Elevating Philanthropy
Our loyal donors are deeply committed and their unwavering support is incredible.
Aspiring to achieve greatness and sustain excellence are core principles that have positioned the University of Illinois to change lives and transform societies around the world for more than 150 years. In Fiscal Year 2024, philanthropic support enriched that greatness and excellence in impressive ways.
Through the generosity of thousands of donors, the Foundation recorded more than $450 million in both new business and cash gifts in the same year for the first time! The number marked the seventh consecutive year new business has exceeded $400 million. Alumni remain the largest source of gifts, accounting for close to 35 percent of funds raised.
The UIF endowment grew to nearly $3 billion, boasting a 10.6 percent return on investment to rank among the best in its peer group for endowments valued at more than $1 billion. More financial details can be found elsewhere in this report. We deeply value our fiduciary responsibility and hope you feel proud of the FY 2024 results and your contributions’ incredible impact across all three of our universities.
The completion and opening of the University of Illinois Philanthropy Center was another 2024 highlight. Our new headquarters has enhanced
collaboration, productivity, and creativity within our UIF staff and the entire Illinois advancement program. Additionally, we now have a dedicated space to celebrate the rich history of Illinois philanthropy and recognize the countless individuals whose stewardship has shaped the university since the first recorded gift in 1895. A special thanks goes out to everyone who contributed to our Philanthropy Center Building Fund.
Three new directors joined the Foundation Board at our annual meeting in November—Amita Schultes (’96, MS ’01), Gozen Hartman (‘01), and Rakesh Varma (’76). We are excited to have their expertise and guidance on the Board.
As we reflect on the last year, we are profoundly grateful for the generosity and commitment of everyone who contributed to the University of Illinois. Your support has empowered transformative advancements across our campuses, enriched the lives of students and faculty, and strengthened our collective ability to address the challenges of tomorrow. Together, we are building a legacy of excellence, innovation, and impact. Thank you for believing in the power of the University of Illinois to shape a brighter future for all.
JAMES H. MOORE, JR. President/CEO
RICHARD C. OSBORNE Chair, Board of Directors
Taking Philanthropy to New Heights
Generous donors elevated philanthropy and the University of Illinois.
Illinois' philanthropic success was celebrated at Foundation Weekend November 14-16 on the campus of the University of Illinois Urbana-Champaign. The weekend included the Foundation’s 89th Annual Meeting that celebrated the gifts from nearly 49,000 contributors whose more than 158,000 individual gifts propelled the university to new heights: advancing education, innovation, research, and outreach. Other weekend events included a welcome reception, a celebration of 100 years of the Main Library at Illinois, the Krannert Award dinner, and a pregame tailgate.
A quiet stage and a flute duo were ready for the start of the Foundation's 89th Annual Meeting on November 15, 2024.
The 89th Annual Meeting program included a panel with (left to right) Christy Devocelle, UIF COO/CFO; Travis Shore, UIF Chief Investment Officer; Brooke Elliott, Gies College of Business Dean; and Rashid Bashir, Grainger College of Engineering Dean.
during the program. In his remarks, Jim Moore paid tribute to the 60th Anniversary of the President's Council. Barbara Hundley
Brenda
from the College of Fine and Applied Arts and Ai
the College of Liberals Arts and Sciences.
Clockwise from top left: Inaugural UIF "Foundation to Success" Scholarship recipients: Charles Serrahn (UIS), Mascis Larson (UIC), and Alex Gorczowski (UIUC). The Other Guys a cappella group performed
(center) is pictured with
Nardi (left)
Niemeyer from
Opposite page: Christy Devocelle, UIF COO/CFO. Brooke Elliott, Gies College of Business Dean. Don Edwards, retiring chair of the University of Illinois Board of Trustees. Bill Forsyth, UIF Governing Director. Rashid Bashir, Grainger College of Engineering Dean. Dick Osborne, UIF Board Chair.
Hundreds of people from around the world traveled to Urbana to meet up with fellow University of Illinois alumni and friends. There was plenty of orange and blue at the festive events that occurred throughout the Urbana-Champaign campus. It was wonderful to see so many smiling faces celebrating philanthropy!
Events included The Krannert Award dinner, honoring the generosity of donors who have given more than $1 million to the University of Illinois Urbana-Champaign and a festive Jazz Age luncheon celebrating 100 years of the University of Illinois Main Library..
Donor Generosity Fuels Strong FY24
Cash and new business both exceed $450 million for the first time and the Foundation’s active endowment grows to $2.99 billion, notching an impressive 10.6 percent return.
The University of Illinois Foundation is pleased to announce its financial report for Fiscal Year 2024 (July 1, 2023-June 30, 2024). The treasurer’s report indicates a new business* figure of $461.0 million and a cash** figure of $453.5 million, marking the first time in history that both new business and cash exceeded $450 million in a single fiscal year.
James H. Moore, Jr., president/CEO of the University of Illinois Foundation said these historic figures are the result of nearly 49,000 donors who made more than 158,000 gifts in support of the University of Illinois System and its three universities in Urbana-Champaign, Chicago, and Springfield. “The thousands of generous donors who invest in the University of Illinois every year are elevating our institutions through their altruism and philanthropic support,” said Moore. “The loyalty and generosity of our donor community helps build, maintain, and enhance the strong reputation we enjoy nationally and around the world. Our donors are meaningful and important partners in all we do and aspire to achieve.”
In FY 2024, alumni and friends were the largest group of donors, followed by corporations and foundations. Donors gave $305.6 million or 67.4 percent to the University of Illinois as current use funds, which can make an impact almost immediately in important areas such as student and faculty support, research, facilities, and
academic programs. Endowed funds, annuities, and life income funds—which are utilized to support the long-term stability and excellence of the University of Illinois—combined for the remaining $147.9 million or 32.6 percent of the cash total. All donor-contributed endowments have a fund agreement executed between the donor and the Foundation, outlining the terms and use of the income from their endowment gift. These restrictions can specify that the income only be used for certain purposes, such as scholarships, research, faculty chairs, or specific programs. The Foundation has a fiduciary responsibility to honor donor intent and is legally bound to administer the gifts in accordance with this documentation.
The University of Illinois Foundation’s active endowment grew to $2.99 billion in FY 2024 and boasted a 10.6 percent return on investments, topping the previous year’s nine percent return and ranking the Foundation’s return among the best in its peer group of endowments valued at more than $1 billion. Through the endowment, the Foundation distributed $90.1 million to the University of Illinois System, including $71.6 million to the University of Illinois Urbana-Champaign, $15.1 million to the University of Illinois Chicago, $1.1 million to the University of Illinois Springfield, and $2.3 million to the University of Illinois System offices.
* New business includes new gifts, grants, pledges, and deferred commitments.
** The cash figure includes outright cash gifts, pledge payments, annuity/life income gifts, and estate distributions.
FY24 NEW BUSINESS
New Gifts, Grants, Pledges, & Deferred Gift Commitments
73.8%
URBANA-CHAMPAIGN
$340.1 Million
24.5% CHICAGO $113.1 Million
0.6% SPRINGFIELD $2.8 Million
1.1% SYSTEM $5.0 Million
FY 2020–2024 NEW BUSINESS GROWTH Fiscal Year (July 1–June 30)
98.6%
Revocable Estate Plan Commitments $139,073,658
3 OF THE LAST 5 YEARS $450M+
0.5%
Charitable Remainder Trusts* $728,988
FY24 NEW REVOCABLE & IRREVOCABLE COMMITMENTS $141M *Irrevocable gift arrangements administered by UIF
0.9%
Charitable Gift Annuities* $1,245,893
FY24 NEW BUSINESS SOURCES
FY24 NEW BUSINESS DESIGNATIONS
GIFTS IN FY24
158,411
• RESEARCH // $81.5M
• FACILITIES // $50.1M
• STUDENT SUPPORT // $77.3M
• ACADEMIC PROGRAMS // $95.4M
• PUBLIC SERVICE // $12.0M
• FACULTY SUPPORT // $17.1M
• OTHER // $6.9M
• UNRESTRICTED // $120.7M
DONORS IN FY24
48,800
Elevating Excellence Across Illinois
SIEBEL MAKES $50 MILLION CORNERSTONE CONTRIBUTION TO COMPUTING & DATA SCIENCE
A transformative $50 million gift from Thomas Siebel (’75, MBA ’83, MS ’85, HON ’06) will help propel Illinois’ leadership in computing and data science and will help shape the future of technology and innovation. “The tremendous support from Mr. Siebel has provided yet another opportunity for the computing and data science community throughout our campus to thrive,” said Nancy Amato, Computer Science Department Head. “Our students and faculty have already played a part in such exciting developments as the first modern web browser, PayPal, YouTube, Siebel Systems, C3 AI and Yelp. And we will continue pursuing innovation in this field at every turn. We are also very proud of providing new and more accessible ways for deserving students to find their path into computing education.”
