YOUNGSTOWN, Ohio (WKBN) — The Youngstown State University Foundation has surpassed the $225 million mark in assets and is now among the top third of university endowments in the nation.
The foundation annually provides millions of dollars in scholarships to thousands of YSU students.
The Foundation reported $226.3 million in assets in fiscal year 2013, according to the annual endowment survey by the National Association of College and University Business Officers and the Commonfund Institute, according to a news release from the university.
That amount makes the YSU Foundation the largest endowment among public universities in Northeast Ohio and the sixth largest among all public universities in Ohio. Nationally, the YSU Foundation ranks 265 out of 849 colleges and universities included in the survey.
According to figures provided by the National Association of College and University Business Officers and the Commonfund Institute, YSU ranks ahead of Bowling Green State University, the University of Akron and Kent State University in the amount of endowment dollars. The top nine Ohio universities and the amounts of their endowments are:
- Ohio State University, $3.1 billion
- University of Cincinnati, $1 billion
- Ohio University, $447 million
- Miami University, $417 million
- University of Toledo, $356 million
- YSU, $226 million
- University of Akron, $184 million
- Bowling Green University, $131 million
- Kent State University, $120 million
“This is yet another tremendous milestone that reflects the dedication and commitment of thousands of supporters across the region and nation,” said Thomas Fleming, chair of the YSU Foundation Board of Trustees.
“YSU already has the lowest tuition among public comprehensive universities in the state. Add to that the millions of dollars annually that the YSU Foundation provides to our students, and, quite simply, YSU is the most affordable and best value across the entire region.” said YSU interim president Ikram Khawaja.
Founded in 1966 by the university’s long-time president, Howard Jones, the YSU Foundation is a private, non-profit corporation independent from Youngstown State University that supports YSU exclusively, mostly through scholarships for students. In the 2013-14 academic year, the Foundation is providing $6.8 million for more than 3,000 student scholarships. Next academic year, the Foundation will allocate a record $7.4 million in scholarship support.