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Resolution:
Dr. Jeanne Sylvestre

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Brookley Concept Plan

CURRENT NEWS

$9,888,333 contributed by the USA Foundation to the University of South Alabama for the fiscal year 2017-2018.


Mr. John McMillan, President of USA Foundation, presents semi-annual contribution check to President Tony Waldrop and Chairman of the Board of Trustees, Judge Ken Simon, and Vice-Chairman of the Trustees, Mr. Jimmy Shumock, during the June 14, 2018 meeting.

  

  
The Foundationís contributions for fiscal year 2018 included but are not limited to:
  • $750,000 for the Whiddon Scholars in the Honors College;
  • $2,241,859 for faculty support, including support of 34 professorships;
  • $474,200 for USA Foundation Research Fellowships and graduate assistantship stipends;
  • $220,000 for Faculty Development Fund of faculty travel support;
  • $3,470,098 for the purchase of two da Vinci surgical robots XI; and
  • $1,080,484 for Clinical Support in the College of Medicine.
    (Please see Detail 2018 link for complete listing.)
The Board received a report on the financial statements and the equity (stock) investments:
  • The net assets at June 30, 2018, were $374,210,000, as compared to net assets at June 30, 2017, of $365,243,000. The increase was due primarily to realized and unrealized gains on the equity (stock) investments.
  • The Foundation Board adopted the USA Foundation audited financial statements. The Foundation received an unqualified opinion from Deloitte & Touche.
  • The interest in equity investments, at June 30, 2018, was valued at $137,722,000.
  • The timberland investment was valued at $160,304,000, at June 30, 2018.
  • At June 30, 2018, interest in real estate was valued at $69,163,000, including the Brookley property, valued at $60,820,000. Other investments were valued at $5,805,000.
The Foundation Board received a report on a new market for timber, the production of cross-laminated timber (CLT). The senior project engineer for IB X-LAM USA, Mr. Steve Lieberman, spoke of the manufacturing site located in Dothan, Alabama and the new product. He said that CLT products establish a market for fully mature trees and trees that have not met full growth potential. CLT is used in tall buildings around the world and allows for pre-fabrication for quick and clean assembly of buildings.
P.O. Box 3148 Mobile, AL 36652-3148 (251) 432-2116 fax (251) 432-2108