In an effort to reduce Youngstown State University’s administrative expenditures and to substantially increase fundraising capabilities, the YSU Foundation will assume the university’s fundraising functions.
The YSU Board of Trustees approved the agreement today, while the YSU Foundation Board of Trustees gave approval earlier this month.
“We believe that this change in how the university’s development activities are managed will help us meet the increasingly significant philanthropic needs of the institution moving forward,” YSU President Jim Tressel said. “The change will result in more efficient and effective fundraising services to prospective givers and to our many current and faithful donors.”
Founded in 1966 by the university’s long-time president, Howard Jones, the YSU Foundation – with more than $225 million in assets – is a private, nonprofit corporation independent from YSU that supports YSU exclusively, mostly through scholarships for students. This academic year, the Foundation allocated more than $7 million in scholarships for YSU students.
With the agreement, all development functions of the YSU Office of University Development – the university’s fundraising arm – will be transferred to the Foundation, which will serve as the primary point of fund-raising and solicitation in support of the university. The agreement calls for the change to occur as soon as practical, but no later than March 31, 2015.
“This agreement embraces the relationship between the university and the Foundation that Howard Jones envisioned nearly 50 years ago,” YSU Foundation President Paul McFadden said. “We look forward to working hand-in-hand with President Tressel, the administration, faculty and everyone on campus to maximize YSU’s development capacity.”
Meanwhile, the YSU Office of Alumni and Events Management has relocated from Alumni House to the first floor of Tod Hall in office space previously held by the Office of University Development. The Foundation, which now occupies the second floor of Alumni House, will expand to the first floor. Discussions regarding a new home for the YSU Foundation are ongoing.