Kent State University Foundation - 2022 Generosity Report

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ILLUMINATING THE FUTURE

KENT STATE UNIVERSITY GENEROSITY REPORT FISCAL YEAR 2022

IN FISCAL YEAR 2022

(JULY 1, 2021 - JUNE 30, 2022):

• Raised a total $77.6 million with the support of 10,687* donors, including 3,753 first-time donors

• Reached new heights with Kent State’s record-breaking 2021 Giving Tuesday campaign that raised $7.7 million

• Awarded nearly $5 million in philanthropic scholarships supporting our outstanding students

• Ended the fiscal year having achieved 94 percent of the $350 million Forever Brighter campaign goal

*Does not include WKSU

HELPING THEM SET THE WORLD ALIGHT

At Kent State University, our purpose is to help students find theirs. Fiscal Year 2022 brought unprecedented success, and the generosity of our donors, alumni and community enables us to support students through scholarships, top-tier faculty and facilities, global education opportunities and high-impact experiences.

Together we raised a record $77.6 million, reaching 94 percent of the Forever Brighter campaign’s ambitious $350 million goal by the end of the fiscal year. This includes the two largest single gifts in Kent State University’s history and a record $7.7 million raised during the 2021 Giving Tuesday campaign. Each gift to this campaign makes a difference for Kent State students. We are illuminating their futures and empowering them to impact their communities around the world. Raising funds to align with scholarship needs remains our first priority. The four pillars of this Forever Brighter campaign effort are Ensuring Access, Rewarding Achievement, Enhancing Experiences and Fostering Completion. When the Kent State University Class of 2025 arrived in Fall 2021, they held an average GPA of 3.5, the highest of any incoming class to date. Of these students, 32 percent are first-generation and 17 percent are underserved. With scholarships, we provide students with the necessary support to focus on their education and develop the skills they need to succeed after graduation.

It takes an unwavering commitment to create a better tomorrow, and that takes all of us. Thank you for making this record-breaking year possible. On behalf of our students and our university, please accept our deepest appreciation.

With gratitude, Valoree

Vargo Vice President,

CEO,

Division of Philanthropy and Alumni Engagement

Kent State University Foundation

KENT STATE UNIVERSITY FOUNDATION BOARD OF DIRECTORS

BOARD OFFICERS

Valoree Vargo

CEO

Vice President, Division of Philanthropy and Alumni Engagement Kent State University

Peter Holway, ’82 Board Chair Principal Hirtle, Callaghan & Company

Michelle D. Thomas, ’05, Ph.D. Board Chair-elect; Chair, Governance President

The James Franklin Group, LLC

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

Catherine E. Hackney, ’74, Ph.D. Board Secretary Retired, Associate Dean, Administrative Affairs & Graduate Education

KSU College of Education, Health and Human Services

Gregory A. Long, ’ 71

Board Treasurer; Chair, Finance President and Managing Partner Meaden and Moore

Jessica H. Vargo, ’89, CPA Assistant Treasurer Chief Financial Officer

Kent State University Foundation

AT LARGE MEMBERS

Raj Aggarwal, MBA ’70, DBA ’75

Retired, Visiting Research Scholar Federal Reserve Bank of Cleveland

Lawrence R. Armstrong, BS ’79, B. Arc ’80 Chairman Ware Malcomb

James M. Bailey, ’03, MS ’04

Chair, Investments

Senior Vice President, Managing Director PNC Institutional Asset Management

Gary L. Brahler, ’89

First Vice President, Investments Morgan Stanley

Heather Cerbone, ’90

Senior VP Product Design & Development Ralph Lauren Corporation

Edmund D. Cooke Jr., ’65

Attorney at Law Law Offices of Cooke Robotham, LLC

Timothy D. Eippert, ’92

CEO Stratus

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

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

Cathy D. Hemming, ’70 Cathy D. Hemming Literary Agency, LLC

Candice A. Hughes, ’70, M.Ed. ’72, Ph.D. Assoc. Prof., Dept. of School Psychology Adjunct Faculty, International Psychology Dept. The Chicago School of Professional Psychology

Greg Ina, ’95, MA ’05

Executive Vice President The Davey Tree Expert Company

Nora Conway Jacobs, ’73

Senior Vice President, Crisis Communications Hennes Communications

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

AS OF JUNE 30, 2022

Mark Lucas, ’83 Lean Manufacturing Manager General Motors

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

Valerie Patton George, ’06 President Simply Formulas, Inc.

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

Daniel A. Wolfe, ’82 Vice President; General Manager, Aircraft Captain Aviation Business Center, Nationwide Insurance

AT LARGE MEMBERS REPRESENTING THE ALUMNI ASSOCIATION

Andrea Gauding, ’87 Vice President & CFO Insurance Board

Barbara Smith, ’84 Executive Vice President, Chief Banking and Strategy Officer The Cooperative Bank of Cape Cod

Scott McKinney, ’97, MPA ’13 Assistant Vice President, Donor and Volunteer Engagement Kent State University

TRUSTEE REPRESENTATIVE

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

EXECUTIVE OFFICERS OF KENT STATE UNIVERSITY

Todd 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

Versie Johnson-Mallard, Ph.D. Dean, College of Nursing Kent State University

EMERITI

Linda Allard Gallen, ’62, D.Litt . ’91 Retired, Design Director Ellen Tracy

Roger K. Derr, ’58, MBA ’63 Retired, Executive VP & Chief Operating Officer

AMETEK

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

STUDENTS FIRST

$77.6 million raised

10 GIFTS OF $1 MILLION OR MORE

During this fiscal year, 10 donors made gifts of $1 million or more, including the two largest single gifts in Kent State University history.

