$10,034,781 contributed by the USA Foundation to the University of South Alabama through June 30, 2019.
- The Foundation’s contributions through June 30, 2019, included:
- $750,000 for the Whiddon Scholars in the Honors College;
- $2,473,000 for faculty support, including support of 36 chairs and professorships;
- $485,450 for USA Foundation Research Fellowships and graduate assistantship stipends;
- $220,000 for Faculty Development Fund supporting faculty travel;
- $3,368,850 for technology projects supporting the USA Hospitals, including a new MRI and specialized monitoring for the Small Baby Unit;
- $1,709,132 for Clinical Support and Hospital Equipment.
(Please see Detail 2019 link on the Support page for complete listing.)
- The Foundation Board received the audited consolidated financial statements for the fiscal years ended June 30, 2019, and June 30, 2018. Deloitte & Touche, the Foundation’s auditors, issued an unqualified, clean opinion.
- The net assets at June 30, 2019, were $383,512,000, as compared to net assets at June 30, 2018, of $374,210,000. The increase was due to realized and unrealized gains on investments, equities and timber investments.
- Equity investments, as of June 30, 2019, were valued at $150,796,000.
- The timberland investment was valued at $163,804,000.
- Other investments and assets, including the Brookley property, were valued at $68,912,000.
- Management and general expenses were 0.58% of net assets, well below the national average of 1.0-1.5%.
- Disproportionate Share Hospital Funds target distributions are projected to be $5,423,856 for fiscal year 2020. Those distributions will include $646,888 for hospital equipment; $1,113,748 for clinical support of faculty; and $3,663,220, the amount available for support of the hospitals and healthcare programs, upon the recommendation by the University to the Foundation Board.
On April 26, 2019, the Board of Directors of the USA Foundation approved a Purchase and Sale Agreement for 290 acres of the Brookley property with 24/7 Development Partners of Alabama, LLC. Under the Agreement, the developer will pay $45 Million for approximately 290 acres located between Mobile Bay and the Mobile Downtown Airport, pending a period of due diligence, which is ongoing.
Under the Agreement, the Foundation will retain ownership of approximately 31 acres of wetlands and another 10 acres along the periphery of the environmentally sensitive area.
The retained acreage will become a Wetlands Preservation Area, protected from commercial development. The prospective buyer has expressed their intention to substantially preserve the property’s shoreside wetlands that lie outside the Wetlands Preservation Area.
The Foundation acquired the property in 2010 to support a critical need of the University of South Alabama, its expansion of USA Children’s and Women’s Hospital.
The sale of the asset, once it closes, will allow the Foundation to provide continued support to important programs at the University of South Alabama.
Please visit www.Brookleyproperty.org.