- Foundation gives 63 acres +/- on Dauphin Island to the University of South Alabama valued at $1,920,000.
This property will be an asset in the study of the northern marshes of Dauphin Island in the marine sciences program in the Stokes School of Marine and Environmental Sciences. The University wishes to construct a formal outdoor classroom on the property and to use the property as a living laboratory for instruction and research. The Foundation Board was pleased to be able to provide this property to assist the University’s pre-eminent academic program in marine sciences and allow for the continued preservation of the northern shoreline and marshes of Dauphin Island. (Please see Resolution – Dauphin Island Property Contribution to USA.)
- Foundation begins the Sylvestre Graduate Student Support Fund.
The Foundation Board announced that beginning in the academic year 2023-2024, the Sylvestre Graduate Student Support Fund will provide funding for graduate programs recommended by the University administration. More than $300,000 will be provided annually from this fund. The fund was established as a part of the bequest of Dr. Jeanne Sylvestre, who served on the Foundation Board and was an emeritus professor of accounting and Chair of the Department of Accounting in the Mitchell College of Business. This fund recognizes Dr. Sylvestre’s great interest in the development and growth of graduate education at the University.
- Foundation Board authorizes the distribution of $8,090,080 from the Disproportionate Share Hospital Funds (“DSH Funds”) for the fiscal year 2024.
The Board at its August 24, 2023, meeting authorized the distribution of up to $8,090,080 to support the University in the following categories:
- Medical School Gift (2nd year)* $1,769,800
- Clinical Support Fund $1,346,002
- Hospital Equipment Fund $ 789,581
- For Hospital/Clinic Related Support** $4,184,697.
*This will be the 2nd of a 5-year commitment toward the $30 Million commitment for the Whiddon College of Medicine. To date, $22,920,800 has been given of the total commitment.
**The University will make recommendations in the Fall 2023 for the use of the funds to support the hospitals and clinics and USA Health.
$13,260,154 contributed by the USA Foundation to the University of South Alabama in fiscal year 2023 to date.
- Highlights of the Foundation’s contributions are:
- $1,244,993 for scholarship support of more than 100 scholarships, including the Whiddon Honors Scholars;
- $3,002,625 for faculty support, including support of 36 professorships, including $220,000 for the Faculty Development Fund, for faculty travel support;
- $9,012,536 for academic programs including:
- $469,450 for USA Foundation Research Fellowships and graduate assistantship stipends;
- $3,997,022 for support of USA Health projects and equipment, to include a Patient Discharge Unit and 2 CT Scanners, and at USA Children’s and Women’s Hospital, to include funding the construction of an MRI Vault and equipping an 8th operating room;
- $1,277,428 for Clinical Support Fund for College of Medicine Faculty;
- $747,600 for Hospital Equipment.
- $1,769,800 to facilitate the construction of a state-of-the-art Frederick P. Whiddon College of Medicine.
- Additional contributions supporting academic programs, students and faculty, are $751,236.
(Please see Detail 2023 for complete listing.)
Total contributions toward the $30 Million commitment for the Frederick P. Whiddon College of Medicine are $22,920,800.
At its August 24, 2023, meeting, the Foundation Board received the following reports:
- Net assets at June 30, 2023, were $415,769,000.
- Timber investments were $175,240,000.
- Marketable securities (equities) were valued at $223,532,000.
- Other assets were $16,997,000.
- Management and general expenses were 0.67% of the net assets.
The Foundation Board adopted a resolution of commendation of the service of Dr. William Scott McNair, who served on the Board from 2017 until his death in June 2023. Dr. Robin McNair, his widow, accepted the resolution. (Please see Resolution – Dr. William Scott McNair.)
President Jo Bonner provided an update on the University and its growth in the academic year 2023-2024.
Maxey Roberts, Managing Director, provided a report on the State of the Foundation noting the Foundation’s achievements over the past year, including that the Foundation has now provided more than $250 Million in support of the University of South Alabama.