JMU Foundation - 50 year anniversary

THE JAMES MADISON UNIVERSITY

FOUNDATION

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photo courtesy of JMU Creative Media 2

JMU Foundation—50 Years

THE FOUNDATION

of a UNIVERSITY

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THE JAMES MADISON UNIVERSITY FOUNDATION MARKS A HALF CENTURY

n August 1969, as he neared retirement as president of Madison College, G. Tyler Miller convened a small group in Gibbons Hall to initiate the Madison College Foundation.

The foundation’s purpose would be straightforward: to “promote the welfare, efficiency, service to the public and objectives of Madison College and to encourage private gifts of money, securities, land, or other property of whatever character for such purposes,” as its

founding document stated. Before the meeting adjourned, the group set in motion an independent organization that would fulfill an important role in the life of a small women’s college that was itself sitting on the cusp of a transformation into a prominent regional university.

Starting with hope In the beginning the foundation had no assets and little more than hope that it could accomplish its mission. What it did have was buy-in. In choosing the early board members, Miller had selected representatives of every pertinent constituency. English Professor Louis Locke represented the faculty; Mary Willis of the Class of 1928 represented alumni; Martinsville banker Charles Broun represented the board of visitors; and Col. Adolph Phillips, the college’s business manager, represented the administration, along with Miller.

Even before the first meeting, Ray V. Sonner, then the college’s director of public services and an early advocate for the concept of a foundation, was working behind the scenes.

He understood that, going forward, private funds would be critical in the growth of the college. Other Virginia universities had significant head starts, and Madison — with

the help of the new foundation — had lots of catching up to do. Sonner and former Virginia Congressman Burr Harrison, a member of the board of visitors, had secured from the state corporation commission the initial articles of incorporation, dated May 22, 1969.

Before the end of that year, the foundation received its first gift, $2,626 from the Piedmont Trust Fund. Though small, the gift started the proverbial ball rolling. While the fledgling foundation’s resources were limited, its ambitions were not. The new foundation would run alongside Madison College as a partner in essence, supporting, assisting and growing the soon-to-be-minted James Madison University.

Over the course of the next 50 years, the foundation would grow through the acquisition and sale of property, through contributions made to the university, and through carefully managed assets into an organization with assets exceeding $167 million.

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Expanding the Madison campus In the foundation’s early years, according to former foundation board chairman Wallace Chandler, “We didn’t do much because we didn’t have much.” Chandler, a Richmond attorney and husband of a Madison alumna, had joined the foundation in 1978 following 10 years on the board of visitors.

Nevertheless, from a springboard created by growing enthusiasm on campus, in the community and among alumni — all fanned by the new Carrier administration — the foundation began to grow. Despite limited resources at the outset, the foundation made significant contributions right out of the gate.

The foundation’s first action came in 1970 when it purchased a parcel of land adjacent to the campus. The 19.201 acres of land between Interstate 81 to the east and the C&W railroad to the west was owned by local developer Page P. Price. For the sum of $96,000, the foundation executed its “first substantive act of support,” signaling the foundation’s determination to play a part in Madison’s success. The land, after being deeded to the college, eventually became a village of residence halls.

The young foundation was only getting started. Over the next five decades real estate investments would add more than 137 acres of land to the university’s footprint.

After the arrival of President Ronald E. Carrier, the foundation agreed to build a new home for the president

and his family. To that end, the board secured a building loan, but when a local home owned by the widow of Marvin Poster of Marval Poultry, the valley’s largest poultry processor, became available, their plans changed. Surrounded by a serpentine wall and located less than a mile from campus, “Oakview” in the Forest Hills neighborhood was ideal for a president’s home. The foundation purchased the property from Mrs. Poster and eventually gave it to the college.

Near the end of the first decade, the foundation purchased another key parcel of land — approximately 7.3 acres — from Frank and Lucille Wolff. The property was located west of the C&W railroad tracks along what is now Martin Luther King Boulevard. Most importantly, it was contiguous to campus and would become JMU’s Hillside area. Along with the Price property, these strategic purchases enlarged the campus by more than 26 acres.

Throughout the 1980s and 1990s, the foundation continued to purchase, hold, rent and then convey or sell properties to the university.

Some campus expansion came in the form of gifts. In 1978, the foundation accepted a gift of land from Rocco Chickens Inc. Today, the 15.867-acre parcel, adjacent to the south end of campus, is used for additional parking and a golf practice facility.

Madison Presidents Ronald E. Carrier and G. Tyler Miller

As significant as the earlier Wolff and Price properties were, the foundation’s participation in 1988 of the optioning

HIGHLIGHTS of the

JAMES MADISON UNIVERSITY FOUNDATION

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JMU Foundation—50 Years

A HOME OF ITS OWN

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or most of its history, the foundation was located in university-owned offices. During the

first years its office was in Col. Phillips office in Wilson Hall and then in Alumnae Hall. After the Carrier family moved to Oakview in 1978, their former home, Hillcrest, was renovated, and the foundation moved in, headquartering there throughout the 1980s. The office moved to Sonner Hall in 1990, which was an especially appropriate location since the building had been named to honor

and purchase of two tracts of land totaling 110 acres on the east side of Interstate 81 was perhaps the most significant.

