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UD among schools with billion-dollar endowments
UD is one of 56 universities with an endowment above $1 billion and is one of nine institutions to have reached the mark as of the most recent survey. The other eight universities now passing the $1 billion endowment mark were University of Wisconsin Foundation, University of Nebraska and Foundation, University of Toronto, University of Cincinnati, Amherst College, Smith College, Southern Methodist University and Baylor College of Medicine. UD President David P. Roselle earlier had announced the $1 billion dollar endowment figure during the semiannual Board of Trustees meeting in December. He said the fund supports UD’s commitment to competitive compensation, scholarships and fellowships, as well as an enhanced living and learning environment. The endowment has grown from $326 million in 1991 to about $1.16 billion today, and Roselle said that has been the result of the generosity of UD’s friends, the work of the Office of University Development and strong management, particularly by the University’s chief investment officer, Mark Stalnecker. “Mark Stalnecker's management, aided by a very insightful Investments Committee made up of University alumni, friends and trustees, has been excellent, and returns have been far above average,” Roselle said. He added, “The generosity of our friends and the good work of the Office of Development, particularly during the very successful Campaign for Delaware, has made it possible to deposit approximately one dollar in the endowment for each dollar drawn from the endowment income.” The endowment giving has provided support for a range of UD programs, activities and projects. Many donors have provided scholarship support, while others have given to support professorships, landscaping, handicapped concerns, academic and athletics programs, among others. NACUBO surveyed 746 institutions in the United States and Canada, of which 56 had endowments in excess of $1 billion. Harvard University had the largest endowment, $25.5 billion, followed by Yale University, Stanford University, the University of Texas System and Princeton University. Article by Neil Thomas |
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