During the fiscal year ending June 30, the Foundation directly provided $5.3 million to USD for support, including $3 million for scholarships.
During the last fiscal year, the Foundation's total income, including gifts and investments, was $14.4 million. The total assets of the Foundation grew to $114.8 million, up 7.3 percent from FY04.
The investment return on the Foundation's endowment for FY05 was a favorable 11.1 percent. This return once again placed the Foundation in the top 11 percent of over 20,000 institutions with a similar asset allocation.
The Foundation also announced its new leadership during the meeting. Warren Prostrollo of Paradise Valley, AZ, will serve as chair from 2005-2007 and succeeds Richard Cutler of Sioux Falls, whose term ended. Dan Moen of Aberdeen was elected chair-elect.
Re-elected to the Foundation executive board were Chet Groseclose, Sioux Falls, and Jim Vaughn, Golden, CO. Newly elected to the executive board were Catie Tobin Naas, Minnetonka, MN, Gary Conradi, Sioux Falls, Jack Grundhofer, Minneapolis, MN and Nancy Cimpl Gallagher, Arlington, VA.
New trustees serving a four-year term include Jody L. Bower, Rochester, MN, David Cullen, Janesville, WI, Judy Dunham, Coronado, CA, Roger Kozak, Vermillion, Paul Lavallee, Sioux Falls, � Steve LeFevre, Fallbrook, CA, Jeffrey D. Nelson, Sioux Falls, Dan Newell, Sioux Falls, Dr. Mary Jo Olson, Vermillion, Todd Poling, San Diego, CA, Jason Seurer, Milbank, Regan Smith, Sioux Falls, Ryan Taylor, Sioux Falls, Ted Thoms, Sioux Falls, Roger Werth, Aberdeen, Greg Yates, Encino, CA, Dick Zeigler, Palm Desert, CA.
For more information, contact The USD Foundation at 605-677-6703.