The acreage (the Deyerle/Davis property), purchased and sold to the university, would become the East Campus.

Later, at the university’s request, the foundation purchased a right-of-way to what is now University Boulevard. The acquisition was strategic because it provided access to the soon-to-open Convocation Center and to university‑owned land that would eventually become the Edith J. Carrier Arboretum.

1969 -1974

one of the foundation’s most important players. In 1995, the foundation left campus when it relocated to downtown Harrisonburg’s One Court Square, the former Joseph Ney’s department store. Two years later, the office moved across Court Square to another downtown property, the Denton Building. In 2008, the foundation purchased property at 1320 South Main St. and after renovating the building, the staff moved into its first foundation-owned offices.

The East Campus expanded again several decades later when the foundation facilitated the acquisition of two key real estate parcels at the northeast edge of campus. Blue Ridge Hall and the Ron Martin property were bought and sold to the university. In 2018, both properties were razed to make way for the construction of a new sports arena and parking deck.

As the university’s population grew, so did the need for classroom space. When the old Harrisonburg High School — originally designed by the architect of JMU’s quad — was vacated by the city, the foundation rented and then bought it. The building was later sold to JMU

• Madison College Foundation established on May 22, 1969

• G. Tyler Miller becomes chairman

• Purchases 19.201 of land from Page Price and gives to college

• First meeting held August 13

• First gift to the Foundation — Piedmont Trust Fund

• Charles Broun elected president

• Accepts first privately endowed scholarship — Lucy Copenhaver Gunter Memorial Scholarship

• Establishes three new funds: Kiosk, Alumni and Elsie Wigley Memorial • Madison President Ronald E. Carrier replaces Miller on the board

JMU Foundation—50 Years

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“WITHOUT RAY SONNER, THERE WOULD BE NO JMU FOUNDATION”

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photo courtesy of E. Clorisa Phillips

ew people have had a greater influence on the JMU Foundation than Ray V. Sonner.

Sonner first came to Madison in the early 1960s as an assistant to President Miller. He left that role to take over as superintendent of Harrisonburg City Schools during a critical time in its history. Following the Supreme Court’s Brown vs. Board of Education decision, Sonner, with a firm and even hand, led the city through a successful integration of schools. He returned to Madison, first as a director of public services and later as vice president for university relations and senior vice president. Sonner was an

and today Memorial Hall houses numerous university departments.

In addition to Memorial Hall, other properties west of Main Street, including the Hughes Pharmacy building and several smaller lots, added strategic real estate to the growing campus. Once sold to JMU, these properties were used variously, for offices and new construction — most notably the Forbes Center for the Performing Arts.

• Increases number of board members from 5 to 15 • Russell M. “Buck” Weaver Sr. elected board president • Ray Sonner becomes executive director

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JMU Foundation—50 Years

early proponent for a foundation— and very likely the first to suggest the idea to Miller. Long an advocate of higher education, he knew that Madison was behind in its efforts to solicit private support. His roles at the foundation over three decades—secretary, chairman, executive director and president—speak to his constant attention to the business of the foundation. In 2001, foundation President Jim Richardson wrote of his predecessor: “… without Ray Sonner, there would be no JMU Foundation to help sustain these traditions and the student and faculty members who benefit from them.”

In 2001, at the university’s request, the foundation provided earnest monies to extend the original closing date in order for the university to purchase the Howard Johnson property across the interstate from JMU’s southernmost corner. The property had been used by the university for multiple purposes over more than a decade to house several bigger-than-anticipated freshman classes.

1975 -1979 • Purchases Oakview as president’s home

• Name changes to James Madison University Foundation • Awards first faculty grant for research to Andrew Kohen

• Receives land adjacent to the university from Rocco Chickens Inc., and deeds to JMU • Establishes a $25,000 student loan fund • Purchases acreage adjacent to campus from Frank and Lucille Wolff

Growing the foundation In the early decades, the foundation grew mostly through contributions. By the 1990s, however, the foundation began to acknowledge the need to bolster its own assets to make it stronger and more financially able to assist the university.

One idea, to build and sell real estate, grew out of the opportunity to purchase a parcel of land from board member Fred O. Funkhouser. The property on South Main Street was an ideal location for such development.

With that goal in mind, the foundation established a separate real estate foundation to manage the project. In the end, however, the board foresaw too many difficulties and challenges. Eventually the land was sold at a profit.

Growth of the foundation’s assets was also fueled by numerous gifts of land and property which, when conveyed to the university, funded scholarships, endowments and programs. Acting on the university’s behalf, the foundation managed gifts, deeds, sales and proceeds that began to generate profits for its own growth.

Some gifts of real estate were neither contiguous to nor near the campus and were often given by donors for the purpose of funding scholarships, specific projects or the endowment. These gifts

• Sells the Wolff property to JMU; becomes Hillside area • Establishes first “Outstanding Teacher Award”

With its burgeoning resources, in 1999 the foundation helped the Alumni Association build a new alumni center on campus. Working with the Bridgewater IDA, the board approved a loan based on a $1 million gift from JMU alumni Steve and Dee Dee Leeolou.

