Mission
The USA Foundation continues its mission of supporting the University of South Alabama. The Foundation Board of Directors thanks the faculty, staff, and administration of the University of South Alabama for their excellence in education and healthcare.
More than $267 Million has been contributed by the USA Foundation since 1990 in support of the University of South Alabama, its students, faculty, and academic programs. One-half of the total contribution has been given over the last 11 years.
“The mission of the Foundation is to assist the University in supporting its academic programs. The University of South Alabama continues to be a transformational institution for the Gulf Coast region, the State of Alabama, and the southeastern United States. Its College of Medicine serves as the core to USA Health,” said John McMillan, President of the USA Foundation Board of Directors, on the Foundation Board’s commitment.
The University of South Alabama Foundation was created in 1968 to support the University of South Alabama, balancing current contributions with future growth. The Foundation looks forward to continued support of the University of South Alabama, its academic programs, faculty, and students. Please see the “Foundation Milestones” for a timeline of the Foundation activities in support of the University of South Alabama.
The contributions of $267,101,330 include:
- $ 28.5 Million to support scholarships for students;
- $ 88.1 Million to support faculty; and
- $150.4 Million to support academic programs.
Net assets at June 30, 2024, were $454,543,000.
The University of South Alabama Foundation is a unique entity in that it is a Section 501(c)(3) tax-exempt entity that supports the University of South Alabama through contributions for scholarships, faculty support, and other contributions. Unlike for-profit investment firms or mutual funds that charge a management fee to manage a portfolio, the numerous funds managed by the Foundation participate in the expenses of the Foundation and are not assessed a set management fee. The fact that there is not a profit motive or benefits to shareholders in the managing of the Foundation enables the Foundation to keep expenses at a low level. The Foundation maintains an expense ratio that averages approximately 0.67% of the Foundation’s net assets.
Philosophy of Endowment Foundations
The philosophy of endowment foundations is to provide for today’s needs while maintaining and preserving permanent assets for future support.
An endowment foundation balances these two divergent requirements of endowment accumulation while providing an incremental source of funds to allow the University to be one of excellence in academic programs, acting in a prudent manner to meet both objectives.