In these times of challenges, the University of South Alabama Foundation Board of Directors and all of us with the Foundation extend our thoughts to you and your families and communities. The Foundation Board of Directors thanks the frontline USA Healthcare team in their ongoing service to the Mobile area, the faculty, staff and administration of the University of South Alabama for meeting the healthcare and educational needs during these unprecedented times.
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.
In October, 2021, the Foundation Board approved a $30 Million contribution from the University of South Alabama Foundation to help fund a major expansion/renovation of the USA College of Medicine Medical Sciences Building.
The Foundation has 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 over the following five years.
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 $231 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 $231 Million include:
- $25.50 Million to support scholarships for students;
- $80.07 Million to support faculty; and
- $126.04 Million to support academic programs.
Net assets at September 30, 2021, were $436,191,000.
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.