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President's Report


"The ETSU Foundation has ‘STAYED THE COURSE’ and turned the corner despite uncertain and volatile markets.  Private giving exceeded $9.8 million for 2010-2011.  Unrealized gains exceeded $3.9 million as of June 30, 2011 compared to an unrealized loss of $20.9 million in February 2009.  Hopefully, the economic recovery will continue throughout 2011-2012 and will continue to enhance the principal of the Foundation’s respective endowments.  The Foundation has 25 years (Quarter of a Century) of unqualified audit reports without any findings or recommendations. "

Private Giving

East Tennessee State University received $9.8 million in private annual giving during 2010-2011 from alumni and friends.  This includes $6.8 million contributed to the ETSU Foundation, which includes $1.4 million in planned gifts, and $3.0 million from private gifts and contracts by the university faculty and staff.  Thanks to our alumni, friends, public-private partnerships, and our faculty and staff, who continue to enrich the "Margin of Excellence," ETSU is able to benefit our students and the people of our region through quality teaching, research, and service.


The Foundation's investment rate of return for 2010-2011 was 18.8 percent compared to 10.2 percent in 2009-2010. Unrealized gains exceeded $3.9 million in June 2011, compared to unrealized loss of 20.9 million in February 2009.

The Foundation revised its investment income distribution and reserve policy for fiscal year 2009-2010 at its annual meeting. This policy decreased the maximum spending rate from five percent to four percent of the average quarterly market value for the three previous calendar years for distribution. The Foundation's goal is that each endowment will accumulate a 20 percent reserve, and all remaining earnings will become a permanent increase to the endowment's corpus. This has enabled the Foundation to better manage its programs during the current economic downturn.


The university's and Foundation's 462 endowments, including the Chairs of Excellence, market value is $96.8 million. During the past five years, these endowments have increased by $22.5 million or 30 percent. The endowments support the Foundation's and the University's fundraising mission to provide scholarships and educational enhancements for our students, faculty, and staff.


The ETSU Foundation awarded scholarships in excess of $1.8 million during 2010-2011 to over 890 students throughout the region, country, and world who chose to pursue their respective educations at ETSU. The Foundation and donors have provided more than $7.7 million in scholarships to deserving students within the past five years.

Reaching Higher Campaign

Seven years after the announcement of the Reaching Higher capital campaign, private giving exceeds $107 million.  This is 74 percent of the private fundraising goal of $144.9 million. The campaign encompasses "an evolving list of projects" reflecting the direction of the university as it creates new programs and opportunities to meet the needs of our students and the entire region.  This $212.9 million campaign (including $68 million of unrealized public funding) focuses on quality education, endowment growth, health sciences, athletics, and a major emphasis on new facilities. With thirteen projects completed or in process, this unprecedented effort has been and will continue to be a major force for economic development of this region.

Leaving a Legacy

The Legacy Circle, the recognition society of the ETSU Foundation for donors who include the Foundation in their Wills, Charitable Remainder Trusts, Real Property, Life Insurance Policies, Retirement Benefits, or with other planned gifts, now has over 250 loyal members who are "planning for the future" of the university with their respective stewardship.  This fiscal year witnessed an additional $1.42 million dollars in future estate or planned gifts from donors who are leaving a legacy for their university's students and faculty in the generations ahead.  Planned giving pledges overall have exceeded $50 million for the ETSU Legacy Circle.

Gatton College of Pharmacy

The ETSU Bill Gatton College of Pharmacy graduated its first class of pharmacy students in May 2010.  The Accreditation Council for Pharmacy Education (ACPE) approved the Gatton College of Pharmacy as a fully accredited college of pharmacy in June. As a result, students who graduated from the ETSU program in May took the licensing board examination to become registered pharmacists and had a pass rate of 97%, exceeding the National pass rate.  The Class of 2014 began classes in August.  With 312 total students and 25 faculty members, the College continues to grow.  In September 2010, Mr. Bill Gatton announced his pledge of an additional $1 million in support of the college bringing his total giving to $4 million. Total fundraising for the College of Pharmacy has exceeded $12 million from more than 1,100 donors. The second phase of the college's campaign is in the planning stage with a focus on its research initiative.

