The University of Toledo

UT Board OKs Restructuring, Budget and New Trustees

The University of Toledo Foundation and the UT Office of Institutional Advancement, long-time partners in support of The University of Toledo, have formally joined forces.
 
At their June 23 meeting, the UT Foundation Board of Trustees approved a reorganization to serve as the University’s official fund-raising, alumni relations and special events entity, in addition to its current role as fund-receiving and fund-management organization.
 
By providing fund-raising, alumni and event services for the University, the Foundation will be similar in structure to a majority of university-affiliated foundations in the industry, said Foundation President Brenda S. Lee.
 
“This was the structure of the former Medical University of Ohio Foundation and was the original plan for the UT Foundation 20 years ago,” she said.

The Foundation’s permanent and sustainable funding model will allow for more consistent long-term fundraising and campaign planning.
 
The reorganization will be gradual, with vacant Institutional Advancement positions being filled by the Foundation.

The transition was considered in the Foundation’s operating budget of $3.6 million for the 2012 fiscal year.

The budget, approved by the board at the June meeting, supports all services and is funded through an administrative fee, currently 1.25 percent of the Foundation endowment’s three-year average market value.

The additional costs for development operations and campaign funding will be covered by administrative fee revenue generated from a $120 million quasi endowment, which will be managed by the Foundation.

In other meeting action, the board also named three new trustees: Steven Cavanaugh (Bus ‘92), chief financial officer, HCR ManorCare; Steven Reinbolt (A/S ‘82), attorney, Eastman & Smith; and Constance Zouhary (Bus ‘81) CPA and executive vice president, Buckenmeyer & King CPA’s.