Wayne State College

Financial Accountability

Wayne State Foundation Financial Statements

Fiscal year 2023 audited 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


10-Year Growth of Total Assets

10-year bar chart showing total assets (valued in the thousands) of Wayne State Foundation



10-Year Growth of Endowment Net Assets

Bar chart of endowment net assets (valued in the thousands) of the Wayne State Foundation

Endowment values include the net asset balances of board-designated endowments, donor-restricted endowments, and perpetual trusts.


Summary of Endowment Investment Returns

As of June 30, 2023

Period Commonfund/TD Ameritrade Robert E. Cunningham Trust Benchmark
1 Year 10.44% 8.84% 9.01%
3 Years 8.69%* 6.52% 7.98%
5 Years 7.19%* 5.12% 7.56%
10 Years 8.13%* 5.93% 8.16%

*Commonfund, an asset management firm based in Wilton, Connecticut, managed the majority of endowment assets since 2001. In January 2022, the Executive Committee selected McMill Wealth based in Norfolk, Nebraska, to manage the endowment assets.

McMill Wealth is an independent, fee-only, extensive investment advisory firm that specializes in managing portfolios using passive asset class investment strategies. The endowment assets are invested with TD Ameritrade.

  • As of June 30, 2023, the asset mix for the TD Ameritrade accounts was 68.11% equities, 28.34% fixed income/fixed income alternatives/cash equivalents, and 3.55% real estate investment trust (REIT).
  • As of June 30, 2023, the asset mix for the Robert E. Cunningham Trust account was 64.0% equities, 26.6% fixed income, 7.9% alternatives, and 1.5% cash and equivalents.
  • The benchmark used for the Foundation’s investment performance is a weighted benchmark comprised of the following:
    • 30% Bloomberg US Aggregate Bond 22.3% S&P 500
    • 10% Russell 2000 Value 9.3% Russell 1000 Value
    • 6.9% MSCI World ex USA Value 5.2% MSCI World ex USA
    • 5% Russell 2000 3.5% S&P Global REIT
    • 3.5% MSCI World ex USA Small Value 2.6% MSCI Emerging Markets
    • 1.7% MSCI World ex USA Small Cap

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 provided to WSC in 2023


Financial support to Wayne State College in 2023 totaled $4,712,234 with a breakdown as follows:

  • Capital improvements - $.2,269,083
  • Scholarships and grants - $2,009,146
  • General institutional support - $434,005

Pie chart showing financial support to Wayne State College in 2023.


Alumni participation rate

The alumni participation rate or alumni giving percentage, defined as the percentage of alumni who make contributions to the alma mater, is a figure used by U.S. News and World Report when ranking college and universities in their annual report. The alumni participation rate for 2023 was 8.9%.