URIFAE Annual Report 2022

FISCAL YEAR 2022 Annual Report

foundation & alumni engagement

Message from the University President and Chair of the Board

Dear Friends,

We were inspired this past fiscal year by the energy of our students and faculty as they brought our classrooms, labs, and common spaces to life. URI continues to advance in areas of student access, meaningful research, and global reputation. We are proud of the progress that our University has made with your support and encouragement.

Across our University, we have focused on highlighting the value of our research output, from faculty, graduate students, and undergraduates.

Endowed professorships, such as the Verrecchia Professorship and Eigen Professorship (detailed in this report), fuel additional research contributions from faculty and their students. The growth of our research enterprise is a long-term undertaking that increases URI’s value in the state, across the country, and around the world.

In addition, we remain committed to making URI a more welcoming place where people of all identities and from all backgrounds can find opportunity. Over the past year we filled diversity, equity, and inclusion leadership positions across the University. We opened the Talent Development Achievement House, began awarding the Narragansett Undergraduate Scholarship, and the Alumni of Color Network established an endowed scholarship.

A major focus this fall will be a bond issue to advance the master plan for the Narragansett Bay Campus. The home of the Graduate School of Oceanography (GSO) and the site of highly regarded interdisciplinary research is on a multiyear path to modernize and expand. Rhode Island voters will have an important role to play this November.

We are currently at work on a 10-year strategic plan, based on input from our community, that should inspire everyone to be optimistic about our future. Thank you.

With best regards,

Marc B. Parlange, Ph.D. President

Margo Cook ’86 Chair, URI Board of Trustees

L to R: URI President Marc B. Parlange, URI Board of Trustees Chair Margo Cook ’86, URIFAE Board Chairman Alfred J. Verrecchia ’67 M.B.A.’72 Hon.’04, URIFAE President Lil Breul O’Rourke on the Narragansett Bay Campus

Message from URI Foundation & Alumni Engagement Leadership

Dear Friends, Connecting alumni and supporting our students and faculty drives every aspect of our work.

Throughout the year, we were excited and inspired to see everyone back on campus as we resumed our favorite events and activities. We were especially glad to see many alumni, parents, and friends joining us at events both on and off campus. We hope you enjoy this year’s report, which provides financial data as well as some personal stories that demonstrate the impact of your support. In the last fiscal year we raised more than $30 million, continuing a six-year trend of exceeding $30 million, something URI has never done before. Big Ideas. Bold Plans. The Campaign for the University of Rhode Island has surpassed

$239 million across our five strategic campaign pillars. We continue to work in close partnership with the University to ensure increased financial aid, new research opportunities for faculty and students, and essential upgrades across our campuses.

Like many institutions in the last year, our endowment portfolio was not immune to large-scale global challenges, but—with credit to our investment committee and sound financial management—we outperformed the benchmark and remain well positioned overall as we work toward the campaign goal of $300 million.

In the next year, no matter what headwinds come our way, we remain committed to working closely with URI leadership to deliver access to an outstanding education and fulfill our role as a flagship university.

With best regards,

Lil Breul O’Rourke President

Alfred J. Verrecchia ’67 M.B.A.’72 Hon.’04 Chairman of the Board

Never Say Never

First-generation graduate defies his own expectations

Inever even thought I could make it into college,” says Dario Castillo.

He made it, in part, thanks to a high school guidance counselor who pointed him toward the URI Talent Development (TD) table during a college recruitment event. Until that moment, Castillo hadn’t considered college a viable option, financially or academically.

“I went to Cranston High School West, a predominantly white high school, and kids with 4.0 GPAs were thinking about college,” he says. But after that nudge from the guidance counselor, he found himself applying to URI and being accepted through the Talent Development program. TD provides students from underrepresented backgrounds with comprehensive support, from financial aid to academic counseling. Established in 1968, it now has more than 4,000 alumni and welcomes 350 students per year.

Castillo’s path to a Bachelor of Science in marine biology was an uneven one, until he caught the attention of Professor Bradley Wetherbee during a class about the biology of sharks. Castillo laughs as he tells the story: “He was like, ‘You, in the back seat, are you on your phone?’” After that, Wetherbee continued to call on Castillo in class, and Castillo thrived.

