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.
At the December 15 meeting of the Foundation Board of Directors, the Board approved a contribution of $884,900 to the commitment of $30 million for the Whiddon College of Medicine, bring the total of contributions to date of $22,035,900. In the fiscal year 2022, the Foundation provided the initial gift of $21,151,000, consisting of $10,151,000 in cash and $11,000,000 in real estate, the Brookley property. The remaining gift 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 $243 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 $243 Million include:
- $26.66 Million to support scholarships for students;
- $83.15 Million to support faculty; and
- $134.05 Million to support academic programs.
Net assets at September 30, 2022, were $375,765,000.
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.