$5,381,000 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;
- $1,323,354 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.
(Please see the Detail 2020 for the complete listing)
- The Foundation Board received the unaudited consolidated financial statements for the six month period ended December 31, 2019.
- The net assets at December 31, 2019, were $397,303,000, 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 December 31, 2019, were valued at $163,156,000.
- The timberland investment was valued at $165,504,000.
- Other investments and assets, including the Brookley property, were valued at $68,643,000.
- Management and general expenses were 0.60% 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.
- Class III Directors were elected to serve a nine-year term ending March 31, 2029. They are Judge Otha Lee Biggs; Mr. Robert P. Hall, II; Mr. D. Gregory Luce, Jr.; Dr. Scott McNair; Mr. John Whiddon, and Dr. Elizabeth VandeWaa, who serves as the faculty representative on the Board of Directors.
- The following Board officers were elected for a term ending March 31, 2022: John McMillan, as President; Mr. D. Gregory Luce, Jr., as Vice President; Mr. Lowell Bonds, as Secretary; and Mr. Robert Hall, as Treasurer.
- The Board of Directors received an update on the work of the USA Faculty Senate and the many activities and work of the faculty at the University by Dr. Susan McCready, President of the USA Faculty Senate.
- Dr. Harold Pardue, Associate Vice President for Academic Affairs and Dean of the Graduate School, provided an update on new programs that are under development by The Graduate School. Two USA Foundation Research Fellows reported on their graduate studies and research.