PETULLO $5.75 MILLION ESTATE COMMITMENT HELPS FAA & GIES BUSINESS
Anthony (Tony) Petullo (’61) and his wife Bev Trier gave a $5.75 million gift that will be divided between the College of Fine and Applied Arts ($3.25 million) and Gies College of Business ($2.5 million) to support students, faculty, and the arts.
“This latest gift builds on a legacy of giving,” said Kevin Hamilton, dean of the College of Fine and Applied Arts. “Tony experienced how creating and experiencing art changed him as a person, and he shares that story with everyone he can. He’s among our very best advocates in every way, and we are so grateful to be building with him.”
FARMLAND GIFT HELPS SIX DIFFERENT UNITS ON CAMPUS
Barbara Hundley, a 30-year employee of the University of Illinois Urbana-Champaign and her late husband, Charles, have had a long commitment of giving to the University of Illinois Urbana-Champaign. Hundley, who retired in 2007 as the associate chancellor for alumni relations, has most recently gifted Illinois with 260 acres of farmland with a current market value of approximately $4 million. The gift will benefit Spurlock Museum, Japan House, the WILL Farm Program, the University of Illinois Philanthropy Center, and football and basketball facilities.
CANCER CENTER RECEIVES $3 MILLION TO HELP RELIEVE BURDEN OF CANCER
In FY24, Lalit Bahl (MS’66, PhD ’69) and Kavita Kinra made multiple gifts to support the Cancer Center at Illinois. These gifts, which totaled more than $3 million, were unrestricted gifts that can almost immediately be utilized to help support the center. The Cancer Center was established in 2011 and unites biologists, technologists, behavioral scientists, computational scientists, chemists and engineers—all with one mission: to relieve the burden of disease.
ILLINOIS FIELD RENOVATIONS ON TAP WITH MEIER’S $5 MILLION GIFT
Les (’83) and Wendy Meier committed $5 million to create a baseball fund in their name that will support renovations of Illinois Field, the home to the 2024 Big Ten Champion Fighting Illini Baseball team. The Orange & Blue are coached by Dan Hartleb, the winningest coach in the program’s history with a career record of 567-419-1.
SHEBIK GENEROSITY SUPPORTS GIES BUSINESS AND THE MAIN LIBRARY
Steve (’78) and Megan (’80) Shebik made a $1 million commitment to the University of Illinois Urbana-Champaign. The gift will be split between the Gies College of Business and the University Library. The Shebiks have generously supported Gies Business since 1979 and the University Library since 1993 and have been very active volunteers, serving on the boards at each.
ENDOWMENT
HELPS PROVIDE ACCESS TO SMALL ANIMAL CARE
Joseph Martocchio and Brad Olson originally endowed The Friend in Need Animal Care Endowment in 2016. This fund was created to support the cost of veterinary care for small animals whose owners do not have the financial resources to access the services of the Small Animal Clinic at the Veterinary Teaching Hospital. In FY 2024, they made a $15 million estate gift to benefit the Friend in Need Fund, the Joseph J. Martocchio and Brad R. Olson Oncology Clinical Trials Support Fund, and the Joseph J. Martocchio and Brad R. Olson Veterinary Technician Support Fund.
Visionary Gifts Propel Access and Excellence
TRANSFORMATIVE GIFT SEEDS THE NURSE ANESTHESIA PROGRAM
Christine Schwartz's ('70) $10 million gift to establish the Nurse Anesthesia Program at UIC is the largest gift in the College of Nursing’s history. It will allow the college to fill a pressing need for anesthesia providers in communities across rural Illinois and Chicago. “Demand for rural health providers has been a crisis for almost two decades, as hospitals close because they can’t attract or afford certain providers to the area,” said Susan Krawczyk, the newly appointed director of the Nurse Anesthesia Program. “If a patient needs surgery, and there is no anesthetist available, they must wait longer and travel farther for care. Chris’ gift is going to allow us to train highly-qualified nurse anesthesia professionals who will be able to fix that.”
LEGACY GIFT LAUNCHES NEW NAME AND ERA FOR THE COLLEGE OF PHARMACY
Herbert Retzky (’46) and his wife, Carol Retzky (HON ’19), UIC's largest individual donors, donated $44 million via an estate gift to name the Herbert M. and Carol H. Retzky College of Pharmacy. This marks the first donornamed college at UIC and only the fourth in the University of Illinois System. The Retzky’s gift will endow merit-based scholarships and support career development initiatives. “The resources generated annually from this gift will significantly transform the college, creating opportunities for students, preparing them for success in the field, and driving massive downstream benefits,” said UIC Retzky College of Pharmacy Dean Glen Schumock. “Above all, Herb and Carol wanted to help people and help the profession, and their gifts help so many students and future pharmacists.”
