Wayne State College

Mike Bousquet
President of the
Wayne State Foundation
Board of Trustees
During the past fiscal year, the Wayne State
Foundation weathered the financial crisis and
the economic challenges facing the nation with
minimal damage to its investments and with
increased revenue from contributions. Your
support has kept the foundation strong and
given it the ability to continue its mission to
contribute to the growth and development of
Wayne State College.
And contribute it did! The foundation distributed
during the fiscal year a record $1.8 million
to Wayne State College for academic and
institutional support; facilities and equipment;
and scholarships and grants. Scholarships
continue to be a priority for the foundation,
and it awarded $1.08 million in scholarships
for the fiscal year. However, the endowment
distributions, for the 2009-2010 fiscal year,
have been reduced substantially because of
unrealized market losses on the endowment.
The foundation received endowment contributions of $960,000, but because of unrealized
market losses, the endowment values dropped by 14% to $9.7 million. The investments of
the foundation dropped a total of 21%. Subsequent to the June 30 year end, the market has
recovered some of those losses.
In August 2008, the foundation launched the public phase of the Centennial Campaign
Remembering the Past ~ Investing in the Future, a $20-million effort. The initiatives of the
campaign include: the renovation of Carhart Science Building, developing a Commons in the
heart of campus, growing scholarships, building endowments for each of the four schools,
unrestricted gifts to the general fund and other restricted gifts. The funds for the campaign
stand at $17.8 million.
I feel optimistic about the future performance of the Wayne State Foundation and its ability to
accomplish its mission because you have demonstrated your commitment to keep it strong…
to keep it working for the college. The trustees listed on page 35, have made the same
commitment. On behalf of all of the trustees of the Wayne State Foundation, thank you for
your gifts to Wayne State.
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It has been so exciting to see our Centennial Campaign advance to the public phase this year. It has taken time
and dedication to get to this point, but your gifts have brought us here. Thank you.
Discussions began in 2003 about serious facility deficiencies, campus grounds issues, student scholarship
needs, and other important initiatives that only a capital campaign could help address. The Wayne State
Foundation Board of Trustees at its October 2003 annual meeting unanimously voted to move forward with the
campaign planning but recognized that it would need the support and active involvement of the president of
Wayne State College.
When Dr. Richard Collings accepted the position as president and arrived in June 2004, the planning for the
campaign quickly moved into action by pulling together representatives from the college faculty, staff, athletics
and administration along with foundation trustees to reach a consensus on funding priorities. Once in place,
the silent phase of the Centennial Campaign Remembering the Past ~ Investing in the Future began. With 75
percent of the $20 million goal in place and confidence in our ability to succeed, the campaign moved into the
public phase in August 2008. Now, with just a year to go, we have almost 90% in place. The campaign will
close in September 2010 when Wayne State College will celebrate its 100 year anniversary as a state college.
Although, the last lap is frequently the most challenging, you have made us confident by your continued
support. Please visit www.wsc.edu under foundation to find out more about the Centennial Campaign.
A campaign is a mechanism to communicate with
prospective donors to let them know how they can have a
targeted impact. Thank you for listening. And please know
that all gifts make a significant difference. The unrestricted
gifts contributed through the phonathon have allowed the
foundation to multiply their impact through the campaign.
Major campaign gifts have helped fund, for example, the
renovation of Carhart Science Building, the creation of the
Commons and other restricted gifts. Other major campaign
gifts have created new endowed scholarship funds along
with funding for annual scholarships.
Your gifts allowed the Wayne State Foundation to distribute a
record number of student scholarships during the fiscal year,
an increase of 24 percent. In addition, the total distributions
to Wayne State College increased by 52 percent, and included
academic and institutional support, facilities, equipment
and scholarships. This would not have been possible without
everyone’s gift, both large and small…all gifts matter!
Thank you for your contributions, your friendship and your
loyalty to Wayne State College. We are proud and pleased to
have you as a member of the Wayne State family.
Phyllis Conner
Vice President for Development
and Executive Director
of the Wayne State Foundation