2010 - Jefferson Scholars Foundation

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jefferson scholars foundation 2010 capital campaign advisory committee 2009 -10 PETER QUICK, Chair (Engr ’78) Former President American Stock Exchange Mill Neck, New York DAVID L. BOWLIN (Col ’69) Memphis, Tennessee KIP R. CAFFEY (Col ’77) Managing Director Cary Street Partners Atlanta, Georgia A. MACDONALD CAPUTO (Col ’63, Law ’66) Advisory Director Morgan Stanley & Company, Inc. New York, New York ALLISON CRYOR DINARDO (Col ’82, GSBA ’88) President Barat Wireless & Carroll Wireless Alexandria, Virginia HUGH MCCLOSKEY EVANS III (Col ’88) Vice President T. Rowe Price Associates Baltimore, Maryland CURTIS A. KRIZEK (Law ’85) Managing Director Prairie Capital Management LLC Kansas City, Missouri JOHN S. LILLARD (Col ’52) Chair Wintrust Financial Corporation Lake Forest, Illinois THOMAS O. MCNEARNEY III (Col ’76) Executive Managing Director Transwestern Commercial Services Dallas, Texas KERRY D. MOYNIHAN (Col ’81) Managing Partner Desmond Partners, LLC Washington, D.C. ANNA MARIA NEKORANEC (Col ’86) Managing Director LBK Capital Longboat Key, Florida TODD R. SCHNUCK (Col ’81) President Schnuck Markets, Inc. St. Louis, Missouri THATCHER A. STONE (Col ’78, Law ’82) Chair and Chief Executive Officer xavian Holdings, Inc. New York, New York RICHARD D. TADLER (Com ’78) Managing Director TA Associates Boston, Massachusetts R. HOWARD TAYLOR III (Col ’73) Vice President Merrill Lynch & Co. Washington, D.C. R. HALSEY WISE (Col ’87) President and Chief Executive Officer Intergraph Corporation Huntsville, Alabama 0
the year in review the year in review finance During fiscal year 2010, the Jefferson Scholars Foundation made substantial progress in recovering from the effects of the 2008 financial crisis, as it moved to a position of greater financial strength and stability. The Foundation’s financial results were positively impacted by strong endowment performance, substantial philanthropic support, reduced expenditures, and other steps taken to improve the Foundation’s financial resiliency. endowment return Through May 31, 2010, the fiscal year to-date endowment return was 15.1%. This growth has enabled the Foundation to rebuild fund balances severely impacted by the negative 21% return of fiscal year 2009. Endowment performance coupled with new gifts and pledges has increased the total endowment balance from the approximately $202 million reported last year to over $212 million. While the endowment results have been strong, it will require continued positive results, additional gifts and pledges, and time for the Foundation endowment to exceed the $246 million balance we were pleased to report several years ago. The Foundation’s long-term strategy has been to invest gifts and use investment income to support its operational expenses. Endowment growth is critical for maintaining spending power and providing resources to sustain and expand our core scholarship and fellowship programs. Today, direct scholarship and fellowship stipends comprise 53% of the Foundation’s budget. To meet increases in the University of Virginia tuition and living costs, the Foundation’s in-state undergraduate stipends grew at an annual rate of 6.7% between fiscal years 2006 and 2011 while the out-of-state stipends increased by a 6.3% rate during the same time. Given the Commonwealth of Virginia’s financial situation and the expected continued decline in state support to the University, it is certainly possible the rate of stipend growth could continue at this pace. 1
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