University’s endowment reaches $715 million all-time high
Published 10:30 am Thursday, August 30, 2018
The University of Mississippi’s permanent endowment grew in its latest fiscal year to an all-time high of $715 million, thanks in part to the seventh consecutive year of new gifts of $100 million or more.
Private support totaled more than $115.8 million from 30,332 donors, giving the University essential resources to continue providing exceptional experiences for students, faculty, researchers, health care patients and providers, citizens served by outreach efforts and visitors to all its campuses, according to a statement from the University.
“The generosity of our alumni and friends ensures the university has resources needed to sustain and expand nationally prominent programs, and it enables us to deliver on our Flagship Forward strategic plan to improve learning, health and the quality of life in Mississippi,” Chancellor Jeffrey Vitter said in a news release. “We remain grateful and inspired by their support.”
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Total private giving to the Oxford campus grew by 6.5 percent over the previous year, with private support for academics increased more than 10 percent. The endowment also benefited from a 10 percent return on its investments.
Some of the largest gifts included: $5 million for the Sally McDonnell Barksdale Honors College; $4.25 million for several programs including Bridge STEM, Catalyzing Entrepreneurship and Economic Development Initiative, College Ready Literacy, Center for Mathematics and Science Education, First Generation Scholars, Principal Corps, Upstart in the School of Dentistry and more; $4 million for new endowed chairs in geriatrics and palliative care at the Medical Center; $2 million for the College of Liberal Arts‘ departments of mathematics and sciences; $2 million for professorships in surgery and pulmonology at the Medical Center; $1.5 million for expansion of pediatric care at the Medical Center; and gifts of $1 million or more for a faculty chair in the Patterson School of Accountancy, the Flagship Constellations, Southern Foodways Alliance and the Forward Together campaign for Ole Miss athletics.
Healthy growth of the university’s endowment reflected the increase in funds invested and managed for the university, said Wendell Weakley, president and CEO of the UM Foundation.
“… We are on our way to realizing our long-range goal of a $1 billion endowment,” Weakley said. “We are extremely grateful to our donors who provide this permanent stable funding that can be counted on year after year and will advance the university’s mission for generations to come.”
Ole Miss athletics also enjoyed a successful FY 2018 both on the field and in investments made by alumni and friends, the University said. Cash gifts exceeded $30 million for the fourth consecutive year. The Forward Together campaign stands at $176 million, with plans to complete this $200 million campaign in FY 2019.
According to Keith Carter, deputy athletics director for development and resource acquisition, these gifts are a reflection of the loyalty of Rebel Nation.
“The support shown year in and year out allows us to enhance our facilities to help our student-athletes compete at the highest level, while also providing a high-quality experience for our fans,” Carter said. “We express our thanks to loyal donors and fans, and we look forward to the upcoming year as we close out the Forward Together campaign and begin new endeavors.”