The annual fall meeting of the Frostburg State University Foundation, Inc., was held Oct. 26 in the Lewis J. Ort Library at FSU.
FSUF President Larry McKenzie presided. New members elected to the board of directors were Mary Clapsaddle, Class of ’83, and Ralph Jordan, Class of ’68. Clapsaddle is the assistant state superintendent for business services, Maryland State Department of Education and Jordan is the president and chief executive officer of Trident Heath Resources, Dunedin, Fla.
The annual audit as conducted by Hohing & Lewis, LLC, Certified Public Accountants, reported revenues for the year exceeding $3.2 million against a total expense of $1.6 million. Total assets at the end of the year were declared at $11,567,938, up nearly $1.7 million from 2005. Management reported $1.1 million given in direct support of programs and projects of the university with $350,000 given in the form of student aid and grants.
Cash charitable contributions totaled $1.2 million with an additional $455,008 as receivable pledges. Deferred and planned gifts continue to increase with an estimated value of $2.1 million. Gifts-in-kind, investments and sponsored programs including summer camps and other revenue-producing programs are included in the revenue totals.
The market value of the endowed assets grew by 18 percent to $10,636,821 and was managed by the University System of Maryland Foundation. The USMF reported a total investment return of 13.9 percent for the fiscal year ending June 30, 2006. The three-year annualized return was reported as 13.8 percent, five years at 6.6 percent and 10 years at 10.4 percent.
Dr. Jonathan Gibralter, FSU president, reported on university programs and the importance of private support for higher education. Dr. Gibralter, who began in August, commented on his initial meetings with students, faculty and staff. He stressed the importance of increasing enrollment numbers, entrance exams scores and positive student behavior. He noted the importance of continued support for financial aid programs as students and families have a growing burden for meeting the financial obligations. He said his goal is to increase fund-raising by $1 million to 2 million annually. The president talked about the need for long-range planning, including campus projects and programs such as residential buildings and upgrades. He has met with various alumni and said he is impressed with their dedication and loyalty to the university.
Committee reports were given by board members Trudy Whitace regarding adoption of a fraud policy; Lynn Fike on real estate issues; Larry McKenzie on FSUF’s 15-year growth patterns; and Leonard Schwab on board nominations. There was also a report by Dr. Joe Hoffman, dean of the College of Liberal Arts and Sciences, regarding a new FSU alumni recognition program.
The board is comprised of 35 members representing alumni and friends of FSU. The FSU Foundation provides opportunities for charitable giving in support of Frostburg State University, including direct and deferred gift programs. For more information contact Jack Aylor, FSU Foundation, Inc., 101 Braddock Rd., Frostburg, MD 21532. 301-687-4200.