Mary B. Martin School of The Arts

The Mary B. Martin School of the Arts was created in February 2009 to provide a focal point for the arts at ETSU providing students and the general public with a new level of awareness of the visual and performing arts. The School of the Arts schedules performances, exhibitions, lectures, and film screenings, and provides advocacy and support for the various arts programs across the campus. For more information go to

Roan Scholars

The prestigious Roan Scholars Leadership Program continues to grow impressively with donors' support, as well as the outstanding quality of our graduates from the Roan experience.  The seventh class of Roan Scholars graduated this year.  Currently there are fourteen scholars enrolled in the program.  Roan Scholars are selected each year from a highly competitive selection process for high school seniors who are nominated by their high school administrators based on the nominees' leadership, character, intellectual curiosity, and physical vigor.  Selection panels of distinguished regional leaders interview the nominees. The Roan Scholarship Endowment in the ETSU Foundation has now reached almost $7 million in committed funds (including planned gifts), with an initial goal of $10 million for the endowment. The endowment has provided at total $609,281.22 within the past five years. This program was established through the vision, generosity, and leadership of Mr. Louis H. Gump.  The first class of Roan Scholars was admitted in the year 2000.

ETSU Honors College

Endowments and other funds for the ETSU Honors College exceed $1.4 million. The college was created in 2005 as a result of growth in the ETSU Foundation Honors Program, originally established in 1993 from seed money provided by the Woodrow W. and Margaret T. Catherman Scholarship Endowment from the Catherman Estate. The college provides "a wide array of quality educational opportunities," including study abroad, undergraduate research, fine and performing arts opportunities, and internships in Washington, D.C. This year, two new Honors Scholarship endowments were being established by the ETSU Foundation in memory of two generous benefactors and past members of the Foundation board of directors, Dr. Shelton Reed, Kingsport, and Ken Simonds, Indian Wells, California.

Quillen Scholars

The James H. Quillen Scholarship Endowment exceeded $14 million. The Quillen bequest is the largest individual contribution received by the ETSU Foundation. Quillen requested that endowment proceeds be used to fund scholarship for College of Medicine students who are well deserving full-time graduate and undergraduate students from the First Congressional District. For 2010-2011, the endowment provided 72 academic and 72 medical scholarships for a total of 144 scholarships per year tar $4,000 each or the equivalent of $596,000 annually. Quillen Scholarships have been awarded to 540 students for a total of $2,159,982 within the past five years. Students are selected on the basis of scholastic endeavors, school and community leadership, volunteer services and activities, other extracurricular activities, and work experience. The First Congressional District of Tennessee, which includes the following counties: Carter, Claiborne, Coke, Grainger, Greene, Hamblen, Hancock, Hawkins, Jefferson, Johnson, Knox, Sevier, Sullivan, Unicoi and Washington.

Committee of 1000

In 1982 the Alumni Association created the Committee of 1000 scholarship endowment through the commitment of 1000 contributors each giving $1,000. The Committee of 1000 effort was to establish the university's very first $1 million scholarship endowment. Serving outstanding students from throughout the colleges, this fund was created to serve as part of the anchor funds for the emerging ETSU Honors students in 1991, which became the Honors College in 2005. With holdings of $1.7 million today, the find is able to provide over $50,000 in scholarships annually. Within the past five years, Committee of 1000 has provided $224,250 in scholarships. Scholarships have been awarded to 165 students over five years. Thirty-three students received scholarships for 2011-2011. Each student is awarded $1,500 per academic year. The Alumni Association designated the Committee of 1000 students as "Stanton Honors Scholars," which honors the University President, Dr. Paul E. Stanton, Jr.

Challenge 2000

The Challenge 2000 Endowment, scholarship for the 21st century, provides over 80 academically accomplished students $2000 scholarships to attend ETSU. Currently offering a matching gift program, donors may pledge $1000 and be matched by the ETSU Alumni Association donation of $1000. Challenge 2000 provides over 80 academically accomplished students with $2000 scholarships to attend ETSU, this endowment currently exceeds $1,411,355.37 toward the $2 million goal. Within the past five years, Challenge 2000 has awarded $137,000 in scholarships.

