ROOTED IN PURPOSE since 1935 Lasting
Generations of Generosity
For 90 years, the University of Illinois Foundation has helped donors turn their passion for Illinois into purpose through impactful gifts.
When the University of Illinois Foundation was created in 1935, few could have imagined the transformative impact it would have on philanthropy at the university. Ninety years later, we are honoring a legacy that has brought hundreds of thousands of donors and billions of dollars in gifts to support the mission of our world-class university. We are also celebrating an incredible record: $656 million in new business in Fiscal Year 2025, 30 percent more than any previous year!
Yes, $656 million is indeed a noteworthy accomplishment, but the real story is what lies behind the numbers. It’s the people, programs, and societies that will be improved because of the extraordinary generosity of our incredible donor community. Contributions to renovate and expand facilities, grow life-changing research, support faculty, and expand opportunities for students through scholarships and enhanced programming are just a few ways the more than 171,000 individual gifts impacted the university in FY 2025.
When we look at these numbers each year, we are reminded that the University of Illinois is not just built by great ideas, but by caring and committed people. For decades, generous alumni and friends have continued to grow the story of giving that defines the university by providing opportunities for the next
generation of students to learn, discover, and achieve at the highest levels.
The stewardship of the university is also entrusted to its leaders and there were several leadership changes at the Foundation and the university over the last year. Jesse Ruiz (’88) was appointed to lead the University of Illinois Board of Trustees and as such, now serves on the Foundation Board. Dr. Charles L. Isbell, Jr., a nationally respected scholar and academic leader, was named chancellor at our Urbana-Champaign university. Bryan Ingram (’86) and George Obernagel joined the Foundation Board as Governing Directors at the Annual Meeting in October, while former Board chair Tony DiTommaso (BS ’74, MS ’77) moved to Life Director status. Karen Golz (’76) took the gavel and is now serving as chair of the UI Foundation Board.
As we mark the Foundation’s 90th anniversary, we are profoundly grateful for the individuals and families who, from generation to generation, have turned their passion for the University of Illinois into purpose through gifts of all kinds. The impact you have created continues to grow, and we are looking forward to seeing how your generosity advances the mission and excellence of the University of Illinois System in the next decade and beyond. Thank you again for the enduring kindness and loyalty you share with the Illinois family year after year.
RICHARD C. OSBORNE
Immediate Past Chair, Board of Directors
JAMES H. MOORE, JR. President/CEO
New Business Record Shattered
Donors contribute $656 million in new business for Fiscal Year 2025, breaking the previous fundraising record by $157 million.
The University of Illinois Foundation announced record-breaking new business totals for Fiscal Year (FY) 2025, with $656 million in new business, 1 the largest single-year total in Foundation history, and $427.1 million in cash2 received, the second highest total on record.
“This incredible achievement reflects the passion our donors have for this extraordinary university and their belief that investments in the University of Illinois are transformative and globally impactful.” said UIF President/CEO James H. Moore, Jr. “Their generosity has set a new standard for philanthropy at Illinois, and we are deeply grateful for the impact their gifts will have today and for generations to come.”
Moore emphasized that the contributions advance current University of Illinois initiatives while creating opportunities that will shape the institution’s future.
“I am deeply grateful to our donors for their generosity, their loyalty and their commitment,” U of I System President Tim Killeen said. “Their record giving reflects a belief in the power and value of the education we offer at our three
universities and the vital services we provide beyond our campuses, all for the benefit of the people of Illinois.”
All donor-contributed endowment gifts include an agreement executed between the donor and the Foundation, outlining the terms and specific use of the gift. The Foundation has a fiduciary and legal responsibility to honor donor intent and administer funds accordingly.
Of the $656 million in new business recorded this fiscal year, $142.4 million was designated to student support, $98.3 million to research, and $90.8 million to academic programs and faculty support. An additional $33.9 million was directed to facilities, $17.6 million to public service, and $9.4 million was given to “other,” which supports things such as lectureships. Another $263.6 million was designated by donors as unrestricted, which provides departments and units with the flexibility to use the funds for their most pressing and emerging needs.
Donors also contributed $295.7 million of the $427.1 cash total to the University of Illinois as current use funds, which make an impact in criti-
1 New business includes new gifts, grants, pledges, and deferred commitments.
cal areas such as student and faculty support, research, facilities, and academic programs. The remaining $131.4 million came in the form of endowed funds, annuities, and life income funds that support the longterm stability and excellence of the University of Illinois.
The value of the University of Illinois Foundation’s active endowment grew to $3.06 billion in FY25.3 Through the endowment pool, the Foundation distributed $97.4 million to the University of Illinois System, including $76.6 million to the University of Illinois Urbana-Champaign, $17.3 million to the University of Illinois Chicago, $1.1 million to the University of Illinois Springfield, and $2.4 million to the University of Illinois System offices.
The annual return for the active endowment is 3.3 percent for FY25.4 This reflects a one-time impairment on legacy private market investments and the completion of a $245 million secondary sale, which generated $121.5 million in proceeds, reduced exposure to higher-risk, illiquid positions, and positioned the portfolio for greater stability and long-term growth.
