UC Foundation hits all-time high in financial endowments
June 7, 2018
by Shawn Ryan
UTC Office of Communications and Marketing
The UC Foundation hit an all-time financial high for endowments over the past fiscal year, reaching about $135.3 million.
But when the value of the Probasco South Campus is added in, the foundation has a little over $200 million, according to figures presented Wednesday, June 6, at the annual UC Foundation luncheon.
The foundation raised about $16.6 million in donations during the 2017-18 fiscal year.
UTC Chancellor Steven Angle thanked the UC Foundation board members, trustees and donors for their “leadership, vision, commitment and passion.” The money raised can “transform the world through our students,” he said.
The foundation’s funds are used for everything from building construction and renovations, to student scholarships, grants for faculty development, the purchase of new equipment and funding arts and entertainment events.
At the luncheon, the foundation recognized outgoing Board of Trustees members Karlene Claridy, Max Fuller, Barbara Haskew and Robby Jones and the reappointment of trustees Vicky Gregg, Ladell McCullough, Ashlee Patten and Scott Probasco. New trustees are Betsy Brown, Brett Rousch, Roger Smith, Frank Williamson and Clint Wofford.
The board’s new officers also were introduced:
- Kim White, Chair. President and CEO of River City Co.
- Michael Costello, Vice Chair. Leader of Litigation Services, Fraud and Forensic Services Leader for Elliott Davis Decosimo
- Douglas Brown, Treasurer. Senior Vice President for Wealth Management at UBS Financial Services.
- Andy Walker, Secretary. Retired doctor of emergency medicine.
- Fred Decosimo, Immediate Past Chair. CPA and shareholder in Elliott Davis, a Chattanooga accounting firm.
In his remarks, Angle also listed several of the university’s highlights over the past year:
- A financial plan is now in place to start construction on the Wolford Family Athletics Center, a 70,000-square-foot addition and renovation to the McKenzie Arena. The center is named for UTC graduate and former football star James “Bucky” Wolford “in honor of his generosity and to ensure a family legacy of philanthropy at UTC for many decades to come,” Angle said.
- He noted that the creation of the center is a testament to the ongoing dedication of many, including John “Thunder” Thornton, Charles and Bernita Cofield, Diane and Bucky Wolford, Hamico Foundation, the UC Foundation and John Murphy and Renee Haugerud.
- Mike and Amy Walden made a bequest of $1 million to benefit the Veterans Entrepreneurship Program (VEP). Their company, Walden Security, established an additional current gift of $250,000, providing substantial funding for the next five years. Established in 2012, the Veterans Entrepreneurship Program offers free training, mentoring and management expertise for small businesses founded by our nation’s disabled and service-distinguished veterans.
- The UC Foundation manages 232 endowments valued at $124 million that provide scholarships to 1,479 students for an annual overall impact of $1.46 million.
- In May, 1,291 students graduated from UTC, 1,141 undergraduates and 150 graduate students. Another 785 students graduated in December 2017.