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Westminster CollegeE NDOWM ENT R EPORT Westminster College END OWMENT R EP ORT
Westminster College, through a Board Managed Investment Committee, utilizes Commerce Trust Company, a division of Commerce Bank, to assist in managing its Endowment Fund comprised of an investment portfolio of Equities, Fixed Income and Alternative Investments totaling approximately $41 million. Additionally, approximately $10 million of the endowment’s value is in promissory notes representing loans to the Westminster College Operating Fund resulting in a total book value as of June 30, 2018 of $51,428,000.
ENDOWMEN T
ASSET ALLOCATION AND
PERFORMANCE In early 2016, Westminster College petitioned the Circuit Court of Callaway County, Missouri, to un-restrict $12.6 million of a permanent general endowment fund. These resulting unrestricted endowment funds have been and will continue to be used to provide supplemental operating capital. Distributions of Corpus from this action totaled approximately $3.3 million for FY2018.
Distributions of other Endowment Funds totaled approximately $1.65 million, and draws from Endowment Earnings were approximately $870,000 in FY2018. The total Endowment Distribution for the fiscal year was approximately $5.8 million. Figure A outlines how the FY2018 Endowment Earnings supported vital activities within the College and National Churchill Museum.
New contributions to the endowment totaled $4.29 million during Fiscal Year 2018. This represents a 285% increase from endowment gifts in Fiscal Year 2017, and set a record high for endowment gifts received in the last 10 years. Figure B demonstrates how these contributions were directed to benefit five core categories of Westminster’s endowment.
FISCAL YEAR 2018Ending June 30, 2018
For the College’s Fiscal Year ending June 30, 2018, equity markets performed well and were the main driver of returns during the year. Solid results in fixed income and hedge funds added to portfolio returns relative to the policy benchmark. The key detractors from relative results during the year were continued poor performance from the illiquid alternative assets in private equity, real estate and natural resources.
ENDOWMENT USAGE
ENDOWMENT GROWTH
3
31.88%
60.28%
3.95%
3.90%
Equities
Fixed Income & Notes
Alternatives
Cash Equivalents
WESTMINSTER ENDOWMENTASSET ALLOCATIONJune 30, 2018
FY2018
Capital Maintenance $201,000
Faculty $146,700
Churchill Museum $705,800
General Endowment $1,231,600
Programs and Lectures $66,000
Scholarships $1,940,000
Total $4,291,100
FIGURE B
FIGURE C
FY2018 $870,000 EARNINGS DRAW
Policy Benchmark
Investment Portfolio
5 year3 Year1 Year
Results - Net of Fees*
0%
1%
2%
3%
4%
5%
6%
7%
8%
6.9
2%
7.5
2%
4.0
8%
6.0
5%
6.10
% 6.9
7%
FIGURE A
Academic
Capital Maintenance
Faculty
Churchill Museum
General Endowment
Lectures
Library
Programs
Scholarships
$533,300
$44,500
$20,500$1,700$20,300
$121,500
$20,300
$1,400$3,400
In addition to the outright contributions added to the endowment corpus, Westminster ended Fiscal Year 2018 with a total balance of $470,600 for pledge commitments in support of the endowment, representing gift revenue that will be received in future years.
Figure C illustrates the outstanding growth over the last five fiscal years from contributions to the endowment corpus.
FY2014 FY2015 FY2016 FY2017 FY2018$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$3
,50
2,8
00
$3
,30
9,9
00
$4
,29
1,10
0
$1,
95
4,0
00
$1,
110
,60
0
54
Westminster CollegeE NDOWM ENT R EPORT Westminster College END OWMENT R EP ORT
F ISCAL YEAR 20 18 ENDOW ED FUNDS
Westminster College extends its most sincere gratitude for the following donor-established funds that
were part of the Fiscal Year 2018 endowment activity.
*Denotes that the endowed fund will be realized and funded at a future date through a bequest.
