October 22, 2010
KNOXVILLE -- The University of Tennessee Board of Trustees today approved a proposal to boost UT's system-wide fundraising efforts by transitioning to an interdependent foundation model.
The board ended its meeting by electing Joe DiPietro, UT Institute of Agriculture chancellor, as the University's next president. For more information about DiPietro, visit http://www.tennessee.edu/.
The Foundations Study Committee, created by the board in 2008, has reviewed the effectiveness of the UT Foundation, which is currently a small fundraising arm dependent on the University for support. Most of the University's fundraising efforts are centered in the Office of Development with officers on each campus.
The committee recommended changing the UT Foundation to an interdependent foundation, which would require less direct support from the University. The goal would be to raise at least $100 million more a year by 2020. Structurally, certain UT development staff would be leased to the foundation, and the UT Foundation's affiliation agreement with the University would have to be altered.
Tennessee Comptroller Justin Wilson attended the meeting and spoke in favor of the proposal.
With approval from the trustees, the University can now seek approval from the General Assembly during next year's legislative session.
Interim President Jan Simek gave his final report to the board as he will return to the UT Knoxville faculty when the next president takes office.
"It's been a great, great honor to serve this institution," Simek said.
"We've been challenged in recent years with funding shortfalls, and we'll continue to be challenged. In the Complete College Tennessee Act, we have another great challenge but also a great opportunity to make higher education in Tennessee better for everyone we serve."
In other action, the board:
An archived webcast of this meeting is available at http://www.tennessee.edu/.
To view the meeting's full agenda and materials, go to http://bot.tennessee.edu/.