The Adams State University Foundation authorized a distribution of funds to help alleviate the budget gap projected by the university.
"The Adams State University Foundation is committed to the Adams State family and trusts the Board of Trustees and Acting President Nehring to take actions that are in the best interest of the university and the students. The Foundation board’s decision to provide funds to help with the budget shortfall identified by Dr. Nehring is a way for us to express that trust," said Ron Howard, ASU Foundation board president.
The Foundation committed $10,000 from its unrestricted funds to make up the shortfall remaining in this fiscal year, which ends June 30. The vast majority of the funds managed by the Foundation are restricted, per agreements with the donors. "Only 2.2 percent of our total assets are unrestricted and available, so that limits how much we can commit," said Tammy Lopez, executive director of the ASU Foundation.
A new gift of $50,000 from San Luis Valley Federal Bank will be used to cover campus employment for students, freeing up institutional funds to address the shortfall. The university needs to identify $2.7 million in new revenue and reduced expenses.
"We’re happy to continue our long partnership of support for ASU through the Foundation," said San Luis Valley Federal Bank President Duane Bussey. "Along with providing scholarships through our bank endowment, providing funds for campus employment will give students both financial support and a good work experience. If the university can redirect funds they would have invested in this area to help meet their budget needs, our support will be leveraged very effectively."
