UT and MUO Foundations Merger Official
Calling it "one of the greatest days in the life of the institution," University of Toledo President Lloyd Jacobs commended members of the UT and MUO Foundations Boards of Trustees as they signed documents officially combining the two organizations.
The merger, official on July 1, was approved by the two boards at a special joint board meeting on June 28. "That this occurred only one year after the merger of the two institutions (UT and MUO) exceeded my expectations," said Dr. Jacobs. "I believe we are on the right course, and the future is bright for the combined institution."
The two foundations, which originally planned to collaborate but exist separately, first began studying a potential merger this past fall. "There was a single University," explained Mike Todak, chair of the newly merged UT Foundation, "and as we began working together, it became clear that there should be a single foundation."
The new organization will provide one vehicle for donors to support the students, faculty, programs and patients of the entire University, he said. "I'm very excited about the opportunities this Foundation and this University have going forward," he said.
In addition to the merger approval, trustees also elected officers, approved a new code of regulations and adopted a revised investment policy. The investment policy was the result of the efforts of a joint investment committee, composed of representatives from each separate board. Members of the joint committee, who began working together several months ago, also have hired a new investment consultant and a new master custodian to oversee joint assets.
Though the MUO Foundation will no longer exist in name, Dr. Jacobs noted that its work and its mission will continue through the newly merged organization. "This is the end of an era and the beginning of a new one," he said. "This is not, however, the end of the tradition or the pride or the commitment to service that the MUO Foundation offered."
Wallen (Buzz) Crane, vice chair of the former MUO Foundation Board of trustees, said the combined strengths of the two organizations is an indication of its future success.
"If history is any guide to the future," he said, "the future of this joint foundation is brilliant."