Faculty Senate Meeting April 3 2013 2 MISSION STATEMENT The George Mason University Foundation was established in 1966 to advance and further the aims and purposes of George Mason University ID: 548950
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GEORGE MASON UNIVERSITY FOUNDATION
Faculty Senate MeetingApril 3, 2013Slide2
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MISSION STATEMENTThe George Mason University Foundation was established in 1966 to advance and further the aims and purposes of George Mason University.
It is a 501(c)(3) non-private foundation and a private corporation organized and operated exclusively for the benefit of George Mason University. The Foundation is made of up to forty (40) external trustees who can serve as many as three (3) consecutive three (3) year terms (nine years total) who are called the Board of Trustees (BOT).
The Foundation attempts to recruit Trustees who are experts in the areas of real estate, investments, financial management, audit, and fundraising as current Trustees’ terms expire. The Foundation assists Mason in generating and administering private support, in the acquisition, management, and development of Mason’s auxiliary efforts, real property, and other assets that provide strategic support to Mason
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George Mason University Foundation, Inc.Slide3
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George Mason University Foundation, Inc.
“
The Foundation is here to help the University meet its aspirations.”
Manage private resources and propertiesManage endowment on behalf of the UniversityServe as private partner for PPEAs - Private Public Enterprise Act: Housing VI (Potomac Heights)
Retain private property for current & future University needs: GMUF Arlington Project – Fairfax properties
Broadlands – Loudoun County propertySlide4
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George Mason University Foundation, Inc.Purpose Continued
Assist with presidential compensation
Help support University development through funding of development services
Provide services to advance developmentSupport the aspirations of George Mason UniversitySlide5
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George Mason University Foundation, Inc.Organizational StructureSlide6
George Mason University Foundation, Inc.
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George Mason University
Foundation, Inc.Balance Sheet (millions)FY 10
FY 11
FY 12
Assets243.3283.0328.0
Liabilities
122.6
150.0
199.1
Net Assets:
Total Unrestricted
(1.1)
11.5
9.8
Temporarily Restricted
71.7
66.8
60.5
Permanently Restricted
57.1
62.8
70.1
GMUF Real Estate LLCs
(7.0)
(8.1)
(11.5)
Total Net Assets
120.7
133.0
128.9
Total Net Assets & Liabilities
243.3
283.0
328.0Slide9
George Mason University
Foundation, Inc.Balance Sheet (millions)FY 10
FY 11
FY 12
Net Assets:Unrestricted - General1.0
2.2
1.3
Unrestricted – Due to UPMIFA
(5.0)
(0.8)
(4.5)
Unrestricted – Broadlands Land
2.9
10.1
13.0
Total Unrestricted
(1.1)
11.5
9.8
Temporarily Restricted - General
67.5
62.6
56.3
Temporarily Restricted - Property
4.2
4.2
4.2
Total Temporarily Restricted
71.7
66.8
60.5
Permanently Restricted
57.1
62.8
70.1
GMUF Real Estate LLCs
(7.0)
(8.1)
(11.5)
Total Net Assets
120.7
133.0
128.9Slide10
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George Mason University Foundation, Inc.George Mason University Foundation, Inc. Revenue Sources Budgeted for Fiscal 2012-13
Endowment Fund Management Fee (1.75%)
910,000
Restricted Fund Gift Fee (3.0%)
582,000
Real Estate Management Fees:
Housing VI
50,000
GMUF Arlington Campus LLC
0
Mason Administration LLC
50,900
Prince William Housing LLC
8,900
Prince William Life Sciences Lab LLC
17,100
Earned Investment Income
2,092,000
Net Unrestricted Real Estate Income
(18,855)
In-Kind Rent Revenue
93,400
Unrestricted Contributions
250,000
Total Budgeted Unrestricted Revenue Sources
4,035,445Slide11
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George Mason University Foundation, Inc.George Mason University Foundation, Inc. Operating Expenses Budgeted for Fiscal 2012-13
Foundation Operations
1,188,500
Accounting & Legal
177,000
Insurance
13,900
Investment Advisory Fees
150,000
In-Kind Rent Expense
93,400
Depreciation
80,000
Total Budgeted Foundation Operating Expenses for Fiscal 2012-13
1,702,800
Net funds available for University Support
2,332,645
Program Benefits to George Mason University
1,427,000
Development Research & Computer Services
353,600
University Development Programs
547,700
Total Funds Committed to University Program Support
2,328,300
Total Budgeted Unrestricted Expenses for Fiscal 2012-13
4,031,100
Budgeted Net Gain Fiscal 2012-13
4,345Slide12
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George Mason University Foundation, Inc. Real Estate Holdings
