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Archive for Thursday, September 24, 1998

KU ENDOWMENT TALLIES RECORD YEAR

September 24, 1998

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A final report out this week shows another record year of giving to the Kansas University Endowment Association.

The record-breaking years at the Kansas University Endowment Association are starting to sound a lot like, well, a broken record.

Not that anyone at KU is tired of hearing it.

The endowment association this week released a final unaudited report on giving during fiscal 1998, which ended June 30.

Contributions by the endowment association to KU totaled $44.4 million, an increase of 23 percent over the $36.1 million tallied in fiscal 1997 and a 21 percent increase over $36.6 million during 1996. Prior to that were five straight years of record giving.

KU Chancellor Robert Hemenway said extensive and continued private giving greatly enhances programs and opportunities for faculty and students.

``I think that's why we refer to private giving at KU as the margin of excellence,'' Hemenway said.

More than a decade ago, gift revenue didn't top $15 million.

Outright contributions for fiscal 1998 totaled $39.9 million, a 20 percent increase over $33.3 million in 1997.

Charitable gift annuities totaled $2.2 million, as compared to $958,964 the previous year. Charitable gift annuities involve a contract between the donor and the association in which the association agrees to pay an annuity from a gift for the rest of a donor's lifetime.

``KU's supporters recognize that when they assist with a private gift, they help make a very good university even better,'' said Jim Martin, endowment association president.

The association's total assets exceeded $816 million for fiscal year 1998, up from $691 million in 1997 and almost double the total assets of three years ago. Assets include investment income and property holdings.

Among the more substantial gifts of the year:

  • A $7 million to $10 million bequest from the late Hays couple Paul and Virginia Miller for the KU School of Engineering -- estate figures were still being tabulated when a $7 million check was presented to KU earlier this month;
  • A $2.2 million bequest from Logan couple Dane and Polly Bales for continued operation and maintenance of Bales Recital Hall and for KU cancer research;
  • A $2 million gift from Jordan and Shirley Haines of Wichita for professorships in English and law, acquisitions for resources in Watson Library, the purchase of art for the Helen Foresman Spencer Museum of Art and for study abroad scholarships.

The association distributed the $44.4 million as follows: $13.6 million for scholarships, fellowships and awards; $8.6 million for salaries and services; $3.6 million for construction and furnishings; $3.7 million for equipment and supplies; $900,000 for books, printed materials and works of art, $4.2 million for university staff travel and official hospitality, $8.8 million in transfers to the university and $700,000 in miscellaneous funds.

-- Matt Gowen's phone message number is 832-7222. His e-mail address is mgowen@ljworld.com.

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