In the new millennium, with accumulating resources and flexibility as an independent agency, the foundation continued to take advantage of opportunities. One of these, the First Bank property on the corner of South High Street and Grace Street, was purchased by the foundation in 2010 and rented back to the university, benefitting both. Another property along Grace Street and one block closer to campus had been targeted by the university for future student housing. The board acquired it for $5,800,000 from local developer Barry Kelley and subsequently sold the property to the university, agreeing to fund the cost of demolition ahead of the construction of Forbes Center for the Performing Arts; new student housing.

“In the early decades, the foundation grew mostly through contributions.”

photo courtesy of JMU Creative Media

1980 -1984 • Purchases right-of-way to connect campus to Reservoir Street

included timeshares and lots east of Harrisonburg in Massanutten Village, real estate in the northern Shenandoah Valley, and property in southern, northern and central Virginia. One large gift of land along the expanding Port Republic Rd. corridor, a donation of land by the Forbes family, would fulfill their pledge toward the construction of the new performing arts center.

• Horizon Fund Campaign created to help endow student financial aid and supplement faculty salaries

1985 -1989

• Mary Willis elected president, first and only woman to hold that position • Wallace Chandler elected president after Willis’ death • Tom Schaeffer hired as assistant treasurer

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Throughout its history, the foundation’s ability to act independently and to respond quickly to opportunities that arose meant that the university had a ready partner. Without the burden of bureaucratic regulations incumbent on the university, the foundation acting in concert with JMU fulfilled an essential role in the university’s plans and, in doing so, executed its own mission.

Managing growth Foundation assets grew slowly but surely for most of the 1970s and 1980s. By the end of the first decade, assets totaled $1,423,441. While growth was steady, it was relatively flat until the latter part of the 1990s when it began to trend upward.

Around the same time, the foundation also recognized the necessity of using professional money management. The foundation hired its first investment firm, Northern Trust Global Investment, in 2000 to manage some of its assets, which by 2003 reached $43 million in total assets with an endowment of more than $24 million.

“Throughout its history, the foundation’s ability to... respond quickly to opportunities that arose meant that the university had a ready partner.”

By 1985, the foundation had already bought or optioned more than a dozen properties, handled even more bequests and contributions and established scholarships. It had transferred funds, properties and the ownership of items as diverse as coins, scoreboards, scientific equipment and art objects. Scholarship administration had also increased, as had the number and complexity of real estate dealings. Not surprisingly, managing this assortment became challenging. By 1997, the foundation was managing a variety of some 900 funds and accounts.

Historically, when land or property conveyed to the university the foundation had generally done so at cost, leaving little or no profit to the foundation proper. That changed by 2000 as the foundation recognized its own need for to

• Provides JMU with line of credit for personal computers to faculty and students

increase staffing to manage the foundation’s assets and to reinforce its own financial position.

With the new century, however, came challenging economic times. When the U.S. economy began to contract as it headed into a recession, the board and staff faced a tough financial landscape. JMU President Linwood Rose reported to the board in 2002 that the state budget was in crisis and that the university was preparing for a 15 percent cut in funding. By March of 2003, after two years of weakness in the equities market, the foundation’s managed investments shrank from $32.8 million to $26.4 million.

In spite of the rough patch — one that was about to get worse — the foundation’s position improved by 2007 when total assets exceeded $82 million and the endowment was poised to crest $50 million for the first time. As added applause, the Wall Street Journal named the JMU Foundation the nation’s fifth best performing university endowment for that year.

• Elects Donald Lemish as executive director

• Foundation office moves to • Leases hostel in London, England, Sonner Hall for study abroad students • Purchases and transfers to JMU • Ray Sonner steps down as land which will become the East executive director but stays on as Campus secretary

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JMU Foundation—50 Years

• Approves $25,000 for the JMU Marching Royal Dukes to perform in Michigan’s Silverdome

In the midst of the continuing downturn, JMU launched the Madison Century campaign, the first in the university’s history. Despite the dismal economic outlook, the campaign, which ended with the 2008 JMU centennial celebration, exceeded its original $50 million goal by $20 million. Still there were more clouds ahead.

When the full financial crisis hit, returns from the foundation’s portfolio dropped from 18.41 percent in 2007 to negative 12.34 percent. To weather the crisis, the board reduced payout from the endowment, reduced its own budget by 12 percent, and stopped charging the customary 1 percent administrative fee on endowment assets.

Fortunately, both the economy and the foundation’s fortunes had improved by 2010, allowing the board to reinstate the 1 percent administrative fee and raise the endowment payout from 3.5 percent to 4 percent. Good financial management had weathered the storm. As a wise and cautionary measure against any future downturns, the board established an endowment reserve of $200,000 by setting aside $50,000 from unrestricted gifts over a four‑year period to supplement endowment spending during weak markets.

most ambitious endeavors — a Memorandum of Understanding with Harrisonburg, the city’s IDA, the university, and dpM Partners LLC to build a conference center on university property between Grace Street and Martin Luther King Boulevard. In 2016, the board approved a loan agreement, capped at $12 million, to finance the construction of the Shenandoah Valley Conference Center, connected to the new Hotel Madison.