2 The cash figure includes outright cash gifts, pledge payments, annuity/life income gifts, and estate distributions.
3 More information can be found in the CIO report on page 31.
4 Performance is preliminary and is presented net of external investment management and incentive fees.
FY25 NEW BUSINESS
85.3%
URBANA-CHAMPAIGN
$559.4 Million
12.8% CHICAGO $84.2 Million
New Gifts, Grants, Pledges, & Deferred Gift Commitments
1.1% SPRINGFIELD $6.9 Million
0.8% SYSTEM $5.5 Million
FY 2021–2025 NEW BUSINESS GROWTH Fiscal Year (July 1–June 30)
FY25 NEW REVOCABLE & IRREVOCABLE COMMITMENTS
$276M *Irrevocable gift arrangements administered by UIF
0.8% Charitable Gift Annuities* $2,198,292
FY25 NEW BUSINESS SOURCES
FY25 NEW BUSINESS DESIGNATIONS
GIFTS IN FY25
171,305
• RESEARCH // $98.3M
• FACILITIES // $33.9M
• STUDENT SUPPORT // $142.4M
• ACADEMIC PROGRAMS // $68.3M
• PUBLIC SERVICE // $17.6M
• FACULTY SUPPORT // $22.5M
• OTHER // $9.4M
• UNRESTRICTED // $263.6M
DONORS IN FY25
50,470
90 years of Generosity
Since 1935, the Foundation has partnered with donors to turn vision into reality. Each generation builds on the last, creating a legacy of opportunity.
SINCE 1954, DONORS HAVE MADE 5.3 MILLION GIFTS TOTALING $5 BILLION COUNTLESS FAMILIES HAVE WOVEN THEIR STORIES AND GENEROSITY INTO THE HEART OF THE UNIVERSITY OF ILLINOIS.
Every generation of donors has empowered the next to dream bigger, reach higher, and achieve more.
For nine decades the Foundation has worked alongside donors to transform possibility into reality.
56
FAMILIES HAVE FOUR GENERATIONS GIVING TO ILLINOIS TODAY
333
FAMILIES HAVE MADE ANNUAL GIFTS TO SUPPORT ILLINOIS—EVERY SINGLE YEAR SINCE 1975
"Your
generosity embodies the culture of philanthropy that has sustained the Foundation for 90 years and counting."
— JIM MOORE, UIF PRESIDENT/CEO
SINCE UIF WAS FOUNDED, BOARD MEMBERS HAVE INVESTED
$878M+ (AND COUNTING!) IN THE UNIVERSITY OF ILLINOIS
250+
PEOPLE HAVE SERVED AS FOUNDATION DIRECTORS
Foundation Weekend Honors Illinois’ Philanthropic Past
The University of Illinois Foundation marked its 90th anniversary during Foundation Weekend, held October 30–November 1 on the Urbana-Champaign campus. The event celebrated generations of donors whose generosity has shaped Illinois’ enduring legacy. Highlights from the weekend included the Foundation’s Annual Meeting, where the announcement of a record $656 million in new gifts in Fiscal Year 2025 was made, and new University of Illinois UrbanaChampaign Chancellor Charles L. Isbell, Jr., addressed attendees in Q&A format with new UIF Board Chair Karen Golz. The Krannert Award dinner, a reception at the University of Illinois Philanthropy Center, a pregame tailgate party, and a Fighting Illini football victory rounded out a memorable weekend honoring the generations of generosity and spirit of community that define Illinois.
Opposite page, clockwise from top left: UI System Executive Vice President Nick Jones. UIF COO/CFO Christy Devocelle. UIF Immediate Past Chair Dick Osborne. Illinois Chancellor Charles Isbell, Jr. UIF Board Chair Karen Golz.
Opposite page: A variety of events during Foundation Weekend gave guests a chance to listen, learn, and be inspired by students and leaders representing the University of Illinois. This page: The University of Illinois Philanthropy Center was a festive location for the reception honoring the 90th anniversary of the University of Illinois Foundation. The party, which also happened to be on Halloween, brought friends and alumni together to celebrate the impact of philanthropy at the University of Illinois.
This page: The Krannert Awards were held on Thursday, October 30 to honor the generosity of donors who have given more than $1 million to the University of Illinois. Opposite page: A pregame tailgate was held on November 1 that brought fans together for a festive orange and blue celebration before the Illini
beat Rutgers.
Generations of Donors—Changing What's Possible
UNIVERSITY OF ILLINOIS URBANA-CHAMPAIGN FUNDRAISING HIGHLIGHTS
In FY25 the University of Illinois Urbana-Champaign received 132,995 gifts from 41,180 donors. Here are just a few examples that share the impact of their generosity.
LARRY GIES MAKES TRANSFORMATIONAL $100M GIFT TO ILLINOIS ATHLETICS
Illinois alumnus Larry Gies (’88) made a $100 million gift to the Illinois Division of Intercollegiate Athletics (DIA). Gies, whose name also adorns the university's College of Business, is one of the most influential philanthropists in Illinois history, and his unprecedented support will create an immediate and lasting impact for current and future Fighting Illini student athletes. In recognition of Gies' contribution, Illinois' Memorial Stadium, just one year removed from its 100th anniversary, is now known as Gies Memorial Stadium.
CONNIE FRANK CARE CENTER GIFT SUPPORTS COMPASSIONATE CARE FOR STUDENTS IN NEED
Thanks to a generous gift from alumna Connie Frank (’65), Illinois students have an expanded network of support through the newly enhanced Connie Frank CARE Center. The center is part of the university’s Community of Care initiative, which provides holistic wellness and crisis support for students navigating academic and personal challenges. Frank’s investment strengthens resources for mental health, peer outreach, and emergency assistance ensuring that every student has access to compassionate, professional care when they need it most.
