This year has been a significant year in partnering with the University. The Foundation has provided more than $32.6 million to the University of South Alabama, from July 1, 2021 through June 30, 2022.
A major gift of $30 million was approved to facilitate the construction of a new state-of-the-art medical education and scientific research facility for the Whiddon College of Medicine. Of the total gift, $21,151,000 was given in the fiscal year 2022. The remainder will be given in the next five years.
- The Foundation contributions are:
- $1,167,220 for scholarship support, including $750,000 for the Whiddon Scholars program;
- $3,236,356 for faculty support, including support of 36 professorships;
- $7,116,774 for academic programs including:
- $469,450 for USA Foundation Research Fellowships and graduate assistantship stipends;
- $220,000 for Faculty Development Fund, for faculty travel support;
- $3,900,000 for support of USA Health for equipment for the Mitchell Cancer Institute;
- $1,236,894 for Clinical Support Fund;
- $722,470 for Hospital Equipment; and
- $20,000 for the USA South CARES Fund and USA Jag Pantry Fund.
- $21,151,000 to facilitate the construction of a state-of-the-art center for medical education and scientific research.
(Please see Detail 2022 for the complete listing.)
- The Board approved the audited financial statements of the USA Foundation. Deloitte & Touche, the external auditors for the Foundation, once again provided an unqualified opinion of the financial position of the Foundation at June 30, 2022 and 2021.
- At its August 25, 2022, meeting, the Foundation Board received the following reports:
- Net assets at June 30, 2022, were $388,598,000.
- Timber investments were valued at $176,040,000.
- Equity investments were valued at $196,016,000.
- Other investments and assets were valued at $16,542,000, at June 30, 2022.
- Management and general expenses were 0.65% of net assets, well below the national average of 1.0-1.5%.
- Mr. Normond B. McAllister, Jr. was welcomed as a new Board member.
- The Foundation Board adopted a resolution recognizing the service of Verla Ledlow Wilters, who served on the Board for 20 years prior to her death. Ms. Ledlow Wilters and Judge Bob Wilters and Dr. John Wilters in 2021 established the Judge Harry J. Wilters, Jr. Lecture in Constitutional Law and Ethics to honor her spouse and their father. The lecture series has brought outstanding legal scholars to the University.
- Dr. Doug Marshall, Interim Dean of the Honors College, and two Honors students, presented an update on the activities in the Honors College and the experiences and opportunities for Honors students.
- Dr. Andi Kent, Executive Vice President and Provost, provided a report on the academic programs and achievements at the University.