KENT STATE UNIVERSITY FOUNDATION 2021 GENEROSITY REPORT

Foundation

GENEROSITY RADIATES KENT STATE UNIVERSITY GENEROSITY REPORT, FISCAL YEAR 2021

IN FISCAL YEAR 2021 (JULY 1, 2020 - JUNE 30, 2021): • 74,739 gifts from nearly 18,500 donors, including 3,260 first-time donors • Raised a Kent State record-setting $2.23 million during 2020 Giving Tuesday • Awarded more than $6.2 million in philanthropic scholarships supporting our outstanding students • Increased our endowment by 36 percent

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ILLUMINATING THE WORLD, ONE FLASH AT A TIME We have a saying, “At Kent State, what sets us apart is how we come together.” Fiscal year 2021 was another remarkable year at Kent State, specifically because of how we again came together - even during a very difficult time for our world.

We continued to work toward our Forever Brighter fundraising campaign’s three main goals: Prioritizing Student Success, Expanding University Initiatives and Building the Future.

Individually, our generosity makes a lasting and profound impact. Together, we are a force for the future.

Together, we raised nearly $22.5 million to support our amazing students and programs and were able to award more than $6.2 million in student scholarships. Together, we continue to support Kent State’s mission to put our remarkable students first in all we do, from the moment they receive their acceptance letter until the moment they receive their diploma. Together, we continue to ensure that as Flashes take their place in our communities around the world, their impact is significant and their contributions are illuminating a brighter future for us all.

From the initial donation of land provided by William S. Kent that was the basis for the establishment of Kent State, private support has impacted this remarkable institution for more than 111 years. On behalf of our students and our university, please accept our deepest appreciation. Together, we are making the world Forever Brighter.

With gratitude, Valoree Vargo Vice President, Division of Philanthropy and Alumni Engagement CEO, Kent State University Foundation

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KENT STATE UNIVERSITY FOUNDATION BOARD OF DIRECTORS BOARD OFFICERS Valoree Vargo Executive Director Vice President, Division of Philanthropy and Alumni Engagement Kent State University

Gary L. Brahler, ’89 First Vice President, Investments Morgan Stanley

Stephen M. Milkovich, ’93 Co-owner and VP of Operations Construction Mechanics Inc.

Heather Cerbone, ’90 Senior VP Product Design and Development Ralph Lauren Corporation

Stuart Neidus, ’73 Gates Mills, Ohio

John R. Elliot, ’70 Board Chair Owner, AMFM, LLC

Edmund D. Cooke Jr., ’65 Attorney at Law Law Offices of Cooke Robotham, LLC

Catherine E. Hackney, Ph.D., ’74 Board Secretary Associate Dean, Administrative Affairs & Graduate Education (retired) KSU College of Education, Health and Human Services

Timothy D. Eippert, ’92 CEO Stratus

Peter M. Holway, ’82 Board Chair-elect; Chair, Investments Principal Hirtle, Callaghan & Company

Richard J. Frenchie, MBA, LFACHE President, The Frenchie Group Affiliated Partner Leadership Excellence Health Care Advisory Network

Nora Conway Jacobs, ’73 Immediate Past Board Chair Senior Vice President, Crisis Communications Hennes Communications Gregory A. Long, ’71 Board Treasurer; Chair, Finance President and Managing Partner Long, Cook & Samsa, Inc. Jessica H. Vargo, CPA, ’89 Assistant Treasurer Chief Financial Officer Kent State University Foundation

AT LARGE MEMBERS Raj Aggarwal, ’70, ’75 Retired, Visiting Research Scholar Federal Reserve Bank of Cleveland Lawrence R. Armstrong, ’79, ’80 Chairman Ware Malcomb James M. Bailey, ’03, ’04 Senior Vice President, Managing Director PNC Institutional Asset Management

AS OF JUNE 30, 2021

Barry E. Fetterman, ’74, ’76 Retired, Principal/Portfolio Manager Sirach Capital Management, Inc.

Cathy D. Hemming, ’70 Cathy D. Hemming Literary Agency LLC Candice A. Hughes, ’70, ’72, Ph.D. Assoc. Prof., Dept. of School Psychology Adjunct Faculty, International Psychology Dept.

