the university of rhode island foundation annual report 2014
the university of rhode island
message from the university president Dear Friends, You inspire the University of Rhode Island community. Your generosity, commitment, and dedication motivate our students and faculty to excel, innovate and succeed. Their success elevates the University to new heights, which in turn inspires other alumni and friends to support URI. What is the evidence of this cascade of inspiration? Our donors gave in record numbers last year, helping us to achieve new heights in private support — more than $33 million in fiscal year 2014 — an all-time record for the University. While this figure, on its own, is impressive, it is the impact of the dollars that is both remarkable and, frankly, inspiring. Whether designated for scholarships to academically gifted students or those with financial need, support for our renowned professors and researchers working to solve the world’s most pressing problems, or building facilities that match the scholarship and discovery happening on campus every day, charitable support makes all the difference at URI. We are determined to continue inspiring you as you have inspired us. With my deepest appreciation,
“Your generosity, commitment, and dedication motivate our students and faculty to excel, innovate and succeed.”
David M. Dooley, Ph.D. President University of Rhode Island
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“We thank our former chair, Tom Silvia ’83, for his leadership of the Board and his unwavering commitment to URI.”
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lorne adrain (l) and mike smith (r)
the uri foundation
message from the foundation leadership Dear Friends, The fiscal year 2014 was tremendously successful for philanthropy at URI. We had a record-breaking total gift activity at over $33 million, which included cash, pledges and planned gift commitments. We also saw increases in the number of overall donors and the number of first-time donors choosing to support the University of Rhode Island. Overall donors increased in number by 16 percent, while the number of new, first-time donors to the Fund for URI increased over last year by 76 percent. Fiscal year 2014 also ended with our highest-ever endowment fund market
“ We continue to
value, $119 million. And the year was marked by the adoption of an important
be inspired by the
spending policy change, one that for FY ’15 will result in an increase in the
generosity of our
amount of endowment proceeds we are able to distribute to the University to
donors and we
support donor-specified purposes. That figure for FY ’14 was $2.9 million, up
are committed to
from $2.7 million the previous year. For FY ’15 the distribution will total $3.4
working with both
million. The distribution value for FY ’14, coupled with the amount raised in
alumni and friends
direct expendable cash gifts during that timeframe, enabled us to make $11
of URI to identify
million available for spending by the University last year.
where their passions
We continue to be inspired by the generosity of our donors and we are committed to working with both alumni and friends of URI to identify where their passions lie and where their gifts can have the most meaningful impact possible.
lie and where their gifts can have the most meaningful impact possible.”
With a remarkable year in fundraising behind us, we look to the future with the hope of making an even greater impact on the University of Rhode Island by discovering new ways to engage our alumni and friends and new sources of inspiration to share with the University community and beyond. Sincerely,
Mike Smith
Lorne Adrain ’76
President
Executive Board Chair
URI Foundation
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where the university’s washington
72
north dakota
116
montana
4
south dakota oregon
3
idaho
22
5
wyoming
2
nebraska
5
nevada
21
utah
11
colorado
52
kansas
9
california
318
oklahoma arizona
45
8
new mexico
11
texas
127
alaska
2
hawaii
12
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donors come from‌ minnesota
25
maine wisconsin
148
vermont
20
71
michigan
39
new hampshire 227
new york
628
iowa
5
massachusetts 1,398
connecticut 821 pennsylvania illinois
69
indiana
209
ohio
8
65
washington dc delaware 23 west 24 virginia maryland 216 7 virginia
missouri
26
kentucky
231
22
tennessee
north carolina
23
arkansas
116
9
south carolina mississippi alabama
4
12
georgia
72
new jersey 569
68
rhode island
5,887
guam 1
puerto rico 3
us virgin islands 1 other 9
grand total
12,290
louisiana
17
top 10 other countries by number of gifts florida
488
5 5 2 2 2 2 1 1 1 1
canada germany japan netherlands
who our donors are‌ alumni: 34.5%
corporations, foundations: 32.3% friends: 21.4%
organizations: 11.8%
peoples republic of china united kingdom ghana greece india italy
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inspiring
E Sulaimaan Abdul-Mateen E Class of 2016 E Recipient of the Douglas & Jennifer CotĂŠ Endowed Scholarship
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Supporting Students
success His path to higher education started off according to plan. Sulaimaan AbdulMateen graduated from a prestigious charter school near Atlanta and headed to Auburn University. But things didn’t go as planned. “I was forced to drop out of school because I couldn’t afford to pay tuition,” he said. Within no time, he went from attending college to driving 18-wheelers, like his mother did, to earn a living. And in 2010 his close-knit family decided to relocate, this time to Rhode Island,
“People need
to better care for his elderly and ill uncle. The move would mean that Abdul-
people and without
Mateen and his mother would no longer be full-time caregivers and that he
someone giving
would be able to return to school. His journey back was supported by his
me an opportunity
landlord who discovered Abdul-Mateen had been an “A” student at Auburn.
through such
She offered to sponsor him at the Community College of Rhode Island with
scholarships, this
the understanding that he had to earn top grades. He did just that — gradu-
gateway for my
ating with an associates degree and earning high honors. He subsequently
education would not
enrolled at URI, where he was awarded several scholarships including the
be possible.”