“I started really focusing with my studies, and he just brought me under his wing. Honestly, he’s helped me through everything.” Everything includes being one of the first students in the country to be selected for a National Geographic fieldwork program, as well as receiving a URI Science and Engineering Fellowship.

Castillo graduated in December 2021, after spending months conducting research on sharks and stingrays. After graduation, he began an internship at the Narragansett Bay Campus for

the USDA, researching oysters to see which kinds are most resilient and disease resistant. He loves his work, and he loves wearing his lab coat, something he dreamed about when he was a kid.

Meanwhile, his parents love telling anyone they meet that their son, the first person in their family to get a college degree, is a marine biologist. This part Castillo doesn’t love so much: “Every time we go out to eat, they mention it. I just sit there and try to be humble.”

Ensuring Student Success

In the last academic year, 430 students needed critical assistance to secure food, housing, physical and mental health care, academic support, and more.

The office of Student Support and Advocacy Services, led by Assistant Dean of Students Jacqui Springer, collaborates with University

departments and outside agencies to make sure that undergraduates and graduate students have what they need to succeed, whether that means pursuing a big opportunity or simply finding a way to stay enrolled. Currentuse gifts, including $180,000 to the Students First Fund, help with that.

Asst. Dean of Students Jacqui Springer

“Our goal is to enable students to complete their degrees,” said

Springer. “Having money to pay an outstanding balance and eat, cover the unexpected cost of course materials, or address an urgent need through the Students First Fund has a huge impact on hundreds of students each year. The generosity of URI alumni and friends is deeply appreciated across the University.”

| TRANSFORMATIVE FACULTY LEADERSHIP | INNOVATIVE AND DISTINCTIVE PROGRAMS | STRATEGIC OPPORTUNITIES | STUDENT ACCESS | THE URI LEARNING EXPER

“I started really focusing with my studies, and he just brought me under his wing. Honestly, he’s helped me through everything.”

–DARIO CASTILLO ’21

Hello, World, I’m Ready for You

The former editor of the Good Five Cent Cigar tells her own story

The highlights of my learning experiences at URI all came from professors that pushed us to think bigger. The classes that stand out to me now are the ones that took us outside of the classroom and asked us to contribute to something larger than URI—something that helped society. Whether that be volunteering on a local campaign or working for a newspaper, the times I learned the most were the ones where I did more than just read the textbook.

One of the greatest field opportunities I received came from being chosen as the first Summer Research Fellow at the Rhode Island Ethics Com-

mission, supported by the John Hazen White Sr. Center for Ethics and Public Service. My time at the Ethics Commission gave me the opportunity to gain firsthand experience in a government entity. I worked side-by-side with the attorneys and professionals at the Commission to advance their goals, and by the end, I had learned so much.

As a student, I felt that I had the genuine support of my professors, but also the backing of the University as a whole. In my journalism classes, I knew my professors wholeheartedly believed that I could excel in my own endeavors and through my leadership at the student newspaper, the Good

Clear Career Paths

The College of Arts and Sciences has developed a career readiness program that provides more than 4,500 students with a clear path for career exploration, internships, and development of essential skills.

Peer mentors guide first-year students as they acclimate to the

College. In the second year, students begin to explore their options, with opportunities to meet alumni and discuss specific areas of work. In the third and fourth years, students secure internships and take one-credit courses on practical skills like “Excel Data Analysis for Everyone.”

As students pursue knowledge that will help them to flourish and contribute in a rapidly evolving world, they also gain the skills that will land them in fulfilling jobs after graduation.

“As a student, I felt that I had the genuine support of my professors, but also the backing of the University as a whole.”

DISTINCTIVE PROGRAMS | STRATEGIC OPPORTUNITIES | STUDENT ACCESS | THE URI LEARNING EXPER

Five Cent Cigar. I was also honored to receive the Wilbur Doctor Endowment as a junior and the URI Journalism Student Scholarship as a senior. These awards provided me with financial support, but felt more meaningful because they reinforced that I was doing impactful work as a student.