VITAL SUPPORT FROM DONORS HELPS ILLINOIS PUBLIC MEDIA
CONTINUE ITS MISSION
Illinois Public Media celebrated remarkable growth in Fiscal Year 2025, with a 10 percent increase in annual giving from the Friends of WILL and more than 1,400 new donors joining the community. This milestone represents the station’s largest year of donor participation to date—bringing the total number
of supporters to 12,633. From local storytelling to trusted public news, Illinois Public Media’s impact continues to resonate with audiences across the state.
DAUERS PAY IT FORWARD WITH GENEROSITY TO ATHLETICS AND THE UNIVERSITY LIBRARY
Longtime Illini supporters John (’90) and Bonnie (’92) Dauer deepened their legacy at Illinois with gifts benefiting both Fighting Illini Athletics and the University Library. Their investment in athletics supports student-athletes as they strive for excellence, while their gift to the library expands access to digital resources and preservation efforts. Together, these commitments exemplify the spirit of paying it forward, ensuring that today’s students have the same opportunities that shaped the Dauers’ experience.
TRANSPACIFIC FRIENDSHIP STRENGTHENS GLOBAL EDUCATION
A friendship between Illinois alumna Qiumei Yang (MS ’92, PhD ’96) and mentor Michele Shoresman inspired a new scholarship fund in the College of Education. When Yang needed financial assistance to come to America to attend Illinois, Shoresman saw this as an opportunity to help. Years later, Yang wanted to repay this kindness with a $100,000 birthday gift to Shoresman which she turned down and suggested it go to the university that brought them together. Thus, the Michele I. Shoresman Study Abroad Scholarship Fund was created to support students pursuing study abroad opportunities.
GIFT PROVIDES CRITICAL SUPPORT TO THE CANCER CENTER AT ILLINOIS
A transformative gift from Phil and Ann Sharp has advanced the Cancer Center at Illinois, establishing the
Phil and Ann Sharp Directorship. This endowed position provides lasting support for innovative leadership at one of the nation’s premier interdisciplinary cancer research centers. Their gift ensures that the Cancer Center remains at the forefront of discovery—empowering scientists and students to pursue bold ideas that improve lives and bring hope to patients worldwide.
REICHARD REAL ESTATE ACADEMY ESTABLISHED AT GIES COLLEGE OF BUSINESS
A $5 million gift from Reichard Capital CEO Nate Reichard (’06) established the Reichard Real Estate Academy at the Gies College of Business, elevating Illinois’ reputation as a leader in real estate education. The academy will provide students with immersive learning experiences, mentorship from industry professionals, and hands-on investment opportunities that mirror real-world market dynamics. Reichard’s gift underscores his commitment to preparing the next generation of ethical, innovative business leaders.
DOWNEY GIFT EMPOWERS INNOVATION AT THE CARLE ILLINOIS COLLEGE OF MEDICINE Illinois basketball legend and lifelong Illini David Downey (’63, JD ’66) champions the university community through his support of the Carle Illinois College of Medicine. His recent gift, made alongside his wife and fellow philanthropist Jane Hays (’76, JD ’79), funds scholarships for future physician-innovators who embody Illinois’ spirit of service and discovery. Downey’s commitment reflects his belief in giving back to the institution that shaped his life—on and off the court. Through this gift, students will be empowered to pursue medical innovation that transforms patient care and uplifts communities.
Generosity Drives Access and Excellence
6,231 donors made 10,645 gifts to UIC this year, strengthening programs that improve health, expand access, and inspire discovery. Their generosity is driving our mission to provide the broadest access to the highest levels of educational, research, and clinical excellence.
SCHOLARSHIP FUND CREATED FOR UIC SCHOOL OF DESIGN
Chicago-based philanthropists Joe and Rika Mansueto, in collaboration with Morningstar, Inc., have committed $1 million to establish the Morningstar Design Scholarship Fund and the Morningstar Design Faculty Scholar position at UIC’s School of Design. Their generosity supports both merit- and needbased scholarships for undergraduate design students and a joint academic–industry faculty role that bridges design practice and research. This gift reinforces a decades-long partnership between the UIC School of Design and Morningstar, fueling innovation in information design, data visualization, and creative education.
DONOR GENEROSITY BOOSTS
THE COLLEGE OF MEDICINE
Philanthropy continues to fuel innovation at the University of Illinois Chicago College of Medicine. Among the highlights are a gift from Richard (MBA ’73) and Charlene Osborne who committed $2.3 million, including a $1 million gift establishing the Osborne Scholarship Fund and additional support for the Student Success Initiative Fund, helping medical students thrive in their academic and professional journeys. An anonymous $2 million gift is advancing research in kidney transplant surgery, while Pauline Wallden’s $2 million commitment created an endowed chair in neuroscience at the College’s Peoria campus. Additionally, Dr. Mark Bresnik (’73, MD ’78) and Madelyn Mallory established a $1 million Excellence
Fund to enhance strategic priorities across the College. Together, these gifts strengthen medical education, research, and patient care across Illinois and beyond.
