Wichita State University Foundation has strong year of private support
Jul 22, 2014 11:00 AM | Print
The Wichita State University Foundation announced that it closed fiscal year 2014 with nearly $31 million in total giving, which includes cash, gifts-in-kind, pledges and new planned gifts from donors age 63 and older. Not including the new planned gifts, the subtotal for the fiscal year is $28,783,197.
"The 2014 fiscal year was the beginning of the quiet phase of the comprehensive campaign," said Elizabeth King, WSU Foundation president and CEO. "By including the new planned gifts, we are following best practices of campaign counting at universities across the country."
Planned gifts can include a gift from estates, retirement plan assets or naming WSU as the benefactor of life insurance policies — gifts that come to fruition after a person's lifetime.
"I am always amazed at our alumni and the Wichita community and their willingness to support the university," said WSU President John Bardo. "It is imperative that the university receive this support so that our students can compete in the global environment they enter after graduation."
Of the single gifts totaling more than $1 million, King said the W. Frank Barton School of Business received the largest from Allegro Development for a software package to the new Koch Global Trading Center. Another million-plus outright gift came from John A. See for research.
"John knows his gift will make a difference in the lives of many, but he also hopes it will highlight the great work being done at Wichita State, which will attract the attention of additional investors," said King.
In addition, two estate gifts crossed the million dollar mark. The Erach R. Talaty Estate bequest totaling more than $2 million supported a scholarship, professorship and fellowship in chemistry. Talaty was a chemistry professor at WSU for 44 years. The remainder of the estate from Velma Wallace was received during FY14, which completes its contribution for scholarships in fine arts, engineering, education and athletics. Wallace, a longtime WSU friend and benefactor, was the widow of Cessna Aircraft leader Dwane Wallace.
The total market value of the WSU Foundation's endowment is more than $240 million of which nearly $9.2 million was received during fiscal year 2014 and placed in the endowment.
The WSU Foundation's investment return for fiscal year 2014 was 13.8 percent, which increases its five-year return to 10.8 percent.
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