By the time the Shenandoah Valley Conference Center broke ground in 2016, the foundation’s total assets had reached $124 million, contribution revenue was at $17.7 million and the market value of the endowment was $80 million.

Leading with strength One of the foundation’s strongest assets has always been leadership. At the outset, in 1969, the board had only five members and its leaders enjoyed a close working

Recognizing that individual students had also suffered from the bleak economy, the university engaged the Madison for Keeps program to financially assist those students whose educations were in peril. In 2010, the program raised $417,000 in 90 days, funding 110 scholarships. The program is now called Madison Forever.

As the foundation approached its half century, the strength of its monetary position enabled it to enter into one of its

1990 -1994 • Executive director role changed to president; Lemish is president, Chandler is chairman • Raises threshold for endowed gifts from $5,000 to $10,000 • Incorporates James Madison University Real Estate Foundation

Shenandoah Valley Conference Center and Hotel Madison; photo courtesy of JMU Creative Media

• Establishes scholarship program for children of university classified employees • Lemish steps down and Ray Sonner is elected president; Sonner is also chairman

1995 -1999

• Foundation office moves to Court Square

• JMU now has three full-ride scholarships to attract National Merit Scholars

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relationship with the college. Two years later, the board amended its bylaws and expanded its membership to 15, but it continued to maintain a close association with Madison’s administration.

During most of the first two decades, Russell M. “Buck” Weaver, as board president, brought a consistency and stability to the board that served it well. Weaver, a highly respected local attorney and former rector of the board of visitors, was an influential leader.

“He was a great man. Whenever he said something, he not only meant it, he was right….I was just a little kid, and whatever Mr. Weaver said, I voted ‘yes,’” Wallace Chandler remembered with a smile.

Alongside Weaver was Sonner, an efficient and competent doer who helped steer the organization, particularly in its day-to-day operations, until Weaver’s death in 1985 — and beyond.

• James Richardson becomes executive vice president • Tom Schaeffer named vice president and CFO

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JMU Foundation—50 Years

After the Weaver-Willis era ended, leadership of the foundation board shifted to Chandler, whose dedication to and understanding of both the university and the foundation were extensive.

His service to JMU and to the foundation spanned 32 years.

“One of the foundation’s strongest assets has always been leadership.”

Sonner, who was a university employee in addition to his foundation roles, was key in maintaining a successful working relationship between the two organizations. His part in the foundation’s success cannot be understated. Because of his dual loyalty, he provided a deep understanding of the foundation’s goals as they meshed with university priorities. For more than 30 years, and in numerous roles, Sonner was the constant. By the time he retired from the foundation, he had helped establish the foundation as a strong and bedrock supporter of the university.

• Roles of president and chair are separated; Sonner remains president, Joseph E. Boling elected chairman

Supporting the leadership for the first 16 years was Vice President Mary McNeil Willis, a 1928 graduate of the college who brought both the alumni perspective and that of a business professional. Willis was a savvy businesswoman; the Culpeper native and her husband owned a successful food company, according to then-board member Chester Bradfield. When Weaver died unexpectedly in 1985, Willis took over the leadership of the foundation briefly before her own death later that year. Willis remains the first and only woman to lead the foundation.

For the first two decades, much of the foundation’s day‑to‑day business was handled by Sonner, as acting executive director, and Joseph Alexander, a local accountant who functioned as a part-time treasurer. (The treasurer’s role was originally filled

by Col. Phillips.) Throughout most of Sonner’s tenure, Liz Knight served as the assistant director. She described her job as “doing whatever needed to be done.”

By 1987, expansion in the foundation’s assets and scope began to require more staff. Thomas Schaeffer, with experience especially suited for the role, was hired as assistant treasurer (see sidebar). When Alexander retired from the treasurer’s position in 1988, those duties fell to Schaeffer.

Schaeffer helped the foundation update and automate

• Manages more than 900 accounts • Registers trademarks with the U.S. Patent office for Duke Dog, JMU, and James Madison University

• Works with the Alumni Association to fund building the Leeolou Alumni center • Establishes Madison Investment Fund, a studentmanaged investment portfolio

A LEADER WITH EXPERTISE, TOM SCHAEFFER

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alented and unassuming, Tom Schaeffer brought to the foundation strong accounting and administrative skills when he joined the staff in 1987.

His arrival coincided with the foundation’s move toward automating the accounting system, a move that was necessary as the foundation’s work volume and complexity increased.

Schaeffer’s prior work included roles as an accountant, controller for a family-owned food processing business, a licensed undertaker, and the business manager for Grant County (W.Va.) Public Schools. His five years of accounting had included auditing of

municipalities, nonprofits, Section 8 housing and construction companies, as well as tax preparation for individuals, corporations and nonprofits. His experience had prepared him well for the tasks ahead. Schaeffer’s knowledge and insight were instrumental as he developed from assistant treasurer to CFO, COO and eventually to president and CEO. Along with Ray Sonner on the university side, Schaeffer held up the foundation’s side of the equation with tenure that was long, competent and influential. When he retired in 2018, Schaeffer, like Sonner, left behind an organization well positioned for the future.

accounting practices, necessary steps to keep pace with the growth and increasing complexity of the foundation’s work.

