$5,337,202 contributed by the USA Foundation to the University of South Alabama through December 31, 2019.
- The Foundation’s contributions through December 31, 2019, included:
- $375,000 for the Whiddon Scholars in the Honors College;
- $1,314,076 for faculty support, including support of 36 chairs and professorships;
- $221,900 for USA Foundation Research Fellowships and graduate assistantship stipends;
- $110,000 for Faculty Development Fund supporting faculty travel;
- $1,813,610 for critically important equipment for the Fanny Meisler Trauma Center;
- $880,318 for Clinical Support and Hospital Equipment.
- The Foundation Board received the unaudited consolidated financial statements for the three month period ended September 30, 2019.
- The net assets at September 30, 2019, were $389,210,000, as compared to net assets at June 30, 2019, of $383,512,000. The increase was due to realized and unrealized gains on investments, equities and timber investments.
- Equity investments, as of September 30, 2019, were valued at $153,782,000.
- The timberland investment was valued at $164,804,000.
- Other investments and assets, including the Brookley property, were valued at $61,500,000.
- Management and general expenses were 0.66% 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.
- At the December 12 meeting of the Board, the following distribution was made:
- $1,831,610 to fund equipment for the Fanny Meisler Trauma Center;
- $556,874 for clinical support; and
- $323,444 for hospital equipment.
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. The Foundation Board approved an extension of the initial feasibility period to January 15, 2020.
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.