FACULTY ENDOWMENTSWilliam Gordon Buckner Endowed Chair in Business
John Ashley Cotton Scholar’s Chair
Cameron D. Day Chair of Biology
A. P. Green Fellowship of English Literature
Harrod-C.S. Lewis Chair in Religious Studies*
Lee Hunter Fellowship of Business Management
Lee Hunter Professorship in Mathematics and Physics
Dr. John Langton Professorship of Legal Studies and Political Science
John W. and Joyce G. Marsh Endowed Chair of Economics
McClure-Whitmarsh Professorship of Finance
Robertson Founder’s Chair
John E. Simon Business Department
John E. Simon Endowed Chair of Business
Harry S. Truman Fellowship of History
PROGRAM ENDOWMENTSEnvironmental Sciences Program
Hancock Symposium at Westminster College
Wallace L. Head Board of Trustees Governance Fund*
History Student Research & Presentation Awards
O’Reilly Family Endowment for Learning Opportunities
Price Leadership Program
Professors’ Endowment for Undergraduate Research
Westminster STEM Academy Endowment
Westminster STEM Academy Scholarship
Stubbs Family Undergraduate Scholars Forum Endowment
Tomnitz Family Learning Opportunities Center Endowment
Travis Traylor Endowment for Faculty Development
Tyler Research Fellowship
NATIONAL CHURCHILL MUSEUM ENDOWMENTSFriends of Frances C. Cooper Concert Series
Anson Bailey Cutts Jr. Endowment Fund
Larry & Lois Davidson Fund
Robert L. DeFer Archives/Collections
Internship Endowment Fund
Kostich Churchill Memorial Endowment
NCM Endowed Education Fund
Vernon Piper Special Altar Fund
Sandra L. and Monroe E. Trout Endowed Directorship of the
National Churchill Museum
Isabelle R. Whitmarsh Memorial Garden
LIBRARY ENDOWMENTSShirley Crenshaw Library Fund
Darling Family Endowed Library Fund
William L. Gaines Library Endowment Fund
J. Raeburn Green Library Endowment
Allen D. Harper Library Endowment Fund
A.J. Jordan Library Endowment Fund
B.W. LaTourette Library Endowment
David McCreery Library Fund
Meredith McCreery Library Fund
Reeves Library Endowment Fund
LECTURE ENDOWMENTSDr. Garry G. Forrest Endowed Psychology Lecture*
John Findley Green Memorial Foundation
IBM Lecture
MAINTENANCE ENDOWMENTSCoulter Science Center Maintenance Endowment
Davidson Leadership Plaza Maintenance Endowment
Kostich Sigma Chi Maintenance Endowment
Mueller Student Center Maintenance Endowment
NEW EN D OWED FUNDSThanks to the continued generosity of our esteemed donors, Westminster College established three new endowments during
Fiscal Year 2018.
Westminster College proudly celebrates these newly established endowed scholarships:
Bruce K. Barrow Memorial Scholarship
Perry Family Scholarship
George L. & Marie E. Weaver Endowed ScholarshipAdditionally, Westminster College received a transformational bequest gift from alumnus Ronald J. Kostich ’63 during Fiscal
Year 2018, a portion of which was designated to the College’s permanent endowment to establish the following funds:
Kostich Churchill Memorial Endowment
Kostich Sigma Chi Maintenance Endowment
Ronald J. Kostich Endowed Scholarship The College also extends gratitude to the late alumnus William N. Gillmor ‘62, who provided an estate gift to establish the Dr.
