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 Author: almilligan
PostPosted: Sat Jan 05, 2019 8:19 am 
According to the 2017-18 audit of the Foundation:

The WNMU Foundation paid out only $99,544 in scholarship money during the 2017-18 school year. To get an idea of the benefits students get from that amount of scholarship money, it will buy about 14 full tuition and fees scholarships; of course most scholarships awarded by the Foundation are partial scholarships.

During the 2010-11 school year, the last year for President Counts, the Foundation paid out $222,140 in scholarship money, the equivalent of 62 full tuition and fee scholarships at that time.

Foundation assets in 2011 were $6,417,742, the Foundation paid out 3.5% of assets as scholarships. In 2018 the Foundation had $10,281,673 in assets and paid out less than 1% in scholarships.

In the 2010-11 year the Foundation paid 57% of their expenses for scholarships. In 2017-18 the Foundation paid only 23% of expenses as scholarships.

Every year since President Shepard took over there was an item in the audit called the “Presidential Discretionary Fund”. People close to the Foundation have told me that this fund is mainly used for presidential entertainment. However, it’s impossible to tell for sure because the Foundation will not give out any information on how they spend their money. This fund was about $50,000 a year until the 2016-17 year. In the audit 2016-17 year it appears that the discretionary fund was moved into the “Marketing and Development” entry which was $94,812 this audit. This entry was less than $2,000 in all the previous audits. So it appears that what used to be called the Discretionary Fund spent at least $92,000.

Since 2015 the Executive Director of the Foundation reports to the President of the University instead of the Board of Directors of the Foundation.

Below is a history of the decline of scholarship money from the Foundation.

Per Cent of Expenses for scholarships…57%
Presidential Discretionary Fund…..Does not exist

Per Cent of Expenses for scholarships…49%
Presidential Discretionary Fund…..$29,466

Per Cent of Expenses for scholarships…27%
Presidential Discretionary Fund…..$50,137

Per Cent of Expenses for scholarships…26%
Presidential Discretionary Fund…..$50,175

Per Cent of Expenses for scholarships…35%
Presidential Discretionary Fund…..$52,542

Percentage of expenses for scholarships........32%
President's Discretionary Fund...........$52,725

Percentage of Expenses for scholarships…..22%
New named Presidential Discretionary Fund……Approx $62,000

Percent of Expenses for Scholarships….23%
New named Presidential Discretionary Fund….Approx $92,000

All of this information is available on the State Auditor’s web site.

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