Now that I’ve graduated, I feel confident in the skills I honed on campus and in the professional world to do great work in the fields of journalism and political science. While I’m still figuring out the next steps in my career, I know that my URI education prepared me well to take on anything.

–Kate LeBlanc ’22

LeBlanc sits down to interview President Parlange.

Appreciating Asset

URI honors top financial scholar with endowed professorship

Finance Professor Bing-Xuan Lin is the perfect example of a scholar whose curiosity extends beyond his subject and into the classroom. His students, he has found, are a continual source of ideas and a spark for creative thought. “I consider my students as partners in learning,” Lin said. “It is a privilege to stand in front of the classroom and interact with so many gifted individuals.”

For Lin’s students, present and past, the appreciation is mutual. “Professor Lin is one of the most challenging, fair, and professional individuals I have had the pleasure of learning from and working with,” said Christopher Valois ’05, a former research assistant to Lin and now a risk analyst at State Street Global Advisors in Boston. “His knowledge of finance is only surpassed by his ability to impart this knowledge to students in a practical and hands-on way.”

Indeed, Lin’s research on financial market disclosures, mergers, acquisitions, and emerging markets has made him a highly sought-after scholar, with publications in national and international accounting and finance journals.

INNOVATIVE AND DISTINCTIVE PROGRAMS | STRATEGIC OPPORTUNITIES | STUDENT ACCESS | THE URI LEARNING EXPERIENCE | TRANSFORMATIVE

In recognition of his distinguished teaching and scholarship, Lin has been selected as the first William H. Eigen Endowed Professor of Finance. Eigen, who graduated as a finance major in 1990 and is managing director at JP Morgan Chase in Boston, established the endowment in recognition of the profound influence his professors had on him as an undergraduate in the College of Business. “I feel so good about the direction the school is heading in,” Eigen said. “My years at URI helped make me a success, and I just want to give back. It’s as simple as that.”

Simple, yes, but so significant. An endowed professorship, said Lin, “is the highest academic award that the University can bestow on a faculty member. It signifies to me that my scholarly work is valued and recognized as among eminent scholars at the University. As I start my 21st year of service at URI, I am truly thrilled to receive this recognition.”

–CHRISTOPHER VALOIS ’05

L to R: VP for Enrollment Services

Dean Libutti, TD Director Gerald Williams, President Parlange, Roby Luna ’04, CoB Dean Maling Ebrahimpour

Opportunity in AI

Roby Luna ’04 established an endowed scholarship for underrepresented students in data analytics or business artificial intelligence. The scholarship starts with a $100,000 commitment through Luna’s company Aretec, contributed with his business partner Anthony Rivera.

Luna, who serves on the College of Business Advisory Council, has witnessed and appreciates the College’s expansion of AI and analytics capabilities. “I entered URI through the Talent Development program, and I know how that additional support can make a difference,” said Luna.

“My education prepared me to find my career and eventually pursue my own vision. We want to see more students and alumni of color find their way in this field.”

“Professor Lin is one of the most challenging, fair, and professional individuals I have had the pleasure of learning from and working with.”

Seizing the Initiative

Health care crisis is a catalyst for new graduate fellowship

–ASSOCIATE DEAN KATHY HUTCHINSON

The global shortage in nursing staff has been both spotlighted and exacerbated by the pandemic. But another crisis is brewing in this crucial field that isn’t as widely known, says Kathy Hutchinson, associate dean for graduate programs at the College of Nursing, and that is “an acute and growing shortage of nursing faculty across the U.S.”

This lack of available instruction means that more than 80,000 qualified applicants have been turned away in recent years, according to the American Association of Colleges of Nursing.

This crisis serves as a decisive moment for the College of Nursing, spurring the formation of an endowment that will create a pipeline of potential nurse educators. A small group of donors has committed $750,000 to establish the Barcott-Kim Nursing Fellowship, an innovative expansion and repurposing of the 20-year-old Hesook Suzie Kim Graduate Nursing Fund—named in honor of Professors Emeritae Donna Schwartz-Barcott and Hesook Suzie Kim, the cofounders of URI’s nursing doctoral program, the first of its kind at a public university in New England.