Douglas & Jennifer Coté Endowed Scholarship. Abdul-Mateen, at 31, readily admits, “I have taken the path less travelled.” Asked what providing this type of support to a student like Abdul-Mateen means to him, scholarship donor and 1982 URI alumnus Doug Coté said, “It is a privilege to contribute to a student with such persistence and determination as Sulaimaan.” Abdul-Mateen, who is studying economics and will graduate in December 2016, said, “Scholarships renew my sense of faith in the world. People need people and without someone giving me an opportunity through such scholarships, this gateway for my education would not be possible.”
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Supporting opportunity
inspiring the dramatic Each year a group of the University’s aspiring student actors, directors, and stage managers, including many who were involved in making last season’s run of Chicago (shown) so successful, participate in the Kennedy Center American College Theatre Festival, a nationally renowned competitive regional theater program. Donor support helps make URI’s participation in this festival possible. The Beaupre Hope and Heritage Fund, created by URI alumnus Richard Beaupre ’62, provides opportunities, like this, that students might otherwise not be able to afford. This Fund, as well as others created to support student performers, is helping to provide invaluable opportunities that enhance the academic experience for University of Rhode Island students.
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“With the help of Hope and Heritage we have been able to continue to send our students to the Kennedy Center festival. It’s important for them to be competitive.” department chair paula mcglasson
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inspiring
E Fatemeh Akhlaghi E Professor of biomedical and pharmaceutical sciences E Ernest Mario Distinguished Chair in Pharmaceutics
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Supporting faculty
discovery Nationally known for her research, URI professor of biomedical and pharmaceutical sciences Fatemeh Akhlaghi is helping the National Institutes of Health develop a medication that could stop alcohol cravings through a research partnership between URI, NIH, and Pfizer. The NIH awarded a $1.65 million grant in 2013 to fund her research partnership with Lorenzo Leggio, a Brown University adjunct professor and chief of section on Clinical Psychoneuroendocrinology and Neuropsychopharmacology at NIH’s
“ I am truly grateful
National Institute on Alcohol Abuse and Alcoholism/National Institute on
to Dr. Mario for the
Drug Abuse. Other research conducted by URI’s Akhlaghi focuses on devis-
generous donation
ing methods for personalized medicine specifically for patients with Type 2
of this endowed
diabetes or organ transplant recipients.
chair and his
“Once we learn more about different factors that influence drug concentration in the body, we can personalize medicine to the individual need of each patient. In this way, we may be able to improve drug response while reducing adverse effects,” said Akhlaghi, who joined URI in 2001 and holds a doctor of pharmacy degree from the University of Mashhad, Iran, and a doctor of phi-
continuous support of the College of Pharmacy’s research and education mission.”
losophy degree from the University of Sydney, Australia. Earlier this year, she was named the Ernest Mario Distinguished Chair in Pharmaceutics at URI. Endowed faculty chairs, like this one, established with a $1.5 million gift in 1996 by alumnus Ernest Mario, himself a leader in the pharmaceutical industry, help recruit and retain faculty and researchers who raise the profile of URI and help educate the next generation of innovators while contributing to solving some of society’s biggest challenges. Akhlaghi said, “I am proud to be awarded the Ernest Mario Distinguished Chair of Pharmaceutics and hope to utilize its resources for educating the new generation of pharmaceutical scientists studying here at URI. I am truly grateful to Dr. Mario for the generous donation of this endowed chair and his continuous support of the College of Pharmacy’s research and education mission.”
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E $68 million project E Broke ground May 2014 E Expected opening Spring 2016 E 135,000 square feet of new lab, classroom, oďŹƒce and lecture space E 1,400 students per day will receive instruction E The Center will also house the U.S. Department of Homeland Security’s Center of Excellence for Explosives Detection, Mitigation and Response
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supporting capital proJects
inspiring progress Partnerships like the one with Shimadzu help inspire our students and our faculty while elevating our infrastructure and our overall competitiveness.