GIFT CREATES HAVEN FOR PATIENTS WITH DISABILITIES
Delta Dental contributed $2.5 million to the College of Dentistry’s new Inclusive Care Clinic, which is designed to provide care for patients who may experience challenges accessing traditional dental services due to mobility, cognitive, or sensory needs. Their gift supported the clinic’s construction and will advance its mission and priorities in the years ahead.
A
LONG HISTORY OF PHILANTHROPY CONTINUES
Bruno and Sallie Pasquinelli have a long history of philanthropic giving to UIC. Their most recent gift provided $600,000 to the College of Medicine's Laser Robotic Surgery Project to leverage cutting-edge, AI-driven medical technologies that will greatly improve treatment of neurovascular conditions. The Pasquinelli’s gift is also supporting students in areas outside of the College of Medicine through the creation of the Bruno and Sallie Pasquinelli Constitutional Lecture Series at the College of Liberal Arts and Sciences. The series will create a new class and lecture series to inform and inspire students on the meaning and importance of the U.S. Constitution.
HELPING MUSIC STUDENTS SUCCEED BY HONORING BELOVED FATHER & FACULTY MEMBER
Susan Kaplan and Mimi Kaplan donated $100,000 to the College of Architecture, Design, and the Arts' School of Theatre and Music. The gift honors the memory of their father, William Kaplan, a former UIC faculty member who taught courses in music theory, counterpoint, analytic techniques, ear training, music literature, and music appreciation. The gift will support music students with demonstrated financial need.
Rising Together for a Stronger Future
FIRST ENDOWED SCHOLARSHIP TO PSYCHOLOGY
William Hoffman (MS ’01) made history with the first-ever scholarship endowment to the UIS Psychology Department. The endowment gift is in memory of his late wife, Ruth A. Hoffman, who was a former student of the program and was always passionate about helping others. “This type of scholarship helps to promote educational success for students who encounter financial hardship,” said Dr. Carrie Switzer, chair of the Psychology Department. “It can provide the opportunity for students to purchase textbooks or pay fees that might be a barrier to their education.”
SOIL & SOUL PAYS TRIBUTE TO FARM FAMILIES
In conjunction with UIS Sangamon Experience and with major funding support provided by United Community Bank (UCB), a multi-part documentary called Soil & Soul was created. The project shares the stories of 10 individuals who have spent their lives farming in central Illinois. “The stories captured in this program are vital, not only to preserve the history of our communities’ rich agricultural heritage, but also to pay tribute to all area farmers and the families who have dedicated their lives to helping sustain our communities,” said Robert Narmont, chairman of UCB.
GIVING AND GUIDING FOR THE GREATER
GOOD
Dr. Regina Kovach is a member of the Community Advisory Board (CAB) for NPR Illinois, the public media station housed at UIS. In addition to the thoughtful guidance she provides the CAB, Gina leads by example along with her husband, Dr. David Steward. Together, Gina and David have provided major gift support to the station and are among the most generous donors to NPR Illinois. They also support the UIS Illinois Innocence Project. Their generosity to areas that serve the greater public good makes them wonderful friends to departments within the UIS Center for State Policy and Leadership.
HONORING THE LEGACY OF A PUBLIC AFFAIRS REPORTING ALUMNUS
A new Public Affairs Reporting (PAR) Scholarship has been set up to honor the late Lee Milner, a longtime photojournalist and public servant. Lee spent years guiding the PAR interns at the Illinois Capitol, including program alumni Sam Dunklau and Rebecca Anzel from the Class of 2018. Sam and Rebecca served as interns in the Capitol's press room and became close friends with Milner and his family, which inspired them to establish the Lee Milner Memorial Scholarship. The scholarship benefits PAR in the School of Communication and Media in the College of Public Affairs and Education.
PAYING IT FORWARD
Tammy Spradlin, a current FRIENDS donor of the UIS Performing Arts Center, was deeply inspired after a backstage tour highlighting the center’s work with local artists and schoolchildren. Since then, she has embraced her role as a supporter. For the past two seasons, Tammy has funded tickets for local schoolchildren to attend performances, saying, “It’s not about credit for me; it’s about producing an opportunity for someone who may not otherwise have one.”
SUPPORTING SCHOLARSHIPS
The Marcy Family Teacher’s Education Fund and the Marcy Family Accounting Scholarship were established through the generosity of Betty Marcy (’76) and her two children, Dawn and Robert. The gift creates two scholarship funds—one honoring Betty’s background in accounting and another paying tribute to her family's long legacy of educators, including her children and several grandchildren. Together with her family, Betty established these endowments to support students pursuing careers in accounting and teaching, reflecting their shared passion for fostering educational opportunities and helping others achieve their academic and professional aspirations.
