USD Foundation marks record year

USD Foundation marks record year The University of South Dakota Foundation is celebrating historic fundraising success. The 2004 fiscal year set new records with a total of $107 million in assets, making the USD Foundation the largest foundation in South Dakota.

Details about the record breaking year are available in the USD Foundation annual report released Dec. 1.

The year also marked tremendous gains with a total of $14.5 million in new contributions, up 46 percent from the 2003 fiscal year. Furthermore, the general endowment of the university on June 30 increased by $16.8 million to $86.4 million, including $76.8 million managed by the Foundation and $6.6 million managed by various banks and trust companies.

The investment return on the Foundation's directly managed endowment for the fiscal year was 21.9 percent. With over two years remaining in the Foundation's Campaign South Dakota, the goal of $60 million was surpassed, with over $73 million raised. This marks the largest sum ever raised by an institution in South Dakota.

Foundation chair Richard Cutler of Sioux Falls said, "The remarkable success of our efforts in 2004 is a tribute to the generous commitment of USD's alumni and various individual and corporate donors and their strong belief in the future at the university."

In FY03 the USD Foundation provided $5.2 million for USD scholarships, faculty support, academic programs, research, facility maintenance, lectures and other purposes. Through support from the Foundation, the university is able to attract gifted students and increase its enrollment, at a time when the number of area high school graduates is falling. This fall enrollment at USD was up 2.56 percent, and the number of students with an ACT score of 24 or higher in the freshman class rose almost 15 percent from last year.

The Foundation celebrated the success of the renovation of the Old Armory/Women's Gym, now known as the Dean Belbas Center, with the dedication on Oct. 1. Another campus improvement milestone was marked this fall when demolition began on the Lee Medical Building, making way for work to begin on the new Lee Medical Sciences Building.

"In partnership with the state of South Dakota, the Foundation is instrumental in transforming USD in its long range goal of being recognized as the nation's finest small comprehensive state university," said Cutler.

The annual meeting of the foundation on Oct. 1 determined the election/re-election of members of the executive board. Re-elected to new three year terms were Linda Mickelson Graham of Sioux Falls, John Lillibridge of Burke, Sue French of Vermillion, Fred Slunecka of Sioux Falls, and Fred Winkler of St. Augustine, FL. James Hart retired from the board and was succeeded by Dan Moen of Aberdeen for a three-year term.

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