Nursing Continues to Climb

The College of Nursing master’s degree program, already among the top 10 percent in the country, has jumped eight spots from one year to the next to #45 overall in the national rankings from U.S. News & World Report.

The program has consistently risen in the rankings each year, making an impressive climb from #133 in 2016.

“This recognition is a credit to our dynamic faculty, staff, clinical partners and, of course, our top-notch students,” College of Nursing Dean Barbara Wolfe said. “Everyone in the

College has played an important role in achieving this distinction, which only hardens our resolve to educate the best nurses and nurse scientists, who are prepared to be health care leaders locally, nationally, and globally.”

“This new endowment will make it financially possible for well qualified nurses to pursue doctoral degrees in order to build the pool of nurse faculty.”

This new endowment, says Professor Hutchinson, “will make it financially possible for well qualified nurses to pursue doctoral degrees in order to build the pool of nurse faculty.”

The Barcott-Kim fellowships will select and support RNs who demonstrate a clear commitment to research and teaching. “Not only is this a fabulous opportunity for budding scholars,” says College of Nursing Dean Barbara Wolfe, “but a wonderful mechanism to prepare future educators.” With the continued generosity of donors, the endowment should experience rapid growth in the coming months: an anonymous donor has issued a $500,000 challenge that will match all gifts through the end of 2022.

URI College of Nursing recently marked its third consecutive annual ascent in national rankings, breaking into the top 50 of U.S. News & World Report’s 2023 Best Nursing Schools Master’s Programs, coming in at #45. In addition, the College is ranked first in New England for federal research funding from the National Institutes of Health.

A Rising Tide

The University of Rhode Island’s Narragansett Bay Campus is undergoing a dramatic transformation as it implements its master plan and builds upon its global reputation for oceanographic research and education.

Work was initiated in 2022 on a larger pier for the new research vessel arriving in 2023, and plans were finalized for the construction of the ocean technology design laboratory and the marine operations facility, which will begin in fall 2022.

A review of the $200 million plan in winter 2021 validated other phase two priorities, including a new research facility to replace Horn Laboratory, a new research complex for the ocean engineering department, and renovation of the Coastal Institute building. A bond for $100 million for the Narragansett Bay Campus is on the ballot in November 2022.

Coalition Mission

Launch Lab leads ocean health collaboration

Collaboration is the constant thread that runs through innovative programming at URI. A prime example: Hacking 4Oceans (H4O), a new interdisciplinary course that asks students to tackle real-world problems threatening our oceans and provides sponsors and mentors to guide them to solutions.

A collaboration between the Graduate School of Oceanography, the College of Business, and the URI Launch Lab was crucial to bringing the course to campus. GSO Dean Paula Bontempi, the linchpin of the enterprise, said, “I love this class and concept. It brings together mentors from industry, NGOs, the government, and other partners, and teaches the students the ethos of entrepreneurship.”

The collaboration among colleges led to collaboration among students. “There were brilliant students from GSO and from CELS and from engineering. There were international students—you had students from different backgrounds working in teams, just like in the real world,” said course mentor Peter Rumsey, chief business development officer at the URI Research Foundation and a member of the Launch Lab Advisory Council. “Amazing things happen when you bring together people with different skill sets in a common cause.”

By the end of the course, said Bontempi, “The students learned how to develop a concept to address a challenge, from building a coalition to selling their ideas and explaining why a solution

to a challenge is worthy of investment. It’s very cool and a real career and life skill.”

The URI Launch Lab, which facilitated the recruitment of mentors and coaching of students for H4O, is an entrepreneurial resource for all members of the URI community who want to bring their ideas to life. As the University seeks to expand the Lab’s capacities, Rumsey says, “fundraising is a new focus for us. The dream is for alumni from all colleges to contribute to cross-disciplinary, cross-college, cross-university entrepreneurship and innovation. The URI Launch Lab hopes to power more extraordinary courses like H4O, and I think that’s something all alumni can get behind.”

L to R: Monica Rao; Christine De Silva; Xiaozhuo Wei; Erfa Fachroni

Coaching Contracts

The future of URI basketball is set

URI Adds Varsity Women’s Lacrosse

To mark the 50th anniversary of Title IX, the Athletics Department announced that it will add women’s lacrosse as a varsity program during the 2024–25 season.

