With the UND administration's insistence on abandoning the Sioux nickname for it's identity the talk has been that donors have cut back.
I've heard of some serious hitters saying that they weren't giving the school any money in the future. Of course that's anecdotal. I mean surely those that were against the name would have stepped up to the plate once they got their way.
I've been waiting for UND Foundation to release their report for some months now. After all their fiscal year ends June 30th. Well today, in the GF Herald I saw the first indication that things aren't pretty.
In 2007, before the recent economic downturn, UND was talking about bringing its endowment up to $500 million. A
As of the end of fiscal year 2010, the endowment was $106 million, Johnson said.
According to the last Foundation report for fiscal year 2009, on page 17, they had $144 million in net assets. So if they're down to $106 million there are some issues. There is a chance that they consider something less that that as their endowment. I don't see any line item on their books as an endowment though.
It will be very interesting when they do release their financials. Back in the spring of 2009 the Board of Higher Education made the move to eventually retire the name. If they say a drop in 2009-2010 I would predict an even larger drop in the current fiscal year, now that the name is apparently killed off by the current administration.
I have a hard time believing that the UND Foundation should have lost money in their investments in the last fiscal year. My 401K did pretty well over that period.
The same article says that there's a big announcement for a new fund raising campaign tonight. I wasn't invited. But if I had to bet I'd say that the only thing that UND President Robert Kelley could raise funds for at this point is moving expenses.
Cross Posted from Say Anything Blog