The Annual Fund & Alumni Phonathon

The Annual Alumni Phonathon campaigns annually contact you for your continued support to ETSU. The Annual Fund provides valuable mailing labels for your use to also demonstrate your PRIDE for ETSU in using your labels daily. Students participate each year with the Alumni Phonathon to personally contact you for your support and to keep your records up to date. Any pledge or gift will be utilized exactly where you request. Remember your departments and give! Thank you.

ETSU Faculty & Staff Giving

ETSU Faculty and Staff gave over $400,613 to the Foundation in 2010 - 2011. In the past five years, ETSU's faculty and staff have made gifts to the Foundation in excess of $2 million.  This commitment demonstrates to our private donors the appreciation our faculty and staff have for their university. In addition, giving levels to the Foundation from ETSU faculty, staff and retirees continue to grow. In the past five years, 1,060 current and former employees contributed over $2.05 million to the Foundation.

WETS Radio

WETS-FM, the university's public radio station, in partnership with listeners around the region and world, raised over $360,830 in private support during 2010-2011 to support the diverse programming offered by the station.  Within the past five years, WETS-FM contributions have exceeded $1.88 million for this outstanding service to our region and beyond.

BASA (Buccaneer Athletic Scholarship Association)

During 2010-2011, ETSU Intercollegiate Athletics received $934,194 in charitable donations to support student-athlete scholarships, programs and facilities.

Tennessee Board of Regents

ETSU continues to be a leader in private giving among colleges and universities in the Tennessee Board of Regents (TBR) system.  The TBR's goal for private giving among four-year colleges and universities is 5 percent of an institution's budgeted Educational and General Expenditures (E&G).  This year ETSU's private giving compared to E&G is 12.2 percent, compared to the four-year colleges' and universities' average of 8.60 percent and system wide average of 6.98 percent.  ETSU's private giving compared to E&G has exceeded 10.8 percent compared to a system-wide average of 6.76 percent. The TBR is the sixth largest higher education system in the nation.

Distinguished President's Trust

Sixty-three new members of East Tennessee State University's Distinguished President's Trust were welcomed by ETSU President Dr. Paul E. Stanton, Jr. ETSU Foundation Vice Chairman of the Board, D. Roger Kennedy, Jr. and Foundation Preident/CEO, Dr. Ricahrd A. Manahan during a formal dinner held at MeadowView Conference Resort and Convention Center Friday, February 18, 2011. Distinguished President's Trust (DPT) members consistently rank among the most loyal supporters of the university through the ETSU Foundation. The DPT membership for individuals, organizations and businesses is based upon cumulative giving in excess of $10,000, usually the result of annual giving or combinations of significant major or planned gifts.

The newest DPT members include: Dr. James and Sandra Perry, Blountville; Dr. Carol S. and Ron Cole and Michael and Karen Spear, Bristol; Cecil and Tonette Jones, Erwin; Cecil and Betty Tester, Gray; Dr. and Mrs. William Browder, Timothy and Lee Ann Davis, Mr. and Mrs. Walter Lee Davis Jr., Dr. Ronnie Day, Ferguson Enterprises (Joe Grandy), Dr. John P. and Donna Franko, Dr. Ray Lamb, Anthony B. and Theresa K. Lee, Washington-Unicoi-Johnson County Medical Alliance, and JC Ventures, L.L.C., Johnson City; Carolyn Dunbar, Roger and Martha Kennedy, George and Connie Little, and Scott and Julie Peltier, Jonesborough; Michael and Katherine Reed, Frank C. Roberts, and Donna and the late Marvin Williams, Kingsport; Associated Construction Women (ACW), Gordon Ball, Drs. J. David and Patricia Lee, and Drs. Minisha and Sanjay Thakur, Knoxville; Roger and Martha Maze, Limestone; Lisa Alther, Piney Flats; Casey and Jennifer Hammontree, Signal Mountain; Dr. Philip and Cynthia Hoffman, Walland; Walmart Health and Fitness, Bentonville, Ark. ; William and Miriam Rigdon, Apopka, Fla. ; Dr. Delbert and Debra Carroll, Fayetteville, Ga. ; Charles and Marcia Shearer, Medford, N.J. ; Dr. and Mrs. John Shelton Reed Jr., Chapel Hill, N.C. ; William Henry Reed II, Weaverville, N.C. ; Pittsburgh (Pa.) Symphony; Dr. and Mrs. Gordon I. Goldstein, Dallas; AmeriSource Bergen/Good Neighbor Pharmacy, Roanoke, Texas; the Estate of Lawrence M. Palmer, Alexandria, Va. ; and C. Gregory and Jane Reed Shaw, Charlottesville, Va.

