Wayne State College

Financial Accountability

Wayne State Foundation Financial Statements

Fiscal year 2022 audited financial statements

Fiscal year 2021 audited financial statements

Fiscal year 2020 audited financial statements

Fiscal year 2019 audited financial statements

Fiscal year 2018 audited financial statements


Asset Growth

10 year asset graph for 2019


Endowment Growth

10 Year endowment graph 2019


Investment Performance 

As of June 30, 2019

Period *Commonfund **Robert Cunningham Trust ***Benchmark
1 Year 7.8% 4.7% 9.4%
3 Years 10.1% 7.3% 9.4%
5 Years 6.7% 4.5% 7.6%
10 Years 10.0% 7.6% 10.4%

*As of June 30, 2019 the asset mix for the Commonfund endowed account was 72.9% equities / 27.1% fixed income. Cash assets for the endowment are held outside of Commonfund.
**As of June 30, 2019 the asset mix for the Cunningham Trust account was 67.0% equities / 26.0% fixed income / 3.1% alternatives / 3.9% cash and equivalents.
***The benchmark for the Foundation’s investment performance has been a blended return consisting of 60% S&P 500 Index + 40% Barclay’s Aggregate Bond Index.

Asset Allocation

The allocation of funds between asset classes may be the single most important determinant of investment performance over the long run. The Foundation collaborates closely with Commonfund, the Foundation’s primary money manager, and the Foundation Executive Committee to determine the optimal asset allocation. The Wayne State Foundation’s long-term investments are divided into three asset classes as follows:

Asset Allocation
 Class  Maximum %  Minimum %  Target %
 Equities  75  55  67-73
 Fixed Income  45  20  22-28
 Cash  25  0  0-5

The actual asset allocation, which will fluctuate with market conditions, receives regular analysis by Wayne State Foundation staff, finance committee, and executive committee. In December and June of each year, the executive committee will approve target asset allocation percentages for subsequent six month periods.

Endowment Spending Policy

The Wayne State Foundation Executive Committee approves policies to determine the amount of the endowment earnings to annually distribute for scholarship and other programs. The current policy sets the payout rate up to 4% of the average market value of the endowment fund over the prior three fiscal years. The executive committee has authorized the assessment of minimal fees to address the costs associated with raising funds, managing investments and other administrative functions. Earnings in excess of the payout are used to grow the fund over time, which will generate larger awards in the future. Our goal is to provide predictable streams of scholarship and program support for Wayne State College while allowing growth in the endowment to preserve purchasing power in the long term, a concept known as intergenerational equity. 

Financial Support of Wayne State College

Breakdown of 2019 financial support


Alumni Participation Rate

The alumni participation rate, defined as the percentage of alumni who make contributions to their alma mater, is a figure used by US News and Worlds Report when ranking colleges and universities in their annual “ America’s Best Colleges” edition. The rate reported in 2019 was 9.7%.