The management of the Frostburg State University Foundation, Inc., reported a record year in several categories for the fiscal year 2003 ending June 30, 2003, at its annual meeting, held Nov. 13 on the FSU campus.
The annual audit report as conducted by Hohing & Lewis, LLC, Certified Public Accountants, reported a record year of revenues for FSUF in the amount of $2,078,119. Of that amount, the management considers $1,452,412 to be from charitable giving with $518,168 recorded as direct contributions to the endowment and $144,012 to the FSU Annual Fund. Gifts-in-kind and sponsored programs including summer camp programs are included in the revenue figures.
The FSU Foundation reported giving $1,536,995 in direct support to the university including $298,773 for student financial aid and $103,742 in grants. It was noted the FSUF transferred to the University a piece of property adjacent to the FSU campus valued at over $75,000.
The University of Maryland Foundation, who manages the endowment investment, was represented at the meeting by UMF President John Dillion. He reported that UMF managed investments are showing continued improvement and he was confident of positive gains for the coming year. The FSUF endowment is valued at approximately $6.8 million with total assets set at $9.2 million.
In other board action, Gladys Faherty, Frostburg, began her first term as president of the board of directors, replacing Joe Cunningham, who completed a three-year term. Lawrence McKenzie, Lonaconing, is vice-present; Ken Kennedy, Frostburg, is treasurer; Leonard Schwab, Cumberland, is secretary; Jim Frantz, Frostburg, is the assistant treasurer and Jack Aylor, FSU, is the appointed executive director. Seymour Sallerson, Cumberland, was introduced as the newest member of the board of directors.
Dr. Catherine Gira, FSU president, gave the board an update on University programs and current concerns dealing with the budget. She noted the opening of the Compton Science Center and Edgewood Commons, a new private residential hall on campus. James Antonio, vice president for Enrollment Management, reported on changes in student recruiting. He noted that FSU enrollment is up slightly this year and thanked the Foundation for its continued support for student financial aid programs. Colleen Peterson, vice president for University Advancement, reported on fund-raising and alumni activities.
The purpose of the FSU Foundation is to support the educational mission of Frostburg State University. The board of directors is comprised of 40 members representing alumni and friends of FSU. The FSUF provides many opportunities for charitable giving, including direct and deferred gift programs.
For more information contact the FSU Foundation, 101 Braddock Rd., Frostburg, Md. 21532.