C. Stewart & Dr. William L Gillmor Endowed Scholarship.
SCHOLARSHIPS ENDOWMENTS Frank A. and Barbara A. Absher Endowed Scholarship
Chester and Helena Alexander Award
John J. Andrews and Anna K. Andrews Mathematics Award
Richard D. Arnold Endowed Scholarship
Dick Ault Scholar-Athlete Scholarship
Claiborne L. Barber Endowed Scholarship
Sam and Susan Barnes Scholarship
William T. & Christopher Warren Barnes
Endowed Scholarship
Barrow Family Memorial Scholarship
Bruce K. Barrow Memorial Scholarship
Barthel Scholarship Endowment
Bates Family Scholarship Endowment
Ovid H Bell Endowed Scholarship
Bennett Family Scholarship
Dr. William and Judith Blank Pre-Med Scholarship
Dr. William Bleifuss Memorial Scholarship
Bloom Family Scholarship Endowment
Reese Bowen Boyce Endowment Scholarship
Walter A. Boyd, Jr. Award
Mary Burton Bridgewater Scholarship
Hugh M. Briggs Scholarship Endowment
Brookby Family Scholarship
Robert Michael Brown Memorial Scholarship Fund
Chase A. Brumm Memorial Scholarship
Beta Theta Pi, 125th Celebration Endowed Scholarship Fund
George W. Bartley and George A. Campbell Scholarship Fund
Dr. John G. Campbell Memorial Endowed Scholarship
Charles B and Donna M Carden
Mathematical Sciences Schoalrships*
Peter Allan Childs Endowed Scholarship
Class of 1956 Endowed Scholarship
Joe B. Clarke, Jr. Endowed Scholarship
Samuel John Coultas Memorial Scholarship
Brevator J. and Mary Richards Creech
Memorial Scholarship Endowment
Bill Cross Endowed Scholarship
Crump/Detweiler/Baker Scholarship Endowment
Dr. John Rood Cunningham Endowed Scholarship
Leif C. Dahl Memorial Endowed Scholarship
Westminster Dames Endowed Scholarship
James L. Darling Memorial Scholarship Fund
Robert L.D. and Lois B. Davidson Scholarship Endowment
Cameron and Jessie Day Prize in Biology
John Dorsch Scholarship
A. Randle Elliott Memorial Scholarship
Sara Elliott Memorial Scholarship
John R. Elrod Endowed Scholarship
Robert L. Epperson - Phi Kappa Psi Scholarship
Thomas Henry Forrester, Jr. Scholarship Endowment
Stephen Leigh Bransford Frailey
Memorial Scholarship Endowment
Robert Porter Galloway Memorial Scholarship
Hoyt D. Gardner Scholarship in Premedical Education
Clifford Willard Gaylord Foundation Scholarship
Dr. C. Stewart & Dr. William L. Gillmor Endowed Scholarship
Frank N. and Louise Gordon Endowed Scholarship
Gore Family BKD, LLP Accounting Scholarship
Jane Maughs Grant Memorial Scholarship Endowment
James D. Grigsby Endowed Scholarship
Dr. John B. Grow Endowed Scholarship
Nollie & Prudence Guerrant Memorial-DAR Scholarship
Allen D. and Jane B. Harper Endowed Scholarship
Ramey Wilson Harper Memorial Scholarship
S. Rodney Hastings Endowed Scholarship
Ernest Hazel, III Endowed Scholarship
William Randolph Hearst Endowed Scholarship
E. C. “Slick” Henderson, Jr. Scholarship Fund
Judy and Thomas H. Hicks Endowed Scholarship
James B. Hight Endowed Scholarship
Dr. Ernest H.K. and Evelyn Hillard Endowed Scholarship
Dr. Paul S. Hoe Memorial Scholarship Fund
Robert G. and Ruth H. Hoerber Scholarship
James P.V. Howell Endowed Scholarship
Margaret McDonald Jaeger Psychology Endowed Scholarship
John R. Johnson Endowed Scholarship
Christopher S. and Joyce T. Jones Memorial Scholarship Fund
Edward Jones Endowed Scholarship
Kappa Alpha Order Endowed Scholarship
Kappa Alpha Theta Founders Scholarship
Kavanaugh Family Scholarship
Dr. John B. Kelly Endowed Scholarship
Pat Kirby Endowed Scholarship
Ronald J. Kostich Endowed Scholarship
Coach Don Kuhn Endowed Scholarship
John B. LaMar Endowed Scholarship
Clarence C. Lang Memorial Scholarship Endowment Fund
Kenyon S. Latham Endowed Science Scholarship
Henry John Latshaw, III Memorial Endowment Fund
Ross Livermore Memorial Scholarship
Judge George B. and Charles R. Macfarlane Scholarship
Jack Marshall Scholarship
J. Layton & Isabelle Mauze Endowed Scholarship
P. Nicholas McDaniel Endowed Scholarship
McFarland Family Scholarship
John McKamey Scholarship Fund
Dr. Karl V. McKinstry Memorial Scholarship
Connie Jean Meyer Scholarship Fund
Edmund F. and Irene B. Miller Endowed Scholarship
Ned O. Miller Memorial Leadership Scholarship
