Foundation for Upstate Medical University cites growth
The Foundation for Upstate Medical University raised $8.8 million in 2013, and has raised more than $25 million over the last three years, according to Eileen Pezzi, Upstate vice president for development. Assets managed by the Foundation grew by $12.9 million in 2013 driven by fundraising and a 20.8 percent total return on the Foundation’s endowment investment pool. Funds managed by the Foundation totaled over $87 million as of December 31, 2013.
Further, its fundraising efforts ranked fifth of 64 schools in the State University of New York (SUNY) system, according to a report published by SUNY administration which combines gifts from individuals, corporations, alumni and friends. Upstate is preceded only by much larger institutions including Stony Brook, University of Buffalo, Cornell Statutory and Albany.
In addition to supporting Upstate University Hospital’s downtown and Community campuses including the Children’s Hospital, the Foundation raises money for Upstate’s four colleges: the colleges of Medicine, Graduate Studies, Nursing and Health Professions. The Foundation also raises money for Upstate’s research enterprise.
Pezzi noted that legacy gifts were a significant factor in last year’s success. Naming opportunities in the Upstate Cancer Center were the cornerstone of the Foundation’s capital campaign to raise over $15 million for the new facility. Legacy gifts from faculty members and community donors, such as bequests and the establishment of endowed funds, also increased last year.
“Donors also continued to support Upstate Golisano Children’s Hospital on an ongoing basis; contributed to Friend in Deed, Upstate University Hospital’s annual fund; helped create scholarships and advance research; and made donations to one of the Foundation’s more than 800 endowments and restricted funds,” Pezzi said.
“The Central New York community is a very generous one despite the year’s economic challenges,” said Paul Mello, president and CEO of Solvay Bank and chair of the Foundation’s board of directors. “Donors value our unique threefold mission of patient care, education and biomedical research.”