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In 2001, USAO hired its first full-time Executive Director to
manage the day-to-day operations of its growing Foundation. The
start-up costs associated with increases in personnel and
materials necessitated a financial decision to impose temporary
fees. Among the best practices for underwriting the inevitable
need for operating support for a growing foundation are
administrative fees on gifts and endowment management fees.
Consequently, in March of 2001, the board of trustees adopted a
retroactive management fee calculated at 2.5 percent of the
endowment fund balances as of December 31, 2000. This
assessment made available to the General Fund a one-time sum of
$85,803.29 to support the foundation.
Additionally, a temporary management fee policy was put into
place that assesses:
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A five percent, one-time fee on all new endowment accounts or
additions to existing endowment accounts in the amount of
$5,000 or more; and
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One percent of USAO
Foundation Financial Statements annual earnings on investments and mineral
holdings.
By providing for additional resources in 2001, the USAO
Foundation took responsible steps in assuring its future
effectiveness in serving the students of the university.
The Board of Trustees then felt the USAO Foundation had matured
sufficiently to reduce the fee structure. Therefore, beginning
in FY 2003-04, the five percent assessment on new endowments or
additions to existing endowments in the amount of $5,000 or more
was reduced to two percent.
For additional information about the financial status of the
USAO Foundation contact:
Kay
Pearson, Secretary to the V.P. of University Advancement
1727 West Alabama,
Chickasha, OK. 73018
Phone: 405-574-1324; Email:
kpearson@usao.edu
You may also contact Mike Coponiti, Chief Financial Officer,
405-574-1333
mcoponiti@usao.edu
Click here to view the USAO
Foundation IRS 990 form
Click here to view USAO's Fund
Balances as of January 31, 2007
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