USD Foundation announces new leadership It was good news for The University of South Dakota Foundation as its fiscal year 2003 information was announced at their annual meeting in Vermillion on Oct. 10.
Gifts to the Foundation totaled $9,907,496, in the year ending June 30, 2003; up 16.5 percent from 2002. Total assets of the Foundation also increased $4 million to $86 million in 2003.
Ted Muenster, president of The University of South Dakota Foundation said, "The Foundation completed its 2003 fiscal year with excellent financial results. The 16.5 percent increase in new gifts demonstrates growing commitment by USD's alumni and friends to the future excellence of the university and our investment policies produced a solid return of 4.9 percent on our endowment portfolio according to a Benchmark study."
The Benchmark study of 122 institutions showed the average endowment return of those reporting was 2.9 percent.
Muenster also said the Foundation provided $8.2 million to the university in 2003 for scholarships, faculty support, academic programs, research, facility maintenance, lectures and other purposes.
The University of South Dakota Foundation also announced new leadership on Oct. 10. Richard A. Cutler, long-time Sioux Falls attorney, took over as chair of the Foundation, following outgoing chair, Susan Lofthus Tuve of St. Paul, MN. New members of the Foundation's executive board include Richard "Dick" Brown and Paul Lewis, both of Sioux Falls, and Steve Sikorski, Wilmette, IL.