Murray State University Foundation
The Murray State University Foundation was established in 1946 to "do and perform all things necessary for the development, growth, expansion, progress, the accomplishment of educational objectives, the development of the physical plant, the improvement of the faculty, and aid to the student body and alumni of Murray State University." A Kentucky non-profit 501 (C)(3) corporation that is separate and not affiliated with the University, the Murray State University Foundation serves as the umbrella organization for accepting private support to the University.
The business policies, procedures, and goals of the Foundation are established by a 30-member Board of Trustees including the President of Murray State University, two members of the faculty or staff, and a minimum of two alumni of the University.
The duties and responsibilities of the Murray State University Foundation include the administration of scholarship funds, endowments, and other contributions that are established through private support. The Foundation manages planned, current, and deferred gifts. Gift arrangements through trusts, annuities, bequests, and insurance policies account for numerous endowments which fund scholarships and other educational programs. The Foundation staff ensure that the stated objectives of the donor are met, currently managing over 860 scholarships and endowment accounts.
Contributions received by the Murray State University Foundation are administered by the Joint Investments Committee. The Joint Investments Committee establishes the investment policy and supervises the portfolio of the Murray State University Foundation. The investment pool is comprised of Foundation funds as well as funds held for the Alumni Association and Murray State University. The Joint Investments Committee is composed of at least two members of the Murray State University Board of Regents, two members of the Alumni Council, and three members of the Board of Trustees.
The Foundation investment pool is valued at approximately $137 million, with total assets in excess of $158 million. (Investment Pool Average Rate of Return Summary) The Foundation provides more than $3.6 million in scholarship awards to deserving students annually.
The Murray State University Foundation, Inc. operates the Frances E. Miller Memorial Golf Course. A championship course, the par-71 layout was built on land donated in 1979 by L. D. Miller, a 1937 Murray State alumnus who died in 1992. The golf course is located three miles off Highway 94 East on Highway 280 in Murray, Kentucky.