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| Fiscal '03 Reflects Steady Gains |
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The annual financial report to the Board of Trustees of the University of Oklahoma Foundation Inc. for FY 2002-03, ending June 30, is in many ways a remarkable document. While the economy struggled to recover from its three-year downward slide, the Foundation continued its steady growth in the areas of total assets, total endowment and total contributions while registering a positive reversal in unrealized gains in investments for the second half of the year.
Total Foundation assets for FY ’03 stood at $594 million, up from the previous year’s $582 million, a gain of nearly $12 million. Endowed funds totaled $427 million for the same period, up from $410 million in fiscal 2002, a $17 million gain. Gifts of cash and property and charitable remainder trusts received by the Foundation totaled $67.7 million for the year just ended, a $3.6 million increase over the $64.1 million received in FY ’02.
Most encouraging in the annual report was the upturn in unrealized gains in investments, which increased in FY ’03 by approximately $12.5 million, a marked improvement from the negative $17.8 million recorded during the extremely depressed FY ’02 market. Also received were interest, dividends and rent amounting to more than $13 million, royalty income of more than $540,000 and net realized losses on sales of investments of approximately $13.8 million. The total addition to resources from all sources amounted to $81.9 million, compared to $52.1 million last year.
On the expenditure side, the Foundation spent $59.8 million in support of University programs and projects, an increase over the $53.3 million expended in FY ’02. Facilities and equipment led the way with $26 million, more than double the 2002 expenditure in that area, again due to the large number of ongoing major construction projects.
Student awards also increased more than $600,000 to $10.3 million as the OU administration launched a campaign for additional scholarships to assist students facing significant tuition increases. The Foundation also expended $11.8 million for general University educational assistance, $8.8 million for faculty salary supplements and $638,000 for faculty awards. Operating expenses for the year totaled $2.2 million. Investment consulting and custodial fees for FY ’03 were $1.7 million. Depreciation accounted for $50,000.
During FY ’03, Foundation staff processed 49,653 gifts. Of that amount 11,090, or approximately 22.34 percent, came via credit card, while 159 gifts of securities were received. For the same period, 23,718 payments were issued by the Foundation to beneficiaries of private donor support to the University.
The complete audited report of the Foundation’s fiscal year 2002-03, prepared by the independent accounting firm Ernst & Young LLP, can be found on the Web site www.oufoundation.org.
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