Innovation, Engagement, and Advocacy
REVOLUTIONIZING THE ADVANCEMENT INDUSTRY
Since 1867, the University of Illinois has been a leader in expanding boundaries and fostering discovery in fields ranging from agriculture to medicine. The UI Foundation believes philanthropy should be no different and strives to make Illinois the industry leader in advancing innovation through its strategic innovation initiatives. Beginning in 2016 with the hiring of the industry’s first position dedicated to innovation, the Foundation has worked to inspire ideas that have the potential to revolutionize the advancement program at Illinois and beyond.
The UIDEA Accelerator funds new advancement ideas, Sparks of Genius sessions jump start curiosity and conversation, and Advancement Technology Interns bring modernized tech opportunities to life. The Think Tank in the new Philanthropy Center will create virtual and in-person programming to increase the visibility of and reimagine the future of philanthropy.
The Foundation believes anyone with an idea can impact the advancement industry. If you think an idea could revolutionize the future of philanthropy, Assistant Vice President for Strategic Innovation Katie Blum would love to chat. Connect with her at klblum2@uif.uillinois.edu.
PRESIDENT’S COUNCIL CELEBRATES 60TH ANNIVERSARY
Since its founding in 1964, the President’s Council has been the premier University of Illinois donor recognition program. Originally chartered as the Presidents Club, the group was established to recognize alumni and friends who were financially committed to maintaining the university’s commitment to quality in higher education. It was named to honor the chief executives who guided the university. The UIF Board of Directors changed the group’s name to the President’s Council in 1977.
The group began with 63 members, and 60 years later, more than 16,000 individuals have joined the Council based on cumulative lifetime gifts and commitments (outright, pledged, and deferred) of $50,000 or more across Illinois universities in Urbana-Champaign, Chicago, and Springfield. Their contributions reflect a deep sense of loyalty and a desire to make a lasting impact on students, faculty, and the broader university community.
ILLINOIS CONNECTION
Illinois Connection is the University of Illinois System’s grassroots legislative advocacy. By rallying supporters to communicate the university’s achievements and needs to lawmakers, the network helps ensure continued funding and policy support for the Illinois legacy and ensures the university’s sustainability, growth, and success.
The System’s External Relations and Communications Office is the driving force behind Illinois Connection, managing the advocacy efforts of more than 30,000 alumni, students, faculty, staff, and supporters. This includes coordinating major projects such as annual state and federal advocacy days, small-group advocacy days in Springfield, and call-to-action email and phone campaigns. To learn more, visit uillinois.edu/advocacy.
Travis Shore, UIF Chief Investment Officer, shared his thoughts on the FY 2024 endowment performance at the Foundation's Annual Meeting at the Krannert Center for the Performing Arts.
Report from the CIO
Endowment returned 10.6% for the fiscal year. Performance driven by public equities and credit.
MARKET COMMENTARY
Judging solely by market returns, fiscal year 2024 appears quite like fiscal year 2023. Equity markets experienced a moderate drawdown through October, only to rebound sharply to end the period, posting strong nominal and real returns, just as in the prior fiscal year. Private markets, specifically private equity and venture capital, once again generated modest returns. Interest rates, inflation, durability of GDP growth, artificial intelligence, and an acceleration of corporate earnings were among the major themes in public markets. Figure A. (page 30) shows selected benchmark returns for each of the last two fiscal years.
Investors have given a lot of attention to the Federal Reserve and the future path on interest rates. As I write this, Chairman Powell and the Federal Reserve Open Market Committee cut the federal funds rate 50 basis points from 5.25% to 4.75%. This was the first rate cut since the emergency rate cuts in March 2020. The market has been well ahead of the Federal Reserve pricing rate cuts. To begin the calendar year, the market had priced in five rate cuts by this time. For the calendar year to date, the S&P 500 is up roughly 21.0%, and U.S. Treasuries are up
approximately 4.0%, which makes this rate cut cycle (markets are pricing further cuts) unique.
The Federal Reserve, which operates under a dual mandate of inflation and employment, generally cuts rates for two reasons: 1) the economy is slowing, and unemployment is rising, or 2) inflation has subsided, the economy is healthy, but real rates are too high and should be normalized. The latter scenario happens much less frequently than the former.
Getting back to equity markets, the S&P 500 Index has seen a 5.5% increase in corporate earnings calendar year-to-date and an 11.3% increase year-overyear. For much of the fiscal year, earnings growth was concentrated within the largest companies in the Index, primarily the large technology and communications companies. These companies have become so large that the top 10 companies in the S&P 500 Index now comprise over 35% of the Index.
