ANNUAL IMPACT REPORT
Highlighting Endowment Progress during the 2023-2024 Fiscal Year
2023-2024
A Message from Leadership
As chair of the Morehead State University Foundation Board, I’m honored to see firsthand the work that goes into building greater support for MSU. Whether it’s $25 from a loyal alumnus or a $50,000 transformative gift from a major donor, each and every gift is managed responsibly and put to use in the way the donor intended.
As you flip through these pages and learn more about all we’ve accomplished together over the last fiscal year, I hope you are reassured that your investment in MSU is playing a part in building a brighter future for the next generation.
Over the next several years, you will see the campus undergoing a variety of significant changes. The landscape is changing and you can learn more about this later on in this publication. But rest assured – though things may look different, the campus we know and love is still the same. It is still the same light to the mountains it has always been, providing increased opportunity to the students we serve.
As we reflect over the last year throughout this publication, I hope you’ll also give some thought to what’s next. Everything we do here at the MSU Foundation is for the next generation – the next doctor, the next educator, the next aerospace leader all educated at MSU. What will your next be? Whether it’s attending an event, increasing your annual commitment or recruiting potential students, we are honored to partner with you in whatever comes next.
Your impact is life-changing. Thank you for believing in our mission and investing in our students.
Go Eagles!
Perry Price Allen (Class of 1983) Chair, MSU Foundation Board
About the MSU Foundation
Organized in 1979 as a nonprofit Kentucky Corporation, the Morehead State University Foundation Inc. provides private financial support to the University as a tax-exempt educational foundation under section 501(c)(3) of the Internal Revenue Code of the United States.
The MSU Foundation is a non-affiliated corporation recognized under Kentucky law as an entity dedicated to assisting the University but not controlled by the institution. As such, it reimburses the University for staff support, office space, utilities and other services under terms of a detailed operating agreement. The agreement also establishes the Foundation’s fiduciary responsibilities for managing gift assets of the University.
The Morehead State University Foundation Board of Trustees meets quarterly each fiscal year in the months of October, February and June.
Campus Revitalization
A Changing Campus Landscape
Over the next five years, the campus landscape will undergo some exciting changes. Thanks to generous funding allocated by the Kentucky General Assembly, as well as University funding, MSU is overseeing approximately $300 million in construction projects. From building three brand new buildings to renovating and improving existing facilities, students will be the beneficiaries of high-quality facilities that match the quality of the education they’re receiving.
Renovations and Enhancements
Through asset preservation funding from the state, renovations are underway for numerous other campus facilities. Funds have, or will, provide renovations to Camden-Carroll Library, Cooper Hall, Ginger Hall, Eagle Lake Apartments and more over the next two to three years..
BAIRD MUSIC HALL
PROPOSED LOCATION OF MULTIDISCIPLINARY BUILDING
CARTMELL HALL
Image from Google Maps
Campus Revitalization
COMING SOON: Residence Hall
Construction has begun on a new $38 million 310-bed residence hall. Funded by MSU through bond investments, the 80,000-square-foot facility is being constructed on the east end of campus, just below the Space Science Center.
Construction is expected to be completed by Spring 2026.
Residence Halls
Living on campus offers a sense of community, and students who live on campus tend to do better academically and be more engaged. MSU has 15 residence halls for students, including two halls on the University Farm and one for Craft Academy students. 2023-2024
Current architect’s rendering
Campus Revitalization
2023-2024 Fiscal Year Impact Report
Naming Opportunities Create a Legacy
Thanks to the generosity of donors, there are a variety of spaces at Morehead State University that are named in recognition of philanthropic support. MSU is grateful for the individuals who have contributed to the development of facilities, established scholarships and enhanced learning environments. Named spaces range from classrooms and laboratories to entire buildings and outdoor spaces. In every case, the spaces named in honor of generous donors contribute to the mission and landscape of MSU in a lasting way.