With Schaeffer’s hire the next year, both Sonner and Alexander were able to step back from their roles. Sonner stepped down as executive director and was replaced by Don Lemish, the vice president of university advancement.

Both Sonner and Alexander, however, stayed on in advisory roles — and Sonner’s absence would be temporary.

2000 -2009

Tom Schaeffer; photo courtesy of JMU Creative Media

This changing of the guard signaled the foundation’s move to an updated staffing model, a change that necessitated a shift to a more formal board structure. In 1991, Chandler was elected chairman of the board, while the executive director’s position was changed to president. Board business also relied more heavily on committees, including audit, executive, real estate, nominating and investment committees.

• Number of directors increases to 20; Duke Club Advisory Board chair added to board

• Tom Schaeffer becomes executive vice president, CFO and an ex-officio officer

• The board reduces endowment payouts for the fiscal year 20032004

• Ray Sonner steps down as president and member of the board

• Centennial Merit Scholarship established for students in under-represented populations

• Buys and then sells Blue Ridge Hall to the university

• James Richardson elected president

• National economic crisis begins; portfolio declines

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Roles merged again, however, when Sonner returned to the foundation in 1993 in a dual position as president and chairman of the board after Lemish stepped down from the top spot. Three years later, on Sonner’s recommendation, the roles of president and chairman would be permanently separated. Board member Joseph Boling was elected chairman. Sonner remained president.

In the late 1990s, Schaeffer was promoted to vice president and chief financial officer and new staff positions including a financial assistant and accounting manager were added. James Richardson, a Harrisonburg banker, came on board to direct the licensing and royalties. His role would expand quickly.

In 1997, Richardson was named executive vice president of the foundation, taking over the role previously filled by Sonner. Sonner remained president.

president’s role. At the same time Schaeffer become the executive vice president and CFO. As the foundation grew and the professional staff expanded through the 1990s, the board’s composition was augmented geographically. While the early boards were comprised mostly of local individuals, more and more board members were recruited from out of the area and state, bringing broader perspectives and insights to the board’s work. The board also began taking on greater roles through committees.

“Sonner left an organization that was financially solid and administratively well-staffed.”

After more than three decades serving the foundation, Sonner resigned and was appropriately named president emeritus of the foundation in 2001.

He left an organization that was financially solid and administratively wellstaffed. Yet ever the faithful servant, Sonner continued to consult with the foundation.

The board increased its membership again in 2000 from 15 to 20 and subsequently added several new key members. The chair of the Duke Club Advisory Board was added, and in 2012, JMU’s senior vice president of administration and finance joined the board as an ex-officio member. This position created more direct involvement between the foundation and the university.

When Linwood Rose retired as president of JMU in 2012, he joined the foundation as vice president of strategic planning. Bringing a wealth of administrative experience to the board, Rose, with the assistance of the Association of Governing Board of Universities and Colleges, facilitated a self-study that resulted in changes

On Sonner’s recommendation, Richardson stepped into the vacated Ray Sonner; photo courtesy of JMU Creative Media

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• Establishes first endowed faculty chair, Jackson E. Ramsey Eminent Scholars Centennial Chair in Business

• Wall Street Journal identifies the JMUF as country’s fifth best performing university endowment

• Cheryl Lindsay appointed vice president and assistant CFO

• Foundation total assets exceed $82 million in 2007

• Scholarship payments reach an all-time high to date of $1.2 million in 2005

• Endowment reaches $50 million for the first time in 2007

JMU Foundation—50 Years

• Buys and sells former Harrisonburg High School to the university

A HALF CENTURY

of GROWTH

CONTRIBUTIONS $20,00,0000 $17,500,000 $15,000,000 $12,500,000 $10,000,000 $7,500,000 $5,000,000 $2,500,000 1969

1974

1979

1984

1989

1994

1999

2004

2009

2014

2019

1984

1989

1994

1999

2004

2009

2014

2019

SCHOLARSHIPS $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 1969

1974

1979

JMU Foundation—50 Years

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A HALF CENTURY

of GROWTH

FAIR MARKET VALUE ENDOWMENT $120,000,000 $105,000,000 $90,000,000 $75,000,000 $60,000,000 $45,000,000 $30,000,000 $15,000,000 1969

1974

1979

1984

1989

1994

1999

2004

2009

2014

2019

1979

1984

1989

1994

1999

2004

2009

2014

2019

TOTAL ASSETS $200,000,000 $175,000,000 $150,000,000 $125,000,000 $100,000,000 $75,000,000 $50,000,000 $25,000,000 1969 14

JMU Foundation—50 Years

1974

to the structure and responsibilities of the board’s standing committees.

After Richardson retired from his role in 2012, Schaeffer was appointed president and Cheryl Lindsay, former assistant CFO, assumed the role of CFO. For the next six years, Schaeffer and his team led the foundation through an especially active season as the foundation’s growth skyrocketed.

It was a fitting and promising end to five decades of growth that had begun with one gift, one scholarship, one acquisition.

Supporting academics While the foundation had added significant value to the university — particularly in real estate and in the endowment — some of its most far-reaching contributions came with the proliferation of scholarships and with direct support to students and faculty.

