CONTACT: Bill Nevin, WVU Foundation
Supporters of West Virginia University gave $80 million in cash, pledges and gifts in-kind during the fiscal year that ended June 30, up from $58 million from the previous fiscal year.
WVU Foundation officials say the 38 percent jump is due in large part to significant in-kind donations during the year valued at $14.7 million.
The $80 million total represents the second largest yearly total in the history of the Foundation, second only to FY07’s record $86 million. FY08’s total was $63 million.
From July 1, 2009-June 30, 2010, 21,728 donors made 36,392 gifts.
“Raising $80 million in a year in which the economy was very unstable shows that alumni and friends of WVU are passionate and care very much about their University,” said R. Wayne King, Foundation president and CEO. “They are willing to sacrifice personally to support something they truly believe in. We are very appreciative of this generosity, especially in these difficult times.”
The Foundation’s annual giving program – The University Fund – recorded its highest yearly total ever in FY10, $17.4 million, up from $15.9 million in the previous year.
Donor gifts enabled the Foundation to disburse $40.1 million in funds in FY10 as requested by the University. Over the past five years, the Foundation has provided the University with $199 million in direct support.
“Private dollars enable the University to strengthen its academic programs, attract and retain gifted faculty and researchers and provide financial support for students,” said WVU President James P. Clements. “The impact of private giving touches all areas of the University, and we are extremely grateful to our many friends and donors for their tremendous support.”
The $14.7 million in in-kind donations – up from $2 million in FY09 – included a large software donation from Landmark Graphics valued at $11.8 million.
“We were able to surpass our goal of $60 million, even if we had not had these very important gifts in-kind,” said Lyn Dotson, Foundation vice president for development. “Many thanks go to our generous and loyal donors for helping us to achieve this.”
For the period ending June 30, 2010, the value of the Foundation’s endowed investment pool was $337 million, a return of 9.5 percent for the year.
Chartered in 1954, the WVU Foundation is a private non-profit corporation that generates, receives and administers private gifts for the benefit of West Virginia University. More at: www.wvuf.org
Check http://wvutoday.wvu.edu daily for the latest news from the University
Follow @WVUToday on Twitter