CLARION, Pa. (EYT) – The way Clarion University raises and manages money is changing under a restructuring plan of the Clarion University Foundation announced by the University on Monday.
(Photo courtesy of Clarion University.)
Administration, endowment investment oversight, and finance will become the new focus of the Foundation with the University taking back over fundraising and alumni engagement, according to a media release sent out by Clarion University.
The change will be effective on July 1, 2020.
“This restructure places the accountability for both fundraising and alumni engagement functions directly under the university,” Tina Horner, a Clarion University spokesperson, told exploreJeffersonpa.com.
Horner said the restructuring was a mutual decision between the University and the Foundation.
“It was based on the best interests of both organizations and our students,” Horner said.
The media release sent out by Clarion University quotes both Clarion University’s president Dale-Elizabeth Pehrsson and Clarion University Foundation Board of Directors president Jane France and said the restructuring will better meet the needs of Clarion University and its students.
Pehrsson said the new structure will allow the Foundation to continue to invest in the future of Clarion University’s students – last year the Foundation provided 796 students $1.3 million in scholarship support.
“At the same time (the restructuring) will more closely (align) the work of the alumni engagement and development teams with the university,” Pehrsson said.
Under the restructuring, the Foundation will continue to “own” the accounts that the money resides in, according to Horner, but fundraisers, who are currently employed by the Foundation, will become employees of Clarion University and will report directly to Clarion University Vice-President of Engagement Jim Geiger.
“This restructuring will allow the foundation to focus on managing the nearly $40 million endowments that helps to make a Clarion education affordable and a tremendous value,” France said.
With the change in reporting lines, the Foundation will no longer have a CEO with current CEO Michael Keefer retiring from the Foundation effective December 31, 2019. Max Smith, the current COO/CFO, will become the Foundation’s executive director on January 1, 2020.
“Part of the restructuring is reducing overhead and becoming more efficient,” Horner said. “The foundation will have fewer positions. The lead position with the foundation will be the executive director, and that will be Max Smith.”
In addition, the Clarion University housing that is currently owned by the Foundation – Reinhard Villages and the various Suite-style resident halls on campus – will continue to be owned by the Foundation, Horner said.
According to the Clarion University website (www.clarion.edu), the Clarion University Foundation was organized in 1969 and is a not-for-profit corporation and charitable organization of the Commonwealth of Pennsylvania.
The Foundation was designated by action of the Clarion University Council of Trustees and is currently the organization designated to receive and manage private-sector gifts provided for support of activities and programs of the university.
According to the website, it was formed to “promote education purposes in connection with or at the request of Clarion University.”
The Foundation accepts gifts in many forms, including cash, in-kind gifts of property, securities, and insurance. In addition, the Foundation is able to assist in arrangements for acquiring long-term planned gifts. Sources of gifts include alumni, retirees, employees, parents, business, foundations, corporation and friends.
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