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*From the point of view of a full professor
 
PRIDE
at the College of Business at the University of Southern Mississippi*
 
http://www.usmpride.com
http://www.usmpride.com/foundation1.html
http://www.usmpride.com/Week 1.html
http://www.usmpride.com/week2.html
http://www.usmpride.com/week3.html
http://www.usmpride.com/week4.html
http://www.usmpride.com/Emails.html
http://www.usmpride.com/contact.html
Our core mission reflects taking PRIDE in all we do - Professionalism, Respect, Integrity, Discipline, Excellence
 
According to the “Accounting Policies” specified in the Notes to the 2005 Financial Statements:

USM “contributed” $1,367,512 to USM’s Foundation for “Wages and benefits, Utilities, Facilities,” etc.

Contributions . . . are recognized as revenues in the period received.” Furthermore, “[r]evenues are reported as increases in unrestricted net assets. . .” Unrestricted assets (cash) “are not subject to donor-imposed stipulations.”

A typical USM Foundation “Endowment Fund Agreement” (i.e., mine) says,

“An administrative fee not to exceed 2% of the fair market value of the endowment fund on each December 31 will be charged to the fund.”

According to the 2005 Financial Statements, “Net Assets” total $58,046,498. Two percent of “Net Assets” is $1,160,930.
Since USM “contributes” operating costs to its Foundation, for “Wages and benefits, Utilities, Facilities” etc., what is the “administrative fee" spent on?  Is the $1,160,930 administrative fee now available to administrators to “do pretty much anything [they] want with.”