Mr. John McMillan, Inauguration as Alabama State Treasurer on January 14, 2019, in Montgomery, Alabama.
$5,080,952 contributed by the USA Foundation to the University of South Alabama through December 31, 2018.
- The Foundation’s contributions through December, 2018, included:
- $375,000 for the Whiddon Scholars in the Honors College;
- $1,022,230 for faculty support, including support of 35 professorships;
- $217,550 for USA Foundation Research Fellowships and graduate assistantship stipends;
- $110,000 for Faculty Development Fund supporting faculty travel;
- $1,684,425 for technology projects supporting the USA Hospitals, including a new MRI and specialized monitoring for the Small Baby Unit;
- $854,566 for Clinical Support and Hospital Equipment in the College of Medicine and other hospital equipment.
(Please see Detail 2019 link on the Support page for complete listing.)
The USA Foundation agreed in principle to sell a portion of the Brookley property. The Brookley property sale will be a catalyst for economic development.
The Foundation, whose mission is to support the University of South Alabama and its academic programs, has signed a Letter of Intent with 24/7 Development Partners of Alabama, LLC, under which the developer would pay $45 Million for roughly 290 acres located between Mobile Bay and the Mobile Downtown Airport, pending a survey and other due diligence.
Under the agreement, the Foundation will retain ownership of roughly 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 also 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 and later adopted a set of objectives to ensure it maximizes the return achieved on its valuable asset.
Board of Directors President Hon. John McMillan said the Foundation’s Audit and Investment Committee evaluated all of the options before it, with the benefit of an analysis from a real estate consulting firm, and made a recommendation to the Board, which the Board voted to accept.
Please visit www.Brookleyproperty.org.
- Mr. Wade Faulkner, Jr., was welcomed as the Investment Manager for the Foundation. Mr. Faulkner joined the Foundation on March 1, 2019.
- The Foundation Board received a report on the financial statements and the equity (stock) investments:
- The net assets at December 31, 2018, were $365,971,000, as compared to net assets at June 30, 2018, of $374,210,000. The decrease was due primarily to realized and unrealized loss on the equity (stock) investments.
- Equity investments, at December 31, 2018, were valued at $128,561,000.
- The timberland investment was valued at $161,004,000, at December 31, 2018.
- At December 31, 2018, interest in real estate was valued at $69,146,000, including the Brookley property. Other investments were valued at $5,805,000.
- The Foundation Board received a report by Dr. Harold Pardue, Dean of the Graduate School and Associate Vice President for Academic Affairs, and two USA Foundation Research Fellows. Pardue updated the Board members on the graduate programs. The USA Foundation Research Fellows spoke of their research and experiences in the graduate program.
- Dr. Elizabeth VandeWaa, Board member and President of the USA Faculty Senate, and Dr. Matthew Reichert, USA Assistant Vice President of Research and Past President of the USA Faculty Senate, reported on the activities of the Faculty Senate during this year.