USD Foundation more than doubles its charitable gifts The University of South Dakota Foundation posted record income and asset growth for the fiscal year ending June 30, according to its annual financial report received by Foundation trustees at their annual meeting in Vermillion on Oct. 13.
Foundation President Ted Muenster said total income for the year was $18,908,564, including $12,673,102 in new contributions. Both numbers are the largest in the history of the organization.
Income for the previous year totaled $10,128,514 with $5,011,430 in gifts. Total assets of the Foundation grew by about $15 million during the FY2000 to a record $75.5 million.
Muenster said that the record year "demonstrates growing confidence among alumni and friends of the university in the leadership of USD President Jim Abbott and his vision for excellence at the school."
Nearly all of the new contributions are earmarked by donors for specific needs of the university and are not available to support general operation of the institution, which is paid from state funds and student tuition and fees, according to Muenster.
"The generosity of our donors depends on the state continuing to do its job in providing the basics at the university," said Muenster.
In addition to receiving the annual financial report, the USD Foundation trustees re-elected six members to the executive board for new three-year terms. They include Richard Cutler of Sioux Falls; John Fowler of Bernardsville, NJ; Robert Torkelson of Excelsior, MN; James Weaver of Minneapolis, MN; as well as Charles Ritter and Judy Wittrig, both of Rapid City. The chair of the Foundation is Dean Belbas of Edina, MN who will continue in the position until October 2001.
The USD Foundation is a nonprofit, independent organization that has raised, managed and disbursed private contributions for the benefit of the university since 1922.