressed concern about the amount of scholarships at SU. The foundation also wants to do budget enhancements. The faculty and staff grant is back this year. The foundation is also doing well with alumni. Last year there was a 7-8% yield via alumni giving. This year, there is a 10% yield by six months.
The foundation board is composed of 33 members. At a recent meeting, the need for scholarships was stressed, and the foundation did well in one quarter. The Salisbury University Foundation is at the 75th percentile of foundation giving to Universities for scholarships. At this point, various suggestions were made by FAC members regarding raising scholarship dollars. They included: foundation website enhancement, honor society involvement, adding a “scholarship” designation on the annual giving form, and outreach activities offered by President’s Club members.
The Capital Campaign will be coming soon. The University master plan will shape how the funds will be raised and spent.
4. Spring Schedule Meeting Time: Jo Laird will put together potential meeting times for springs based on the schedules that were submitted.
5. Issues for Future Discussion
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