The annual meeting of the Frostburg State University Foundation, Inc. was recently held at the Lewis J. Ort Library on the FSU campus.
At the meeting Gladys Faherty, Frostburg, was re-elected to a second term as board president. Vice president will be Lawrence McKenzie, Lonaconing. Leonard Schwab, Cumberland, was elected secretary. Kenneth Kennedy, Frostburg, was named treasurer and James Frantz, Frostburg, was elected as assistant treasurer. Jack Aylor, FSU, was re-appointed as the executive director. New members elected to the board included Sam Griffith, National Jet Company, LaVale; Joseph Pace, Frostburg U Save, Frostburg; and Sherri Sensabaugh, Act Personnel Service, Cumberland.
The annual audit, as conducted by Hohing & Lewis, LLC, Certified Public Accountants, reported record revenues for the second consecutive year in the amount of $2,867,785, up $789,666 from the previous highest total. Management categorized $1,009,460 to be from charitable gifts with $624,928 directed to the endowment and $135,624 to the FSU Annual Fund. Gifts-in-kind, investments and sponsored programs including summer camps other revenue producing programs are included in the revenue totals.
The FSU Foundation reports transfers and payments in support of university programs totaling $1,272,700. Of that figure, $333,640 was given for student scholarships, grants and student aid. Gifts-in-kind totaled $447,500 and the remainder including events, equipment, supplies, reimbursements and other related program needs. The endowed asset now exceeds $7 million and is managed by The University of Maryland Foundation. UMF reported a total investment return of 16.2% for the fiscal year ending June 30, 2004, up sharply from 4.4% last year. The five-year return is 5.2% and the 10-year return is annualized at 13.1%.
Dr. Catherine Gira, FSU president, reported on university programs and plans for campus expansion. Of particular note were university partnership initiatives. Gira mentioned the university’s recognition as the recipient of community service awards. She also noted that a technology showcase had brought interest form corporate entities and that several government agencies were partnering with FSU. Executive Director Aylor announced that the Foundation had recently completed a purchase of adjoining property, which will be utilized by the university for parking. Vice President for the University Advancement Colleen Peterson announced plans for a University System of Maryland fundraising campaign which includes FSU.
The purpose of the FSU Foundation, Inc., 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 FSU Foundation provides opportunities for charitable giving, including direct and deferred gift programs.