VP DeCourcy provided a historical and present perspective on institutional advancement activity, as well as institutional advancement plans for FY 2025.
Chair Moyer queried whether the figures presented on the KSU Endowment Net Assets slide were endowment dollars or total assets and sought clarification as to the spending policy out of the endowment.
Moving ahead, Mr. DeCourcy discussed the Thorobreds Leading With Impact campaign, as well as various fundraising campaigns.
Regent Hatchett requested additional information regarding the time frame and circumstances surrounding the one-million-dollar contribution received from the Diageo Foundation and inquired how Mr. DeCourcy would characterize the return on Diageo's investment in terms of any recognition they received.
Regent Dukes inquired into the number of scholarships that were granted from the Diageo contribution. Mr. DeCourcy responded that he was not aware of any scholarships being granted from those funds. Since the original contribution was one million dollars and the current balance is $900,000, Regent Dukes asked where $100,000 went if no scholarships had been granted.
Regent Hatchett asked whether the KSU Foundation has highlighted the gift from Diageo at any point since 2021 and whether the Foundation’s annual Fact Book is the only place where significant donors receive recognition.
As to the Diageo gift, Regent Dukes again sought clarification that the million-dollar endowment is now $900,000 as of FY22, and that the University is not accounting for any interest on that investment, and yet the contribution is down $100,000. President Akakpo echoed Regent Dukes' concern and offered additional commentary.
This agenda item was included in the prior discussion.
MOTION by Regent Dukes: Move the Finance & Audit Committee to adjourn. Seconded by Regent Ramsey and passed without dissent.
The Finance & Audit Committee meeting was adjourned at 11:57 a.m.
MOTION by Regent Hatchett:
MOITION by Regent Hatchett: Move the Investment & Advancement Committee to adjourn. Seconded by Regent Ramsey and passed without dissent.