Printer Friendly

UNITED NEGRO COLLEGE FUND RESTRUCTURES

 UNITED NEGRO COLLEGE FUND RESTRUCTURES
 NEW YORK, March 27 /PRNewswire/ -- Today, the United Negro College


Fund, one of America's oldest philanthropic organizations in the field of education, announced a major restructuring in order to improve its cost-efficiency in fund-raising and to become more competitive for philanthropic gifts in the 1990s. The board of directors of the United Negro College Fund approved, at the recent March meeting, a budget for fiscal year 1993 which calls for savings in administrative and fund- raising costs while at the same time seeking income growth over the fiscal year 1992 plan.
 UNCF's 1992 fiscal year ends on March 31, 1992, and it is expected to reach its $54.6 million fund-raising goal. The new proposal calls for a 4 percent increase for fiscal year 1993, which begins on April 1, 1992. The new target will be $56.8 million, and a 10 percent reduction in administrative and fund-raising costs will increase the total funds available for distribution to the 41 member colleges and universities to fulfill their mission of providing for higher educational opportunity for record numbers of young men and women who are applying to member schools. In the last five years, enrollment at UNCF schools has increased 19 percent, from 46,000 students in 1986 to nearly 51,000 in 1991.
 William H. Gray, the new president and CEO of six months at UNCF, said: "This new budget and restructuring will allow the United Negro College Fund to move from a fiscal year 1991 cost-ratio of 20.9 percent to an expected 19.9 percent ratio for fiscal year 1992, to a 17.9 percent cost-ratio for fiscal year 1993. It it our goal to achieve a cost-ratio of 15 percent within the next two years. The decisions that the College Fund management has made, we believe, will make us more competitive, more efficient, and better prepared to increase the amount of funds that will be available for higher educational opportunities at our member institutions."
 President Gray went on to say, "While we will meet the fund-raising plan for fiscal year 1992, we are also moving significantly forward with our capital campaign." In the last six months, the capital campaign has gained $26.6 million in pledges and contributions, which includes a $5 million installment on the Annenberg Challenge Grant. To date, a total of $127 million has been generated toward the $250 million capital campaign goal. The current plan is for the campaign to reach its goal by Dec. 30, 1993.
 Gray added, "While the Campaign 2000 capital campaign has been moving forward, the results of giving to the annual campaign also have been extremely gratifying. Our goal for distributable dollars will be reached."
 As a part of the restructuring effort, it is expected that staff reductions of approximately ten percent will be effected. In addition, six offices will be closed in the following locations: Baltimore, Md.; Milwaukee, Wis.; Indianapolis, Ind.; Pittsburgh, Pa.; Aurora, Colo.; and Orlando, Fla. UNCF will seek to provide financial bridges, outplacement services, and other types of assistance to affected individuals.
 Gray said, "Although we regret that some personnel must be affected by these changes, we are committed to meeting donor expectations for efficiency, and we are committed to providing funds that will meet the increasing demand for education our member colleges are experiencing."
 The United Negro College Fund was founded in 1944 to seek financial support nationally for a consortium of 41 private, historically black colleges and universities and to strengthen awareness about black higher education. In the first campaign year, UNCF raised $765,000; since that time over $700 million has been raised. Member schools have been preparing individuals to make distinguished contributions in many fields for over 100 years. Included among the many outstanding alumni are Virginia Gov. L. Douglas Wilder, Children's Defense Fund President Marian Wright Edelman, National Science Foundation Director Walter Massey, Godfather's Pizza Chain President Herman Cain, novelist Alice Walker, filmmaker Shelton "Spike" Lee, and opera diva Leontyne Price.
 -0- 3/27/92
 /CONTACT: Adrienne Rhodes of United Negro College Fund, 212-326-1240/ CO: United Negro College Fund ST: New York IN: SU:


GK-OS -- NY022 -- 2308 03/27/92 10:45 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 27, 1992
Words:699
Previous Article:100TH COMMERCIAL BANK JOINS FHLB OF CINCINNATI; VALUE OF MMA CREDIT PRODUCT CITED
Next Article:THE AMERICAN LEGION REACTS TO ANNOUNCEMENT THAT 140,000 RESERVISTS AND GUARD TROOPS, INCLUDING PERSIAN GULF VETERANS, WILL BE ELIMINATED
Topics:


Related Articles
NORDSTROM CONTRIBUTES $10,000 TO UNITED NEGRO COLLEGE FUND
Sears Announces $1 Million Pledge to United Negro College Fund
United Negro College Fund Receives $2.1 Million From Houston Endowment.
GE Fund Announces Major Gift to United Negro College Fund.
United Negro College Fund to Announce Dell Support of Technology Campaign.
United Negro College Fund and Its 39 Member Colleges and Universities To Launch a New Program Offering Full Scholarships to Children Of Victims of...
White House to Welcome First UNCF Scholarship Recipients.
United Negro College Fund and Household International Launch First Year Of Joint Corporate Scholars Program; Program to Provide Career and...
Sodexho Foundation Provides $150,000 Grant to the United Negro College Fund.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters