| News from Arkansas State University For Release: November 11, 2002 |
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| News from Arkansas State University For Release: November 11, 2002 |
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University Communications Office Jonesboro, Arkansas Staff: Tom Moore Straley Snipes Sherdonna Bragg 870-972-3056 fax 870-972-3069 Send mail: ASUnews@astate.edu Links: List of News/Announcements Upcoming Public Events About ASU ASU Home Page |
ASU
Foundation Inc. board members hear progress in private support for ASU The Arkansas State University Foundation Inc. recorded more than $4.4 million in private support to the university during the fiscal year which ended June 30. During the Foundation’s recent meeting, the board of directors reviewed the annual report which showed the Foundation’s net assets as of June 30 have grown to $22.7 million, an increase of 5.3 percent from the previous year. Philip Jackson, secretary-treasurer, reported that 6,259 donors made contributions during the fiscal year, an increase of 11 percent, despite an economy left weakened in the wake of the Sept. 11, terrorist attacks. Jackson also noted that the Foundation recently recorded its best first quarter ever. Contributions from July 1 through Sept. 30 totaled $1.26 million. Jim Goad and Barbara Widner of Jonesboro, certified public accountants, presented the Foundation’s audit report for the last fiscal year. The report revealed no audit exceptions and reflects sound fiscal management. During the Board’s annual reorganization, members elected Mike Gibson of Osceola as chair and Marilyn Hummelstein of Jonesboro to serve as vice chair. Steve Owens of Jonesboro will continue as president, in addition to serving as vice president for university advancement, and Philip Jackson of Jonesboro will continue as secretary-treasurer. New and re-appointed board members include Steve Edwards of Marianna, Cathy Eoff-Tiratto of Beebe, Danny Ford of Rector, Dr. Mike Fullington of Jonesboro, Jim Gowen Sr. of Newport, Dick Herget of Heber Springs, Aaron Lubin of Little Rock, Garry Meadows of Jonesboro, Mrs. Velmar S. Richmond of Jonesboro, Richard Sheid of Mountain Home, and Don Winton of Little Rock. The outgoing Board chair, Sherland Hamilton of Rector, was recognized for his service with a plaque of appreciation from the Board. Members of the board expressed their continuing support for Dr. Les Wyatt, president, and the quality leadership he is providing at Arkansas State University. The board voted to fund the fourth year of a deferred compensation package for Dr. Wyatt. The plan, which began in 1999, is supported from the Foundation’s unrestricted funds. "The Foundation’s purpose is to assist and promote every aspect of the University," Gibson stated. "Insuring that ASU has top quality leadership is, and always should be, a priority of the ASU Foundation. The success the university has enjoyed in recent years is due largely to Dr. Wyatt’s leadership ability and his dedication to the university’s progress." The deferred compensation plan, which is based on years of service to ASU, provides for $100,000 annually, payable to President Wyatt upon completion of a five-year commitment to serve as president. Dr. Wyatt and representatives of the other ASU campuses in Beebe, Mountain Home, Newport, Heber Springs and Marked Tree also reported on projects and new programs at their respective locations. The ASU Foundation is a non-profit corporation, organized under Internal Revenue Service code. Its primary mission is providing financial support for the university, especially with particular needs where other funding is not adequate. The Foundation invests and manages various endowment funds, which generate interest income for the benefit of all the ASU campuses. # # # |
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