GLOBAL SCHOLARSHIP EXPANDS HORIZONS, BRINGS FRESH PERSPECTIVES HOME
In memory of Dr. Douglas James Passaro, global health is advanced through the Douglas Passaro Global Horizons Scholarship, supporting School of Public Health graduate students with up to $5,000 for international applied practice or research experiences. Over its history, the Passaro endowment has empowered students to work in locations including Latin America and Africa—immersing themselves in communities to tackle public health challenges. This gift blends personal legacy with academic mission: honoring Dr. Passaro’s dedication to global medicine while enabling a new generation of health professionals to expand their perspectives, deepen connections, and bring fresh insights home.
GIFTS REACH ACROSS COLLEGES, STRENGTHENING IMPACT
Philanthropy at the University of Illinois Chicago often powers interdisciplinary collaboration. Gifts that span colleges and disciplines create impact far beyond any single program. This year, Herb Paaren (’71, MS ’73) and Denise Marino committed $2.5 million to advance a range of campus priorities, from the new Drug Discovery and Cancer Research Pavilion to the Flames Digital Studio
in the Daley Library, the CROCUS Mobile Lab, and the Freshwater Lab Internship Program in the College of Liberal Arts and Sciences. Their generosity underscores how innovation thrives at the intersections of science, technology, and community engagement. Similarly, a multi-unit $800,000 pledge from Schreiber Philanthropy bridges education and health, supporting both the Early Childhood Education Collaborative in the College of Education and the Immigrant Family Mental Health Advocacy Program at UI Health. Together, these gifts demonstrate how cross-disciplinary support propels UIC’s mission to improve lives through knowledge, care, and discovery.
A LEGACY OF SERVICE AND RURAL DENTISTRY SUPPORT
For alumna Janet F. Martineau (’72, ME ’75) and the late Paul R. Martineau (DDS ’74), the values of education, faith and rural service profoundly shaped their lives, and now they’re shaping tomorrow’s dental professionals. Through the Martineaus’ remarkable commitment, the Janet F. & Paul R. Martineau Scholarship Fund was established at the University of Illinois Chicago College of Dentistry, prioritizing students who plan to serve rural communities. Janet’s thoughtful commitments fortify the endowment and ensure this dedication carries forward for generations. Their legacy stands as a testament to how one couple’s shared values continue to expand access to quality dental care and strengthen communities across rural Illinois.
Record-breaking Giving Builds Momentum and Expands Opportunity
UNIVERSITY OF ILLINOIS SPRINGFIELD FUNDRAISING HIGHLIGHTS
With 4,056 donors making 14,708 gifts this year, the UIS community came together in record-setting support for students and programs across campus. Their generosity is expanding educational access, empowering future teachers and healthcare leaders, and strengthening a culture of giving that grows year after year.
A RECORD-BREAKING YEAR FOR GIVING AT UIS
Fiscal Year 2025 marked a historic moment for the University of Illinois Springfield, with donors helping the university reach $6.9 million in total gifts—a 142 percent increase over the previous year. This record-breaking success reflects the growing pride and engagement of the UIS community, including faculty and staff participation at over 54 percent from 425 donors, both of which are the highest in university history. UIS also set a record for total annual giving, surpassing $1.94 million, a 21 percent increase from last year. Behind every number is a story of generosity and belief in the UIS mission. Together, these philanthropic achievements illustrate a shared commitment to shaping a strong and vibrant future for UIS.
UIS VISIONARY GIVING CIRCLE MAKES PURPOSEFUL IMPACT
The Visionary Giving Circle at UIS represents the power of collective philanthropy, marrying leadership giving with purposeful impact across the campus. Through annual memberships starting at $1,000, members support one-time grants that support everything from journalism to immersive field-station residencies. This year, Visionary Circle members funded an AI-enhanced adaptive teaching program, an artist-in-residence opportunity at the Therkildsen Field Station, and a supporting grant
for Aspiring Educators Chapter Development. By uniting dedicated donors around flexible funding and shared vision, UIS can respond to emerging opportunities, foster innovation, and empower students in meaningful ways.
STUDENT SCHOLARSHIP AWARDS EXCEED $1M IN FY25
For the first time ever, the University of Illinois Springfield awarded more than $1 million in scholarships to 314 students in a single fiscal year. This was made possible by the extraordinary generosity of UIS donors. Each gift, large or small, helped open doors for students to access life-changing educational opportunities. From need-based aid to discipline-specific awards, donor generosity supports students and empowers them to focus on their studies, pursue leadership experiences, and prepare for careers that strengthen their communities.
DITOMMASO GIFT TO UIS EXTENDS IMPACT ACROSS THE U OF I SYSTEM
Former University of Illinois Foundation Board Chair Tony DiTommaso (’74, MS ’76) and his wife Lucy (’74) have long embodied the spirit of giving back. As proud graduates of the University of Illinois Urbana-Champaign, the DiTommaso family has deep connections to the campus and have supported business and athletics at Illinois for decades. But their
focus expanded after a visit to the University of Illinois Springfield. Inspired by UIS’s advances in technology and nursing education, they made a gift to the College of Health, Science, and Technology Scholarship Fund, helping prepare future healthcare leaders. For Tony and Lucy, giving is both a reflection of gratitude and a promise to the next generation—a way to honor the opportunities they’ve had by opening doors for others across the Illinois family.
