||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.