While this interest rate cycle is unique, we see early evidence that small cap and international stocks stand to benefit as lower rates stimulate credit demand, potentially weaken the U.S. dollar, and capital finds new themes beyond the themes of the last two years. If the market (and the Federal Reserve) is wrong on the downward path of inflation, markets will revolt. Of course, nobody knows the future path and different markets sometimes price different paths. According to Strategas Research, inflation traditionally is not a single-wave event. Looking at the history of developed
market economies, there has been a second, more pronounced wave of inflation 87% of the time going back to 1900. This includes 62 data points, but only three of which have occurred in the United States— all three inflation events in the United States have witnessed multiple waves.
The endowment returned 10.6% for the fiscal year. Performance was driven by public equities and credit.
—TRAVIS SHORE UIF CHIEF INVESTMENT OFFICER
Private capital markets remain in a state of uncertainty. Since 2000, private equity assets under management have compounded at 12.7% from roughly $1 trillion to over $10 trillion, and approximately 20% of this resides as undeployed capital, according to Strategas Research. While this may function as a potential buoy for public markets in the event of a
1As affirmed by the Investment Policy Committee in August 2024.
*Exposures may not sum to 100.0% due to rounding.
drawdown, it is also a possible warning sign for future investment returns. The best days of private equity, at scale, may be behind us.
PORTFOLIO & PERFORMANCE COMMENTARY
The endowment returned 10.6% for the fiscal year. Performance was driven by public equities and credit, as was the case last year. Our public equity timeweighted return slightly trailed the return of the MSCI All Country World Index, but timely shifts in public equity exposure during the year contributed positively to results. The credit portfolio generated a
The public market portfolio transition that began in April 2022 is largely complete. Executed and pending public market liquidations represent nearly 2/3 of the total endowment.
—TRAVIS SHORE UIF CHIEF INVESTMENT OFFICER
10.0% return, with a wide dispersion in results across strategies. Credit significantly exceeded market returns for high yield and investment grade corporate bonds for the second consecutive year. Our legacy real estate portfolio returned -4.6% while all other beta factors generated low- to mid-single digit positive returns for the year.
The public market portfolio transition that began in April 2022 is largely complete. Executed and pending public market liquidations represent roughly 84% of the public market portfolio and nearly 2/3 of the total endowment.
Returns from private market investments were disappointing. The endowment’s private market investments returned just 2.6% during the fiscal year and returned 9.3% cumulatively over the prior two years. As a basis for comparison, the MSCI All Country World Index returned 39.1% cumulatively over the prior two years.
Re-positioning the private markets portfolio will take time, but we have made progress. Despite disappointing results, the private market portfolio generated reasonable cash flow last year. Also, we have committed $279 million to funds and invested $113 million in co-investments and direct equity investments in private companies since April 2022.
ASSET ALLOCATION
We measure risk and asset allocation through “beta factors.” Beta factors measure the dollar amount of risk we hold in each of the following asset classes: equity,
credit, interest rates, commodities, real estate, and cash. At June 30, 2024, our beta factor exposure is as shown in Figure B. (above).
We ended the fiscal year at approximately 69.0% equity, which is about 600 basis points overweight our long-term target of 62.5%. We entered the fiscal year at 60.2% equity exposure. Equity markets were strong in July 2023 but declined nearly 11% over the next three months. We used this weakness to build equity exposure between July and February, eventually rising above 70% exposure in March. As of this writing, equity exposure is back to about 65%.
The portfolio remains roughly in line with long-term targets in credit, commodities, and real estate.
—TRAVIS SHORE UIF CHIEF INVESTMENT OFFICER
The portfolio remains roughly in line with long-term targets in credit, commodities, and real estate. We made no new investments in real estate or commodities during the fiscal year. Our cash position is higher than target, which is the result of very low interest rates
exposure throughout the fiscal year. At June 30, 2024, our geographical exposure is as shown in Figure C. (above).
The endowment continues to own predominantly U.S. assets, but with healthy exposure to equity investments in the rest of the world. Within equities, we have higher exposure (on a percentage basis) in the United States than the MSCI All-Country World Index, which primarily results from our private equity and venture capital portfolio. Within public markets, we are underweight U.S. equities and overweight other areas of the world including emerging markets in southeast Asia and Latin America. Our credit exposure is predominantly U.S. instruments with selective international exposure in niche assets. All other beta factors are predominantly U.S. domiciled instruments and properties.
