Endowment Report - THIS REPORT WAS PREPARED BY THE URI FOUNDATION & ALUMNI ENGAGEMENT TO PROVIDE AN OVERVIEW OF THE INVESTMENT PERFORMANCE AND ...
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Endowment Report SUMMER 2020 YOUR INVESTMENT IN THE UNIVERSITY OF RHODE ISLAND’S FUTURE THIS REPORT WAS PREPARED BY THE URI FOUNDATION & ALUMNI ENGAGEMENT TO PROVIDE AN OVERVIEW OF THE INVESTMENT PERFORMANCE AND IMPACT OF URI’S ENDOWMENT
URI Endowment Performance
Investment Committee A message from
(AS OF JUNE 30, 2020)
COMMITTEE CHAIR
Deborah A. Imondi ’83
Deborah A. Imondi ’83 M.B.A.’86 M.B.A.’86
Executive Director, RI 4-H Club Foundation, Inc.
BOARD CHAIR The Investment Committee has
Alfred J. Verrecchia ’67 M.B.A.’72 Hon.’04 remained diligent throughout the
President, Verrecchia Family Foundation, Inc.
turbulence brought on by COVID-19 and maintained a focus
Christopher M. Abbate ’03
Merrill Lynch Senior Financial Advisor
on prudent management of the portfolio. As of May 31, 2020,
The Del Nero, Calbi and Abbate Group the endowment had a gain of 3.2 percent for the fiscal year.
Margo L. Cook ’86 The Committee is dedicated to ensuring the long-term
Retired President, Nuveen Investments, LLC vitality of scholarships, professorships, research funding,
Wendy P. Field ’74 and so much more. As we position the endowment for
Retired Managing Director, UBS
long-term gains and annual distributions, the continued
Michelle Chicoine Goldman ’77
Retired Vice Rector, Operations and Finance,
generosity of alumni, parents, friends, corporations, and
St. Paul’s School foundations is essential to building a brighter future.
Michael D. Ice In June 2020, the Board of Directors voted on a
Senior Finance Lecturer, URI distribution of 3.5 percent to the University, with a one-time
Former Managing Director, The Seaport Group
increase of 50 basis points taking into account new gifts and
Kenneth E. Knox ’70 P’90
Retired Managing Director, Penn Mutual
market conditions. The distribution value of your fund(s),
Life Insurance Co. listed in these pages, reflects that rate.
Daniel G. Lowney ’75 The endowment supports the University’s short-term
Retired Program Lead, Electric Boat Corporation
and long-range goals. We will continue to carefully monitor
Vincent A. Marseglia ’74 P’14 market conditions and make strategic adjustments to our
Retired Industrial Engineering Manager/Logistics,
CVS Health asset allocation to ensure the best possible results.
Raymond M. Mathieu ’70 M.B.A.’73 P’10 Thank you for your generosity, vision, and commitment
Chief Financial Officer, InsureMyTrip.com to URI and its students.
Peter J. Miniati, III ’85 P’21
Private Client Advisor, F.L. Putnam With best regards,
Investment Management Co.
Greg S. Whitehead ’78 P’11
Vice President, Advisory Services, Eaton Vance Corp.
Christopher J. Wolfe ’91
Chief Investment Officer, First Republic Bank Deborah Imondi
IN THE WORDS OF OUR STUDENTS…
“Because of incredibly “Without my scholarships,
generous people, my I do not know how I
dream of pursuing music would have been able
and doing something with to attend URI. I am
my voice is possible.” forever grateful.”
MAKAYLA LANE ’22 WESLEY CABRAL ’21and Activity Report $159.7m value of the URI endowment as of 5/31/20 $5.7m annual endowment payout for the 2020/2021 year 1,180 endowed funds managed by URI Foundation & Alumni Engagement 845 endowed funds support scholarships 2,358 scholarships awarded to students by URI Foundation & Alumni Engagement 86% of students receive some form of financial aid (federal, state, private)
ANNUAL ENDOWMENT PAYOUT ASSET ALLOCATION as of May 31, 2020
The following graph represents the total amount
of endowment-generated funds distributed to 35.4% 18.9%
URI each fiscal year, based on URIFAE’s spending U.S. EQUITY MARKETABLE
policy, for use over five academic years. ALTERNATIVES
IN MILLIONS
$6.0
$5.0 5.7
$4.0 4.6 5.1%
4.2
$3.0 3.7 3.8 PRIVATE
$2.0 INVESTMENTS
$1.0
$0
12.3%
2017 2018 2019 2020 2021 FIXED INCOME
AND CASH
The annual payout figure is based on a rolling
3-year average using 12/31 values. 3.4%
GLOBAL EQUITY
PORTFOLIO VALUE
As of May 31, 2020, the University of Rhode 17% 7.9%
Island’s endowment portfolio had a market value of
$159.7 million. The market value for each of the GLOBAL EX EMERGING
U.S. EQUITY MARKETS EQUITY
past five years on May 31 is represented below.
IN MILLIONS
$200
$175 THE INVESTMENT OF URI’S ENDOWMENT
$150 159 Spending Policy: The endowment spending rate
$125 140 143
128 that will be applied in the 2020–2021 academic year
$100
108 is 5.55 percent, which contains both the University
$75
$50
distribution and the URIFAE management fee. The
$25
payout remains the same as the prior year at 3.5
$0 percent with a one-time increase of 50 basis points,
2016 2017 2018 2019 2020 for a total of 4 percent of the market value of the
endowment (calculated on December 31, 2019).
ANNUALIZED RETURN ON INVESTMENT
The management fee is 1.55 percent. The dollar
The annualized return on URI’s general endowment
value of the payout to the University to support gift
portfolio, as of May 31, 2020, was 3.2 percent.
The returns for the past five years are shown below. purposes this year will increase from $4.57 million
to $5.72 million.
INCREASE/DECREASE AS OF MAY 31, 2020
Find a complete listing of endowed funds at
–6.8% 2016
urifae.org/endowmentfunds.
2017 13.4%
If you have questions about your fund or
2018 8.0% the endowment in general, please contact
-1.3% 2019 Gina Simonelli, Director, Donor Relations
and Engagement at 401.874.7101 or
2020 3.2%
gsimonelli@uri.edu
UNIVERSITY OF RHODE ISLAND FOUNDATION
& ALUMNI ENGAGEMENT
79 UPPER COLLEGE ROAD, KINGSTON, RI 02881-2023
campaign.uri.edu 401.874.7900 | urifae.orgYou can also read
