Baruch College Fund Annual Report

Transcription

1 2012 Baruch College Fund Annual Report

2 a letter FROM ThE Baruch College Fund President We have made significant progress on the Baruch Means Business Campaign and expect to exceed its $150 million goal. As President of the Baruch College Fund (BCF), I join with all of my colleagues in thanking you for your support of Baruch College. Without you, Baruch s extraordinary success would not be possible. This success can best be measured by the status of our students and alumni. It is part of our mission to offer a world class education to all. The Educational Trust did a study of all the four year colleges in the country and concluded that only five colleges did right by economically disadvantaged students. Of those five schools, Baruch had the highest graduation rates, the highest percentage of Pell Grant eligible students, and was deemed the most racially diverse. What happens on our campus is not replicated elsewhere: You truly make something unique happen for which we can all be proud. This has been an extraordinary year for the BCF. In spite of the continuing economic turmoil and flat market performance, we have made significant progress on the Baruch Means Business Campaign and expect to exceed its $150 million goal. Among the highlights is the naming of the Sandra Kahn Wasserman Jewish Studies Center, an extraordinary $7 million endowment gift by Mildred Weissman to further the stature of the Weissman School of Arts and Sciences, additional support from the Petrie Foundation for the Student Emergency Fund in response to Hurricane Sandy, and many new scholarships. We have set the stage for future growth with a record setting donor participation, led in part by a challenge grant from Allen Aaronson, recordsetting online giving, and continued growth in the17 Lex Society. The importance of planned gifts bequests, annuities, and trusts remain critical as they exceeded $1 million for the third time in the past five years. As always, unrestricted giving remains the lifeblood of the college since such gifts can be used where they are most useful as determined by the administration, such as for scholarships, faculty support, etc. We are very grateful to those who provide unrestricted funds by supporting The Bernard Baruch Dinner, the annual fund and direct support. As you read this on the threshold of completing a $150 million campaign, we look forward to celebrating this success in next year s report. With sincere thanks for your ongoing support, Joel J. Cohen 59 President, The Baruch College Fund

3 The Baruch College Fund STATEMENT OF FINANCIAL POSITION ( as of june 30, 2012 ) ASSETS Unrestricted Temporarily Permanently June 30, 2012 June 30, 2011 Cash Investments Annuity interests Beneficial interest in Remainder Trust Contributions receivable Proceeds from art sales receivable Prepaid expenses and other assets Artwork $938,573 2,762,246 3,403, ,552 22,257,063 4,081,511 4,583,152 10,462,789 32,793 79,409,082 3,974,122 $938, ,428,391 4,081,511 4,583,152 17,840, ,345 $2,097, ,915,128 2,326,883 4,583,152 20,691, , ,848 Totals 7,736,032 41,417, ,536, ,642,520 LIABILITIES AND NET ASSETS Liabilities: Accounts payable and accrued expenses Annuity obligations Total liabilities 467, ,242 2,129,491 2,129, ,242 2,129,491 2,596, ,880 1,239,048 1,773,928 Net assets: Unrestricted Temporary restricted Permanently restricted Total net assets Totals 7,268,790 7,268,790 $7,736,032 39,287,817 39,287,817 $41,417,308 7,268,790 39,287, ,939,811 $132,536,544 7,640,423 46,899,404 82,328, ,868,592 $138,642,520

4 The Baruch College Fund STATEMENT OF ACTIvities ( as of june 30, 2012 ) Unrestricted Temporarily Permanently June 30, 2012 June 30, 2011 Revenue, gains and other support Contributions: Individuals, corporations, foundations Donated software Annual fund raising dinner Proceeds from art sales Totals $2,074, ,151 2,835,357 $4,009, ,000 4,809,646 $1,054,439 1,054,439 $7,138, , ,151 8,699,442 8,966, , ,166 10,300,577 Investment return Change in value of splitinterest agreements Income from exchange transactions Net assets released from restrictions Total revenue, gains and other support 904,556 8,988,563 12,728,476 (3,216,056) (216,614) (8,988,563) (7,611,587) 1,054,439 (2,311,500) (216,614) 6,171,328 15,373, ,603 25,900,764 Expenses: Program services: Scholarships and awards Payments to and for Baruch College of the City University of New York Total program services 2,534,820 8,241,971 10,776,791 2,534,820 8,241,971 10,776,791 2,199,783 8,713,191 10,912,974 Supporting services: Management and general Fundraising Total supporting services Total expenses 678,001 1,645,317 2,323,318 13,100, ,001 1,645,317 2,323,318 13,100, ,019 1,565,230 2,209,249 13,122,223 Change in net assets (371,633) (7,611,587) 1,054,439 (6,928,781) 12,778,541 Net assets, beginning of year 7,640,423 46,899,404 82,328, ,868, ,090,051 Net assets, end of period $7,268,790 $39,287,817 $ 129,939, ,868,592

