Wayne State University endowment grows to $277 million
October 1, 2013
DETROIT - Wayne State University's endowment grew to $277 million during the endowment reporting period ending June 30, 2013. The university's annualized investment return was a strong 10.5 percent. Wayne State's rate of investment return was 8.7 percent during the past three years and 5.0 percent during the past five years.
Wayne State's endowment provides annual income to support university programs and initiatives in accordance with donor-specified terms. Although some of the endowment is unrestricted, most of it is designated for a specific purpose. Nearly two-thirds of the endowment supports students and faculty.
"I am very pleased with this year's endowment performance, which supports Wayne State's commitment to excellence," said President M. Roy Wilson. "As the endowment grows in value, it provides the university with greater financial flexibility to pursue key goals."
The Wayne State University Foundation Investment Committee is responsible for managing endowment investments with assistance from university staff and an external advisor, NEPC, Inc. The committee has designed an investment policy to grow the endowment and protect the purchasing power of its assets over time.
"This year's endowment growth was in part the result of a strategic investment policy to protect donor-invested assets and support the long-term strength of the university," said Paul Glantz, chair of the Wayne State University Foundation Investment Committee. "Wayne State's policy ensures a diversified portfolio through carefully managed asset allocation and a mix of investment managers."
Each quarter, Wayne State distributes a portion of investment earnings to support designated programs and initiatives. In June 2013, the Board of Governors approved a change in the distribution rate from 5.0 percent to 4.5 percent. The new rate, effective October 2013, will better protect the value of endowment assets over the long term, ensuring a balanced commitment to both current and future funding needs.
For more information on supporting the future of Wayne State University through an endowed gift, visit http://giving.wayne.edu/gifts/endowed.php.
Wayne State University is a premier urban research institution offering more than 370 academic programs through 13 schools and colleges to nearly 29,000 students.
Contact: Jennifer Harte
Phone: (313) 577-8758