URI has been bustling with necessary and long-awaited facility updates and new construction for the past several years. On the heels of the new Center for Biotechnology and Life Sciences, Pharmacy, Ocean Science and Exploration Center, Hillside Dormitory, Hillel, and Fascitelli Fitness and Wellness Center openings, the new Chemical and Forensic Sciences Building, pictured, is going up fast! Following its May 2014 groundbreaking, the 135,000-square-foot building is on track to open in the spring of 2016. For these facilities and others, many of which are funded primarily by voter approved bond financing, generous private donations from individuals, foundations and corporations often help complete and enhance the buildings for greater impact on the University community. A recent partnership with Shimadzu Corporation, one of the world’s leading scientific instrument manufacturers, will ensure that the thousands of students taking chemistry classes each year will be able to learn on the latest instrumentation available when the Center for Chemical and Forensic Sciences opens its doors. Shimadzu will provide URI with this equipment at a steeply discounted cost, and will provide a valuable service agreement to the University for five years. Our ability to offer students and faculty top-notch learning and research facilities and instrumentation is often a deciding factor in their choosing URI. Partnerships like the one with Shimadzu help inspire our students and our faculty while elevating our infrastructure and our overall competitiveness. annual report fy2014
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E 98 URI students currently enrolled in ROTC E URI’s ROTC program established in 1894 E Program consists of students from URI, Roger Williams University and Salve Regina University
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inspiring
Supporting URI Through Planned Gifts
leadership Future Army ROTC cadets at URI will be helped along their chosen career path in the Nursing and Medical Service Corps thanks to the advanced planning of someone who’s walked in their boots, U.S. Army Lt. Col. (Ret.) Peter Tancredi ’68 of San Diego. He and his wife, Susan, a former Army nurse, have included a generous provision in their estate plans to create the URI ROTC Medical/Nursing Scholarship. ROTC is a demanding program for future leaders, and scholarships are used
“We have hundreds of
to reward outstanding performance, according to URI Professor and U.S.
alumni and friends
Army Lt. Col. Ryan Whittemore. “ROTC is a competitive program and we are
of URI who have told
looking for the highest achievers,” he said.
us of their future gift
And Tancredi is one of those achievers. After leaving URI, he entered the Medical Service Corps and served as a hospital administrator in Vietnam. His work took him as far as Europe and as near as the Pentagon. The couple’s planned gift and their membership in the University’s 1892 Society demonstrates a sincere desire to make a lasting and long-term impact on URI ROTC
intentions, including the Tancredis, who have a clear vision for URI’s future and want to help shape it.”
and by extension, our country’s military medical capabilities. Rita Verespy, Director of Gift Planning at the URI Foundation, notes, “It is incredibly rewarding to work with people who really want to advance the future of the University community. Charitable bequests make an impact that can be felt by current and future generations of students. We have hundreds of alumni and friends of URI who have told us of their future gift intentions, including the Tancredis, who have a clear vision for URI’s future and want to help shape it. The Tancredis are among our newest members of the 1892 Society, a unique donor cohort that will play a very important role in building and sustaining charitable support for URI in the years to come.” Pictured, center, with URI ROTC students, is 1981 URI alumnus Lt. General Michael Flynn, US Army (Ret.), three-star Army general and former director of the national Defense Intelligence Agency.
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E Dave Powers
URI Students pictured (l to r): Dave Powers,
E Class of 2014
Ronald Wheeler, Lawrence Higgins,
E Russell D. & Russell C. Ide Scholarship in Mechanical Engineering E Toray Plastics America, Inc., Scholarship E Beatrice S. Demers Foreign Language Fellows Program scholarship
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Kyle DellaGrotta and Christopher Clark.
supporting achieveMent
inspiring innovation Dave Powers (pictured at far left), was
“I am very, very happy
part of a team of URI engineering stu-
about the time I had
dents that took first place in a national
at URI. It was very
Federal Aviation Administration competi-
formative. I learned so
tion held in Washington this summer. The
much and really had an
product they designed was the culmina-
awesome five years. And
tion of a year-long course requiring the
I am very appreciative
five-man team to solve a real-world prob-
of the support provided
lem through product design. The team
to me in the form of
explored the issue of airplane wingtip col-
scholarships.”
lisions from every angle, and considered more than 150 possible solutions before settling on a final design. They sought advice from the Rhode Island Airport Corp., built a prototype called the “Wingman,” and tested it at Quonset State Airport. Solving challenges that people experience is at the heart of Powers’ studies and his career plans. A 2014 graduate of URI’s International Engineering Program with dual degrees in mechanical engineering and German, Powers is now in graduate school studying human factors and ergonomics to earn a master’s in industrial engineering. He plans to design consumer products with the comfort of the end user in mind. “I think it’s more interesting to make something that has to account for the human,” he said. Accounting for the human is also at the heart of why so many URI donors support student scholarships, including the merit awards Powers received at URI: the Russell D. & Russell C. Ide Scholarship in Mechanical Engineering, the Toray Plastics America, Inc., Scholarship, and a scholarship from the Beatrice S. Demers Foreign Language Fellows Program, which helped make his year studying abroad in Germany possible. “I am very, very happy about the time I had at URI. It was very formative. I learned so much and really had an awesome five years. And I am very appreciative of the support provided to me in the form of scholarships,” said Powers.