CLOSING REMARKS
We ended fiscal year 2024 with a moderately aggressive equity position relative to a 70/30 index of global stocks and domestic bonds. Interest rate volatility is high as inflation remains elevated, so we maintained limited interest rate risk within fixed income throughout the year. We continue to carry more cash and liquidity than we would expect to maintain over time, but we are paid to wait for opportunities as money market instruments currently offer healthy nominal rates of return. Subsequent to the end of the year, we slightly reduced equity and credit exposure while adding to interest rates exposure. We view the investment opportunity set as incredibly attractive outside the United States and moderately attractive in U.S. equities and credit markets.
OFFICERS OF THE BOARD
CHAIR
Richard C. Osborne MBA ’73
Senior Managing Director, Madison Industries
CHAIR ELECT
Karen M. Golz ’76
(Retired) Global Vice Chair, Ernst & Young Global Limited
IMMEDIATE PAST CHAIR
Anthony G. DiTommaso ’74, MS ’76 Managing Partner, Ecvall, LLC
PRESIDENT/CEO
James H. Moore, Jr.
SECRETARY & GENERAL COUNSEL
Jennifer F. Cerasa
TREASURER & COO/CFO
Christine C. Devocelle MBA ’13
CHIEF INVESTMENT OFFICER
Travis W. Shore
ASSISTANT TREASURERS
Kelly L. Bennett ’04, MAS ’05
Michelle S. Bolger MBA ’14
ASSISTANT SECRETARY
Jacquline N. Schweighart ’03, EdM ’09
GOVERNING DIRECTORS
Shakeeb A. Alam ’97 Co-Founder & President, East Bridge Capital Management
Donald E. Bielinski ’71 Managing Partner, SMB Interim Management, LLC
William D. Forsyth ’86 President and Founder, Frontier Partners
Alejandra Garza ’88 Founder and Principal, AGG Consulting
Beth Georgia Gies ’89 President, Gies Foundation
Gozen Basar Hartman ‘01 CEO and Co-Founder, Fairlawn
Cynthia M. Helle ’85 Director, The Josselyn Center and Providence Englewood Charter School Foundation
Julie A. Kellner ’86 (Retired) Executive Director, The Lincoln Academy of Illinois
Stuart L. Levenick ’76 (Retired) Group President, Caterpillar, Inc.
Jean M. Manning ’72, MBA ’78, JD ’83 Emeritus Chief Counsel for Employment, United States Senate
A. Helen McGrath ’77, MS ’78 (Retired) Vice President, AT&T Inc.
Saul J. Morse ’69, JD ’72 Attorney, Brown, Hay & Stephens, LLP
Deborah A. Paul, PhD MS ’79 (Retired) Biochemist/Director, Business Development & Licensing, Abbott Laboratories
Mary Ellen Penicook ’81, JD ’87 (Retired) Corporate Attorney & Assistant Secretary, Federal Signal Corporation
Amita K. Schultes, PhD, ’96, MA ’01 Partner, Cerity Partners OCIO
Khawar M. Siddique ’94, MD ’98 CEO, Docs Health & Docs Surgical Hospital
Paul T. Tucker ’70, MS ’71, PhD ’75 (Retired) Corporate Vice President, Computer Sciences Corporation
Rakesh Varma ’77 Chair and CEO, ARV Capital Management
EX-OFFICIO DIRECTORS
Donald J. Edwards ’88 Chair, University of Illinois Board of Trustees; Chief Executive Officer, Flexpoint Ford LLC
Timothy L. Killeen President, University of Illinois System
Paul Ellinger ’80, MS ’82, PhD ’92 Vice President, Chief Financial Officer and Comptroller, University of Illinois System
James H. Moore, Jr. President/CEO, University of Illinois Foundation
LIFE DIRECTORS
James M. Benson ’68 Chairman, Benson Botsford, LLC
Gary K. Bielfeldt ’58, MS ’59 Managing Partner, Bielfeldt & Company, LLC
Henry B. Blackwell II ’52 (Retired) Counsel, Baker & Daniels, LLP
Doris K. Christopher ’67 Founder & Chairman, The Pampered Chef, Ltd.
James R. DeBord ’69, MS ’71, MD ’74 (Retired) Professor of Surgery, University of Illinois College of Medicine
Jane Phillips Donaldson ’65, MS ’67 Partner, Phillips Oppenheim
David J. Downey ’63, JD ’66 President, The Downey Group, Inc.
Alan D. Feldman ’74, MBA ’76 (Retired) Chairman, President & CEO, Midas, Inc.