RECORD $7.7 MILLION RAISED

DURING GIVING TUESDAY

The 2021 Giving Tuesday campaign marks the fifth year Kent State has raised more than $1 million to support funds across its colleges and campuses. This included $6.25 million from legacy gifts, $150,000 from Kent State University Foundation matching gifts and $1.3 million from outright gifts and matches.

$3.6 MILLION RAISED FOR KENT STATE ATHLETICS

This unrivaled support from more than 2,300 donors offered scholarship assistance to more than 400 student-athletes.

SCHOLARSHIPS ARE KEY

We have 1,593 active foundation scholarships established by generous donors; 69 of these were established in 2022 , with 45 of those being endowed scholarships.

SCHOLARSHIP SUPPORT AND ENSURING

Scholarships support Kent State’s focus on increasing graduation rates and ensuring access for all students, regardless of their financial situation. Raising funds to align with scholarship needs helps us to support our students from the day they receive their letter of acceptance to the day they receive their degree.

BRIGHT SPOTS

Donors’ philanthropic support has highlighted a variety of key programs in Fiscal Year 2022 .

Ambassador Crawford College of Business and Entrepreneurship

The largest single gift in university history made by Ambassador Edward F. Crawford and family enabled construction for the new Ambassador Crawford College of Business and Entrepreneurship building, named Crawford Hall.

Brain Health Research Institute

A $2 million planned gift was made by Earl K. Miller, ’85, Ph.D., and his wife, Marlene M. Wicherski, to support its research programs and students.

College of Podiatric Medicine

Kent State received its second largest single gift of $10 million from The Podiatry Foundation in support of the college.

Scholarship Support

The university’s first-ever Day of Giving on May 19, Kent State’s birthday, raised more than $100,000 for scholarship funds.

FINANCIALS

FY 2021-2022

Statement of Financial Position

June 30, 2022 and 2021

ASSETS

2022 2021

Cash and cash equivalents $13,773,421 $6,443,881

Receivables

Pledges, net 34,446,845 14,873,952

Accounts receivable 130,887 165,404 34,577,732 15,039,356

Investments

Long-term pool 219,479,678 248,365,121 Charitable remainder trusts 3,038,053 4,324,664

Short-term pool 6,365,526 4,184,501 228,883,257 256,874,286

Beneficial interest in trusts held by others 4,646,138 5,682,457

Prepaid expenses and other 45,127 219,323 Property, net 16,848,850 17,222,612 $298,774,525 $301,481,915

LIABILITIES AND NET ASSETS 2022 2021

Liabilities

Accounts payable $319,036 $323,087

Funds held for others 12,083,453 14,156,138

Capital lease liability 8,196,884 8,362,968

Paycheck Protection Program loan 0 592,518 Charitable gift annuities 1,208,205 1,770,795 Charitable remainder trusts 1,510,255 1,577,933 23,317,833 26,783,439

Net Assets

Without donor restrictions 17,376,137 19,446,731

With donor restrictions 258,080,555 255,251,745 275,456,692 274,698,476 $298,774,525 $301,481,915

FINANCIALS

FY 2022

Statement of Activities:

Year Ended June 30, 2022

Gifts

Cash and securities $7,998 $43,159,061 $43,167,059

Gift-in-kind 518,412 518,412 7,998 43,677,473 43,685,471

Net investment income Securities (4,754,095) (22,852,301) (27,606,396) Investment pool operator fee 2,568,938 (2,568,938) Service fee 240,354 240,354 (1,944,803) (25,421,239) (27,366,042)

Sales, services, events and other 1,950,240 47,298 1,997,538 Rental income 2,897,464 2,897,464

Changes in designation of prior contributions (213,270) 213,270

Change in actuarial liabilities (893,619) (893,619)

Release of restrictions 14,794,373 (14,794,373) 17,492,002 2,828,810 20,320,812

REVENUE

Gifts

Cash and securities $5,294 $16,510,765 $16,516,059 Gift-in-kind 365,285 365,285 5,294 16,876,050 16,881,344

Net investment income Securities 9,582,935 50,820,467 60,403,402 Investment pool operator fee 2,173,982 (2,173,972) Service fee 536,791 536,791 12,293,698 48,646,495 60,940,193

Sales, services, events and other 1,826,440 96,346 1,922,786

Rental income 1,220,847 1,220,847

Changes in designation of prior contributions (689,461) 689,461

Change in value of charitable remainder trusts and gift annuities (97,915) (97,915) Net assets released from restrictions 14,375,705 (14,375,705) 29,032,523 51,834,732 80,867,255

MAKE AN IMPACT TODAY

Thank you for putting Kent State students first, from ensuring access for all to providing much-needed support until they reach the finish line and receive their diploma with blue and gold pride. Kent State alumni go on to make lasting impacts in the communities 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 continued support!