UTC NEWS RELEASE
Thursday, September 23, 1999
UC Foundation Endowment Tops $100 Million
CHATTANOOGA - The University of Tennessee at Chattanooga enjoyed a record $7.4 million in private gift support in 1999, boosting the endowment held for its foundation to over $100 million.
"This surpasses a high of several years ago when we received a land gift south of our McCallie Avenue border valued in excess of $3 million," said Margaret Kelley, Vice Chancellor for Development.
The $100 million endowment held by the University of Chattanooga Foundation, which is chaired by Chattanooga businessman Joe Decosimo, has given UTC a national ranking in student per capita endowment funds.
The UC Foundation was established in 1969 when the private University of Chattanooga merged with Chattanooga City College and joined the University of Tennessee system of statewide campuses. At that time the endowment was $6 million.
"The Foundation has supported academic initiatives and educational excellence -- ranging from the Guerry Professorships for top faculty, to funding for the finest in arts and entertainment through the Patten Fines Arts Series. It has supported equipment grants and loans for academic departments and provided matching funds for chairs of excellence. It has also worked to secure the brightest and most qualified students through scholarships and honors programs," said Kelley.
Among the key gifts and pledges for UTC's 1999 fiscal year were:
Toby and Brenda McKenzie - $667,573, for the Joseph and Rachel Decosimo scholarships in business and the Toby and Brenda McKenzie scholarships in education;
McKee Foods - $500,000 for the O.D. McKee Chair of Excellence in Dyslexic Studies;
Hamico Foundation - $400,000 for the Alexander and Charlotte Guerry Professorships;
Benwood Foundation, $250,000 for the Deans' Merit Scholarships;
Clarence Harris Foundation - $200,000 for the College of Business;
Parkridge Medical Center - $200,000 for Athletic Training Programs;
Nichimen Graphics - $184,000 for software site licenses for the College of Engineering and Computer Science;
Bryan and Kathy Patten - $155,713 for athletics;
Leland Davenport - $104,531 for athletics.
"I continue to be amazed by the generosity of UTC's friends and alumni," said UTC Chancellor Bill Stacy. "The financial progress of the Foundation, as well as the generosity of our donors, serve as outstanding examples of the public and private partnerships that support our efforts for academic excellence and accessibility."
UT System Also Sets Record in Annual Giving
The University of Tennessee system also reported a record year in annual giving, with $82.3 million in contributions last year. The money represents actual dollars received by UT in the 1998-99 fiscal year and does not include pledges.
"For a university that received virtually no increase in state funding, the gift funds help recruit and retain students and faculty and provide a quality boost to other programs," said UT President J. Wade Gilley.
"One of my most pleasant discoveries at UT is the depth of affection its graduates and friends have for their university," said Gilley, who assumed the UT presidency Aug. 1.
Gilley said there is another message in the record totals. "Donors are doing their share, so are students through their tuition and so are faculty through their continued commitments to quality," Gilley said. "But state funds for very basic services are being cut."
Totals in annual giving for UT units are: UT-Knoxville, $42.6 million; UT-Martin, $3.1 million; UT-Memphis, $12 million; UT-Chattanooga, $7.4 million; UT Medical Center in Knoxville, $3.5 million; UT Space Institute, $914,000; UT Agriculture Institute, $5.2 million; Institute for Public Service and Continuing Education, $466,000; General university gifts, $7.2 million.
The above list totals more than $82 million because some gifts to agriculture are counted both by the Institute of Agriculture and UT-Knoxville's College of Agricultural Science and Natural Resources.
"Immediately following a major campaign, there is usually a slight drop in private giving totals," Jack Williams, UT vice president for development and alumni affairs, said. "These record totals are a tribute to our alumni, friends and the volunteers who work on the university's behalf to raise this money."
UT's five-year, 21st Century Campaign ended last October after raising $434 million system-wide. The original campaign goal was $250 million.
Last updated: September 23, 1999.
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