| To Our Investors |
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Thanks to your continued generosity, Virginia Tech stands poised to take its place as a significant leader of public universities in the new millennium. During the year ending June 30, 2000, gift levels remained significant, at $49 million. Total assets grew to $574 million. Our endowment value per student set a record of $14,281. Of significant note is the fact that the foundation provided record amounts of support to the university, including $8.5 million of scholarships to exceptional and deserving students. The Virginia Tech Corporate Research Center continued its steady growth, opening the Transportation Institute Building, which supports the university's "smart-road" research initiative. On the university campus, the foundation supported several capital projects, including the Advanced Communications and Information Technology Center, which neared completion as the fiscal year drew to a close. The foundation provided over $73 million in programmatic support to the colleges and general programs of Virginia Tech. |
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The foundation renewed its efforts to broadly diversify the investment portfolio in a manner that should enhance long term stability in the overall returns experienced by the pooled endowment fund. During the year ended June 30, 2000, the Russell 3000, a broad indicator of the overall equity market performance, gained approximately 9.6 percent. The Lehman Brothers Govt/Credit Bond Index returned 4.3 percent. The total return for the foundation's diversified investment pool was 8.4 percent. Over the past 10 years, our consolidated endowment portfolio has produced an annualized return of 11.6 percent. The foundation was able to conclude another successful year due, for the most part, to the continued generosity of alumni and friends who have provided financial support during the past year. The many volunteers who serve on the foundation board and committees also provided welcome and useful support and advice for the operation of the foundation. On behalf of the foundation, and especially on behalf of the university we support, we congratulate you on your continued commitment to Virginia Tech. Sincerely,
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