“ American colleges and universities raised an estimated $28-billion in private donations in the 2006 fiscal year -- $2.4-billion, or 9.4-percent, more than in 2005, according to a report released on Wednesday by the Council for Aid to Education. The significant jump, the biggest one-year increase since 2000, was the result of larger donations from alumni and other individual donors, many of whom were solicited through numerous major fund-raising campaigns.
According to the report, which describes results from the council's annual "Voluntary Support of Education" survey, alumni and other individual donors gave just more than half of the total amount raised. Alumni donations were up 18.3 percent from 2005, and giving by non-alumni individuals rose by 14 percent ”
The Chronicle of Higher Education , February 22,2007
Norman Peacock, Lead SME, Indiana University Foundation
Cornell University - Gail Thayer, Kim Yeoh, Ming Bengtsson
Indiana University - Bill Buskirk, Joan Hagen, Amoret Heise
Michigan State University - Nancy Carter
NACUBO - David Lyons
San Joaquin Delta College - Shelley Pierce
University of Arizona - Mike Treiber, Cecilia Esguerra, Marlene Moldenhauer
Endowments Comparison Among Participating Institutions KEM - Institution Mkt. Value as of 6/30/06 # Accounts # Campus Integrated System? Cornell University $4.4 Billion 6,528 2 No, though GL manages shares Indiana University $174 Million 375 8 No Indiana University Foundation $1.4 Billion 5,200 8 Yes, but needs enhancements Michigan State University $1 Billion 1,850 1 No San Joaquin Delta College $1.7 Million 5 1 No University of Arizona $200 Million 670 2 No
Automated Cash Management – This is the accrual mechanism for “money market” type KEMIDs. It will calculate daily based on the holdings of each date and add the amount to the total interest due to the KEMID holder.
Dividend –The total dividend amount to be paid to the holder of a security based on the ex-dividend record date, units held, dividend amount and payment date. These accrual amounts will be calculated periodically, based on the ex-dividend date.
Treasury Notes and Bonds – Daily accruals are calculated based on the number of days in the six months prior to the semiannual payment date.
Discount Bonds – Accruals are calculated daily but will never be paid to the KEMID holder until the security reaches maturity or is sold.
Mortgage Pass-Through 30 –This is not a true daily accrual. The total income due is recomputed daily. It assumes that payments are made one month in arrears (30 days) on the 15th of the month.
Mortgage Pass-Through 60 – Like the previous method except that it assumes that payments are made 2 months in arrears (60 days) on the 15th of the month.
Time Deposits – Simple interest calculations, not compounded. Payment frequencies will vary depending upon the instrument
The following seven reports will be delivered with the KEM module:
Endowment Asset Statement
Endowment Transaction Statement
Endowment Transaction Summary
Non-Endowed Asset Statement
Non-Endowment Transaction Statement
Non-Endowment Transaction Summary
Trial Balance – will include columns for available expendable cash and estimated income for the balance of the fiscal year.
All reports should have the capability to be run for organizational entities or sequences including: department, division, school and campus, etc. The trial balance report should also have the capability to be run by endowment or account type.
Additional internal and other reports needed by a KEM institution will be run at the school using a reporting tool of each school’s choice.