Kean University Foundation Has Best Year Since 2010!

The Kean University Foundation, which recently underwent a major restructuring, is transforming the culture of giving on and off campus. The Foundation recently just closed the books on fiscal year 2019, raising nearly $5,000,000 in gifts and pledges from 1,900 generous stakeholders. “The Kean University Foundation is moving towards a philanthropic platform that is commensurate with top-tier, national institutions of higher education,” says Steve Fastook, Chair of the Foundation’s Board of Directors. This past fiscal year, the Foundation has secured gifts at the highest levels, including seven and six-figure commitments. Overall, the Foundation is attracting support at an impressive rate. A few highlights:

  • Over the past decade, the Foundation has raised, on average, $3,700,000 per year. This year’s number of nearly $5,000,000 reflects a 35% increase;
  • The Kean University Foundation awarded more than $900,000 in scholarship support this past academic year, which is the most in the Foundation’s history;
  • 279 donors gave for the first time this past academic year while 168 increased their gift from the previous year;
  • The average gift of $2,626.47 is well above the industry standard of $516;
  • Fiscal year 2019 was a volatile period for global equities, including a -20% peak-to-trough drawdown in the US large cap S&P 500 index. During the first half of the fiscal year, global equities fell -9.0% while the Kean University main endowment declined -6.1%. The endowment saw a strong rebound in the second half of the fiscal year, returning +10.5% through June 30, 2019. For the full fiscal year, Kean’s Main Endowment returned +3.5%. On annualized basis, the main endowment has returned +6.3% vs +6.6% for the policy benchmark since December 2015.
  • The Foundation finished the year under budget and with a cost per dollar raised aligned with best practices; and
  • 100% of the President’s Cabinet and the Foundation staff made a financial gift to support our students!

Overall, the restructuring of the Foundation is progressing on track, consistently achieving important milestones, and is poised for continued growth and success. Thank you for your support!