The foundation awarded its first endowed scholarship in 1970, the Lucy Copenhaver Gunter Memorial Scholarship (see sidebar). That same year a Madison teacher, Elsie N. Wigley, who taught kindergarten at the college-run Anthony-Seeger Campus

• To weather the financial crisis, board reduces payouts from the endowment and reduces its budget • Purchases real estate at 1320 South Main Street for corporate office

A TALE OF TWO LUCYS

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ucy Haven Copenhaver enrolled at the State Teachers College at Harrisonburg and graduated from a two-year professional course. She returned to earn a Bachelor of Science degree in elementary teaching and supervision in June 1932. Three years later, she married Dr. Benjamin Franklin Gunter, and they moved to Nashville where he practiced dentistry. Following the death of his wife, Dr. Gunter endowed the foundation’s first scholarship in her memory with two gifts totaling $15,000. The Lucy Copenhaver Gunter Memorial Scholarship was first awarded in 1970 in the amount of $887.50 to then-student Lucy Howe McGavock. The younger Lucy, whose father had died in a workplace accident when she was a teenager, was able to finish her education with the scholarship help. Following graduation, she completed a dietetic internship at Vanderbilt University Medical School. She went on to a 43-year career as a registered dietitian for the Smyth County Community Hospital. Since Lucy McGavock received the award, 78 students have been given the scholarship. Among the many careers pursued by the recipients are audiologist, investor, band director, missionary, physician, teacher, nurse and professor. One recipient, local developer Barry Kelley has been a driving force in the revival of downtown Harrisonburg through renovation of city properties. His work has included reclaiming an old ice house and the original Keezell building, where Madison’s first president, Julian A. Burruss, had set up his first office.

Kelley’s part in the city’s success and popularity is a significant return on the foundation’s scholarship investment.

2010 -2014 • Tom Schaeffer promoted to executive vice president and COO

• Cheryl Lindsay promoted to vice president and CFO • Reinstates endowment payout from 4.25 percent to 5 percent

• Establishes endowment reserve of $200,000 to supplement endowment spending during weak economic markets • Linwood H. Rose retires from JMU; becomes foundation’s vice president of strategic planning

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School, was memorialized through a scholarship in her name. Many more scholarships would follow.

topped $216,000 and was featured as part of a CNBC television segment.

In 1978, the foundation presented its first faculty grant to Andrew Kohen for his research in economics. Two years later, the first “Outstanding Teacher Award” was created.

The $500 award supported teaching excellence — a JMU hallmark. In the 1980s, the Horizon Fund campaign was created to endow financial aid and supplement faculty salaries. Although the campaign fell short of its goal, it was a step in the right direction.

Since the first scholarship, the number of endowed scholarships has grown to more than 700. Not only do these scholarships provide individual student support, they bolster the university’s ability to attract high quality students, students in underrepresented populations, and student athletes — all of whom elevate the university’s profile.

As the university’s enrollment grew, the need to attract top students became a priority. In pursuing that goal, three fullride scholarships had been established to attract National Merit Scholars by 1995.

From the beginning, the foundation’s impact on the university was never limited to real estate and scholarships. In fact, foundation contributions to university life were as varied the university community itself. A small sampling of foundation actions illustrates the breadth of tasks — and the complexities — that faced the board’s leadership and influenced the university over the years.

“The JMU Foundation is poised to begin another 50 years.”

The foundation also supported student athletes. Early on, in 1973, the Madison College Student Aid Foundation had been established for this purpose. Eventually, to increase efficiency, this fund was rolled into the foundation’s general scholarship fund.

One of the foundation’s most direct influences on students started in 1999 when, at the suggestion of Brooks Marshall, professor of finance, the foundation deposited $100,000 in a brokerage account for students to manage. The Madison Investment Fund has since become one of the best student investment funds in the world, snagging the top spot in RISE, an international competition. By 2015, the fund

• Adds JMU’s vice president of administration and finance as ex-officio member • Jim Richardson steps down as president • Tom Schaeffer appointed president

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JMU Foundation—50 Years

Touching every part of the university

In 1977, the foundation received two significant gifts.

One was a bequest from John Sawhill, a professor of Latin, Greek and German who joined the faculty in 1927. With no heirs of his own, Sawhill left an extensive art and coin collection, appraised at $431,410, along with his house to the foundation. Another professor, Horace Burr, who taught communications, donated his extensive art collection, which included a Rembrandt etching.

The foundation acquired mineral specimens from Bryn Mawr College for use in classrooms and it accepted gifts

• Foundation undergoes a selfstudy; updates structure and responsibilities of standing committees • Establishes Stewardship Liaison Program to improve communication with JMU’s colleges

• Enters Memorandum of Understanding with the Harrisonburg, the city’s IDA, JMU, and dpM Partners LLC to build a conference center • Endowment exceeds $75 million • Total assets exceed $100 million for the first time

The East Campus; photo courtesy JMU Creative Media

of scientific equipment for specific academic departments.

Donations designated to fund athletics scoreboards came through the foundation. It also accepted contributions of art and statuary. When the opportunity arose in 1998, the board helped pay the way for the Marching Royal Dukes to perform in Michigan’s Silverdome with a $25,000 gift.