INVESTING IN THE NEXT GENERATION OF EDUCATORS
For Rich (MS ’76) and Connie (MS ’99) Frankenfeld, giving back is both a calling and a way to honor the opportunities that shaped their lives. Lifelong advocates for education and active community volunteers, the couple established the Frankenfeld Scholarship Fund at the University of Illinois Springfield to support students pursuing careers in teaching. Inspired by their own experiences as first-generation college students and by the UIS learners earning teaching credentials, the Frankenfelds are helping others climb the same ladder of opportunity. Their gift reflects a shared belief in education as a path forward—for individuals, families, and the broader Springfield community. Rich and Connie are generously empowering future educators to make a lasting difference in the lives of students across Illinois.
A Gift That Grows Forever
Clara Y. Shaw’s Legacy Continues to Cultivate Opportunities at Illinois
Endowed gifts create lasting benefits, providing enduring support for the future of the University of Illinois.
Giving to the University of Illinois often occurs in a single transaction, but the impact of a gift can span time and generations.
Endowed gifts are among the most authentic expressions of that purpose, creating a source of perpetual funding for years and decades to come, with the principal of an endowed gift invested and its proceeds distributed as support.
In 2025, the University of Illinois Foundation managed 7,265 endowed funds. One of the oldest endowed funds is a remarkable example of the power of a single gift.
When lifetime Urbana resident Clara Y. Shaw passed in 1954, she left her 642-acre farm to the University of Illinois Foundation, in memory of her children, Hazel and Harold, who both attended the university, and her husband, William T. Shaw, all of whom preceded her in death. She wanted the property to continue to be farmed and wanted the proceeds used to support scholarships, fellowships, and research.
Today, 71 years later, the Foundation still owns that property and continues to honor Clara’s wishes and vision to provide a “forever” gift to the University of Illinois. Her investment has provided nearly $6 million over the years, benefitting more than 950 students—and counting—with life-changing financial assistance, as well as supporting research in several different colleges.
Year after year, generation after generation, one gift from one person is still delivering on a donor’s passion to support students who want to transform their lives by earning an Illinois degree.
Clara Y. Shaw’s generosity is a lasting reminder that a single act of giving can echo far beyond a lifetime. Her foresight and faith in the University of Illinois, along with those of many others, have yielded opportunities for generations of students to learn, discover, and thrive. As endowed gifts continue to grow, they ensure that the spirit of philanthropy remains deeply rooted in Illinois soil, nurturing the dreams of those who follow.
If you are interested in learning more about making a gift of real estate, contact the University of Illinois Foundation’s Office of Gift Planning and Trust Services at 217.244.0473 or GPInfo@uif.uillinois.edu.
Built on Generosity
In May 2022, the University of Illinois Foundation broke ground on the University of Illinois Philanthropy Center and in February of 2024, less than two years later, the Foundation moved its operations into the building. Today the Philanthropy Center has become “home” to more than 160 employees and is a vibrant and lively hub for not only the Foundation but for advancement and community partners who use the building.
The UI Philanthropy Center is a forward-thinking, flexible design that represents a modern work environment. In addition to employee offices, the 60,000 square foot building includes a gorgeous atrium, conference center, a wellness studio, and numerous spaces for hosting donors and friends, including a beautiful library.
HONORING GENEROSITY THROUGHOUT THE PHILANTHROPY CENTER
The UI Philanthropy Center project is being funded through a combination of UIF reserves, fundraising, and financing. No state funding was used for the project.
The University of Illinois Foundation is grateful for gifts from numerous donors who have helped make the Philanthropy Center possible. The generosity of these donors is honored throughout the building.
INTERESTED IN MAKING A GIFT IN SUPPORT OF THE PHILANTHROPY CENTER?
There are still a few naming opportunities available for this special project:
Building naming
The Great Room
The Think Tank & Innovation Studio
The Terrace
The Dining Room
The Leadership Waiting Area
For more information contact Brooke Weisenbeck, vice president for Presidential Development Initiatives, 217.333.8823, weisenbeck@uif.uillinois.edu.
Latest Naming Gift Establishes the Todd & Lynn Lillibridge Library
The library, which is a comfortable and relaxed space, was recently named through a generous gift from University of Illinois Urbana-Champaign alumni Todd (’78) and Lynn (’77) Lillibridge. The Todd and Lynn Lillibridge Library offers a warm, welcoming, and versatile setting, ideal for professional meetings, continued learning and social gatherings for both guests and advancement professionals.
As alumni, Todd and Lynn see the value in connecting with the university they love so much and that provided both of them with a solid foundation on which to build successful professional careers. Honoring their two University of Illinois Urbana-Champaign degrees, the Lillibridges are making an impact with their gift to the Philanthropy Center and also across the Urbana campus where they have made significant gifts to the Gies College of Business, as well as through serving as mentors, speakers, and members of the Gies Dean’s Business Council Advisory Board and the President’s Council.
At the Foundation's Annual Meeting at the Krannert Center for the Performing Arts, Travis Shore, UIF Chief Investment Officer, discussed the FY 2025 endowment performance.
More Aligned & Built for the Future
Travis Shore, Chief Investment Officer
OPENING REMARKS
Fiscal Year 2025 marked the completion of our third year together and the conclusion of a deliberate, disciplined transition of the endowment portfolio. When I joined the Foundation in April 2022, our first priority was to review the existing portfolio and align the total portfolio with our philosophy. That work led to a comprehensive, multi-year effort to reposition the endowment for future success.
That transition is now fundamentally complete. Nearly 90 percent of the public markets portfolio has been turned over since 2022, and over the last 17 months we completed an exhaustive, line-by-line review of every private market investment. The resulting portfolio is materially different—more aligned with our long-term, equity-biased philosophy, more resilient across market environments, and better positioned for the next three to five years.
While FY25 results reflect one-time impairments on select legacy private investments and the completion of a large secondary transaction, the encouraging news is that the portfolio we now own is performing well. The “this-team portfolio”—the investments sourced, underwritten, or approved by the current team—returned approximately 10.8 percent during the year, compared with the total endowment return of 3.3 percent. Importantly, the endowment grew despite the cost associated with sale and impairments within the private market portfolio.
We now have a portfolio that is more aligned with our investment philosophy and built for the future. I have a high degree of confidence in its construction and in the team that manages it.
CAPITAL MARKETS COMMENTARY
Fiscal Year 2025 appeared, at first glance, to be another strong year for global equity markets. The S&P 500, Nasdaq, MSCI ACWI, and MSCI Emerging Markets Index each returned between 15 percent and 17 percent. This marked the third consecutive year of strong equity results, with cumulative returns of roughly 69 percent for the S&P 500 and 62 percent for the MSCI ACWI over that period. The table above shows selected benchmark returns for each of the last two fiscal years.
Beneath the surface, however, performance remained far from broad-based. Artificial intelligence continued to dominate nearly all risk-related conversations, but the impact extended well beyond the familiar “Magnificent Seven.” As the AI ecosystem evolved, the dispersion between companies benefiting from AI advances and those at risk from technological disruption widened meaningfully. During the fiscal year, custom “AI Beneficiaries” baskets created by several investment banks returned more than 32 percent, while “AI At Risk” companies returned about 11 percent. Extending the analysis through mid-November 2025, those same beneficiaries returned approximately 74 percent, while the at-risk group returned roughly -1 percent.
As we have noted previously, equity risk is the core risk we expect to hold through a full market cycle. We
selectively allocate to other asset classes—credit, commodities, and real estate—when conditions warrant. In FY25, opportunities in these areas were limited. Commodity markets traded near long-term fair value, real estate pricing incorporated broader macroeconomic conditions, and credit spreads remained near or tighter
We now have a portfolio that is more aligned with our investment philosophy and built for the future.
—TRAVIS SHORE UIF CHIEF INVESTMENT OFFICER
than historical averages, offering limited compensation for downside risks. Although private credit markets have drawn increased scrutiny, this is not an area in which we invest, though we monitor it for potential systemic implications.
Corporate earnings provided a counterbalance to broader macroeconomic concerns. Through three quarters of earnings announcements, results were generally strong: year-over-year earnings growth of roughly 13 percent, revenue and earnings surprises of approximately
1As affirmed by the Investment Policy Committee in June 2025.
80 percent and 70 percent, and S&P 500 profit margins above 13 percent. Forward estimates for 2026 remain constructive, with expected earnings growth near 14 percent and revenue growth close to 7 percent.
Despite supportive fundamentals, markets grappled with uncertainty surrounding the sustainability of the
Fiscal year 2025 was a complex market environment despite strong headline equity returns.
—TRAVIS SHORE
UIF CHIEF INVESTMENT OFFICER
AI capital expenditure cycle. Forward price-to-earnings multiples near 21.5x exceed long-term averages, and while valuations can remain elevated when growth is strong, the scale of recent capex raised questions. Hyperscalers invested nearly $500 billion in AI-related capital expenditures over the past year alone, with cumulative investment exceeding $1 trillion over multiple years. Capital expenditures as a percentage of sales have increased from roughly 5 percent a decade ago to more than 30 percent today, leading to weaker free cash flow and a greater reliance on debt financing.
The broader AI ecosystem extends beyond hyperscalers to “neocloud” operators—firms that have borrowed aggressively to finance data-center expansion. Many of
these loans are secured by GPUs, which are depreciating assets both from intensive usage and rapid product-cycle innovation. Some analysts estimate that the gap between AI infrastructure investment and AI-related revenue may exceed $500 billion annually. These concerns do not imply an impending bubble but highlight the uncertainty that markets are actively evaluating.
This uncertainty exists alongside other macroeconomic risks, including persistent inflation pressures, labor-market softness, tariff policy changes, evolving expectations for Federal Reserve policy, and the natural volatility associated with a midterm election year. Fiscal Year 2025 was a complex market environment despite strong headline equity returns.
PORTFOLIO AND PERFORMANCE COMMENTARY
The endowment returned 3.3 percent for the fiscal year ended June 30, 2025, compared with a benchmark return of 13.2 percent. The headline result primarily reflects a one-time impairment on legacy private assets and the completion of a $245 million secondary sale, which generated approximately $122 million in proceeds and reduced exposure to higher-risk, illiquid positions.
Absent these actions, the endowment would have returned approximately 7.4 percent.
Public markets continued to contribute positively, returning 11.3 percent for the year. Public equities trailed global benchmarks given exposure to enterprise software, and emerging market consumer exposure. Several internally managed public equity positions performed especially well. Credit investments returned 9.4 percent.
Private markets results were affected by legacy write-downs. This portfolio produced negative returns before accounting for losses on secondary sales and
impairments. We made significant new investments in this area over three years, which have already begun to show results early in FY26. Private market investments represent slightly more than 20 percent of the portfolio after secondary sales, down from over 30 percent a few years ago. Unfunded commitments have been reduced to less than 9 percent of the endowment.