Expected to compete in the Atlantic 10, women’s lacrosse will become the 19th varsity team and 11th women’s team at URI. It is the first varsity program to be added since women’s rowing in 1996, the year that sport became NCAA-affiliated.

“The opportunity to provide more programs for our student-athletes is exciting and significant for the overall growth of the University,” said Director of Athletics Thorr Bjorn.

URI men’s and women’s basketball teams are ready to make a ruckus on the national stage with new coaching contracts for both teams.

Tammi Reiss, the highly successful women’s head coach, signed a 10-year contract before the 2021–22 season ended.

“We extended this offer midway through the conference season to express to Tammi how much we appreciate the program she is building at URI,” said Director of Athletics Thorr Bjorn.

“In order to grow the program into a championship contender year in and year out, we felt it was important to make a long-term commitment.”

On March 18, the men’s program hired Archie Miller with a five-year contract. Miller has a storied pedigree in the Atlantic 10, winning two conference titles and having four NCAA Championship appearances in six seasons at Dayton.

“Archie’s goals for this program are the same as mine,” said Bjorn. “Not only do we want to win Atlantic 10 championships but we want to build a program that competes late into March each year. His passion and enthusiasm are contagious. I am

so excited to partner with him in showcasing URI basketball on the national stage.”

Miller has a record of 206-121 over 10 seasons as a head coach with the Flyers and Indiana, averaging more than 20 wins per year.

Since taking over at URI, Reiss has an overall record of 46-31, including a 29-16 record in Atlantic 10 play. Over the last two seasons, the Rams are 23-6 in-conference, and her .597 winning percentage is the best in program history. This season, URI qualified for the WNIT for the first time in program history, and just the second national postseason appearance.

Both the men’s and women’s teams will soon have the advantage of a state-of-the-art training facility, which will make the teams more competitive and serve as an asset in attracting top recruits. The Soloviev Basketball Practice Facility, with a lead gift from Stefan Soloviev, has garnered substantial support from leaders in the URI community, gaining $2.3 million in the last fiscal year to bring the total to-date to $7.9 million.

DIGGING INTO THE TRENCHES

An expedition to the Puerto Rico Trench led by GSO Professor Steve D’Hondt and Marine Research Scientist Robert Pockalny made headlines when they took the deepest water core samples ever taken in the Atlantic.

The research team, which was studying how organisms beneath the seafloor handle the pressure of their environment, included seven URI undergraduates and graduate students as well as researchers from other institutions.

The experience provided graduate students with material for their theses and career-building research. Undergraduates gained hands-on research experience that will motivate them and move them along in their career path.

16,696

undergraduate and graduate students enrolled

7,000

students engage annually in experiential learning

STELLAR STUDENTS WORK WITH NASA

A group of students are assisting NASA by working on a project that could cut the travel time for a human mission to Mars in half.

The 13 students are enrolled in Professor Bahram Nassersharif’s senior capstone mechanical engineering class. As part of the course, they are researching nuclear thermal propulsion as a potential solution to getting to Mars more quickly and safely.

Scientists and engineers say the use of nuclear thermal propulsion combined with current chemical propulsion methods could help meet that goal.

PAUL WALCZAK, OREGON STATE UNIVERSITY

$30M

in new commitments for FY22

REACHING OUT AND REACHING UP

At age 41, Ineida Rocha ’22 is the first graduate of URI’s Professional Leadership Studies program, which launched in 2020 at the Alan Shawn Feinstein College of Education and Professional Studies. When she came to the U.S. at age 21 speaking no English, she gave herself six months to learn the language or move back to Cape Verde.

Rocha became a community volunteer while working full-time. She was on the team leading the state-wide effort to get the COVID vaccine to communities that have been disproportionally affected, and today is the health equity coordinator for the RI Department of Health.

“URI believed in me and gave me the emotional support I needed as an adult learner,” she said. “My purpose has become very clear, and with my degree, I can go one step further, and go on from there.”