W. Robert Felker ’74 Partner, Gator Trading
Laura L. Fraley ’77, MS ’79 Principal, Greenway Family Office, LLC
Juanita F. Francis ’70 President, F2 Family Foundation
Louis A. Friedrich ’67 (Retired) Principal, Bernstein Global Wealth Management
John A. Georges ’51 (Retired) Chairman & CEO, International Paper Company
Phillip C. Goldstick ’53 (Retired) Chairman of the Board, G. Equity Investment Group, Ltd.
Mary Kay Haben ’77 (Retired) President, North America, William Wrigley Jr. Co.
G. Stephen Irwin MD ’77 (Retired) President & Chairman, The Center for Outpatient Medicine
Mannie L. Jackson ’60 (Former) Chairman, Harlem Globetrotters
Gail Veasman Kellogg ’65 (Retired) Partner, Hewitt Associates
Shahid R. Khan ’71 President, Flex-N-Gate Corporation
Robert Klaus ’57 President, Klaus Companies
Leon J. Loichle MA ’71 (Retired) Global Personnel Development Manager, Ford Motor Company
Gregory B. Lykins ’69 Vice Chairman, First Busey Corporation Co-Founder and Partner, Amory Capital LLC
R. Eden Martin ’62 Of Counsel, Sidley Austin, LLP
William C. Merchantz ’79 (Retired) President & CEO, Lakeview Technology, Inc.
Steven L. Miller ’67 Chairman & President, SLM Discovery Ventures, Inc.
Roger L. Plummer ’64 President, Plummer & Associates Consulting
Gayl S. Pyatt ’64 (Retired) Attorney, Gayl Simonds Pyatt, Attorney at Law
Mark A. Pytosh ’86 President & CEO, CVR GP, LLC
Jane Hayes Rader ’54 (Retired) Commissioner, Illinois Human Rights Commission
José L. Santillan ’80 (Retired) Senior Securities Compliance Examiner, Industry Expert, Division of Enforcement, U.S. Securities & Exchange Commission
Edwin A. Scharlau II ’66, MS ’68, PhD ’74 (Retired) Vice Chairman, Busey Bank
Kay M. Schwichtenberg ’84 President & CEO, Central Life Sciences
Michael T. Tokarz ’71, MBA ’73 Chairman, The Tokarz Group, LLC
Carl L. Vacketta ’63, JD ’65 (Retired) Senior Counsel, DLA Piper, LLP (U.S.)
EXECUTIVE OPERATIONS TEAM
James H. Moore, Jr.
President/CEO
Barry Benson
Senior Vice President;
Vice Chancellor for Advancement, UIUC
Jennifer F. Cerasa
Vice President and General Counsel
Christine C. Devocelle MBA ’13
Senior Vice President for Financial & Administrative Operations; COO/CFO
Gabe Cagwin
Senior Vice President;
Vice Chancellor for Advancement, UIS
Jacquline N. Schweighart ’03, EdM ’09
Senior Vice President for Central Development Services
Travis W. Shore
Chief Investment Officer
Thomas F. Wamsley
Senior Vice President;
Vice Chancellor for Advancement, UIC
Brooke E. Weisenbeck
Vice President for Presidential Development Initiatives
The University of Illinois Foundation, established in 1935, is an independent Illinois not-for-profit membership corporation dedicated to securing and administering private gifts for the University of Illinois System and its three universities. More than 170 Foundation professionals develop and support the vision and efforts of the advancement teams at each university. As the primary repository of private support to the University of Illinois System, the Foundation is committed to best practices, continuous improvement, quality service, upholding our fiduciary responsibility, and— most importantly—honoring donor intent.
CULTURE CODE:
Exemplify Integrity
Practice Empathy
Embrace Collaboration
Inspire Innovation
Enable Impact
Learn more about the University of Illinois Foundation at uif.uillinois.edu
WELCOME UIS VICE CHANCELLOR FOR ADVANCEMENT
Gabe Cagwin
Gabe Cagwin was named the vice chancellor for advancement at the University of Illinois Springfield in September 2024, replacing Jeff Lorber who retired. In his role, he will also serve as a senior vice president for the University of Illinois Foundation.
Dr. Cagwin will help shape the future of our Springfield campus, and we are confident his leadership will greatly benefit our UIS and UIF teams.
—JIM MOORE, PRESIDENT/CEO UNIVERSITY OF ILLINOIS FOUNDATION
An experienced and highly successful higher education and non-profit fundraiser, Cagwin came to Illinois from Chapman University, where he served as vice president of development. He has also been a successful fundraising executive at Big Ten and PAC12 institutions.
217.333.0810 | info@uif.uillinois.edu | uif.uillinois.edu