The portfolio today is more resilient and better positioned to participate in market upside while preserving capital when conditions turn.
—TRAVIS SHORE
UIF CHIEF INVESTMENT OFFICER
ASSET ALLOCATION
We measure risk and positioning through the beta-factor framework adopted in Fiscal Year 2023. Beta factors quantify the dollar amount of risk allocated to each major asset class: equity, credit, interest rates, commodities, real estate, and cash.
Equity exposure increased to 73.1 percent, reflecting both market appreciation and our intentional tilt toward global equities and illiquid equity strategies. Credit remains near long-term targets. We maintained lower exposure to interest rates throughout most of the year due to ongoing inflation dynamics and relative-value consider-
ations. Real estate and commodities remain below target due to a lack of compelling opportunities. Cash ended the year modestly above zero, consistent with our desire to remain fully invested.
GEOGRAPHIC EXPOSURE
The portfolio remains globally diversified, with a core orientation toward U.S. investments and meaningful exposure to developed and emerging markets. Public equity positioning reflects overweight exposure to select non-U.S. markets where we see stronger forward return prospects, while private equity exposure remains predominantly U.S.-based given the opportunity set and strategic partnerships. Credit, interest rates, and other beta factors are primarily U.S.-domiciled following the aforementioned sale of legacy private market investments.
CLOSING REMARKS
Fiscal Year 2025 completes a foundational chapter for the University’s endowment. Over the past three years, we have taken deliberate steps to reposition and strengthen the portfolio—turning over nearly 90 percent of the public markets portfolio, completing a comprehensive review of all private investments, and aligning the endowment with a long-term, equity-biased, global strategy.
This work required time and discipline, but it leaves us on a stronger footing. The portfolio today is more resilient and better positioned to participate in market upside while preserving capital when conditions turn. The early performance of investments made by the current team reinforces our conviction in the strategic decisions we have made.
I have supreme confidence in the direction of the portfolio and in the team that manages it. It is an honor to serve as your Chief Investment Officer, and I look forward to the years ahead.
OFFICERS OF THE BOARD
CHAIR
Karen M. Golz ’76
(Retired) Global Vice Chair, Ernst & Young Global Limited
IMMEDIATE PAST CHAIR
Richard C. Osborne MBA ’73
Senior Managing Director, Madison Industries
PRESIDENT/CEO
James H. Moore, Jr.
SECRETARY & GENERAL COUNSEL
Jennifer F. Cerasa
TREASURER & COO/CFO
Christine C. Devocelle MBA ’13
CHIEF INVESTMENT OFFICER
Travis W. Shore
ASSISTANT TREASURERS
Kelly L. Bennett ’04, MAS ’05
Michelle S. Bolger MBA ’14
ASSISTANT SECRETARY
Jacquline N. Schweighart ’03, EdM ’09
GOVERNING DIRECTORS
Shakeeb A. Alam ’97 Co-Founder & President, East Bridge Capital Management
Donald E. Bielinski ’71 Managing Partner, SMB Interim Management, LLC
William D. Forsyth ’86 President and Founder, Frontier One LLC
Alejandra Garza ’88 Founder and Principal, AGG Consulting
Beth Georgia Gies ’89
Gozen Basar Hartman ’01 CEO and Co-Founder, Fairlawn
Cynthia M. Helle ’85 Director, The Josselyn Center and Providence Englewood Charter School Foundation
Bryan T. Ingram '86 (Retired) Senior Vice President/General Manager, Broadcom Inc.
Julie A. Kellner ’86 (Retired) Executive Director, The Lincoln Academy of Illinois
Stuart L. Levenick ’76 (Retired) Group President, Caterpillar, Inc.
Jean M. Manning ’72, MBA ’78, JD ’83 Emeritus Chief Counsel for Employment, United States Senate
A. Helen McGrath ’77, MS ’78 (Retired) Vice President, AT&T Inc.
Saul J. Morse ’69, JD ’72 Attorney, Brown, Hay & Stephens, LLP
George Obernagel Owner, Obernagel Farms & Real Estate
Deborah A. Paul, PhD, MS ’79 (Retired) Biochemist/Director, Business Development & Licensing, Abbott Laboratories
Mary Ellen Penicook ’81, JD ’87 (Retired) Corporate Attorney & Assistant Secretary, Federal Signal Corporation
Amita K. Schultes, PhD, ’96, MA ’01 Partner, Cerity Partners OCIO
Khawar M. Siddique ’94, MD ’98 CEO, Docs Health & Docs Surgical Hospital
Paul T. Tucker ’70, MS ’71, PhD ’75 (Retired) Corporate Vice President, Computer Sciences Corporation
Rakesh Varma ’77 Chair and CEO, ARV Capital Management
EX-OFFICIO DIRECTORS
Jesse H. Ruiz ’88 Chair, University of Illinois Board of Trustees; Partner, General Counsel and Chief Compliance Officer, The Vistria Group
Timothy L. Killeen President, University of Illinois System
Paul Ellinger ’80, MS ’82, PhD ’92 Vice President, Chief Financial Officer and Comptroller, University of Illinois System
James H. Moore, Jr. President/CEO, University of Illinois Foundation
LIFE DIRECTORS
James M. Benson ’68 Chairman, Benson Botsford, LLC
Gary K. Bielfeldt ’58, MS ’59 Managing Partner, Bielfeldt & Company, LLC
Henry B. Blackwell II ’52 (Retired) Counsel, Baker & Daniels, LLP
Doris K. Christopher ’67 Founder & Chairman, The Pampered Chef, Ltd.