10,132

donors in FY22

THEY TOOK THE CROWN, AGAIN

The outdoor men’s track and field team defended their crown in winning their second straight A-10 outdoor title.The Rams have won four straight Atlantic 10 track and field titles: 2022 Outdoor, 2022 Indoor, 2021 Outdoor, and 2020 Indoor. They have now won four of the last five A-10 Outdoor Championships.

Individual championships were won by Lucas Frost for the javelin, Sam Bond for the hammer throw, and Jack Reichenbach for the high jump.

Trent Baltzell was named the A-10 Coach of the Year. The former assistant coach was named head coach in July 2021 when John Copeland retired after 39 years. Baltzell was a two-time team captain and five-time individual Atlantic 10 champion for the Rams.

ACN TO HELP TOMORROW’S STUDENTS

To mark the 15th anniversary of the Alumni of Color Network (ACN), the group established an endowed scholarship to create opportunities for students of color. The Alumni of Color Network Scholars Fund will support an undergraduate or graduate student of color with demonstrated financial need and a GPA of 3.0 or better.

In support of this initiative, President Marc B. Parlange’s office issued a gift-matching challenge, ensuring that each gift would be matched 1:1, up to $25,000. The group raised more than $21,000 toward fully funding the scholarship in FY22. “Many members of our group have faced financial challenges in achieving their educational goals. We want to help future generations,” said Sara Monteiro ’08, co-chair and philanthropy chair of the ACN.

first-time donors

to RhodyNow for immediate use

LASERS AND LIGHTING FOR ADVANCED RESEARCH

The Champlin Foundation awarded $563,706 to URI for advanced technologies with research applications across a variety of fields.

Areas including engineering, biomedical and pharmaceutical sciences, chemistry, neuroscience, oceanography, and theatre submitted proposals. While Champlin often focuses on the hard sciences, this year they also supported lighting technology that will enhance the Fine Arts Center. The winning proposals included a laser doppler velocimetry system, laser capture microdissection for single cells, and LED ellipsoidals and moving lights.

The Champlin Foundation, one of the oldest philanthropic organizations in Rhode Island, has funded projects at URI for more than 30 years that cumulatively total more than $15 million.

NEW NATIVE SCHOLARSHIP

An initiative by the American Indian/Native American Advisory Council led the University to establish the Narragansett Undergraduate Scholarship for students who are citizens of the federally recognized Narragansett Nation. URI is awarding full scholarships to 15 to 20 students per year, while expanding recruitment of Indigenous scholars and curriculum development.

The scholarship covers full, in-state tuition and fees for up to four years. It also includes an additional annual grant up to $5,000 based on full-time enrollment. The scholarship is one of several collaborative Indigenous initiatives moving forward at the University, as it continues its commitment to recognizing the traditional homelands of the Narragansett Nation.

$4.88M

corporation and foundation gifts

88

spots climbed in six years by the College of Nursing in U.S. News rankings

RECOGNITION OF A LIFETIME

Professor of Pharmacy Practice Robert Dufresne ’80, M.S. ’86, Ph.D.’89, Ph.D.’90 received the Judith J. Saklad Memorial Award from the national College of Psychiatric and Neurologic Pharmacists. The award is among the most prestigious in the field and recognizes a passion for optimizing patient care.

“Rob has had a long, distinguished career in psychiatric pharmacotherapy,” said College of Pharmacy Dean Paul Larrat. “He has touched the lives and careers of hundreds of pharmacy students, contributed greatly to the scholarly body of knowledge in this challenging discipline, and dedicated considerable effort to improving the quality of lives of the patients.”

Dufresne began his research career investigating the pharmacotherapy of affective disorders, schizophrenia, and depression in schizophrenia, and his later work involved studying the effects of atypical antipsychotics on metabolic disorders.

The

The endowment provides dependable and perpetual funding to support students, faculty, programs, and facilities across URI. More than 1,100 funds are invested with a long-term strategy to enhance the principal value of the endowment and earn returns that will support the areas of greatest importance to our alumni and friends.

