The UT Foundation Board of Directors held its fall meeting on Friday, November 11 in Knoxville. This was the first meeting of the Board during fiscal year 2023.
The Board welcomed new members Jeannie Beauchamp, Karen Bowling, Emily Capadalis Love, Doug Haney and Alan Wilson, as well as UT Chattanooga Chancellor Steve Angle and UT Health Science Center Chancellor Peter Buckley.
UT System President Randy Boyd provided the Board of Directors an update on the Systemwide strategic plan. Boyd reviewed key factors contributing to the success in each of the five pillars: enhancing educational excellence, expanding research capabilities, fostering outreach and engagement, ensuring workforce and administrative excellence, and advocating for UT. Through pillar five, he thanked the board and congratulated the Foundation for the second highest fundraising year in UT System history and provided an overview of legislative priorities.
Audit and Finance committee Chair Fred Decosimo presented the final fiscal year 2023 budget, which was approved by the Board of Directors. The draft budget was presented and approved during the June 2022 meeting.
Directorship committee Chair Kim Cross presented a recommendation to change the name of the committee to nominating and governance to more accurately reflect their responsibilities. In addition, the committee recommended a change to review the bylaws, board policies and committee structures annually, which was previously done every two years. It was also recommended that they committee review an orientation program for all new directors and review a self-evaluation process for the board to be conducted annually. All recommendations were approved.
UT Foundation President Kerry Witcher presented organizational outcomes from fiscal year 2022. One key message shared was the UTFI return on investment – the UT Foundation raised $9.08 for every $1 invested in fiscal year 2022.
Initiatives for fiscal year 2023 were presented which included organizational goals, continued movement towards the implementation of a new CRM, UT Promise endowment fundraising, key leadership position searches at the UT Health Science Center and UT Institute of Agriculture and the conclusion of the UT Martin Rise Campaign.
The next meeting of the UT Foundation Board of Directors is June 8-9, 2023, in Memphis.