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“URI gave me a great foundation to continue with my education, and my experiences living on campus and being a part of the Ram Band helped me mature as an adult and provided me with great lifetime friends.�
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E $1.3 million was raised for the Fund for URI E 8,400 donors supported the Fund for URI E 52 students, including those shown, are members of the URI Student Philanthropy Council
supporting the fund for uri
inspiring community Every year, the Fund for URI contributes to URI’s outstanding academic experience, giving students the best opportunity to fulfill their incredible potential. By providing flexibility and program stability, the Fund for URI is a valued source of funding that serves as a bridge between long-term goals and the needs of today. These vital funds can be used immediately to support University priorities. The Fund enables the University to seize outstanding opportunities as they emerge, and to support our incredible diversity of students, a wide variety of programs and areas, and our faculty. The annual giving program is fueled entirely by donations from alumni, parents, friends, faculty, staff and students, all of whom recognize the value of a URI education. Veterinary ophthalmologist Ken Abrams ’78 shares what inspires him and his wife, Kathy Pointek-Abrams, DVM ’73, to support the Fund for URI: “To this day, I often recall the lessons of Professors Bibb, Wolke, Doody, Loy, and Surver. Though it’s been some 40 years since I was at URI, I can still hear their words as if I were sitting in front of them. Without professors like them and many others, I would not be where I am today,” said Abrams. “URI gave me a great foundation to continue with my education, and my experiences living on campus and being a part of the Ram Band helped me mature as an adult and provided me with great lifetime friends. After moving around the country for my education, I was able to settle in Rhode Island and start my veterinary ophthalmology referral practice in 1991. I am fortunate to be able to make visits to campus and see all the remarkable improvements being made on campus. I believe in URI and I believe all alumni should support this great institution!”
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supporting uri athletics
inspiring rhody spirit Support for University of Rhode Island Athletics is critical to the success of its 18 Division I NCAA varsity teams and its nearly 500 student-athletes who proudly represent the institution both regionally and nationally. With approximately 10% of all private donations received from alumni and friends in FY ’14 designated to support athletic programs, the impact is significant. Last year, substantial facility improvements were made, including the completion of the ryan family student-athlete complex, which opened in the spring of 2014 and is the new home to our state-of-the-art training, rehabilitation and academic center. Generous support from more than 1,207 athletics donors last year also provided resources to give our programs a competitive advantage against some of the nation’s toughest opponents. It allowed our coaches to recruit and retain top-tier student-athletes from around the world, enhance team travel and acquire cutting-edge equipment. “Private support from alumni and friends has a direct impact on Rhode Island Athletics and our ability to provide current and prospective student-athletes the opportunity to succeed in competition, the classroom and the community,” says athletic director thorr Bjorn. “The continued support of our donors and supporters is what will allow us to accomplish our goals as we move our program forward.” As support increases, so too could the performance of our programs and the returns on the University in general. Private support is vital to elevating URI’s athletic program and that has a direct, positive impact on enrollment, our college profile, alumni affinity and overall school spirit. Go Rhody!
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“The continued support of our donors and supporters is what will allow us to accomplish our goals as we move our program forward.�
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“It really makes all the difference in our ability to keep the program going and to be able to provide this valuable opportunity to our students.�
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E URI has 15 competitive collegiate club teams E Approximately 500 students participate in club teams
supporting participation
inspiring champions URI’s equestrian team is riding high, having seized two consecutive regional championships against some of the best teams in New England. “Everybody is chasing us and we are the team to beat,” said Coach Pam Steere-Maloof who trains the Rams at her Faith Hill Farm in East Greenwich. High school students frequently approach the coach at competitions. They’re deciding whether they’ll attend URI and, in many cases, their decision hinges on the strength of the equestrian team. That interest illustrates how far the club team has come in the 13 years since Steere-Maloof took the reins. Back then, five students rode and horses were scarce. The 50-member team now competes at all levels and they practice in the freezing rain and on 25 different horses because they never know what horse they’ll be assigned to ride in competition. “It’s an unpredictable sport,” she said. It’s also an expensive sport. Competitions charge entry fees. A helmet or a pair of riding boots can easily cost $400. The team holds fundraisers, from golf tournaments to pasta dinners, and riders share clothing. Steere-Maloof is also grateful for the support of private donors who contribute annually to make the team’s success possible. “It really makes all the difference in our ability to keep the program going and to be able to provide this valuable opportunity to our students.” Horse riding teaches discipline and perseverance. Riders become lifelong friends. Many of the student riders volunteer at shelters and the team also runs a program in conjunction with the Trudeau Center that benefits special needs children and adults. “These kids are wonderful and they are involved with their community. They are role models and they will make a difference in this world, that I am sure of,” their coach said. In addition to equestrian, club teams at URI, with offerings for men and women, include field hockey, gymnastics, ice hockey, lacrosse, rugby, sailing, swimming and diving, roller hockey and crew.
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the university of rhode island
fundraising highlights During the fiscal year 2014, $33.2 million in private support was raised, including pledges, gifts and new planned giving commitments, up from $17 million last year. The historic gift from Tom and Cathy Ryan, creating the George & Ann Ryan Institute for Neuroscience, had a significant impact on fundraising totals for the fiscal year. Their gift, combined with other generous gifts from alumni and friends, contributed to a very successful year in fundraising which helped impact all of URI’s colleges and major program areas, including athletics, the Fund for URI, the President’s 21st Century Fund for Excellence, club sports, Greek life and more. Students, faculty, programs and facilities across our campuses
total gift activity in millions
benefitted from charitable support in FY ’14. That support contributed to inspiring
$50
continued excellence and enhancing the
$40
In all, over 12,290 alumni and friends con-
overall academic community here at URI.
33.2
$30
increase over the previous year of more than 15.5 percent.