With new construction projects on campus, there will be exciting new naming opportunities. University leaders are currently developing the naming opportunities associated with these new buildings. If you are interested in learning more about how you can create a lasting legacy through a philanthropic naming, we invite you to share your interest by calling 606-783-2033 or emailing giving@moreheadstate.edu
Every Brick has a Story
The Alumni Brick Walk, located near the front entrance of the Adron Doran University Center, provides all alumni with a chance to leave their mark on campus! The brick walkway features two main categories of bricks - general alumni bricks and Greek alumni bricks.
Bricks make great gifts! Whether it is a holiday gift, a birthday gift or perhaps a gift for your new MSU graduate, purchasing a brick as a gift is a meaningful way to honor someone’s time at MSU.
Bricks can be purchased for $200 each and include a personal inscription. Bricks are added to the Alumni Brick Walk once a year in October. Bricks must be purchased by July 1 in a given year to be included in that year’s installation. Visit alumni.moreheadstate.edu/aducbricks to order a brick for yourself or a loved one!
FEG: Our Investment Partner
In today’s complex investment landscape, institutions face unique challenges. In 2016, the MSU Foundation contracted with FEG as our investment advisor to help us navigate said challenges. The mission at FEG Investment Advisors is to empower clients to fulfill their missions through superior investment performance, objective insights and research. FEG is an independent, employee-owned, full-service investment advisory firm with more than 35 years of stability and growth. FEG is headquartered in Cincinnati, Ohio.
Meet Ross W. Neltner: Our FEG Representative
Ross W. Neltner is senior vice president and advisor at FEG. He has nearly 15 years of experience helping nonprofit educational institutions with allocation and policy work, governance and education, as well as manager research and selection. Prior to FEG, Ross served as managing consultant at Cumberland Consulting Group. Ross holds a Bachelor of Science in Economics from Vanderbilt University and the Chartered Alternative Investment Analyst (CAIA) designation. Ross was recognized by the Cincinnati Business Courier Journal as one of the area’s “Top 40 Under 40” years old. He was recently inducted into the Highlands High School Athletic Hall of Fame. Ross is also on the Fort Thomas Education Foundation Investment Committee and part of Vanderbilt Commodore Recruitment Programs (CoRPs). Ross currently resides in Lakeside Park, Kentucky, with his wife and three sons.
Evaluating the Portfolio From A High Level
Morehead State University Foundation returned an exceptional 9.0% in fiscal year 2024 and earned 6.3% annually over the past five years.
Fiscal year 2024 returns were primarily dominated by the U.S. large cap equity stock market, which was up 24.5%, and more specifically, the Magnificent 7 stocks1. On an absolute basis, this area of the Foundation’s portfolio was the largest driver of returns. On a relative basis, this was a headwind for performance versus the benchmark because the portfolio was underweight in these stocks when compared to their respective benchmark weights.
Another key driver to performance in fiscal year 2024 was the underperformance of private markets (including diversified private investments across equity, credit, real estate and energy/natural resources) when compared to public markets. For example, within private equity, exit activity has fallen as sponsors struggled against higher rates and unfavorable valuation trends. The Foundation’s private investments portfolio returned just 1.3% in FY24 while public market indices returned 19.4% (Global Equity), 2.6% (Fixed Income), 3.8% (Real Assets) and 6.8% (Diversifying Strategies). Despite these recent short-term headwinds, private market investments have added significant value to the Foundation’s portfolio over the long-term.
The portfolio is assuming prudent levels of risk in pursuing investment returns. Further comments on the Foundation’s short- and long-term performance across asset classes are detailed below.
2023-2024 Fiscal Year Impact Report
Portfolio Performance and Asset Allocation
MSU Foundation’s portfolio is diversified by global risk factors such as global equity, global fixed income, real assets and diversifying strategies. Taking a long-term view by allocating to private markets has been focal points of the Foundation’s investment strategy with FEG.
Global Equity
• Returned 17.8% for the trailing 1-year period, underperforming the global equity benchmark by 1.6%.
