Oakwood University has begun to implement plans to grow its endowment to $20M by the year 2020.
"It may seem a tall order to make such a sizable jump in our endowment, but we see this as a strategic and necessary goal when we look at our future plans and the investment in our future," states Sabrina Cotton, vice president for Financial Administration. "By partnering with the Board of Trustees, the President's Office, and the Development Office, we feel that our stretch goal is easily attainable as long as we are persistent and keep the 'big picture' in mind."
At the close of fiscal year 2016, Oakwood had an endowment totaling $13.8M, representing a 42% growth over the past five years.
The plans for growth include four strategies:
1. Budget to eliminate non-mandatory spending of endowment earnings until 2020;
2. Reinvest earnings not required for mandatory spending;
3. Assign annual % increase in operating subsidies received from NAD and Regional Conferences to quasi-endowment (per voted policy); and
4. Add at least two new scholarship endowments via fundraising annually.
"The growth of the endowment is important because it allows us to reduce our dependence on tuition revenue, and it assures our students that they can successfully complete the journey to graduation by the use of scholarship funds," remarks Cotton. "Other useful areas of the endowment allow for the upkeep and continued outfitting of campus buildings and the growth of our academic programs."
If you or someone you know would like more information on contributing to Oakwood University's endowment, please contact our development office by emailing Kisha Norris at knorris@oakwood.edu, or calling her at 256-726-7201.
Posted By: Reginald Culpepper
Thursday, December 15th 2016 at 12:42PM
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