Since its inception in 1969 with only a single document and great hopes, the foundation has grown into an enterprise with total assets of $167,076,497 (as of June 30, 2018). The foundation has sold, given or transferred to

2015 -2019 • Approves expenditure of $11 million for constructions costs of the Shenandoah Valley Conference Center • Tom Schaeffer announces intention to retire in 2018 • Warren Coleman becomes president and CEO

the university multiple items, large and small, photo courtesy of JMU Creative Media from microscopic mineral specimens and the enormous bronze Duke Dog that sits in front of Plecker Athletic Performance Center to nearly 150 acres of land.

The foundation has made its mark on Madison.

Today’s foundation, with significant assets under management, solid staffing and strategic plans for approaching the future, is poised to begin another 50 years.

• Accepts largest cash gift to date from the estate of Betty Coe Cinquegrana • Foundation-managed scholarships exceed 700

• The foundation celebrates 50 years of support for James Madison University

• Market value of the foundation’s endowment reaches $100 million

JMU Foundation—50 Years

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12 8

9 3

1

13

4

10

2

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FOUNDATION‑ASSISTED

PROPERTIES

1. Price property 2. Oakview 3. Wolff property 4. Rocco gift property 5. Deyerle/Davis property 6. Blue Ridge Hall & Ron Martin property 7. Lots adjacent to the arboretum 8. Memorial Hall

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9. Main Street lots across from the Quad 10. Howard Johnson property 11. First Bank property

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12. Grace & Walnut Street properties 13. WVPT property 14. Leeolou Alumni Center

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6

JMU Foundation—50 Years

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F O U N D AT I O N

Chandler photo courtesy of Cliff Bruce Studio, Glen Allen, Va.; others, JMU Creative Media

PRESIDENTS

1. Charles Broun, 1969 ‑71; 2. Russell M. “Buck” Weaver, 1971 ‑ 1985; 3. Mary M. Willis, 1985; 4. Wallace L. Chandler, 1986 ‑ 1991; 5. Donald Lemish, 1991 ‑ 1993; 6. Ray Sonner, 1993 ‑ 2001; 7. James Richardson, 2001 ‑ 2013; 8. Thomas Schaeffer, 2013 ‑ 2018; 9. Warren Coleman, 2018 ‑ present

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JMU Foundation—50 Years

FIFTY YEARS

of SUPPORT THE JAMES MADISON UNIVERSITY FOUNDATION

OFFICERS AND BOARD MEMBERS, 1969 - 2019 JOSEPH ALEXANDER Harrisonburg accountant and foundation treasurer

JOSEPH BOLING president and CEO of Middleburg National Bank

BARBARA PASS CASTELLO vice president for university relations and external programs JMU

GUTHRIE ALLEN longtime personnel director for Madison College/JMU

CHESTER BRADFIELD (’61) president/owner of Good Printers, Inc. in Harrisonburg

LARRY CAUDLE JR. (’82) attorney with Kraftson Caudle

TAMMY BALSER

WARREN BRAUN

foundation senior accounting manager for operations and board secretary

pioneer in the cable television industry and CEO of ComSonics, Inc.

DENNIS BELCHER attorney, authority on wealth management law and partner with McGuire Woods LLP

WILLIAM EDWIN BRIDGEFORTH JR.

FRANCIS BELL JR.

president of Rockingham National Bank and chairman of Valley of Virginia Bankshares JERRY BENSON provost and senior vice president for academic affairs JMU GILBERT BLAND (’77) chairman of the GilJoy group

owner of Royal Crown of Winchester CHARLES C. BROUN president and chairman of the board of Piedmont Trust Bank of Martinsville KENNETH BURBACH

president of Temet, USA LLC JOANNE CARR

senior vice president for university advancement JMU RONALD E. CARRIER

fourth president of Madison College/JMU

WALLACE L. CHANDLER senior vice president and vice chairman of Universal Corporation HENRY CLARK Harrisonburg attorney and founding member of Clark and Bradshaw LLC DOROTHY CROWDER COFFEY (’51)

CEO of Crowder Corporation/ United Van Lines in Arlington WARREN K. COLEMAN (’79, ’81)

CFO of ICA, LLC; current foundation president and CEO LINDA W. CROSS (’77)

CPA and retired tax partner with KPMG

RONALD C. DEVINE (’78)

commercial real estate developer in Northern Virginia and owner of BK Racing

JMU Foundation—50 Years

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WILSON B. DODSON III

CHRISTINE W. JOHNSON (’90)

O. DEAN EHLERS JMU’s first athletics director

DEBORAH TOMPKINS JOHNSON (’78)

attorney in Norfolk

CAROL EUBANK (’63) Richmond Alumni Association board member LOIS FORBES (’64) partner in Forbes Development LLC and lead contributor to the Forbes Center FRED FUNKHOUSER chairman of Harrisonburg Loan and Thrift Corp. and owner of the Spotswood Bank JOSEPH FUNKHOUSER II

president of Funkhouser Real Estate Group ENRICO S. GAGLIOTI (’94)