$20 $10
tributed to URI during the fiscal year, an
17.2
Approximately 35 percent of all gifts re-
17.6
ceived were from alumni while friends of the University, including corporations,
$0
foundations, parents of current and for2012
2013
2014
mer students, faculty and staff, and other donor groups also generously supported
the University of Rhode Island. And the “first time donor” group grew 62 percent from 1,600 in FY ’13, to slightly more than 2,600 for FY ’14. The collective value of gifts from first time donors exceeded $1.6 million, a 26 percent increase in the amount received the previous year.
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Other giving facts:
6.4% capital improvements
y 224 matching gifts were
9.3%
42.5%
received, with a match
athletics
endowed gifts
value nearing $262,000.
9.5% annual giving
giving by category
y The College of Arts and Sciences had the most donors in FY ’14. y The College of Engineering raised the most in dollars at nearly $1.5 million.
32.3%
y The class with the largest
expendable gifts (non-endowed)
number of donors was the Class of 1976. y The Class of 1975 donated
$457,053
$560,0000
gifts in kind
other
$16,110,626 pledges
the most, $1.1 million. y Nearly 2,400 URI donors
$2,056,000
have made a gift to URI
planned gift commitments
for more than 20 years. y The first gift received in FY ’14 was a $50 gift for the Fund for URI.
gift activity type
$14,066,544 cash
y The last gift received was $100 for the Graduate School of Oceanography. y The number of gifts made online using the URI Foundation’s secure online giving form totaled 1,027, with a value of over $313,000 in FY ’14.
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the university of rhode island
the uri endowment The URI Foundation manages the University’s endowment with great care and fiscal prudence in order to provide a consistent, perpetual source of funding supporting URI students, faculty, programs and facilities. We invest our General Endowment Fund (GEF), which includes more than 1,000 individually named funds, with the overall objective of generating a consistent income stream for distribution to the University in accordance with our donors’ wish-
endowment vs. expendable gifts received direct/expendable
57.5%
endowed
42.5%
es, while protecting and growing the endowment’s principal value. A portion of the endowment’s earnings and appreciation is typically reinvested into the GEF annually. The endowment spending rate is set each year by the URI Foundation Executive Board. In the fiscal year 2014, the rate was raised to 4.7 percent, including both the University distribution (raised to 3.4 percent) and the Foundation’s management fee (lowered to 1.3 percent) with the goal of increasing the impact of endowment-derived gifts on the University. The spending rate calculation approved during the fiscal year 2014, based on the market value as of December 31, 2012, resulted in a distribution of $3.4 million for the current academic year compared to $2.9 million for last year. The endowment distribution represents just one portion of philanthropicallyderived funds that impacted the University during the year. The Foundation also makes available to the University for use all expendable (non-endowed) gifts received. Together the total distribution and expendable gifts resulted in the infusion of nearly $11 million to the University last year. In addition, another $6 million in charitable gifts earmarked as endowment gifts were received and invested for future impact.
Please note that in an effort to provide a more robust description of individual endowment funds, URI’s full Endowment Fund List can now be found on our website, www.urifoundation.org/endowmentfunds. as is customary with many universities across the country, a one-time fee is deducted from all gifts to provide essential support to the university’s overall development activities.
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portfolio value
annual endowment payout impact
As of June 30, 2014, the University of Rhode
The following graph represents the total
Island’s endowment portfolio had an all-time
amount of endowment-generated funds
high market value of $119 million. The market
distributed to the University each year, based
value for the GEF for each of the past five years
on the GEF’s spending policy, for the five-year
is represented below.
period shown.
$125
in millions
$4.0
119
$100 $75
in millions
85
97
103
$3.0
92
3.0 2.5
$2.0
3.4 2.9
2.7
$50 $1.0
$25 $0
$0 2010
2011
2012
2013
2014
2011
annualized return on investment 24.3%
14.9%. The annualized returns for the past five
us equity
2015
11.4% emerging markets equity
11.8%
years, using the June 30 point-in-time date for
asset allocation
comparison, are as shown below.
as of june 30, 2014
increase/decrease as of june 30
22.1%
-3.3% 2012
inflation heging
23.9% marketable alternatives
deflation hedging
11.9%
13.7%
2011
2014
2014
1.8%
endowment portfolio, as of June 30, 2014, was
2013
2013
cash and equivalent
The annualized return on the University’s
2010
2012
14.8% global us equity
11.3% 14.9%
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creating a legacy
ways to give to uri In order to advance its mission and continue providing funding for students, faculty and programs, the University of Rhode Island counts on the support of its dedicated and generous alumni and friends. Your gifts help provide scholarships and fellowships for the bright and deserving, attract scholars to our classrooms and laboratories, support vital research and innovation, and contribute to the overall enhancement of our facilities across all campuses. As your generosity benefits the URI community, it can benefit you as well. Depending upon your individual situation, you may receive a charitable income tax deduction and eliminate or reduce capital gains taxes by making a gift to URI. In addition to outright gifts of cash, securities or other property, the gift pledge option allows you to make a gift over a period of time (generally up to five years). Matching gifts, memorial gifts and endowed gifts also make a significant impact at URI. It is also possible to secure a lifetime income through a number of planned gift options. Planned gifts, including bequests, could maximize your giving potential while creating a legacy for generations to come. Certain planned gift vehicles could also provide you with a secure lifetime income. We invite you to consider becoming a member of the University’s legacy society, the 1892 Society, by making a provision for URI in your estate plans. Whether made through a bequest, retirement or life insurance assets, or gift annuity or charitable remainder trusts, your planned gift makes you eligible to join a group of very special donors who have committed to supporting URI in this way. For assistance, please call the Foundation at 401.874.7900, email foundation@uri.edu, or visit www.urifoundation.org.