The endowment spending rate that will be applied in the 2022–2023 academic year is 5.05 percent, which contains both the University distribution and the URIFAE administrative fee. The University payout increased from 3.5 to 3.6 percent of the market value of the endowment (calculated on a 12-quarter rolling average ending on December 31, 2021). The administrative fee decreased from 1.55 to 1.45 percent. The dollar value of the payout to the University to support gift purposes this year will increase from $5.4 million to $6.4 million.

As of June 30, 2022, the University’s endowment portfolio had a market value of $194 million. The URIFAE Board of Directors, in concert with its Investment Committee, including committee chair Deborah A. Imondi ’83 M.B.A.’86, is working diligently to enhance the management of the fund to maximize returns while maintaining appropriate risk and liquidity parameters. The facing page shows the market value and payout impact for each of the past five years.

ANNUAL ENDOWMENT PAYOUT: The following graph represents the total amount of endowment-generated funds distributed to URI each fiscal year, based on URIFAE’s spending policy, for use over five academic years.

Chair, Investment Committee

PORTFOLIO VALUE: As of June 30, 2022, the University of Rhode Island’s endowment portfolio had a market value of $194.1 million. The market value for each of the past five years on June 30 is represented below.

TOTAL ASSETS: Total assets represented on this chart include the value of cash, investments (including the endowment portfolio), furniture, equipment, receivables, and other items of value.

The URI endowment in the past fiscal year was not immune to the global conditions that affected the financial markets. Even though the endowment value dipped below $200 million, our significant gains in recent years have left us in a good position overall. Investment performance combined with gifts from alumni, parents, friends, corporations, and foundations to secure the future of the University.

The Investment Committee remains as dedicated as ever to ensuring the ongoing vitality of scholarships, professorships, research funding, and so much more. We work diligently to position the endowment for long-term gains and annual distributions, and we continue to be inspired in our work by the outstanding generosity of the URI community.

In June 2022, the URIFAE Board of Directors voted on a distribution from the endowment of 3.6 percent, resulting in a $1 million increase over last year. We are proud to partner with the University in its pursuit of both short-term and long-range strategic goals. We will continue to carefully monitor market conditions and make appropriate adjustments to our asset allocation to ensure the best possible results.

A message from Deborah A. Imondi ’83 M.B.A.’86

More than $30 million was committed to the University of Rhode Island during fiscal year 2022, including new pledges, outright gifts, new planned gifts, and matching gifts. This generous support contributed to enhanced funding for student access, faculty leadership, innovative and distinctive academic programs, strategic opportunities, and the overall learning experience at the University.

In all, 9,819 individuals and organizations contributed. Approximately 56 percent of the gift total came from alumni, while parents, friends, corporations, foundations, and others also generously supported the University.

First-time donors totaled 2,801. New contributors are an important segment that will continue to be a priority as URIFAE works to increase participation. All of these commitments count toward the $300 million goal of Big Ideas. Bold Plans. The Campaign for the University of Rhode Island, which will position the University for ongoing success for years to come.

Financial Report

University of Rhode Island Foundation & Alumni Engagement

For fiscal years ending June 30, 2021 and 2022

CONSOLIDATED STATEMENTS OF ACTIVITIES

Revenues, gains, and other support 2021 2022

Contributions $32,458,606 $21,348,607

Net total investment (losses) 53,974,339 (28,525,675)

Contractual payments from URI 6,117,421 7,684,182 Other income 617,846 1,824,562

Total revenues, gains, and other support $ 93,168,212 $ 2,331,676

Expenses 2021 2022

University support

Academic support $ 3,959,223 $ 5,642,206

Athletics and club sports 978,384 2,452,959 Buildings and equipment 4,870,056 8,115,961 Library 44,185 45,913 Community outreach 867,178 1,128,019 Research support 1,159,918 1,368,058

Scholarships, fellowships, loans, and awards 2,893,004 3,174,332 Other programs and event support 1,249,363

Total University support $15,972,468 $ 23,176,811

Foundation support

Administrative expenses $ 2,004,569 $ 2,787,110

Alumni engagement expenses 1,586,107 1,834,681 Development expenses 6,809,968 7,449,797

Transfer to (from) URI Research Foundation 405,501 (423,766)

