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LAWRENCE -- The Kansas University Endowment Association in fiscal year 2002 provided a record $68.9 million in support for University of Kansas students, faculty, projects and programs, KU Endowment President Dale Seuferling announced today. In addition, donors gave $62.1 million, the second-highest total ever. The news was announced this afternoon at the 111th annual meeting of the KU Endowment Board of Trustees at the KU Visitor Center on the Lawrence Campus. KU Endowment's fiscal year runs July 1 to June 30.
The total of $68.9 million in support for KU represents a 6 percent increase over the previous record of $65.1 million in 2000, and it brings total support provided by KU Endowment since its founding in 1891 to $931.1 million. Support is provided through gift revenue and returns on the investment of endowed funds.
Support for the University continues to increase across several areas. Student support, for example, increased 7 percent over last year, growing from $25.4 million in 2001 to $27.2 million in 2002. KU Endowment issued $21 million in scholarships, $4 million in loans, $1.7 million in fellowships and $450,000 in student awards and prizes. The support directly benefited more than 9,000 students.
Support for faculty and staff increased 14.5 percent, rising from $20 million in 2001 to $22.9 million in 2002.
KU Endowment also issued $10.9 million in support from unrestricted funds Ð those not designated for a specific program or purpose. These funds traditionally have been used to support programs that would not otherwise receive funding. This support included $3.1 million for student scholarships.
Total giving of $62.1 million followed last year's record of $92 million, which resulted in large part from an extraordinary pledge of $42 million Ð much of which was recorded during fiscal year 2001 Ð from the Hall Family Foundation. Gift revenue in 2000 totaled $53.3 million.
In the most recent annual comparison of college and university endowments, KU Endowment ranked 56th among 610 participating U.S. and Canadian institutions. KUEA ranked 18th among state-assisted institutions and fourth among Big XII universities. The rankings were produced by the National Association for College and University Business Officers.
Consistent with widespread market losses, the market value of KU Endowment's total assets decreased in value by 7 percent in 2002 from $1.09 billion to $1.02 billion. More than 70 percent of these assets represent major investment programs, and the decrease in value resulted from the overall decline in investment returns. KU Endowment was able to provide record support in 2002 in spite of the decrease because funds are managed so as to stabilize annual support even during volatile market periods.
Also at the board meeting, Campaign Chairman Forrest E. Hoglund announced that total giving to KU First: Invest in Excellence, the comprehensive fund-raising campaign currently underway, had reached $358 million. KU First is the third comprehensive fund-raising campaign in KU history, with a goal of $500 million.
KU Endowment is an independent, nonprofit organization serving as the official fund-raising and fund-management organization for KU. Through 2004, KU Endowment is conducting KU First: Invest in Excellence, the largest fund-raising campaign in KU history, with a goal of $500 million in funds for scholarships, faculty support, programs and capital projects.
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