The USA Foundation continues to serve its mission in supporting the University of South Alabama. For more than fifty years, we have stayed the course, at all times. The Foundation Board of Directors thanks the faculty, staff and administration of the University of South Alabama for meeting the healthcare and educational needs during these unprecedented times.
In October, 2021, the Foundation Board approved a $30 Million contribution from the University of South Alabama Foundation to facilitate a state-of-the-art center for medical education and scientific research for the Whiddon College of Medicine.
The Foundation has to date provided $21,151,000 toward the commitment to the University. That amount includes $10,151,000 in cash and the Brookley property valued at $11,000,000. The remainder of $8.849 Million will be provided to the University in fiscal years 2023 through 2027.
In speaking of the Foundation Board commitment, President of the Foundation Board of Directors, John McMillan, said: “One of the basic tenets of 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.”
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 “Milestones” for a timeline of the Foundation activities in support of the University of South Alabama.
More than $237 Million has been contributed by the USA Foundation since 1990 in support of the University of South Alabama, its students, faculty and academic programs.
The contributions of $237 Million include:
- $26.11 Million to support scholarships for students;
- $81.70 Million to support faculty; and
- $129.48 Million to support academic programs.
Net assets at June 30, 2022, were $388,598,000.
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.