James R. DeBord ’69, MS ’71, MD ’74 (Retired) Professor of Surgery, University of Illinois College of Medicine
Anthony G. DiTommaso ’74, MS ’76 Managing Partner, Ecvall, LLC
Jane Phillips Donaldson ’65, MS ’67 Partner, Phillips Oppenheim
David J. Downey ’63, JD ’66 President, The Downey Group, Inc.
Alan D. Feldman ’74, MBA ’76 (Retired) Chairman, President & CEO, Midas, Inc.
W. Robert Felker ’74 Partner, Gator Trading
Laura L. Fraley ’77, MS ’79 Principal, Greenway Family Office, LLC
Juanita F. Francis ’70 President, F2 Family Foundation
Louis A. Friedrich ’67 (Retired) Principal, Bernstein Global Wealth Management
John A. Georges ’51 (Retired) Chairman & CEO, International Paper Company
Mary Kay Haben ’77 (Retired) President, North America, William Wrigley Jr. Co.
G. Stephen Irwin MD ’77 (Retired) President & Chairman, The Center for Outpatient Medicine
Mannie L. Jackson ’60 (Former) Chairman, Harlem Globetrotters
Gail Veasman Kellogg ’65 (Retired) Partner, Hewitt Associates
Shahid R. Khan ’71 President, Flex-N-Gate Corporation
Robert Klaus ’57 President, Klaus Companies
Leon J. Loichle MA ’71 (Retired) Global Personnel Development Manager, Ford Motor Company
Gregory B. Lykins ’69 Vice Chairman, First Busey Corporation Co-Founder and Partner, Amory Capital LLC
R. Eden Martin ’62 Of Counsel, Sidley Austin, LLP
William C. Merchantz ’79 (Retired) President & CEO, Lakeview Technology, Inc.
Steven L. Miller ’67 Chairman & President, SLM Discovery Ventures, Inc.
Roger L. Plummer ’64 President, Plummer & Associates Consulting
Gayl S. Pyatt ’64 (Retired) Attorney, Gayl Simonds Pyatt, Attorney at Law
Mark A. Pytosh ’86 President & CEO, CVR GP, LLC
Jane Hayes Rader ’54 (Retired) Commissioner, Illinois Human Rights Commission
José L. Santillan ’80 (Retired) Senior Securities Compliance Examiner, Industry Expert, Division of Enforcement, U.S. Securities & Exchange Commission
Edwin A. Scharlau II ’66, MS ’68, PhD ’74 (Retired) Vice Chairman, Busey Bank
Kay M. Schwichtenberg ’84 President & CEO, Central Life Sciences
Michael T. Tokarz ’71, MBA ’73 Chairman, The Tokarz Group, LLC
Carl L. Vacketta ’63, JD ’65 (Retired) Senior Counsel, DLA Piper, LLP (U.S.)
EXECUTIVE OPERATIONS TEAM
James H. Moore, Jr.
President/CEO
Gabe Cagwin
Senior Vice President;
Vice Chancellor for Advancement, UIS
Jennifer F. Cerasa
Senior Vice President and General Counsel
Christine C. Devocelle MBA ’13
Senior Vice President for Financial & Administrative Operations; COO/CFO
Jacquline N. Schweighart ’03, EdM ’09
Senior Vice President for Central Development Services
Travis W. Shore
Chief Investment Officer
Vacant
Senior Vice President;
Vice Chancellor for Advancement, UIC
Brooke E. Weisenbeck
Vice President for Presidential Development Initiatives
Dale Wright
Interim Senior Vice President;
Interim Vice Chancellor for Advancement, UIUC
Three Universities. Three Scholars. One Mission.
University of Illinois Foundation To Success Scholarship
The University of Illinois Foundation, established in 1935, is an independent Illinois not-for-profit membership corporation dedicated to securing and administering private gifts for the University of Illinois System and its three universities. More than 185 Foundation professionals develop and support the vision and efforts of the advancement teams at each university. As the primary repository of private support to the University of Illinois System, the Foundation is committed to best practices, continuous improvement, quality service, upholding our fiduciary responsibility, and—most importantly—honoring donor intent.
CULTURE CODE:
Exemplify Integrity
Practice Empathy
Embrace Collaboration
Inspire Innovation
Enable Impact
Learn more about the University of Illinois Foundation at uif.uillinois.edu.
Supporting the university’s mission of transforming lives and serving society has always been the purpose of the University of Illinois Foundation. Scholarships are often the catalyst of transformation for Illinois students. In 2023 at its Annual Meeting, the Foundation announced the creation of the Foundation to Success Scholarship endowment to provide one student from each of its three universities with a scholarship annually, with the option to renew for three more years.
Since announcing this scholarship program, UIF has worked to secure gifts for the endowment with a goal of $1.25 million, including up to $250,000 in matching funds from the University of Illinois Foundation. The endowment support from this fund will perpetually support one student from each university in the University of Illinois System annually. For information on contributing to the scholarship fund, contact the Office of Gift Planning & Trust Services at gpinfo@uif.uillinois.edu or (217) 244 0473.
