The endowment income provides critical funding for Virginia Wesleyan’s educational and undergraduate research programs and financial aid for undergraduates.
By Staff | November 4, 2010
The Virginia Wesleyan College endowment generated an investment return of 12.3% for the fiscal year that ended June 30, 2010. Virginia Wesleyan’s endowment was valued at approximately $47.1 million on June 30, 2010, increasing from a market value of $37.9 million on June 30, 2009.
Endowment income provides critical funding for Virginia Wesleyan’s educational and undergraduate research programs, supports Library acquisitions, and helps to fund student scholarships and fellowships for professors each year. In fiscal 2010, distributions from the endowment contributed to 7% of the operating budget. Virginia Wesleyan’s endowment also enables the College to support purposes defined by donors, including general operating areas and student financial aid needs.
Virginia Wesleyan remains committed to providing an affordable education for students, and has one of the strongest scholarship support systems in the nation. In 2009, 93% of students received financial aid and/or scholarships, despite the severe global economic downturn.
“Like most colleges, Virginia Wesleyan’s endowment suffered losses with the downturn of the economy. With the U.S. economy showing signs of recovery, we are pleased that our performance was strong last year and we look forward to continuing to build our endowment,” said Anne Shumadine, chairman of Signature Financial Management and Virginia Wesleyan’s Board of Trustees Investment Committee.
In 2007, the College’s Board of Trustees made some strategic changes in the endowment spending policy that helped maintain a reasonable annual drawdown from the endowment. This enhanced Virginia Wesleyan’s ability to continue the support of key areas such as scholarships, funds for academic and athletic programs, and professorships. The College was also able to increase the financial aid budget to meet the rising financial needs of students. In 2009, 54% of the endowment draw was allocated to fund scholarships.
“We are extremely fortunate to have such a distinguished group of Board members managing our endowment,” said President Billy Greer. “This strategic management ensures our donors that their critical financial investments in the College are being handled in the most responsible way for a strong, long-term future.”
The endowment’s total value is affected by several factors each year, including investment returns, new contributions, and the annual payout for College programs.
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