Regents Philanthropy Awards

During the 2010 Distinguished President's Trust Dinner, Tennessee Board of Regents (TBR) member Paul W. Montgomery bestowed the Regents' Awards for Excellence in Philanthropy upon Rolland and Sharon Boles.

Sharon Boles, class of 1969 and 1980, and Rolland Boles both enjoyed long, productive careers at Eastman Chemical Co. in Kingsport before their retirement. After retiring, they established a permanently endowed scholarship in the ETSU Foundation in memory of Sharon's mother, Joanna B. Slemons. In addition to their initial gift, the couple has continued to give to the endowment, which provides scholarships for students in the College of Nursing.

The Boles have included ETSU in their estate planning, and are recognized as members of the Distinguished President's Trust Platinum Society (Level I) for their current and future support for both the Slemons Scholarship Endowment and ETSU's prestigious Roan Scholars Leadership Program in excess of $1 million.

In addition to their financial support, Sharon Boles has served as chair of the College of Nursing's Development Council and encouraged others to support the college.

Rolland Boles, an accomplished bluegrass musician, has advised page and supported ETSU's Bluegrass, Old-Time and Country Music Program, and he has also helped students in the Roan Scholars Leadership Program by leading fly fishing excursions as part of their outdoor experiences. He recently concluded his participation in ETSU's Council for the Advancement and Support of Education (CASE) award-winning President's Classroom, which builds participation by alumni and friends with an in-depth, "behind-the-scenes" engagement in the university's academic and athletic programs.

Honoring Alumni and Friends

The East Tennessee State Alumni Association announced recipients of the 2011 Alumni Awards, top honors that are presented to outstanding alumni and friends of the university during the Awards Banquet and Annual Meeting as a part of ETSU's spring commencement weekend festivities on May 7, 2010.  The 2011 Outstanding Alumna is Dorothy Grisham '74.The 2011 Outstanding Alumnus is Ron Ramsey '78. Award of Honor recipients are Besse Brown Cooper '16, Dr. Jack Parton '78, '79, '82 and Janice Randolph '62. Honorary Alumni are Dr. C. LaVeta Ligon, Richard K. Storey and Dr. Paul E. Stanton, Jr.  The Distinguished Alumni in the Arts was awarded to Karen A. Hawkins '86, '89. The George L. Carter Award was presented to Louis H. Gump.

Foundation Distinguished Faculty

The ETSU Foundation provides $34,000 each year for Faculty and Staff awards throughout the university.  The award recipients within this program are nominated and selected by their faculty and staff peers.  Teaching, research, and service pinnacle award recipients receive a medallion, a plaque, and a $5,000 check from the ETSU Foundation at the annual Faculty Convocation.  Dr. Chris Dula received the Distinguished Faculty Award for Teaching, Dr. Joel Hillhouse received the Distinguished Faulty Award for Research, and Dr. Roberta T. Herrin received the Distinguished Faculty Award for Service.

Foundation Distinguished Staff

The Distinguished Staff Award recipients were Bill Rasnick in Facilities Management, Executive, Administrative and Managerial category; Joyce Willocks, Human Resources, Professional Non-Faculty category; Cindy Canter in the Anatomy and Cell Biology Department, Clerical and Secretarial category; Lorena McKinley-Burton in the Department of Surgery, Clerical and Secretarial category; Stephen Brickey of the Department of Facilities Management in the Skilled Crafts category; and Ronald Hale in Parking Services, Maintenance category. The Career Award was given to Deanna Bryantof the Department of Literature and Language.