CEO of Chiron Investment Management and a co-founder of GPS Investment Partners

regional manager in Northern Virginia for Dominion Virginia Power E. CLAIBORNE JOHNSTON III (’00)

managing director for global real assets at Morgan Stanley DAVID S. KAY (’89)

entrepreneur and co-CEO of Distinctive Building Group JAMES M. KEETON JR. pediatric dentist at Pediatric Dentistry and Orthodontics of Virginia CHARLES W. KING JR.

senior vice president for administration and finance JMU PENELOPE KYLE

A. WESLEY GRAVES, VI

former president of Radford University

MARTHA GROVER (’83)

LYNN LANG (’64) teacher, adjunct professor, and specialist in learning disabled children

managing director and branch officer for Wachovia Securities (Wells Fargo) vice president of Great Coastal Express, Inc. WILLIAM C. HARRIS

chairman of Crestar Bank for the greater Washington and Maryland region JAMES E. HARTMAN (’70) owner of Truck Enterprises, Inc. WILLIAM JASIEN (’85)

CEO and managing director at StoneHedge Global Partners

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co-owner of University Outpost

JMU Foundation—50 Years

DONALD L. LEMISH vice president for advancement and later director of athletics JMU CHERYL L. LINDSAY vice president and CFO of the foundation LOUIS G. LOCKE English professor and divisional director for Madison College NELLIE LANTZ LONG (’49)

alumna and member of the board of visitors

JOHN MALBON (’74) chairman and CEO of PAPCO Inc. WARREN K. MARSHALL SR. (’87)

owner/broker of Shades Properties, Raleigh, NC

W. NEAL MENEFEE insurance executive and CEO of the Rockingham Group ELLEN MEYER (’01) client relations manager at Investure G. TYLER MILLER third president of Madison College DON R. MOORE II (’86) associate vice president for university advancement JMU

NICK LANGRIDGE (’00, ’07, ’14)

vice president of university advancement JMU

MITCHELL MOORE vice president for development and alumni relations JMU

HUGH J. LANTZ (’73) executive vice president of the Lantz and Gochenour Investment Group

EUGENE B. MOSIER retired vice president of the coatings and resins group for PPG

NANCY J. LANTZ (’71) principal and director of Title I and preschool programs for Rockingham County Public Schools

BILL NEFF Harrisonburg developer and entrepreneur

WILLIAM R. NELSON professor emeritus of political science and law

W. RAYMOND “BUDDY” SHOWALTER (’50)

JON OFFLEY (’89) senior counsel at Housing Authority of Baltimore City, MD ADOLPH H. PHILLIPS retired Army colonel and business manager for Madison College/JMU CLYDE PUGH

valley realtor and founder of Old Dominion Realty, Inc. COO and co-founder of Old Farm Partners LP

president of Dominion Bankshares Corp and foundation president JAMES L. RILEY, DDS

ZANE SHOWKER

entrepreneur, philanthropist and founder of Harrisonburg Fruit and Produce (Sysco) RAY V. SONNER

senior vice president of JMU and executive director, president and chairman of the foundation WILLIAM H. SPARROW vice president and treasurer of CSX Corporation

J. BARRY PURCELL III (’96)

JAMES B. RICHARDSON JR.

Harrisonburg entrepreneur and business owner

KATHY STAFFORD vice president for development and alumni relations JMU GILES R. STONE owner of Stone Enterprises

orthodontist and Virginia Commonwealth University adjunct faculty

SPENCER STOUFFER (’88)

INEZ ROOP (’35) alumna and member of the board of visitors

CHARLES O. STRICKLER

TOM SCHAEFFER president and CEO of the foundation CHRISTINE SHELTON (’70) professor of exercise and sports studies at Smith College JENNIFER SHIRKEY (’93)

vice chairman of Cushman & Wakefield

poultry industry executive with Rocco Foods, Inc.

MARY THRASHER (’41)

organizer, Norfolk Committee for Public Schools JEFFREY E. TICKLE (’90)

entrepreneur, philanthropist and businessman with Strongwell Corp.

PHILLIP W. UPDIKE (’73)

Harrisonburg real estate professional

MICHAEL S. WALDEN (’97)

equity manager for the Ford Foundation

CHARLES W. WAMPLER JR.

president and general manager of Wampler-Longacre and chairman of WLR Foods PAMELA J. WARE (’82)

assistant treasurer at Noblis, Inc. RUSSELL M. “BUCK” WEAVER SR.

Harrisonburg attorney and first foundation president WINSTON WEAVER JR. (’71)

president of Rockingham Construction Co., Inc. JAMES WHEATLEY

JUDITH H. STRICKLER (’60)

alumna, philanthropist, and member of the board of visitors

founder of Harrisonburg Auto Auction and chairman of Rockingham Heritage Bank

LEWIS STRITE

MARY MCNEIL WILLIS (’28)

owner and president of Shenandoah Manufacturing Co.

alumna of the State Teachers College at Harrisonburg W. CLIFF WOOD JR. (88)

attorney, Flora Pettit

COO for CarMax

strongest assets leadership.”

“One of the foundation’s has always been

JMU Foundation—50 Years

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www. jmu. e du/foundat ion

graphic design by Stephanie Pierce Design