The UT Foundation Board of Directors held its fall meeting on Friday, November 3 in Chattanooga. This was the first meeting of the Board during fiscal year 2024.
The Board welcomed new members Doug Brown, Emily Capadalis Love, Phenise Poole, Art Sparks and Lee Ann Adams, as well as UT Martin Chancellor Yancy Freeman and UT Board of Trustee Shanea McKinney.
Opening the meeting, UT System President Randy Boyd provided an update on progress towards the five strategic pillars. Included in this update was the record enrollment numbers from fall 2023, with a 4.8% increase across the System, and a 3.5% increase in total Systemwide research expenditures and 9.7% increase in Systemwide federal research expenditures. President Boyd also provided an overview of strategies to help make a UT degree more accessible and affordable through an average tuition increase of 1% over five years, raising the household income threshold to $75,000 for the UT Promise and early guaranteed admission to all Tennessee high school students who meet eligibility criteria.
Audit and Finance committee Chair Karen Bowling presented the final fiscal year 2024 budget, which was approved by the Board of Directors. The draft budget was presented and approved during the June 2023 meeting.
In addition to the budget approval, CFO Adam Heller provided two key points of pride about the efforts of the UT Foundation. According to preliminary and draft financial statements, and in conjunction with the UC Foundation, the total assets under management surpass $1 billion at the 2023 fiscal year end, and total programmatic expenses in support of UT total over $112 million, which is the highest ever in the history of the Foundation.
UT Foundation President Kerry Witcher presented organizational outcomes from fiscal year 2023, as well as goals and priorities for fiscal year 2024. President Witcher noted the record-breaking numbers achieved in fiscal year 2023, and he noted that the Board achieved 100% giving participation. In addition to the fundraising and alumni engagement goals, the Foundation is planning for two vice chancellor searches, ACE implementation and beginning work on a strategic plan.
The Board received an update on UTFI’s progress towards the Vision 2025. The Foundation is 92.8% towards the $1.25 billion fundraising goal, 88.5% towards the 310,000 alumni engagement goal, 87.9% towards the 10,000 UT advocates goal and has surpassed the 77,000 donor goal.
The next meeting of the UTFI Board of Directors is June 13-14, 2024, in Knoxville.