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annual report on giving
president’s circle donors We gratefully and sincerely acknowledge our honor-roll donors, members of the President’s Circle, who made gifts of $10,000 or more to URI in the last fiscal year, ending June 30, 2014. Your generosity is deeply appreciated and is making a measurable impact! For a complete listing of our generous and valued donors who supported URI with a gift of $250 or more in FY ’14, please visit www.urifoundation.org/giving2014. president’s circle platinum Henry H. Anderson Jr. Anthony Diaco Jonathan Fain Rosalie Fain Estate of Judith A. Fillmore Kenneth J. Hylander ’80 Virginia F. Hylander ’78 Estate of Irving C. Rubin ’43 Cathy H. Ryan Thomas M. Ryan ’75
president’s circle gold Richard E. Beaupre ’62 Margo L. Cook ’86 Anne Marie T. D’Abrosca ’79 Thomas M. D’Abrosca ’83 Steven E. Elterich ’72 Estate of Joseph L. McNulty ’53 John J. Murray III ’70 Alan L. Saabye ’64 Barbara M. Saabye ’65 Henry D. Sharpe Jr. Peggy B. Sharpe Estate of Barbara L. Tate Claire Wilcox Gregory Wilcox
president’s circle silver Alan H. Anderson Daryl A. Anderson Barbara J. Bassi Peter A. Bassi ’70 Arthur S. Bobrow ’64 Sandra S. Bobrow ’66 Dianne K. Card ’69 Wesley R. Card ’70 Shannon E. Chandley ’83 Tsu Tao Chiao ’57 Cherry Chu-Chiao ’59 William J. Cummings ’71 Laura H. Cunningham ’77 Stephen M. Cunningham ’76 Eleanor H. Dain ’86 Joel A. Dain David A. Duffy Donald F. Farley ’65
*deceased
Levia V. Farmer ’35* Philippe P. Fontaine ’59 Howard S. Frank ’62 Mary Frank Cynthia L. Goodrich ’79 Jay W. Harford ’61 Stephen Jonas ’64 Heidi Kirk Duffy Louis J. Kirschenbaum Susan S. Kirschenbaum ’76 Domenic J. Mainelli ’48 Paul C. Mangan ’43 Ruth C. Mangan ’42* George W. Miller Benjamin W. Navarro ’84 Frederick J. Newton III ’78 Susan C. Newton Lindell C. Northup ’68 William J. Northup ’64 Craig A. Rosen ’79 Donna R. Ross ’02 Mark A. Ross ’64 Cynthia D. Sculco ’65 Thomas P. Sculco Thomas J. Silvia ’83 Alan R. Spachman ’69 Florence M. Spachman Malcolm L. Spaulding ’69 John H. Visneuski Jr. ’70
president’s circle bronze Edward Avedisian Lauren Baker-Hart ’81 David A. Bengtson ’74 Bradford R. Boss ’55 Steven A. Bouley ’80 Susan T. Brand Thomas D. Cerio III ’76 Mark P. Charron ’77 Doreen Clappin James P. Clappin ’80 Karen S. Cofoni Paul M. Cofoni ’70 Dennis R. Costello Guillaume H. de Ramel Steve N. DeJong Scott DePasquale
Ernest A. Di Gregorio Jr. Robert A. DiMuccio Alfredo R. Esparza Diana R. Esparza Barbara K. Fagan ’61 Frank J. Fagan ’61 Alan S. Feinstein Lawrence Finn David J. Gartner Shirley T. Gulvin ’57 Jay C. Hart ’82 Paul J. Hastings ’84 Carole E. Heaton Brian K. Hewitt ’91 James A. Hopkins ’62 Donna P. Lennon ’74 J. Michael Lennon ’69 John R. Leo Lucie Maranda ’87 Nancy Mckinstry Roch ’80 Michael M. Morrow ’77 Estate of Christine A. Nowak ’82 Gordon S. Oppenheimer John V. Priore ’87 Shiela I. Priore Alice C. Reinhardt ’76 Frederick W. Reinhardt Jr. ’57 Victor R. Santoro Sandra Sarni Vincent A. Sarni ’49 Bruce S. Sherman ’69 Cynthia L. Sherman Franklin W. Simon ’50 Albert Z. Soforenko ’54 John S. Struck ’74 Bernard J. Teubert Jr. ’60 Pamela M. Thye Norma C. Tower ’50* Thomas A. Turano ’71 Richard G. Vangermeersch ’64 Charles H. Wharton ’67 Joy H. Wharton ’74 Rhonda C. Wilson Thomas Wroe Jr. ’72 Bruce G. Zimmerman ’51 Anthony A. Zona ’81 John B. Zumwalt III ’73
annual report fy2014
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the university of rhode island foundation