Total Foundation support $10,806,145 $ 11,647,822

Total expenses $26,778,613 $ 34,824,633

Changes in net assets before merger

$66,389,599 (32,492,957)

Excess of assets over liabilities assumed in -307,524,154 merger with URIAA

Net assets, beginning of year 241,134,555 241,134,555

Net assets, end of year $307,524,154 $275,031,197

STATEMENT OF FINANCIAL POSITION

Assets

2021 2022

Cash and cash equivalents $17,881,889 $14,061,004

Accounts receivable 117,764 11,066

Prepaid expenses 225,019 272,515

Pledges receivable, net 23,258,390 17,224,806

Investments, at market value 269,555,091 249,665,774

Building, equipment, furniture, and fixtures, net 1,728,501 1,804,969

Charitable remainder unitrusts 395,125 112,587

Total assets $313,161,779 $ 283,152,721

Liabilities and net assets 2021 2022

Liabilities

Accounts payable and accrued expenses $821,771 $ 1,027,277 Due to URI 2,085,215 4,820,459

Gift annuity payable 1,309,529 1,276,444 Due to URI Research Foundation 1,421,110 997,344

Total liabilities $5,637,625 $ 8,121,524

Net assets

Total net assets without donor restrictions $15,678,055 $ 11,161,236

Total net assets with donor restrictions by purpose 169,0070,464 134,192,719

Total net assets restricted in perpetuity 122,775,635 129,677,242

Total net assets $307,524,1545 $275,031,197

Total liabilities and net assets $313,161,779 $283,152,721

The accompanying financial statements have been audited by an external audit firm.

Ways to Give

Each gift plays a vital role in advancing the University and counts toward Big Ideas. Bold Plans. The Campaign for the University of Rhode Island. You can choose to support scholarships and fellowships, attract top scholars and educators, encourage vital research, and enhance facilities. Development officers are available to discuss aligning your philanthropic goals with University initiatives. You may choose to make an outright gift of cash, securities, or other property to support specific areas of interest. A pledge enables you to make a gift over a period of time (generally up to five years).

Endowed gifts can be named for yourself, your family, a friend, or a mentor and will provide perpetual funding to the area of your choice. With a gift to RhodyNow, you offer the University flexibility to invest in emerging opportunities and pressing needs. These gifts enhance the overall URI experience, provide critical financial aid, improve academic programs, and much more.

Gifts through your will are an investment in future generations of students. Depending on your individual situation, there are a variety of options that can provide you with income, offer a tax deduction, or eliminate or reduce capital gains taxes.

Please contact us at 401.874.7900 or foundation@uri.edu to discuss your area of interest.

Our mission: The URI Foundation & Alumni Engagement aspires to be a leader in support of the University of Rhode Island’s pursuit of excellence. The mission of the organization is to inspire and steward philanthropic support benefiting URI and to inform and engage alumni as committed partners of the University, its mission, and traditions. In all its activities, URIFAE strives for core values of transparency, integrity, collaboration, accountability, and respect. campaign.uri.edu | urifae.org foundation@uri.edu 401.874.7900 | 877.874.4555

How to give: All gifts to the University of Rhode Island should be made payable and mailed to URI Foundation & Alumni Engagement, P.O. Box 1700, Kingston, RI 02881. You may also make a secure gift at uri.edu/give.

Published by URI Foundation & Alumni Engagement

Lil Breul O’Rourke, President Austen Farrell, Chief Marketing Officer

Sandra Kenney, Director of Development Communications

Amy Paulsen, Renee Buisson, Mary Sommer, Leslie Lowenstein, Writers

Joe Giblin, Peter Goldberg, Nora Lewis, Glenn Osmundson, Mike Salerno, Photo By Friday, Steer Video Productions, Primary Photographers

THE UNIVERSIT Y OF RHODE ISL AND

foundation & alumni engagement

79 Upper College Road, Kingston, RI 02881

On the cover: GSO professor Kathleen Donohue and Ph.D. student Ali Johnson were onboard the Korean Ice Breaking Research Vessel Araon in the Southern Ocean deploying instruments to measure and study ocean heat transport across the Antarctic Circumpolar Current. Photo by Ali Johnson, Ph.D. candidate 2024.