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YSU Foundation Surpasses $200 Million in Assets
YOUNGSTOWN, Ohio -- The Youngstown State University Foundation has surpassed the $200 million mark in assets and is now among the top third of university endowments in the nation, YSU reported Wednesday.
The foundation reported $207 million in assets in fiscal year 2012, according to the annual endowment survey by the National Association of College and University Business Officers and the Commonfund Institute.
That ranks the YSU Foundation as the largest endowment among public universities in Northeast Ohio – larger than University of Akron, Kent State and Cleveland State – and the sixth largest among all public universities in the state. Nationally, the YSU Foundation ranks in the top 30th percentile – 257 out of 843 colleges and universities included in the survey, officials say.
“This is a tremendous milestone that reflects the dedication and commitment of thousands of supporters across the region and nation,” said Thomas Fleming, chair of the foundation's board of trustees. “Over the course of nearly half of a century, the foundation has provided thousands of students the opportunity to experience the academic excellence of a YSU education. Today, as we recognize our evolution and growth as a roundation, we also celebrate the success of the students we serve.”
Founded in 1966 by the university’s long-time president, Howard Jones, the YSU Foundation is a private, nonprofit corporation independent from Youngstown State University that supports YSU exclusively, mostly through scholarships for students. In the 2012-13 academic year, the foundation is providing nearly $5.2 million for more than 2,500 students scholarships, including the successful Leslie Cochran University Scholars and the Scholarship for Excellence programs.
The NACUBO-Commonfund report shows that the YSU Foundation’s assets increased 9% between fiscal years 2011 and 2012, from $190 million to $207 million. In the same period, endowments nationwide decreased on average by nearly 2%, according to the report.
The endowment stood at $13.5 million in 1966, growing to $50 million by 1990 and to $100 million by 1997. In the past five years, assets jumped to $207 million.
“By any measure, the growth of the foundation’s assets have been impressive,” said Garry Mrozek, foundation vice chair. “We are committed to being a catalytic force for the advancement of YSU, the Youngstown community and Northeast Ohio, and a critical source of support, opportunity and excellence for YSU students and faculty.”
The YSU Foundation, led by a 40-member Board of Trustees, is in the process of finalizing a five-year Strategic Plan, expected to be unveiled this spring. Paul McFadden, former YSU chief development officer, became president of the YSU Foundation in January 2012. Previously, Reid Schmutz served as president for 22 years.
SOURCE: YSU News Service.
Published by The Business Journal, Youngstown, Ohio.
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