Location:
EDUCATION - HIGHER - FINANCE; UNIVERSITY OF CONNECTICUT;

OLR Research Report


INSTITUTIONALLY RELATED FOUNDATIONS FOR NEW ENGLAND PUBLIC UNIVERSITIES - UPDATED

By: Marybeth Sullivan, Associate Legislative Analyst


ISSUES
How does the relationship between UConn and the UConn Foundation compare with other New England flagship public universities and their foundations? Specifically, provide information about the following:

1. whether they are the primary fundraising entities for their respective universities, and

2. the amount of money they have raised for their universities in recent years.

Additionally, describe how much in-state tuition and fees increased in recent years at these universities.

This report updates OLR Report 2014-R-0217 to include (1) fundraising totals for the UConn Foundation and other New England flagship universities' foundations through Fiscal Year 15 and (2) in-state tuition and fee amounts at these universities through academic year 2015-16.

SUMMARY

To answer these questions, OLR examined the foundations of the six New England flagship public universities:

1. UConn Foundation,

2. University of Maine (UMaine) Foundation,

3. University of Massachusetts (UMass) Amherst Foundation,

4. University of New Hampshire (UNH) Foundation,

5. University of Rhode Island (URI) Foundation, and

6. University of Vermont (UVM) Foundation.

Concerning tuition, UConn had the (1) highest in-state tuition and fee percentage increase among these universities for the academic years 2010-11 through 2015-16 and (2) second highest percentage increase from 2014-15 to 2015-16.

Most New England flagship university foundations serve as their related institution's primary fundraising arm, soliciting new gifts for the university and overseeing its endowment. (The UMaine Foundation is unique, however, in its exclusive focus on managing endowed gifts.) The UConn Foundation has the highest average gift commitment over the past four fiscal years when compared with the other foundations. (The UMass Amherst Foundation only has three-year data available.)

FUNDRAISING DUTIES

Table 1 describes the fundraising efforts of each foundation in recent fiscal years. Fundraising totals are from the foundations' annual reports and official websites. Some foundations reported both gifts received and pledges for future gifts, while others reported only contributions received.

Table 1: Foundation Fundraising Efforts and Totals

Foundation

Fundraising Efforts

Fundraising Totals

UConn Foundation

http://www.foundation.uconn.edu/

The foundation is the main fundraising arm of the university, overseeing private gifts and grants from alumni and corporations and managing the university's endowment.

Over the past four fiscal years, the foundation secured an average of $70.6 million per year in new gifts and commitments.

FY 15: $78.0 million

FY 14: $81.1 million

FY 13: $63.3 million

FY 12: $60.0 million

UMaine Foundation

http://www.umainefoundation.org/

The foundation is not the primary fundraising arm for the university; that responsibility lies with the Office of University Development. This office takes the lead in fundraising, overseeing the foundation and the university's alumni association in their collaborative fundraising efforts.

Under a memorandum of agreement with the university, the foundation invests endowment funds and has assumed primary responsibility for all deferred/planned giving to the university (e.g., gifts through wills, charitable gift annuities, charitable trusts, pooled life income plans, and gifts of life insurance). This allows the university's development office to focus on current gifts that are not endowed.

Over the past four fiscal years, the foundation secured an average of $11.5 million per year in contributions.

FY 15: $12.3 million

FY 14: $13.6 million

FY 13: $7.8 million

FY 12: $12.4 million

UMass Amherst Foundation

http://www.umass.edu/foundation/welcome

The foundation is the primary fundraising arm of the university. According to the foundation's annual report, it manages all types of gifts (e.g., outright, matching, testamentary, and endowed).

A second system-wide organization, the University of Massachusetts Foundation, Inc., serves all five campuses of the university (Amherst, Boston, Dartmouth, Lowell, and Worcester). It (1) oversees the campus foundation boards to ensure they follow system protocols on investments and best practices and (2) assists with corporate development affecting more than one campus.

For Fiscal Years 12-14, the foundation secured an average of $32.6 million per year in gifts.

FY 14: $33.9 million

FY 13: $32.0 million

FY 12: $32.0 million

For FY 15, the foundation reported $60.9 million in gifts and commitments.

UNH Foundation

http://www.foundation.unh.edu/

The foundation is the primary fundraising vehicle for the university. University advancement staff from the alumni, development, and communications offices all work to raise money for the university using the foundation's status as a nonprofit corporation.

Over the past four fiscal years, the foundation secured an average of $13.0 million per year in contributions.

FY 15: $13.0 million

FY 14: $13.3 million

FY 13: $11.5 million

FY 12: $14.1 million

URI Foundation

http://www.urifoundation.org/

Originally charged with managing the university's endowment, the foundation became responsible for all university fundraising activities in 2008.

Over the past four fiscal years, the foundation secured an average of $22.1 million per year in new gifts and commitments.

FY 15: $25.2 million

FY 14: $33.2 million

FY 13: $15.1 million

FY 12: $14.9 million

UVM Foundation

https://alumni.uvm.edu/foundation/

The foundation is the preferred channel for all private contributions to all areas of the university. It generates support through annual giving programs; planned gifts (wills, trusts, annuities, and other vehicles); and special-purpose campaigns.

Over the past four fiscal years, the foundation secured an average of $51.4 million in new gifts and commitments.

FY 15: $60.6 million

FY 14: $55.2 million

FY 13: $44.5 million

FY 12: $45.1 million

Sources: Foundations' annual reports and official websites

TUITION INCREASES

Table 2 lists in-state tuition rates and fees for each New England flagship university for academic years 2010-11 through 2015-16, along with their respective one-year (2014-15 to 2015-16) and five-year (2010-11 to 2015-16) percentage increases. Table 3 is a linear representation of the universities' tuition and fee increases through those years. The one-year increases ranged from less than 0.1% (UMaine) to 6.8% (UMass Amherst), and the five-year increases ranged from 4.6% (UMaine) to 28.3% (UConn).

Table 2: In-State Tuition and Fees for Full-Time Undergraduate Students

at New England Flagship Universities

Institution

2010-11

2011-12

2012-13

2013-14

2014-15

2015-16

One-Year

Percentage

Change

(2014-15 to 2015-16)

Five-Year Percentage

Change

(2010-11 to 2015-16)

UConn

$10,416

$10,670

$11,242

$12,022

$12,700

$13,364

5.2%

28.3%

UMaine

$10,142

$10,588

$10,594

$10,600

$10,606

$10,610

< 0.1%

4.6%

UMass Amherst

$11,917

$12,797

$13,230

$13,415

$13,443

$14,356

6.8%

20.5%

UNH

$13,672

$15,250

$16,422

$16,496

$16,552

$16,986

2.6%

24.2%

URI

$10,476

$11,366

$12,450

$12,450

$12,506

$12,862

2.8%

22.8%

UVM

$14,066

$14,784

$15,284

$15,718

$16,196

$16,738

3.3%

19.0%

Source: The College Board, Annual Survey of Colleges (2015)

Table 3: In-State Tuition and Fees for Full-Time Undergraduate Students

at New England Flagship Universities

MS:cym