• Investments in mega cap growth & technology (e.g. “Magnificent 7” stocks) were tailwinds to absolute performance.
• Active asset allocation and overweight relative to target were additive to performance.
Global Fixed Income
• Fixed income returned 2.8% in FY24, slightly outperforming the Bloomberg U.S. Aggregate Index.
• Fixed Income has outperformed the benchmark for all longer-term time periods.
Diversifying Strategies
• The hedge fund portfolio returned 8.3% in FY24 outperforming its benchmark by 150 basis points.
Real Assets
• Returned 3.8% in FY24.
• Commodity performance was strong and helped returns, while lack of energy infrastructure exposure was a key headwind to relative performance.
Private Capital (as of 3/31/2024)
• Private Capital, currently 27% of the portfolio, has added tremendous value, returning nearly 15% annualized since FEG began managing the portfolio.
• Private Capital is outperforming private and public market benchmarks over all long-term time periods.
1 The “Magnificent Seven” are the seven industry-leading most influential companies of the S&P 500 which make up about 35% of the index and include Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta Platforms and Tesla.
* Actual Weighted Index is comprised of specific indices weighted in proportion to the portfolio’s actual asset allocation adjusted monthly
TOTAL AMOUNT RAISED IN FY24
Number of Gifts 8,497
Number of First Gifts from Degreed Alumni 213
Number of Donors 3,921
Number of Faculty & Staff Who Gave 224
New Funds at the MSU Foundation
The MSU Foundation is honored to work with donors throughout the year on establishing new scholarship funds that align with their philanthropic goals. With each new scholarship added, another student life is changed.
Annual Scholarships
Annual Scholarships are funded at a minimum level of $1,000/year. Committed donors provide this funding on an annual basis. Annual scholarships are awarded for as long as the donor provides funding. 2023-2024
• Pat Petrillo Scholarship
• Psi Beta Alumni Association Scholarship for Freshman
Endowed Scholarships
• Sigma Alpha Epsilon Founders Scholarship
• Wells Family Scholarship
Endowed Scholarships are created at a minimum level of $25,000. This initial principal investment is never touched, and future scholarship awards are made using the interest earned. These funds will never go away and will carry on the donor’s legacy forever.
• David A. Lynch Scholarship Endowment
• Donna and Dan Connell Scholarship Endowment
• Dr. Bette Dickerson Scholarship Endowment
• Dr. Greg Detweiler Scholarship Endowment
• Greg Wing Scholarship Endowment
• Hesterberg Family Scholarship Endowment
• Janet Kenney Endowed Scholarship Fund
• Judy-Craig Scholarship Endowment for Education
Endowed
Professorship
• Kelly and Amy Beckham Foster Study Abroad Scholarship Endowment
• Kris Bentley Mathematics Scholarship Endowment
• Patrick Price Memorial Scholarship
• Rosalynn E. Young-LaVaughn Memorial Scholarship Endowment
• Spartman Skaggs Pride Scholarship Fund
• Student Athlete Legacy Scholarship Endowment
• Tim Griffith Scholarship Endowment
• Wolfe Gardner Family Scholarship Fund
Endowed professorships are funded at a minimum level of $250,000. These unique opportunities provide deserved recognition and support to faculty members who go above and beyond in supporting their students.
• J. Dudley Herron Professorship Endowment
Understanding the Cost of the MSU Experience
About 94% of MSU undergraduates receive financial aid — loans, grants, scholarships, and other resources that make a Morehead State education more affordable. MSU is committed to remaining affordable for all students and has been ranked as a best-value school among many peers.
UNDERGRADUATE TUITION
Ranked #14 Public Regional School in the South and one of the most affordable universities in Kentucky.
With tuition and cost of attendance having increased in recent years, Morehead State University is committed to providing the Top 15 college experience while keeping student expenses low. We strive to provide the best combination of academic quality, career preparation and personal support for our students and keep educational value at the center of our approach.
