$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;
- $2,470,000 for faculty support, including support of 36 chairs and professorships;
- $467,500 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;
- $1,709,000 for Clinical Support and Hospital Equipment.
(Please see Detail 2019 link on the Support page for complete listing.)
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.
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.
- The Foundation Board received a report on the financial statements and the equity (stock) investments:
- The net assets at March 31, 2019, were $384,693,000, 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 March 31, 2019, were valued at $143,864,000.
- The timberland investment was valued at $164,504,000.
- Other investments and assets, including the Brookley property, were valued at $76,325,000.
- Management and general expenses were 0.57% of net assets, well below the national average of 1.0-1.5%
The Foundation approved the legacy gift of Dr. Jeanne Sylvestre, which will endow 4 chairs: the Dr. Jeanne Sylvestre Chair of Accounting, the Sylvestre Family Chair of Music, the Dr. Diane Sylvestre Chair of Chemistry, and the Lawrence Minto Sylvestre Chair of Computing. Additional funding will be used to support Graduate Student Programs. (Please see Resolution: Dr. Jeanne Sylvestre’s Legacy Gift.)
Mrs. Arlene Mitchell was welcomed to the Foundation Board upon her election as Vice Chair of the USA Board of Trustees. Mrs. Mitchell is a philanthropist and civic volunteer and has served on the University Board since 2007.
Dr. Heather Hall, Dean of the College of Nursing, provided an update on the programs of the College of Nursing, highlighting the accelerated BSN/MSN program, which is housed at the USA Baldwin County Campus, College of Nursing. She provided the Board of Directors significant information on this intensive program. Included in that presentation was that more than 800 students have graduated from the program and that in 2018, the student graduates had a 100% pass rate on the national RN certification exam. The meeting of the Foundation Board was held at the USA Baldwin County Campus, College of Nursing.
President Tony Waldrop presented a video, “USA Highlights”, that featured University student leaders sharing their experiences at the University of South Alabama.