USD Foundation has record income The University of South Dakota Foundation received record income of $17.9 million for the year ending June 30, 2001.
Of this amount, $15.3 million was in the form of new gifts, with the remaining $2.7 million realized from investments and other sources. The announcement was made at the annual meeting of the Foundation's trustees in Vermillion on Oct. 12. Assets of the Foundation totaled $92 million on June 30, compared with $75 million the prior year.
Foundation President Ted Muenster said the record year was also likely a record for any South Dakota charitable organization.
"We are most grateful to the alumni and friends of the University for their record support even in the face of a softening economy in the last few months of the year," said Muenster. "We are certainly off to a very good start in the university's comprehensive, multi-year $60 million Campaign South Dakota announced last June."
The annual meeting also recognized two couples for their support of the University with the Inman Award, named for Adele and Darwin Inman. The Inmans were Vermillion residents who led early efforts to establish the university in 1882. Honored this year were James and Shirlee Cope of Yankton and Constantine and Lucia Flevares, also of Yankton. The Copes are USD graduates, and James Cope has served as a longtime member of the executive board of the Foundation. Flevares, a USD medical school graduate, recently returned to Yankton from Ohio.
Other business at the annual meeting included selection of Susan Tuve of St. Paul, MN, as chair of the Foundation, succeeding Dean Belbas of Edina, MN. Sioux Falls attorney and businessman Richard Cutler was selected as chair-elect. Vern Holter of Vermillion was re-elected as secretary-treasurer. New members of the executive board of the Foundation include Warren Prostrollo of Paradise Valley, AZ, Rob Oliver of Sioux Falls, Catie Tobin Naas of Minneapolis, MN, and Joe Lundsgaard of Vermillion.
The USD Foundation is a private, nonprofit organization founded in 1922 with the sole purpose of providing private support for USD.