5 BaRUCh COllEgE FUnd assets (IN MILLIONS) $68.2 $68.5 $78.5 $85.3 $102.3 $134.7 $142.7 $119.3 $125.8 $138.6 $ how ThE COllEgE IS FUndEd 59.1% Tuition & Fees 23.5% State Appropriations 7% Philanthropy 8.6% Auxiliary Activities 1.9% Scholarly Research Grants Philanthropy 1.9% 8.6% 7% 23.5% 59.1% Total funding from all sources: $205.5 million

6 The Baruch College Fund Members (As of December 31, 2012) Members of the Baruch College Fund generously give their time to expand the fund s size and reach. President, Baruch College Mitchel B. Wallerstein Vice President for College Advancement Mark Gibbel The Baruch College Fund OFFICERS President Joel J. Cohen 59 Chairman Lawrence Zicklin 57, LHD (Hon.) 99 Vice President Daniel Clivner 85 Treasurer Joseph M. Leone 75 Secretary Joanne M. Hvala MBA 88 TRUSTEES William H. Abrams Nathan Adler 60 William F. Aldinger III 69, LHD (Hon.) 05 Marvin Antonowsky 49, MBA 52 Robert J. Aquilina Walter H. Barandiaran 79 Max W. Berger 68 Marc L. Berman 67 Debra Bernstein Kevin J. Boyle MBA 90 Anthony R. Chan 79 Charles R. Dreifus 66, MBA 73 Irwin Engelman 55, LLD (Hon.) 00 Irwin R. Ettinger 58 Caroline Fernandez 10 Lawrence N. Field 52, DCS (Hon.) 04 Hortense L. Ford 85 (ExOfficio) Dov Gertzulin 01 John G. Grifonetti 90 William F. Harnisch 68, DCS (Hon.) 11 Peter S. Jonas 60 Martin E. Kaplan 59 Barbara N. Kent 59 Paul M. Koren 55, MBA 66 David Krell MBA 71 Marilyn E. LaMarcheMandell 55 Bernard L. Laterman 52 Devorah Lebovic 12 Luz D. Liebeskind 85 Mark Martinelli Richard S. Merians 55 Helen J. Mills Joseph S. Pignatelli, Jr. MS 99 M. Freddie Reiss 67, MBA 00 Stan Ross 56, LLD (Hon.) 99 Michael I. Roth 67 Dov C. Schlein 70, MBA 75 Robert H. Schnell 61 Martin D. Shafiroff 63 Stuart A. Shikiar 68 Leon V. Shivamber 84 Lawrence J. Simon 65 Howard I. Smith 65 Stuart Subotnick 62, LLD (Hon.) 97 Vikram A. Varma 11 Sandra K. Wasserman 55 TRUSTEE EMERITI Victor B. Besso 47 * Abraham J. Briloff 37, MS Ed 41 Robert A. Friedman MBA 67 Morton E. Kaner 50 Burton Kossoff 46 * Eli Mason 40, LHD (Hon.) 78* Bert N. Mitchell 63, MBA 68, LLD (Hon.) 88 William Newman 47, LLD (Hon.) 97 Bernard K. Richards 49 Bernard L. Schwartz 48 Aaron Shapiro 49, LHD (Hon.) 89 * Carl Spielvogel 52, LLD (Hon.) 84 Bert Wasserman 54 * George Weissman 39, LLD (Hon.) 82* *deceased