The Chicago School of Professional Psychology Greg Ina, ’95, ’05, Executive Vice President The Davey Tree Expert Company Richard G. Krumel, ’71 Retired Executive Recruiter Steffany Matticola Larkins, ’92 Chair, Audit Executive Vice President and Chief Revenue Officer Medical Mutual Judie Fall Lasser, ’00 Hudson, Ohio Dale Leppo, ’74 Chairman of the Board Leppo Group Mark Lucas, ’83 Lean Manufacturing Manager General Motors

Robert G. Risman Sub-Committee Chair, KSU Hotel and Conference Center President & CEO Burton Carol Management LLC Robert E. Ross, ’70 Chair, Philanthropy and Alumni Engagement Retired, Director, Private Asset Management Diana P. Strongosky, ’88 Senior Vice President, Group Strategy and Supply Chain Execution Sherwin-Williams Company Michelle D. Thomas, Ph.D., ’05 Chair, Governance President The James Franklin Group, LLC Daniel A. Wolfe, ’82 Vice President; General Manager, Aircraft Captain Aviation Business Center, Nationwide Insurance

AT LARGE MEMBERS REPRESENTING THE ALUMNI ASSOCIATION Margaret E. May, ’96, ’06 Manager of Agent Evaluation & Education Progressive Commercial Lines Barbara Smith, ’84 Executive Vice President, Chief Banking and Strategy Officer The Cooperative Bank of Cape Cod

TRUSTEE REPRESENTATIVE Virginia Addicott, ’85, ’95 Retired President & CEO FedEx Custom Critical

DIRECTOR OF ALUMNI ASSOCIATION Scott McKinney, ’97, ’13 M.P.A. Assistant Vice President, Donor and Volunteer Engagement Kent State University

EXECUTIVE OFFICERS OF KENT STATE UNIVERSITY Todd A. Diacon, Ph.D. President Kent State University Mark M. Polatajko, Ph.D., CPA Senior Vice President for Finance and Administration Kent State University Melody Tankersley, Ph.D. Senior Vice President and Provost Kent State University

PRESIDENTIAL APPOINTMENT Christina Bloebaum, Ph.D. Dean, College of Aeronautics and Engineering Kent State University

EMERITI Linda Allard Gallen, ’62, ’91 Retired, Design Director Ellen Tracy Roger K. Derr, ’58, ’63 Retired, Executive VP & Chief Operating Officer Ametek Inc. Cecile M. Draime, ’58 Retired, owner CD Interiors Unlimited Roe Green, ’80 Self-Employed Retired - Theatrical Stage Director Mel Mellis, ’68 Retired, President Bartlett & Company, Real Estate Group Ronald A. Pizzuti, ’62 Emeritus Chairman & CEO The Pizzuti Collection

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STUDENTS FIRST

$22.4

million raised

THREE GIFTS OF $1 MILLION AND GREATER During this fiscal year, three donors made gifts of $1 million and the funds with the highest number of donors were the Kent State Emergency Grant Fund and WKSU General Fund.

EIGHT DONORS MADE PLANNED GIFTS OF $250,000 OR MORE This ensures a lasting legacy while providing support for students and programs for generations to come.

RECORD $2.23 MILLION RAISED DURING GIVING TUESDAY This marked the fourth year the Giving Tuesday campaign has raised more than $1 million to support funds across Kent State’s colleges and campuses. In fiscal year 2021, we focused on access and completion.

SCHOLARSHIPS ARE KEY We have 1,524 active Foundation scholarships established by generous donors; 59 of these were established in 2021, with 33 being endowed scholarships.

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SCHOLARSHIP SUPPORT AND FIRST-GENERATION STUDENT SUPPORT Scholarships support Kent State’s focus on ensuring access for all students, regardless of their financial situation. Kent State is deeply committed to the success of first-generation students. In March 2021, those efforts were recognized when it was announced that Kent State had been designated a First-gen Forward Institution by the Center for First-generation Student Success.* This designation acknowledges Kent State’s commitment to improving the experiences and advancing outcomes of those who are first in their families to attend college. *The center is an initiative of the National Association of Student Personnel Administrators – Student Affairs Administrators in Higher Education and The Suder Foundation.

82%

96%

$6.2 M

32%

Percentage of students who need financial assistance to attain degrees

Percentage of Kent State freshmen who receive financial support

Amount of Foundation scholarships awarded

Percentage of the class of 2024 that are first-generation students

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BRIGHT SPOTS Donor’s philanthropic support highlighted a variety of key programs in fiscal year 2021.

Aeronautics and Engineering Building Expansion The generous donation of $1.5 million from The Timken Foundation of Canton provided a jump start that allowed us to break ground on the new Aeronautics and Engineering building expansion.

Study Abroad Received nearly $2 million for two different scholarships supporting study abroad.

Nursing Support College of the Arts Scholarships Received nearly $1 million to support College of the Arts scholarships.

Received a $1 million planned gift, to be split between the Research and Innovation Catalyst Endowed Fund and an Endowed Professorship.