MSU earned national recognition as a College of Distinction for Affordability and U.S. News & World Report named MSU a 2024 Best Value School.
Focusing on Affordability
The Impact of the Endowment
A University Foundation is particularly important for publicly supported institutions. Nationwide, publicly supported Universities have experienced significant fluctuations in state support over the past 20 years. Without endowments made possible through private gifts, institutions would have to cut back on their programs and increase tuition and fees even more.
The MSU Foundation continues to enhance student support. The endowment helps MSU provide financial aid to students who cannot afford the full cost of attendance. The endowment also allows MSU to support excellence and a broad array of student supports at a lower price than would otherwise be possible.
As the endowment continues to grow, the opportunity to provide support for the next generation of Eagles will continue to grow. Thank you for helping MSU grow the endowment and increase student scholarship access to our students.
The chart below represents MSU Endowment growth over the past five years. It’s our ultimate goal to grow the endowment to $100 million by 2027, creating an even stronger future for the next generation. 0
$80,000,000
$70,000,000
$60,000,000
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
YOU MADE SURE STUDENTS ARE SUPPORTED.
$85,587 RAISED FOR GENERAL ACADEMIC SCHOLARSHIPS AND AWARDS FROM 531 DONORS
$3,345,579 RAISED FOR RESTRICTED ACADEMIC SCHOLARSHIP SUPPORT FROM 3,361 DONORS
Erika Dolan (Class of 2028)
“The MSU Foundation’s scholarship provides crucial support in helping me to advance my education by allowing me to focus on my academic goals and put my schoolwork first. I’m a legal studies major, and after Morehead I want to attend law school and work as an education law attorney to provide representation for students with disabilities and help them get the accommodations they need to succeed!”
YOU MADE SURE ATHLETES CAN SUCCEED.
$26,100 RAISED FOR ATHLETIC SCHOLARSHIPS AND AWARDS FROM 13 DONORS
$454,728 RAISED FOR RESTRICTED ATHLETIC PROGRAM SUPPORT
Hannah Curreri (Class of 2024, 2025)
“Being recognized as a graduate student athlete with such a prestigious scholarship is rewarding in many aspects. Knowing that this scholarship fund is aiding in the journey to earning my MBA is an amazing honor and a reflection of my dedication to Morehead State as a student athlete!”
YOU HELPED STUDENTS STAY FOCUSED.
$20,714 RAISED FOR NEST SCHOLARSHIPS AND AWARDS FROM 63 DONORS
45 STUDENTS ASSISTED FROM NEST $13,863 SUPPORTED NEST RECIPIENTS
The NEST (Needs for Eagle Support in Trying Times) fund allows Morehead State to provide financial assistance to students during times of need. Students who don’t have adequate food and essential items can’t perform as well academically. When students struggle with these issues, we can help.
“I am an MSU student studying creative writing and computer science. I want to personally thank you for your support to the NEST fund. This gift allowed me to afford groceries during my early move in on campus and for the upcoming fall semester.” – Nicholas (MSU Freshman)
2023-2024 Fiscal Year Impact Report
YOU SHOWED UP FOR MSU EVENTS.
Morehead State hosts several events for alumni and friends to attend each year. During the 2023-2024 fiscal year, we hosted 49 engaging events with a grand total of 2,484 attendees The most well-attended crowd favorite event each year is the MSU Gala hosted at the Adron Doran University Center.
The 2024 Gala, “Casino Royale,” had record breaking attendance and fundraising efforts.
• $76,020 raised for scholarship
• 27 corporate Sponsors
• 133 Individual Sponsors
• 384 Total Guests
Save The Date for Gala 2025: Saturday April 26, 2025.
YOU TOOK PART IN GRASSROOTS GIVING.
