CHAIRMAN’S LETTER / SUMMER 2013
Dear Friends… I am delighted to share with you my first newsletter as chairman of the University of Georgia Foundation. This is an exciting time for the foundation with new trustees coming on board and the university entering a new era under President Jere Morehead’s leadership. Our June board meeting was very productive and allowed us to pay homage to President Adams’ 16 years of dedicated service to the university and the state, and to honor my predecessor, Bill Young, Jr., who guided this foundation during a very important time in its history. I know you join me in offering thanks to both for their vision and leadership from which the university and the foundation have derived tremendous benefit. There is much to tell in this issue and I hope you enjoy reading about our new trustees, funding for university programs and other foundation news. I am very enthusiastic about the future as we continue working to support and enhance the university’s academic mission. Thank you for placing your confidence in me to chair the foundation the next two years. I appreciate your many kind words of support and look forward to working with everyone to help make the University of Georgia the best public university it can be! Sincerely,
John Spalding Chairman
Farewell to President and Mrs. Adams What a great honor it was to have President and Mrs. Adams on the program for one final time at our June board meeting. Outgoing Chairman Bill Young, Jr. presented them with a beautiful etched glass rendering of the university seal to commemorate their outstanding service to the University of Georgia. President Adams used the occasion to thank board members for their support over the years, for leading the foundation’s efforts
to raise funds for critical university initiatives and for giving of their own financial resources that helped bring so many worthy academic enhancements to fruition.
Our very best wishes to President and Mrs. Adams in the years ahead. We look forward to their continued involvement with the University of Georgia and to many happy years in Athens!
Passing the gavel Bill Young, Jr. has been a great friend and a marvelous chairman of the foundation. As vice chairman, I have enjoyed working closely with him the last two years and am privileged to be his successor. Bill very graciously offered me the symbolic chairman’s gavel during our full board meeting on St. Simons Island last month and I was excited to give him, on behalf of the foundation, a beautiful commemorative glass arch to honor his efforts. I know we are all very appreciative of Bill’s consistent and thoughtful leadership. He set a fine standard that I will do my very best to uphold in the coming term. I look forward to working with each of you to build on a UGA Foundation legacy that Bill advanced so capably as chairman.
University of Georgia Foundation allocates more than $3.3 million in budget surplus to enhance University of Georgia academics Kudos to the board for its effective management of UGA Foundation budget dollars in fiscal year 2013 and to our investment committee for achieving a strong return on investments. As of June 30, the foundation had a budget surplus of $3.3 million and directed that all of those funds be used to support and enhance the university’s academic mission. This funding is in addition to more than $40 million in annual support provided through the foundation to the university and $500,000 provided earlier in the fiscal year for endowed professorships.
The board (seen above at the recent annual meeting) voted unanimously to dedicate the surplus funds to meet specific needs identified by President Jere Morehead for scholarships, faculty support and the Washington facility. Highlights of the funding include: • Need-based Scholarships (Endowed) • Professional School Scholarships • Professorships (Endowed) • Washington DC Program (Endowed) • Study Abroad Scholarships (Endowed) • Washington Facility
$ 500,000 $ 200,000 $ 125,000 $ 500,000 $ 500,000 $ 1,000,000
The programs supported by the funding are many, such as the allocation for need-based scholarships. Those funds will assist the Gateway to Georgia program which launched earlier in 2013. Specifically, the Georgia Access Scholarship within the Gateway program is designed to provide an opportunity to earn a degree from the state’s flagship institution for students with outstanding academic credentials whose families might not otherwise be able to afford the cost of attendance. Funding for the Washington, DC program is part of an ongoing effort by the foundation, which is in the process of acquiring property that will become the new home for the University of Georgia Washington Program. The new property will house living and classroom space that will greatly enhance the university’s presence and educational opportunities in our nation’s capital. In addition to the funding noted above from the fiscal year 2013 budget, President Morehead requested that $220,000, which was designated for the Celebration of Support in fiscal year 2014, be used to increase the need-based Georgia Access Scholarship endowment. President Morehead will be forming a group to review the Celebration of Support and will use their input to make a recommendation for the future of this event.
Changes in UGA Foundation Officers The board voted unanimously to confirm officers of the foundation for fiscal years 2014 and 2015. Ken Jackson who just completed a term as treasurer was elected vice chairman, which by UGA Foundation bylaws means he is in line to become the next chairman in fiscal year 2016. Jack Head was re-elected to a second term as UGA Foundation Secretary and Bill Douglas was confirmed as the new treasurer. These gentlemen bring outstanding credentials to the job. Ken Jackson (right) is executive vice president and chief financial officer for floor covering giant Shaw Industries. He holds bachelor’s and master’s degrees in accounting from the Terry College of Business. Jack Head (left) is a 1977 graduate of the Terry College of Business and is president of Atlanta-based Head Management Group, an industry leading developer and manager of industrial, commercial and residential properties. Bill Douglas (right) is executive vice president and chief financial officer for Coca-Cola Enterprises, the world’s largest bottler of Coca-Cola products. He earned a BBA in accounting from the Terry College of Business in 1983.