The ETSU PRIDE program has now enjoyed 14 years as one of the highly anticipated Alumni Association events to welcome new and returning ETSU students.  The ETSU PRIDE program, which started as a grassroots effort to remind friends and alumni of the role the university plays in so many lives, continues to reflect the spirit of support for the university.  The month long celebration of partnered activities and the special events on campus, as well as the trademark signs displayed throughout the region, have become a

President's Classroom

The ETSU 101 – President's Classroom graduated its seventh class on October 18, 2011.  Dr. Stanton and numerous faculty and staff spent five sessions interacting with 24 regional leaders.  The program allows participants to experience being a doctor, a movie producer, a songwriter, a nurse, a golfer, an engineer, an attorney and a basketball coach. This year's class and previous classes were composed of three former mayors, seven city commissioners, 51 presidents, CEOs and business owners, and 99 other leaders from the community.  From this experience, this influential group of people has generated support for ETSU in numerous ways.

ETSU Steinway School

All Steinway Schools demonstrate a commitment to excellence by providing their students and faculties with the best equipment possible for the study of music. Jim and Sandy Powell's generosity enabled East Tennessee State University to become an "All-Steinway School." The "Powell Piano Series" has provided resources, as well as Steinways for pianist with worldwide prestige to perform for ETSU and the region and provide master classes for our talented music students.

Sharing your Story

The ETSU Foundation, in partnership with the International Storytelling Center, continues to host the Sharing Your Story, Building a Legacy series in Jonesborough, Tennessee. The series features the power of storytelling to encourage donors to reflect on their lives and legacies as stories to be shared with future generations via planned or estate gifts. Attendance at each event continues to be impressive, with the International Storytelling Center Theatre filled to capacity. The series is a significant catalyst for ETSU's alumni and friends to become members of the ETSU Legacy Circle.

Alumni Golf Classic

The ETSU Alumni Association Fall Golf Classic celebrated its 45th anniversary September 23, 2011.  This golf tournament remains one of the region's longest running and best attended.

Foundation Membership

Membership in the Foundation may reach a maximum of 500 individuals in number and each member is asked to contribute at least $500 annually. The total membership to 444.


The Foundation also remembered members who passed away since the 2011 annual meeting: Art Hougland and Richard Shadden. At the Annual Meeting, Dr. Manahan expressed appreciation for the work done by the Foundation membership in 2010-2011.

Code of Ethics

The ETSU Foundation adopted a Code of Ethics as required by the Tennessee Code Annotated Section 49-7-107.  This Code of Ethics has been used as a model for other TBR institutions.  The policy is distributed each year at our Foundation Annual Meeting, and all new members are provided a copy at the time they agree to serve as members of the Foundation. Originally adopted in 2004, the code was revised in 2009 to include a "Whistleblower Policy" in recognition of Form 990 requirements. All Foundation Board of Directors complete an annual conflict of interest disclosure statement each year.

Audit Report

For the 25thconsecutive year, the ETSU Foundation achieved an unqualified audit report without any findings or recommendations.  This audit report is a demonstration of the integrity and dedication of the board of directors and ETSU personnel in the management of the private funds entrusted to the Foundation.


It appears we are slowly moving toward a recovery from a severe recession. State funding continues to decline in support of public higher education. Thus, private funding support becomes more important than ever.

Again, thank you for your steadfast support and especially so in these challenging times. Our progress to date would not have been possible without you.  We appreciate your generosity and commitment to the "Margin of Excellence" at our university and all that it brings to our students and the region. Our success in fund raising can be attributed to three principles:

1. Longevity of key volunteer leadership and university personnel working together as a team.

2. Strong, expert volunteer involvement in investment policies of the ETSU Foundation; and

3. Active involvement of academic leaders throughout the institution.

Our success is a direct reflection of your loyal and continues support.


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