The University at Albany Foundation Endowment Experiences Record Growth
The University at Albany Foundation endowment growth will support the University's largest academic expansion in nearly 50 years.
ALBANY, N.Y. (April 1, 2016) -- The University at Albany Foundation has seen a record expansion of its endowment for two years running, surpassing the gains of all institutions of higher education in the Capital Region according to the National Association of College and University Business Officers and Commonfund Institute. UAlbany's endowment increased nearly 11 percent between fiscal year 2014 and 2015.
The endowment growth will help support President Robert J. Jones' implementation of the University's largest academic expansion in nearly 50 years, driven in part by the establishment of the new College of Engineering and Applied Sciences; the groundbreaking College of Emergency Preparedness, Homeland Security, and Cybersecurity; and a master plan to further develop the University’s health sciences and biomedical initiatives with the East Campus as its base.
Given the president's call to grow enrollment to 20,000 by 2020, the endowment also becomes an essential tool for driving academic advancement, and providing financial aid, scholarships, and funding for special projects.
The Foundation, for example, has awarded 7,000 scholarships over the last 10 years.
"With President Jones' goal of expanding the academic enterprise, the University is on an exciting upward trajectory," said George Hearst III, president of The University at Albany Foundation Board of Directors. "The case for growing the University's endowment is clearer than ever, and we're thrilled with its successes."
Among the recent gifts that have lifted the University at Albany endowment to $56.5 million are:
- The Bernard and Millie Children's Foundation. The University's new 8,500-seat Tom & Mary Casey Stadium was named in fall 2015 with a $10 million donation from the Bernard and Millie Children’s Foundation, which was established by William Duker ’75 and his wife, Sharon (Casey) Duker in honor of William Duker's parents. The stadium name commemorates Sharon (Casey) Duker's parents Tom and Mary Casey. The largest single gift in the University's history, the donation supports University facilities, makes additional scholarships available for student-athletes, and addresses athletics priorities.
- The Massry Family Endowments. In December 2014, the Capital Region's Massry Family generously contributed $5.25 million to support the School of Business and key University-wide initiatives. The University used this transformative gift to ensure that its School of Business building, named the Massry Center for Business in September 2015, remains a state-of-the-art resource for teaching, learning and research, and for speakers, conferences, and visiting faculty to enrich the School’s academic experience. The gift also funds the Massry Community Fellows Program, providing support for students from disciplines across the University to pursue internships with local non-profits where funding for student internships is not normally available. The program’s goal is to strengthen community service, a hallmark of the Massry family, and public engagement, a core priority of the University.
- The Michael B. ’83 and Lori M. Nash ’83 Endowed Scholarship. The generous fund was established in 2013 by alumni Michael and Lori to provide financial support for students pursuing a degree in the School of Business who demonstrate both academic achievement and financial need. To date, four students have received the Nash Scholarship. The impact that this scholarship has on assisting our School of Business students succeed is paramount to the Nashes.
- The Morris and Rita Deutsch Scholarship Fund. Established in 2015 through the Estate of Dr. Gloria Fay Deutsch ’60 and named after her parents, the $128,000 Deutsch Scholarship Fund provides support for UAlbany students majoring in chemistry who demonstrate financial need and academic excellence. A retired chemistry teacher at Sharon High School in Massachusetts where she taught for 35 years, Deutsch was a graduate of Roosevelt High School in the Bronx where she earned a Roosevelt Scholarship, enabling her to attend and study at the then State University of New York College of Education at Albany.
“Over the past five years, we have experienced extraordinary growth in our endowment — nearly doubling from $29 million to $57 million,” said Vice President for University Development and Executive Director of the UAlbany Foundation Fardin Sanai. “I attribute this entirely to the passion of our supporters who believe strongly in the mission of our University to provide opportunity and excellence to every qualified student.”
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About the University at Albany
A comprehensive public research university, the University at Albany-SUNY offers more than 120 undergraduate majors and minors and 125 master's, doctoral, and graduate certificate programs. UAlbany is a leader among all New York State colleges and universities in such diverse fields as atmospheric and environmental sciences, business, public health, health sciences, criminal justice, emergency preparedness, engineering and applied sciences, informatics, public administration, social welfare, and sociology taught by an extensive roster of faculty experts. It also offers expanded academic and research opportunities for students through an affiliation with Albany Law School. With a curriculum enhanced by 600 study-abroad opportunities, UAlbany launches great careers.