GRASSROOTS DONORS CONTRIBUTED NEARLY
$116,000 TO SUPPORT MOREHEAD STATE UNIVERSITY
The 24-Hour Challenge is Morehead State University’s annual giving day where we ask Eagles from across the globe to come together and support MSU with a gift. Our giving day is a way for us to show our supporters that regardless of how much you can give, your gift can truly add up to make a big difference.
How can you participate?
It’s easy - just give! You can make your gift online, over the phone, or in person at the Office of Alumni Relations & Development. You can also help by spreading the word among your fellow Eagles! Give, Wear, Share - give a gift, wear your blue and gold and share with others!
YOU MADE A PLAN TO CONTINUE YOUR SUPPORT.
55 TOTAL PLANNED GIFTS. NINE NEW PLANNED GIFTS IN FY 23-24.
A Planned Gift, such as a bequest or a charitable trust, is a unique opportunity for you to leave a lasting legacy at Morehead State University. In addition to allowing you to provide for the future, planned gifts may also offer you certain tax advantages and financial flexibility.
Donors who choose to establish a planned gift to MSU are recognized as members of our Visionary Society for their commitment. The Visionary Society builds and encourages a heritage of giving at MSU where planned gifts are acknowledged and planned-gift donors are thanked for their generosity. Planned gifts are integral to ensuring a bright future for MSU and our students.
Visonary Society
Creating a Lasting Legacy
The Morehead State University Visionary Society recognizes generous alumni, friends and retirees who have established planned gifts to MSU. What is a planned gift? A planned gift is a commitment established through a donor’s estate, ensuring their commitment to MSU is demonstrated long after their lifetime.
Planned gifts can come in many different forms that include bequests, real estate, retirement plans, life insurance policies, annuities or trusts. Whatever the vehicle, the gift can support meaningful projects such as endowed scholarships, research projects, academic enhancements or capital support, just to name a few. All these options increase the resources available for future Eagles. It’s your legacy – for their future.
Are you interested in exploring a planned gift to MSU? Give us a call at 606-783-2033 or complete the planned giving interest form found at alumni.moreheadstate.edu/plannedgiving today.
Visionary Society Spotlight:
Ted Coakley (Class of 1972) and Janet Coakley (Class of 1972, 1977)
The Coakleys devoted their life to education and their legacy reflects that commitment. Ted and Janet were the only couple in the history of the MSU Alumni Association to both serve as President of the Alumni Board of Directors. MSU was always a priority in their lives. And, to ensure that commitment lasted beyond their lifetime, they named Morehead State University as the beneficiary of their life insurance policy. Janet passed away in 2017 and Ted passed away in 2022. Now, the Ted and Janet Coakley Scholarship Endowment continues to remember them and their love for the blue and gold.
In memory of Ted Coakley 1946 - 2022 and Janet Coakley 1949 - 2017
MSU Foundation Scholarships
The MSU Foundation utilizes an online scholarship platform to host the general scholarship application for all Foundation scholarships. This one stop shop is the location where students of all classifications come to apply for privately funded aid from the MSU Foundation.
Submitting one general application provides students a chance to qualify for nearly 400 scholarship opportunities.
The Foundation recently partnered with a new online scholarship platform, Blackbaud Award Management, that will go live in the 2024-2025 academic year. This new platform will sync with university databases to utilize student information and allow students to match to more scholarship opportunities with ease.
Showing Gratitude
As part of the scholarship awarding process, the MSU Foundation works with students to educate them on the source of their scholarship funds. All recipients are asked to provide a letter of appreciation for each scholarship they are awarded, teaching them about the generous alumni and friends who are paying it forward to new generations.
Nearly 2,300 Student Applications
$1.1 Million in Scholarships Distributed
Thank you so much for your generosity. This MSU Foundation Scholarship is helping me continue with achieving my goals, and I am truly grateful. I encourage you to continue supporting MSU students; it truly makes a difference!
Jace Winkleman and Ally Huffman Current MSU Students
Photo taken Fall 2024
Jace Winkleman and Ally Huffman Future Eagles
Photo taken Fall 2012