eXecutive Board Chair: lorne a. adrain ’76 Vice Chairs: Margo l. Cook ’86 Mark p. Charron ’77 Michael d. fascitelli ’78 Treasurer: paul M. Cofoni ’70 Secretary: Wendy p. field ’74 Geraldine M. Barber ’70 richard edmund Beaupre ’62 Wesley r. Card ’70 Karina Montilla edmonds ’92 James a. hopkins ’62 paul V. Jabour ’78 phillip Kydd ’81 Margaret S. leinen ’80 Carol J. Makovich ’75 frederick J. newton, iii ’78 thomas M. ryan ’75 Cynthia davis Sculco ’65 thomas J. Silvia ’83 alfred J. Verrecchia ’67 robert K. Vincent ’75 Charles henry Wharton ’67 laureen l. White ’81 raymond M. Williams ’87 alan G. Zartarian ’69 Ex Officio Members: david M. dooley, President, University of Rhode Island eva-Marie Mancuso ’82, Chairman, Rhode Island Board of Education louise h. thorson ’85, President, URI Alumni Association
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the university of rhode island foundation
trustees Lorne A. Adrain ’76 Frances M. Alexakos ’94 Linda A. Anderson Geraldine M. Barber ’70 Banice Carl Bazar ’51 Bruce Alan Beauchamp ’58 Richard Edmund Beaupre ’62 George J. Bedard ’78 Bradford Reed Boss ’55 Roswell S Bosworth, Jr. ’49 Edward W. Bouclin, Jr. Gary J. Bowen ’68 Laurel L. Bowerman ’77 John F. Brennan, Jr. ’81 John J. Brough, Jr. ’78 David J. Buckanavage ’80 Gustin L. Buonaiuto ’53 Jeffrey R. Cammans Scott A. Campbell ’77 Anna Cano-Morales ’91 Wesley R. Card ’70 Albert E. Carlotti, Jr. ’60 Mary F. Carmody ’82 Frank Nicholas Caruso ’67 Thomas M. Cataldo ’71 Thomas D. Cerio, III ’76 Shannon E. Chandley ’83 Mark P. Charron ’77 Raymond H. Christopher, Jr. ’55 Edmund D. Cianciarulo, Jr. ’64 Paul M. Cofoni ’70 Joseph M. Confessore ’96 Robert Lee Considine ’60 Margo L. Cook ’86 William Croasdale, III ’58 Laura H. Cunningham ’77 Stephen M. Cunningham ’76 Ronald Delphis Denelle ’60 Marie Campopiano DiBiasio ’61 Laura Hyssong DiSano ’70 Dennis J. Duffy ’80 Kathleen Yanity Duffy ’80 Mary S. Eddy ’87 Karina Montilla Edmonds ’92 William H. Eigen, III ’90 Thomas V. Falciglia ’45 Michael D. Fascitelli ’78 J. Terence Feeley ’72 Alan Shawn Feinstein Giovanni Feroce ’91 Wendy P. Field ’74 Joseph G. Formicola, Jr. ’69 James C. Forte ’76 Raymond P. Freitas ’59 Elia Germani ’57
Kathleen Carol Goulding ’77 George Graboys ’92 Mary A. Gray ’52 William R. Guglietta ’82 Maureen E. Gurghigian ’88 George Hadfield, III ’61 Audrey Barker Hallberg ’61 Susan L. Hammen-Winn ’89 Richard J. Harrington ’73 Alan G. Hassenfeld Manoog T. Heditsian ’47 Mary Danielian Higgins ’67 Robert Joseph Higgins ’67 Ann Stephenson Hitchen ’88 James E. Hitchen, Jr. ’65 Andrea M. Hopkins ’68 James A. Hopkins ’62 Russell D. Ide ’70 Deborah A. Imondi ’83 Saul Kaplan ’79 Caroline Tennant Kaull ’66 Donald N. Kaull ’67 Evelyn Siefert Kennedy ’69 Kenneth N. Kermes Joseph J. Kirby ’96 Heidi Kirk Duffy Kenneth E. Knox ’70 Peter F. Kohlsaat ’57 Phillip Kydd ’81 Stephen C. Landes ’69 David B. Lea, Jr. ’59 Margaret S. Leinen ’80 Matthew J. Leonard ’88 James William Leslie ’52 Thomas J. Liguori, Jr. ’74 Raymond G. Lundgren, Jr. ’54 Armando F. Lusi ’47 Mary P. Lyons ’67 Leo Mainelli ’58 Mark H. Mainelli ’82 Carol J. Makovich ’75 Raymond M. Mathieu ’69 Michael N. Matone ’74 Sandy S. McCreight ’73 Michael F. McNally ’81 Earle L. Messere ’56 Robert S. Messinger, Jr. ’73 Peter J. Miniati, III ’85 Frank P. Mormando, Jr. ’58 Charles E. Morris, Jr. ’55 Francesco Peter Morsilli ’53 Blanche Richard Murray ’41 Henry J. Nardone, Sr. ’43 Nathaniel J. Nazareth, Sr. ’55
Warren A. Negri, Jr. ’71 Frederick J. Newton, III ’78 Michael A. Nula ’96 Glenn S. Palmer ’75 John J. Palumbo, Sr. ’76 John M. Parente ’85 Louise R. Pearson Constantinos Perdikakis ’75 Robert J. Petisi ’74 Yahaira Placencia ’01 H. Douglas Randall, III ’72 Perry A. Raso ’06 B. Michael Rauh ’81 H. Milton Read, Jr. ’54 James H. Readyhough ’77 Edgar Allan Reed ’56 Richard D. Rendine ’58 Eric D. Roiter ’70 John A. Romano ’72 Anthony J. Rose, Jr. ’54 Mark A. Ross ’64 Edmund Stanley Rumowicz ’57 Madelyn Geisser Rumowicz ’52 Robert S Russell ’75 Thomas M. Ryan ’75 Vincent Anthony Sarni ’49 Philip