Dr. Therese A. Miller Endowed Projects for Peace Award
George W. F. Myers Endowed Scholarship
Neel Trustee Scholarship
Mr. and Mrs. T. J. Neukomm Scholarship Endowment
Nierenberg Family Scholarship Fund
Panettiere Family Foundation Scholarship
Jarrett Kellogg Parker Scholarship - Loan Fund
C.H. and Martha Parkins Endowed Scholarship
Dr. William E. Parrish Academic Scholarship
William E. Pearce Endowed Scholarship
John S. Penney Endowed Scholarship
Perry Family Scholarship
Paul M. and Mildred E. Peterson Scholarship Fund
Vernon W. and Marion K. Piper Scholarship
for Overseas Study Endowed Scholarship
Jim Reed Family Endowed Scholarship
Sally W. Reynolds Endowed Scholarship
Greg Richard Internship Endowed Scholarship
Dr. Ralph and Mrs. Eleanor Rinne Pre-Medicine Scholarship
Jane Elizabeth Roche Webb Endowed Scholarship
W. Philip and Mildred M. Ross - Lewis County and
Knox County, Missouri Scholarship
Frederick Randolph Rosser Scholarship Fund
Harry L. Ryburn, Jr. Memorial Scholarship Fund
William Sausser Scholarship Fund
Dr. John E. Schultz Endowed Chemistry Scholarship
Harry N. Schweppe, Jr. Memorial Scholarship
Shields Family Scholarship
John E. Simon Endowed Scholarship
F. Brooke Sloss Memorial Endowed Scholarship
Lieutenant Raymond E. Smallwood
Memorial Scholarship Fund
Robert Lee Smyth Memorial Scholarship Fund
Southwestern Bell Telephone Company Endowed Scholarship
Sweazey Family Scholarship Endowment
Taylor Family Endowed Scholarship
L. Norman Thornton Memorial Athletic Scholarship Fund
Barclay Van Dyke Endowed Scholarship
Gupton A. and Grace S. Vogt Scholarship Endowment Fund
Dr. Robert G. Volz Scholarship Fund
Linda Doolin Ward Endowed Scholarship
Frank W. Waye Family Scholarship Endowment
George L. & Marie E. Weaver Endowed Schol
Dr. and Mrs. Marion A. Webb Scholarship Endowment
Frank B. Whitbeck Scholarship Fund
White Family Scholarship
H. Clinton White Memorial Scholarship Endowment
W. C. Whitlow Outstanding Senior Phi Delta Theta Scholarship
George H. Williams Endowment Fund
Ron & Dianne Winney Endowed Scholarship
Woodward Family Endowment Fund
Marvin O. and Sue C. Young Endowed Scholarship
Philip H. Young Memorial Scholarship
Dr. Peter and Jane Yu International Student Scholarship
Zeta Zeta Alumni Endowed Scholarship
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Westminster CollegeE NDOWM ENT R EPORT Westminster College END OWMENT R EP ORT
ATHLETIC STADIUM GROUNDBREAKING
The dream of a new athletic stadium for Westminster College took the first step June 7, 2018, as college and local officials gathered with about 100 supporters on Priest Field to break ground for the new Kent and Judith Mueller Stadium. The project was made possible by a generous $4 million gift by Westminster alumnus Kent Mueller ’62 ΣΑΕ and his wife, Judy, from Paradise Valley, AZ.
WESTMINSTER SOFTBALL WINS BACK-TO-BACK REGULAR SEASON SLIAC TITLES
The Westminster softball team won its second consecutive St. Louis Intercollegiate Athletic Conference title in the 2018 season, posting the top record of 16-2 during the regular season.
WESTMINSTER RECOGNIZED AS TOP COLLEGE BY TWO NATIONAL RANKINGS PUBLICATIONS Westminster was selected in 2017 as one of the nation’s top colleges and universities in two prestigious national rankings publications, Money magazine and The Princeton Review. The magazine singled out Westminster is one of the “Best Colleges for Your Money.” School rankings for the 2017-2018 Academic Year were released for The Princeton Review, and Westminster was named one of the “Best in the Midwest” among the Best Regional Colleges for its outstanding academics. A total of 658 colleges and universities were recognized and divided into five zones: Midwest, Northeast, Southeast, West, and International.
MEN’S SOCCER CAPTURES FIFTH CONSECUTIVE SLIAC TOURNAMENT TITLE
Westminster men’s soccer captured its fifth-straight St. Louis Intercollegiate Tournament title in the 2017 season, earning an NCAA Tournament Berth in each of the last five seasons. The title was the second under Head Coach Adam Galla, who was in his second season with the team at the time.