Assessed
DebtMason Administrative Building – University Hall N/A 31,292,041Potomac Heights - Housing VI N/A 21,925,000 Commerce Building 1 (4085 University Drive) 3,821,700 1,111,334
Commerce Building 2 (4087 University Drive) 4,291,600 1,309,783
Mathy
House (President’s Residence) 1,202,620 0
Mathy
Lodge 1,163,320 0
University Park Commercial (4260 Chain Bridge Road) 2,622,600 954,529
University Park
Apts
(4262, 4264, 4266 Chain Bridge Road) 7,883,300 1,444,354
10716 Kelley Drive (GMU Student Housing Leases) 441,450 0
10720 Kelley Drive (Capital Connection Leases) 439,230 0
Shirley Gate Park (11333 Crescent Drive in Shirley Gate Park) 17,000 0
Allman
Land (in Alexandria between railroad tracks and I-95) 24,000 0
Broadlands Land (Loudoun County) 12,088,000 0
3434 Washington Blvd, Arlington 82,183,200 65,624,234
Prince William Housing LLC N/A 15,625,000
Prince William Life Sciences Lab LLC
N/A
33,210,000
TOTAL
$116,178,020 $172,496,275
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George Mason University Foundation, Inc. Restricted Real Estate Holdings with Gift Basis
Point of View Estate (Gift from Lynch family) $4,000,000
10569 Assembly Drive (Gift from James Buchanan)
168,500 TOTAL $4,168,500 Slide14
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George Mason University Foundation, Inc.
Thank You!!Slide15
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George Mason University Foundation, Inc. 2012-13 Objectives
1) Work to help alumni participation
Working with board members to create alumni interest within their firms
CGI – Michael WapleBaker Tilly Virchow Krause LLP – John Niehoff
Seeking targets of opportunity to host alumni gatherings in the local community and discuss the importance of participating in the annual fund and alumni activities
Working with alumni board members to gain participation from their network of Mason Alumni
2) Work with the Foundation board and the broader community to increase private support for Student Scholarship money
Include the importance of student financial aid in communication materials to board members, in every board meeting and whenever possible in the broader community
Work to improve communication with donors that have created endowments with the hope that they will increase endowment giving or start new endowments
Manage the investment advisors to get the Foundation endowment competitive with other University endowment funds – It is NOT currentlySlide17
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George Mason University Foundation, Inc. 2012-13 Objectives (Continued)
3) Improve Communication across the board
Get contact reports and activities recorded in advance
Improve the recently created Foundation ledger e-update for the Board of Trustees to distribute at least quarterlyWork more closely with development officers across campus to assist with cultivation and stewardship activitiesEducate the D&D as well as the BOV as to the activities of the Foundation and the financial picture that the Foundation is working with
Ensure that Foundation leadership is on the same sheet of music with University Development and Alumni Affairs staff
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) Support MIPP, Other business opportunities
Need to assist efforts to generate revenue from sources other than gifts
Continue to help Mason with broad real estate strategy where non-educational revenue activities can enhance cash flows to the enterpriseSlide18
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George Mason University Foundation, Inc. 2012-13 Objectives (Continued)
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) Real Estate Issues
CommerceMason has approved test fitLOI has been drafted and Mason has accepted the terms and structureCapital Lease needs to be approved by the General Assembly in short session in SP 2013
ArlingtonSignificant lease and financing risk exists 4 years out
HIS is close to finalizing a lease with GMUF for 10 years in the vacant retail space
John is working with SRA and Mason on a possible space contraction for SRA opening space up for Mason
Continue to help Mason with broad real estate strategy where non-educational revenue activities can enhance cash flows to the enterpriseSlide19
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George Mason University Foundation, Inc. 2012-13 Objectives (Continued)
6) Governance/Management
Nominating & Governance
New participation rule for trustees added to by-lawsExpand allowable board size to 50 (NOTE: not to deploy now)Expand Board educational opportunitiesBoard Activities
Invite Board to “Arts By George”
Invite Board to a reception prior to a basketball game
Piggyback on a Mason Event in the Spring and have a reception for the board with spouses
Encourage increased participation at Alumni/Mason events already planned