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FINANCIALS FY 2021 COMPARISONS

Assets and Disbursements: Year ended June 30, 2021 FOUNDATION ASSETS (IN MILLIONS)

FOUNDATION SUPPORT TO KENT STATE (IN MILLIONS) 11.8

213.4 2017

2017

5.1

124.7

15.2

239.2 2018

2018

4.9

133.7

10.8

245.9 2019

2019

5.3

136.6

246.9

8.2

2020

2020

6.3

138.1

8.7

301.4 2021

2021

187.7

6.2

TOTAL ASSETS

GRANTS TO KENT STATE UNIVERSITY

ENDOWED ASSETS

SCHOLARSHIPS AWARDED

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FINANCIALS FY 2020-2021 Statement of Financial Position June 30, 2021 and 2020

ASSETS

2021

2020

Cash and cash equivalents Receivables Pledges, net Accounts receivable

$6,443,881

$2,672,203

14,873,952 165,404 15,039,356

16,924,460 1,955,359 18,879,819

248,365,121 4,324,664 4,184,501 256,874,286

185,541,127 4,723,970 4,432,821 194,697,918

Beneficial interest in trusts held by others

5,682,457

5,073,766

Notes Receivable - Hotel and Conference Center

0

14,426,108

Prepaid expenses and other Property, net

219,323 17,222,612 $301,481,915

0 11,212,347 $246,962,161

2021

2020

$323,087 14,156,138 8,362,968 592,518 1,770,795 1,577,933 26,783,439

$559,901 10,712,959 9,733,652

19,446,731 255,251,745 274,698,476

18,630,737 203,417,013 222,047,750

$301,481,915

$246,962,161

Investments Long-term pool Charitable remainder trusts Short-term pool

LIABILITIES AND NET ASSETS Liabilities Accounts payable Funds held for others Capital lease liability Paycheck Protection Program loan Charitable gift annuities Charitable remainder trusts Net Assets Without donor restrictions With donor restrictions

2,346,193 1,561,706 24,914,411

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FINANCIALS FY 2021 Statement of Activities Year ended June 30, 2021

WITHOUT DONOR RESTRICTIONS

WITH DONOR RESTRICTIONS

TOTAL

$5,294 5,294

$16,876,050 16,876,050

$16,881,344 16,881,344

9,582,935 1,880,529 536,791 12,293,698

50,820,467 (2,173,972) ____

60,403,402 ____

Sales, services, events and other

1,826,440

Rental income

1,220,847

96,346 ____

Changes in designation of prior contributions Change in value of charitable remainder trusts and gift annuities

(689,461)

689,461

1,220,847 ____

____

(97,915)

(97,915)

Net assets released from restrictions

14,375,705 29,032,523

(14,375,705) 51,834,732

____

WITHOUT DONOR RESTRICTIONS

WITH DONOR RESTRICTIONS ____ ____ ____ ____ ____

REVENUE AND SUPPORT Contributions Net investment income Securities Investment pool operator fee Service fee

EXPENSES Kent State University programs Downtown Kent Hotel, LLC Management and general Fundraising

14,066,469 1,863,703 1,130,980 1,339,917 18,401,069

Loss due to acquisition of Downtown Kent Hotel, LLC

(9,815,460)

CHANGE IN NET ASSETS NET ASSETS AT BEGINNING OF YEAR NET ASSETS AT END OF YEAR

815,994 18,630,737 $19,446,731

48,646,495

397,893 60,940,193 1,922,786

80,867,255

TOTAL 14,066,469 1,863,703 1,130,980 1,339,917 18,401,069 (9,815,460)

51,834,732 203,417,013 $255,251,745

52,650,726 222,047,750 $274,698,476 FY20 on page 11

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FINANCIALS FY 2020 Statement of Activities Year ended June 30, 2020

WITHOUT DONOR RESTRICTIONS

WITH DONOR RESTRICTIONS

TOTAL

$35,343 35,343

$15,583,538 15,583,538

$15,618,881 15,618,881

225,555 1,880,529 397,893 922,639

1,952,846 (1,880,529) ____ ____

2,178,401 ____

3,426,616

72,317

3,498,933

Sales, services, events and other Changes in designation of prior contributions Change in actuarial liabilities

13,235 (175,000)

____ 175,000

13,235 ____

____

(1,508,056)

(1,508,056)

Release of restrictions

14,128,755 17,428,949

(14,128,755) 194,044

____

WITHOUT DONOR RESTRICTIONS

15,324,232 1,129,595 16,453,827

1,169,166 220,878,584 $222,047,750

REVENUE AND SUPPORT Gifts Cash and securities Net investment income Securities Investment pool operator fee Service fee Investment in Hotel and Conference Center

Grants for Kent State University Administration

15,324,232 1,129,595 16,453,827

WITH DONOR RESTRICTIONS ____ ____ ____

CHANGE IN NET ASSETS NET ASSETS AT BEGINNING OF YEAR NET ASSETS AT END OF YEAR

975,122 17,655,616 $18,630,737

194,044 203,222,969 $203,417,013

EXPENSES

397,893 922,639

17,622,993

TOTAL

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MAKE AN IMPACT TODAY Help us continue to put our remarkable students first, from ensuring access for all to supporting them until they receive their diploma with blue and gold pride.

Kent State alumni go on to make lasting impacts in the communities in which they serve locally, across the nation and around the globe. By coming together, we are making the world Forever Brighter, one Flash at a time.

Thank you for your continuing support!

GIVE NOW www.kent.edu/givenow

©2021 Kent State University Foundation

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