The offense is back A wild, high-scoring win for Michigan over Indiana Saturday
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ONE-HUNDRED-TWENTY-FOUR YEARS OF EDITORIAL FREEDOM Monday, October 21, 2013
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FINANCES
Fiscal year leaves ‘U’ well-endowed School’s endowment grows to $8.4 billion, 10.75-percent ROI By SAM GRINGLAS and JENNIFER CALFAS Daily Staff Reporters ADAM GLANZMAN/Daily
Michigan Athetic Director Dave Brandon and Rob Rademacher, associate athletic director of facilities and operations, speak at the Michigan Sports Business Confrence at the Ross School of Business on Friday. The event was keynoted by ESPN presdident John Skipper
Conference links students to sports business leaders ESPN president keynotes day-long event at Ross By ADAM GLANZMAN Daily Staff Reporter
About 550 students, faculty and sports business professionals gathered in the Ross School
of Business Friday morning to attend the second annual Michigan Sports Business Conference. The day-long conference included speeches from CBS Sports Anchor Dana Jacobson, ESPN president John Skipper, and Tom Garfinkel, the president and CEO of the Miami Dolphins football team, among many others.
Kinesiology junior David Herman and Kinesiology senior Michael Freedman, copresidents of the MSBC, led a 32-member student planning committee that worked for the past year to organize and successfully execute the event. The MSBC Advisory Board, composed entirely of Michigan alumni, helped facilitate interactions between students and
business professionals, making the high-profile speakers at the event possible. “Our board of advisors usually make that initial connection and we take it over from there,” Herman said. “It’s only with their help, their Michigan connections, their professional connections, that we can really gain legitimate access to such See BUSINESS, Page 5A
FLINT, Mich. — On Friday, Tim Slottow, the University’s executive vice president and chief financial officer, announced that the institution’s endowment reached an alltime high of $8.4 billion in fiscal year 2013, which ended on June 30. The endowment grew from $7.7 billion to $8.4 billion over the fiscal year with an annualized investment return of 10.75 percent. Its highest value previously was $7.8 billion in fiscal year 2011. The endowment is the second largest in the nation for public universities and the seventh largest among all universities in the U.S., according to findings by the National Association of College and University Business Officers and the Commonfund. Over the past 13 years, the endowment has increased from the fiscal year of 2000’s total of $3.5 billion —
attributable to both significant fundraising efforts and investment strategy. However, the University’s endowment on a per-student basis ranks 101st — lower than most toptier private universities with much smaller student bodies than the university. L. Erik Lundberg, the University’s chief investment officer, said in an interview he estimates that new donations to the endowment accounted for about $200 million of the increase in the 2013 fiscal year. The University holds a 10-year annualized investment return of 10.2 percent. When the investment office was established 14 years ago, the endowment had an annualized rate of return of 9.6 percent. The University’s total cash and investments reached $10 billion for the first time as of June 30, according to the University’s annual investment report. The distributions from the endowment help fund a host of programs, scholarships and professorships at the University — totaling $276 million in outlays for the 2013 fiscal year — a slight See ENDOWMENT, Page 5A
STUDENT GOVERNMENT
CONSTRUCTION
Café in Dude to operate 24/7
Building renovations approved by regents Projects include SMTD building, new ROTC space
Mujo coffee shop will be open all night Sun. through Wed.
By PETER SHAHIN, JENNIFER CALFAS, and SAM GRINGLAS Daily News Editor and Daily Staff Reporters
By WILL GREENBERG Daily Staff Reporter
The Mujo Café in the North Campus Duderstadt Center will be open 24 hours for half of the week, Central Student Government President Michael Proppe announced Sunday evening. This comes after similar changes to the hours of Bert’s Café in the Shapiro Undergraduate Library, which became a 24-hour operation in January. Mujo will be open all hours from Sunday to Wednesday starting Monday. It will be open until 2 a.m. on Thursdays, 5 p.m. on Fridays and 8 p.m. on Saturdays. Proppe said CSG wanted to see the success of Bert’s new hours before making the change in North Campus. Proppe said the timing should help students working late for midterms. CSG is trying to be more vocal in advertising Mujo’s new hours, as opposed to the rather quiet launch of See CAFE, Page 5A
WEATHER TOMORROW
HI: 47 LO: 33
VIRGINA LOZANO/Daily
LEFT Ashlee Baracy, Miss Michigan and Miss America 2008, walks the runway Friday at the Maize and Blue Go Pink fundraiser for breast cancer research at Detroit’s Cadillac Square. TOP RIGHT Internal medicine prof. Sofia Merajver during the fundraiser. BOTTOM RIGHT The Original Vandellas, a Motown group, performs during the fundraiser.
UMHS hosts breast cancer event Maize and Blue Go Pink raises funds for research By AMRUTHA SIVAKUMAR Daily Staff Reporter
DETROIT — Pink doesn’t clash with maize and blue — it’s more of a complement, really.
At a “chic tailgate” in Detroit’s Cadillac Square on Friday, the University of Michigan Health System hosted the first-ever “Maize and Blue Go Pink” benefit for breast cancer research at the University’s Comprehensive Cancer Center. The Comprehensive Cancer Center — founded in 1986 — uses new and innovative medical techniques in its
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cancer research and clinical practices. Ryan Davis, associate director of the Comprehensive Cancer Center, said rapid advancements in the center’s Breast Oncology Program convinced directors that a fundraiser would help support its growth. Members of the alumni marching band and Detroit Pistons cheerleaders welcomed attendees as they
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INDEX
moved into a “strolling dinner.” Davis said UMHS hopes “Maize and Blue Go Pink” will become an annual event. Clad in maize, blue and pink, attendees watched a fashion show that featured items from the Somerset Collection in Troy, Mich. University affiliates who walked the runway included Athletic Director Dave Brandon, See EVENT, Page 5A
Vol. CXXIV, No. 14 ©2013 The Michigan Daily michigandaily.com
FLINT, Mich. — The Board of Regents approved an array of construction projects at their October meeting on Friday, including bids and schematic designs for renovations across campus. The Earl V. Moore Building renovation is set to proceed after the Regents voted to approve the project’s schematic designs and a small budget increase. The renovation was initially approved by the regents at their Nov. 2012 meeting. The School of Music, Theatre and Dance facility on North Campus will benefit from renovated classroom spaces and the construction of an additional wing including a lecture hall, performance space and new lobby. The project has a budget of $24 million and construction is expected to conclude by fall 2015. Though the regents approved schematic designs for the Munger Graduate Residences last April, the regents voted Friday to award project bids before construction commencSee RENOVATIONS, Page 5A
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