J.Saulnier ’62 Cynthia Davis Sculco ’65 Thomas J. Silvia ’83 Richard A. Soderberg ’49 Charles S. Soloveitzik ’72 Ann M. Spruill ’76 Jane M. Stich ’62 John S. Struck ’74 Donald P. Sullivan ’71 Timothy J. Sullivan ’70 Norman G. Tashash ’77 Louise H. Thorson ’85 Manuel J. Vales, IV ’88 Mary L. Vales ’88 Alfred J. Verrecchia ’67 Robert K. Vincent ’75 Joseph N. Waller ’69 Alan H. Wasserman ’75 David S. Watson ’77 Robert A. Weygand ’71 Charles Henry Wharton ’67 Laureen L. White ’81 Greg S. Whitehead ’78 Kurt R. Wicks ’71 David R. Wilkes ’43 Raymond M. Williams ’87 Mary Ellen Wilson ’77 Alan G. Zartarian ’69
annual report fy2014
y
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the university of rhode island foundation
financial report 2014 for the year ended june 30, 2014
consolidated statements of activities
statement of financial position
revenues, gains and other support
assets
Contributions $28,883,551 Net total investment returns 14,581,789 Contractual payments from the University 3,000,520 Other income 1,316,538
Cash and cash equivalents Prepaid expenses Pledges receivable, net Investments, at market value Building, equipment, furniture and fixtures, net Charitable remainder unitrusts
Total revenues, gains and other support
$47,782,398
expenses University Support Academic support $3,149,309 Athletics and club sports 1,560,809 Buildings and equipment 3,134,352 Library 105,400 Community outreach 1,350,271 Research support 531,957 Scholarships, fellowships, loans, awards 2,032,534 Other programs and event support 455,819 Alumni Association 494,532 Total University Support $12,814,983
$164,436,007
liabilities and net assets Liabilities Accounts payable and accrued expenses $779,662 Gift annuity payable 696,906 Total liabilities $1,476,568 Net Assets Unrestricted Temporarily restricted Permanently restricted Total net assets
$7,749,208 75,881,434 79,328,797 $162,959,439 $164,436,007
$903,707 4,244,733 $5,148,440
Total liabilities and net assets
Total Expenses
$17,963,423
total assets
Changes in net assets Net assets, beginning of year
$29,818,975 133,140,464
$200
$162,959,439
1,990,461 424,366
Total assets
Foundation Support Administrative expenses Development expenses Total Foundation Support
Net assets, end of year
$7,136,416 23,863 17,479,639 137,381,262
in millions
$150 $100
164 118
132
127
136
2011
2012
2013
$50 $0 2010
2014
total assets represented on this chart includes the value of cash, investments (including the endowment portfolio), furniture, equipment, receivables and other items of value.
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nonprofit org. us postage
paid providence, ri
79 upper college road kingston, ri 02881-2023
permit no. 3091
www.urifoundation.org foundation@uri.edu 401.874.7900 | 877.874.4555 fax 401.874.5524 how to give: All gifts to the
University of Rhode Island should be made payable and mailed to the URI Foundation, P.O. Box 1700, Kingston, RI 02881, or make your online gift at www.urifoundation.org/giveonline.
the mission of the university of rhode island foundation is to inspire and steward philanthropic support benefitting the University of Rhode Island. The Foundation exists as an independent corporation and operates exclusively to promote and support the objectives of the University. As the primary fundraising vehicle for soliciting and administering charitable gifts, including the management of the University’s endowment, the Foundation supports the University’s pursuit of excellence in all areas including teaching, research and innovation. annual report credits Executive Editor: Michael J. Smith Managing Editor: Tracey A. Manni Contributing Writer: Ericka Tavares ’88 Contributing Photographers: Joe Giblin | Nora Lewis Randy Osga | Ron Wheeler | URI Athletics