The ASMSA Foundation’s permanent endowment crossed a major milestone over the past year by reaching $500,000 in total assets for the first time since the fund was created in March 2007.
The endowment’s milestone was reached thanks to the generous support of the ASMSA Foundation Fund donors. During the fiscal year that ended June 30, $268,596 in new gifts and endowment revenue were added to the Fund. The Foundation is a subsidiary of the University of Arkansas Foundation, Inc., and serves as the philanthropic arm for the Arkansas School for Mathematics, Sciences and the Arts. ASMSA is a public residential school and campus of the University of Arkansas System.
An endowment is a permanent investment fund established by a foundation that makes consistent withdrawals from the interest-earned portion of invested capital. Endowment funds are typically funded by donations that are deductible for the donors and are used for specific purposes that align the donor intent with the school’s mission.
Several gifts this year established new endowments to recognize student achievement and to expand opportunities for summer fellowships for rising seniors. Dr. Sara Brown, ASMSA’s director of institutional advancement, noted that endowments are a way for friends and alumni of ASMSA to make a lasting impact on the school.
“Endowments build lasting financial strength, ensure academic quality, and establish planned long-term stability for ASMSA. They provide permanent support for student research and recognition as well as for educational programs,” she said.
Three notable endowments recognized ASMSA faculty for their impact on students across the school’s history. The John Leighton Harrison Humanities Student Award, Dr. Jon Ruehle Life Sciences Student Award and Charlie Cole Chaffin Student Service Award were established by alumni, students and friends of the school in honor of these longstanding instructors.
“Funding an endowment is one of the most selfless and charitable acts of philanthropy. Our alumni’s generous investment in these endowments shows the influence faculty made on their educational journey. Their support leaves a legacy that will benefit future ASMSA students,” Brown said.
Additional endowments established over the past year included the ASMSA Student Support Award, Class of 2000 Student Leadership Impact Award and Alderdice Family Award for Excellence in the Arts.
ASMSA receives its base funding from the Arkansas General Assembly. Director Corey Alderdice notes that the purpose of the Foundation is to test innovative ideas, provide direct support for students with needs and to position faculty and students to represent Arkansas on both national and global stages.
“The people of Arkansas ensure that ASMSA is able to meet its core mission through the residential experience and myriad outreach programs. The ASMSA Foundation Fund has been the engine that keeps us all at the forefront while providing our community of learning access to extraordinary opportunities,” he said.