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Endowment support reaches milestone, exceeds $116M
December 22, 2014Tweet
The Binghamton University Foundation is celebrating the achievement of a significant milestone: breaking the $110 million mark for assets under management in its endowment.
But the Foundation is not stopping there. It is calling on Binghamton University alumni and the campus community to keep the positive momentum going.
At the end of its fiscal year on June 30, the Foundation’s endowment reached $103.7 million. Then in August, the Foundation added roughly $12.3 million to its endowment from the sale of University Plaza Apartments in Vestal, bringing the total to more than $116 million.
“This endowment means more support for students, faculty and to sustain all that is great about Binghamton University,” said Larry Morgenthal ’88, chair of the Foundation’s Investment Committee. “It truly is only the beginning if we want to be competitive with our academic peers.”
Gifts designated as endowments are especially important because they supply ongoing support for students, faculty and all areas of the University in the form of scholarships, research grants, funding for equipment and campus enhancements, and other crucial aid, said Sheila E. Doyle, the Foundation’s executive director.
Student enrollment, in particular, has increased to more than 16,000, Doyle noted, and is on pace to grow to 20,000 by 2020 as part of the University’s strategic Road Map to become the premier public university. With that growth comes additional need for enhanced services, programs and support.
“Endowments provide a level of sustainability that is critical to creating an even better Binghamton,” Doyle said. “With state support decreasing to the University, donor contributions are important now more than ever.”
Donor participation levels are considered in the research grants Binghamton is awarded and in the rankings it earns, said Jim Broschart, MBA ’92, vice president for advancement.
“Binghamton’s value and quality of education are outstanding,” Broschart said. “Alumni have an incredible opportunity to engage with their alma mater, enhance the University’s reputation and create the circumstances by which a student can follow a similar path.”
The Foundation remains an important partner on Binghamton’s path to premier, University President Harvey G. Stenger said.
“To ensure Binghamton’s continued success, we need to continue to build a strong network of donor support,” Stenger said. “Increased support from alumni and friends of the University is crucial to attaining our goals.
“Every day — in the great work our faculty and staff perform and in the appreciation they express to our donors — we are making an excellent University even better,” he added.. “Support from alumni and friends of the University is crucial to attaining our goals and I can’t thank everyone enough.”