New trustees join University of Georgia Foundation With the conclusion of each term we welcome new trustees and accord emeritus status to outgoing board members. This year we have quite a slate of new trustees that bring a diversity of great experience to the board. Briefly, they include: ELECTED TRUSTEES Garry Bridgeman - first vice president, investments, and a private wealth advisor for Merrill Lynch in Atlanta. Garry was previously a trustee and is back for a new term. Vic Corrigan, MD, who served the foundation for one term as an advisory trustee, becomes an elected trustee. He is a partner in Atlanta Cardiology Group, PC under the umbrella of the Piedmont Heart Institute. Stephen Joiner is fulfilling the unexpired term of Don Waters who now serves on the Board of Regents. Stephen is a regional managing partner in the Southeast Division of Deloitte & Touche’s Mergers and Acquisitions Services Group in Atlanta.
Steve Jones is a U.S. District Court Judge in Atlanta and past president of the UGA Alumni Association. As such, Judge Jones concluded his term as an ex-officio trustee of the UGA Foundation and accepted an invitation to continue his work in the capacity of an elected trustee. Cliff McCurry is vice chairman of Savannah-based Seacrest Partners where he oversees the firm’s business development activities. He is fulfilling the unexpired term of F. Sheffield Hale, the new head of the Atlanta History Center. Barry Storey completed one term as an advisory trustee and became an elected trustee on July 1. Storey is a coowner of Hull Storey Gibson Companies, an Augustabased real estate acquisition, management and development enterprise.
ADVISORY TRUSTEES
EX OFFICIO TRUSTEES
Mark Chandler is president and founder of Habersham Properties, an Atlanta property management and brokerage firm.
Silvia Giraudo, PhD is our faculty representative and serves as associate dean for academic programs in the Department of Foods and Nutrition.
Richard W. Courts IV is a principal in Atlanta-based Atlantic Realty Company, a privately held commercial real estate firm which has served clients since 1936.
Austin Laufersweiler is the University of Georgia student body president.
John Mangan is a private investor who resides in Charlotte. He was a four year letterman, two-time AllSEC and a 1981 All-America on UGA’s powerhouse tennis teams under legendary coach Dan McGill. Ted McMullan is president and chairman of Atlantabased Covington Investments, a privately owned firm whose related companies own and operate senior living communities in Florida, Ohio and Tennessee.
Libby Morris is interim provost of the University of Georgia. Ryan Nesbit is interim vice president for finance and administration. Tim Keadle is the new president of the University of Georgia Alumni Association succeeding Steve Jones.
Susan D. Sherman, a Jacksonville native, is president of Susan Sherman Inc., a St. Louis, Missouri-based marketing, special events and public relations company.
A fond farewell to our newest emeritus trustees While we are thrilled to welcome the trustees noted above, the end of the fiscal year is always bittersweet because we have to say goodbye to a number of our colleagues. This year we accorded emeritus status to ten trustees, all of whom served with great distinction. Our personal thanks go to Earl Barrs, Charles Campbell, Jay Davis, Norman Fletcher, Sheffield Hale, Jimbo LaBoon, Bo Means, Steve Smith, Harriet Warren and Don Waters. While we will forever be grateful for the contributions you made to the foundation’s success, we’re equally gratified to call each of you “friend.” We hope all of you stay engaged with the foundation as emeritus trustees. Below are a few photos from the dinner program in which our emeritus trustees were honored.
Important Dates to Remember August 2, 2013
Summer Semester Commencement Combined Graduate and Undergraduate Ceremony 9:30 AM – Stegeman Coliseum
August 12, 2013
Fall Semester classes begin
August 31, 2013
Georgia vs. Clemson Football Clemson, SC – 8:00 PM
September 7, 2013
Georgia vs. South Carolina Football Athens, GA – Time TBD
September 21, 2013
Georgia vs. North Texas Football Athens, GA – Time TBD
September 26-27 2013:
UGA Foundation Fall Board Meeting Various campus sites – Athens, GA
September 27, 2013
President’s Club Reception Tate Center Grand Hall – 6:00 PM
September 28, 2013
UGA vs. LSU Football Athens, GA – Time TBD
October 5, 2013
UGA vs. Tennessee Football Knoxville, TN – Time TBD
October 12, 2013
UGA vs. Missouri Football Athens, GA – Time TBD
October 19, 2013
UGA vs. Vanderbilt Football Nashville, TN – Time TBD
November 2, 2013
UGA vs. Florida Football Jacksonville, FL – 3:30 PM
November 9, 2013
UGA vs. Appalachian State Football Athens, GA – Time TBD
November 16, 2013
UGA vs. Auburn Football Auburn, AL – Time TBD
November 23, 2013
UGA vs. Kentucky Football Athens, GA – Time TBD
November 30, 2013
Georgia vs. Georgia Tech Football Atlanta, GA – Time TBD
December 7, 2013
SEC Championship Game Georgia Done Atlanta, GA – 4:00 PM
December 13, 2013:
Fall Semester Commencement Stegeman Coliseum Athens, GA – Time TBD
February 20-21, 2014:
UGA Foundation Winter Board Meeting Various campus sites Athens, GA
University of Georgia Foundation 394 South Milledge Ave., Suite 100 Athens, Georgia 30602-5582 Telephone (706) 542-6677 www.ugafoundation.org