University Daily Kansan, September 21, 1981
Page 3
Endowment contributes millions to KU
By LISA BOLTON Staff Reporter
Money in, money out. Essentially, that is how the University of Kansas Endowment Association works.
Chartered in 1891, the association is the nation's oldest foundation supporting a state-funded university with private money.
According to its brochure, the association was founded "for the purpose of encouraging the engagement in gift-giving gifts for the use and benefits of the University."
MONEY COMING in last year included $13 million from fund raising and $1.15 million from investments. Money going out included $14.6 million in directly supporting the university and $8.4 in other expenditures.
The association holds $99,518,175 in assets as of the fiscal year that ended June 30. That represents almost a $15 million increase over last year's total, $84,164,228.
Managing those assets involves a board of 60 volunteer trustees. The association is headed by President Seymour Seymour works with four committees of trustees.
"I go to my executive committee each year with a budget, just like the department that oversees civilzipation." Seymour said Friday. "And I might a that they're just as tough."
The association's status as a nonprofit, private corporation is governed under three different classifications by Kansas law.
THE ASSOCIATION falls into the same general category as the University itself, except that the association does not hire faculty, Seymour said. It is termed a non-prIVATE rather than an ESTABLISHED organization collects revenue from a variety of sources, he said, and it is declared non-profit and tax-exempt.
The association chooses to pay property tax on its income-producing property, however, in the interest of good citizenship, said Seymour. County and state governments need the revenue from property taxes on about 30,000 acres of association-owned Kansas farmland.
As a private corporate entity, the association has sole control of how the money coming in goes out. Funds raised may be used for other needed items bequests or trusts. Funds are classified as either restricted or unrestricted.
RESTRICTED FUNDS are those with instructions from the donor on how his money will be spent. They include scholarships set up for a particular purpose, funds earned for use by a department or department and specific purchases.
Unrestricted funds may be used however the association sees fit.
"In terms of number of gifts, the vast majority are unrestricted." Seymour said. "But in terms of dollars, the vast majority are restricted."
About 2,000 separate trusts produce
their own information about the
by the benefit of the trust, he said.
"We serve a watchdog over the
strict rules to see that they are
party and intends to do."
He said the University might request unrestricted funds through the chancellor, who made his recommendation to the executive committee of the board that unrestricted money cannot be spent with that committee's approval, he said.
Of the $14,624,912 spent for University support, according to last year's financial statement, $5.5 million was for faculty salaries and services, and $3.2 million was for student scholarships, fellowships and prizes.
The association spent $1.9 million on equipment and supplies and $1.8 million on construction and furnishings. KU staff travel and official hospitality expenses totaled $1.2 million, and $.7 million funded lectureships.
THE REMAINING funds were spent on books and subscriptions and on art works and portraits. Other unlisted expenses totaled $5 million.
The association also made $2.3 million in short-term student loans last year through the office of financial aid.
Almost $160,000 in loans were written off as uncollectible on the expenditure side of the balance sheet, but the
association earned about $130,000 in interest in student and faculty loans last year.
The association also earns interest on a diverse portfolio of other investments, including stocks, bonds, real estate and money market funds, Seymour said.
The finance committee as well as a private company manage the association's investments.
“When investing, we have to consider capital gains as well as income,” he said. “In case one thing goes bad, we've got investments to balance it.”
Last year, the association earned $8.8 million in dividends, interest and sale of securities. The remaining $7.2 million in investment income came from real estate loan interest, mineral interests, rent and agricultural income.
"That's why we're so interested in the wheat crop," he said. "Everybody at KU should be."
AFTER PROPERTY taxes are paid on farmland, the remaining money goes toward scholarships for students, Seymour said.
Besides property taxes, the association spent $3.9 million on administrative expenses for fund raising and investment management.
The association also paid about $270,000 in income to donors of charitable remains trusts, which provide for a life income for the donor who gives the rest of his estate to the association.
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