STUDENT GROUP TRAVELS TO VIETNAM TO STUDY AND HONOR FALLEN ALUMNI
Department of History Chair Dr. Mark Boulton, Security Studies Director Dr. Tobias Gibson, and a group of 22 Westminster students traveled to Vietnam in May 2018. The 15-day trip covered the length of the country and concentrated on the major battlefields of the Vietnam War. The group honored fallen soldiers from the College known as “the Westminster Seven”: PFC Christopher “Pod” Podmaniczky, 1st Lt. Philip H. Sauer, Capt. John Vernon Taylor, Jr., Navy Veteran Claude L. Curtice, 1st Lt. Harmon L. Remmell III, 1st Lt. Ross W. Livermore, and Navy Medic Patrick L. Purdin.
JOHN M. PANETTIERE FUNDRAISING CHALLENGE IS MET BY ALUMNI
In February 2018, Westminster Board of Trustees Chair John M. Panettiere ’59 ΦΔΘ pledged to match all Westminster Fund gifts and pledges of $50,000 or more received by April 30, 2018. The million-dollar fundraising challenge was met by April 2018 and exceeded expectations, adding up to a total of $1,050,000 raised from 11 alumni.
ISRAEL’S AMBASSADOR TO THE UNITED STATES SPEAKS AT CHURCHILL WEEKEND
His Excellency Ron Dermer, the Israeli Ambassador to the United States, was the Churchill Fellows Weekend keynote speaker on March 25, 2018, at the National Churchill Museum at Westminster College. Ambassador Dermer delivered the Enid and R. Crosby Kemper Lecture on the topic of “Churchill and Israel” in the Church of St. Mary the Virgin, Aldermanbury. He later was inducted into the prestigious Churchill Fellows Society.
100 PERCENT JOB PLACEMENT RATE FOR 2018 WESTMINSTER ACCOUNTING MAJORS
All Westminster accounting majors graduating in 2018 achieved employment by March 1, 2018. The senior accounting class was composed of seven accounting majors and one accounting minor. Of the eight, seven accepted job offers, and the eighth accepted an internship with one of the Big 4 accounting firms in Beijing, China.
PRESIDENT FLETCH LAMKIN INSTALLED AS 22ND WESTMINSTER PRESIDENT
President Lamkin spoke to a full house in the Church of St. Mary the Virgin, Aldermanbury, following his installation as the 22nd President of Westminster College on April 21, 2018. Lamkin expressed his excitement about his presidency and said in his address that he is committed to recapturing the spirit of the Blue Jay Nation.
WESTMINSTER RANKED IN TOP 15 PERCENT OF U.S. COLLEGES; TOP 3 MISSOURI COLLEGES FOR HIGHEST SALARY
Westminster College ranked among the top 15 percent of four-year colleges and universities nationwide for alumni earning potential, while the College ranked third in the state of Missouri, according to reporting by Payscale.com in 2018. According to Payscale’s research, the median salary of mid-career Westminster College graduates — alumni with 10 or more years of work experience — is $100,500. Furthermore, Westminster alumni are at an advantage early in their careers, with the median salary of recent graduates, five or fewer years out of college, at $47,200.
FOUR WESTMINSTER ALUMNI GRADUATE FROM KIRKSVILLE COLLEGE OF OSTEOPATHIC MEDICINE
Four new physicians and Westminster graduates entered the workforce in 2018, ready to unleash the power in their purpose. Kyle Klahs ’14 ΔΤΔ, Matt Roehrs ’13 ΔΤΔ, Jacob Burch ’14 ΔΤΔ, and Taylor Allen ’14 ΔΤΔ all graduated from A.T. Still University’s Kirksville College of Osteopathic Medicine on May 19, 2018. The fraternity brothers and medical school classmates were joined at their graduation ceremony by Biology Professor Dr. Michael Amspoker. Amspoker also attended the physicians’ white coat ceremony at the beginning of medical school. The graduates said his appearance at their graduation is a testament to the legacy of Westminster’s amazing faculty.
F ISC AL YEAR 20 18 H IG H L IGHTS
E N D OW M E N TR E P O R T
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Office of Development
501 Westminster Avenue
Fulton, MO 65251
(573) 592-5370
www.westminster-mo.edu