Northern Star

Foundation notes increased assets

By Tammy Sholer | March 24, 1988

The NIU Foundation has about $4.5 million in assets, an increase of more than 50 percent in 1987 from 1986.

The largest increase comes from property the foundation owns, NIU Foundation Exexutive Director Dick Ubl said. The recent purchase of the Woodstock Conference Hall in Woodstock, Ill., cost $750,000 and was the highest-priced property purchase, he said.

Ubl said the foundation also bought the Palmer property, 801 N. First St., which added to the $1 million increase in property sales. In 1986, $394,350 was the balance for property purchases opposed to the 1987 total of $1,476,242, the Auditor General's March 9 report stated.

The endowment fund rose about 32 percent since 1986 because of increased contributions, Ubl said. The endowment fund receives gifts for NIU colleges and departments, he said.

He said the principal investment cannot be touched, but the income is used in the manner the donor specifies, such as for a scholarship.

The foundation also has "unrestricted" accounts for the university's colleges and departments to use. The funds have several restrictions in how they may be used, and the foundation holds the funds, Ubl said.

Money for the unrestricted funds are contributions for a specific college or department, he said.

Unrestricted contributions increased about 16 percent over the 1986 balance, the report stated.

Besides unrestricted funds, the foundation has restricted funds which are given to a specific scholarship rather than a department, Ubl said.

The report stated the balance for restricted funds decreased about 21 percent in 1987.

Students can receive short-term loans from the foundation through its loan fund which increased about 7 percent, Ubl said.

Financial Aid Director Jerry Augsburger said, "This is a short-term emergency loan program."

Ubl said the foundation granted about $50,000 in emergency loans at the beginning of the school year when Guaranteed Student Loan checks were late.

Students repaid the loan after receiving their GSL checks, Ubl said. The foundation's loans are for a period between 30 and 60 days, he said.

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