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ON-IH IUND(EI)-'WVENTY-FOUtR YEARS OF EITORIAL l FIRELOI
Monday, October 21, 2013
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Ann Arbor, Michigan
com
FINANCES
Fiscal year
leaves '
well-endowed
ADAM GLANZMAN/Daily
Michigan Athetic Director Dave Brandon and Rob Rademacher, associate athletic director of facilities and operations, speak at the Michigan Sports Bosiness
Confrence at the Ross School of Business on Friday. The event was keynoted by ESPN presdident John Skipper
Conference links students
t s
to sporsbusiness leaders
School's endowment
grows to $8.4 billion,
10.75-percent ROI.
By SAM GRINGLAS and
JENNIFER CALFAS
Daily Staff Reporters
FLINT, Mich. - On Friday, Tim
Slottow, the University's executive
vice president and chief financial
officer, announced that the institu-
tion's endowment reached an all-
time high of $8.4 billion in fiscal
year 2013, which ended on June 30.
The endowment grew from $7.7
billion to $8.4 billion over the fis-
cal year with an annualized invest-
ment return of 10.75 percent. tts
highest value previously was $7.8
billion in fiscal year 2011.
The endowment is the second
largest in the nation for public
universities and the seventh larg-
est among all universities in the
U.S., according to findings by the
National Association -of College,
and University Business Officers
and the Commonfund. Over the
past 13 years, the endowment has
increased from the fiscal year
of 2000's total of $3.5 billion -
attributable to both significant
fundraising efforts and investment
strategy.
However, the University's
endowment on a per-student basis
ranks 0o1st - lower than most top-
tier private universities with much
smaller student bodies than the
university.
L. Erik Lundberg, the Univer-
sity's chief investment officer, said
in an interview he estimates that
new donations to the endowment
accounted for about $200 million
of the increase in the 2013 fiscal
year.
The University holds a 10-year
annualized investment return of
10.2 percent. When the investment
office was established 14 years ago,
the endowment had an annualized
rate of return of 9.6 percent. The
University's total cash and invest-
ments reached $10 billion for the
first time as of June 30, according
to the University's annual invest-
ment report.
The distributions from the
endowment help fund a host of
programs, scholarships and pro-
fessorships at the University -
totaling $276 million in outlays
for the 2013 fiscal year - a slight
See ENDOWMENT, Page 5A
ESPN president
keynotes day-long
event at Ross
By ADAM GLANZMAN
Daily StaffReporter
About 550 students, faculty
and sports business profession-
als gathered in the Ross School
of Business Friday morning
to attend the second annual
Michigan Sports Business Con-
ference.
The day-long conference
included speeches from CBS
Sports Anchor Dana Jacobson,
ESPN president John Skipper,
and Tom Garfinkel, the presi-
dent and CEO of the Miami
Dolphins football team, among
many others.
Kinesiology junior David
Herman and Kinesiology
senior Michael Freedman, co-
presidents of the MSBC, led a
32-member student planning
committee that worked for the
past year to organize and suc-
cessfully execute the event.
The MSBC Advisory Board,
composed entirely of Michigan
alumni, helped facilitate inter-
actions between students and
business professionals, making
the high-profile speakers at the
event possible.
"Our board of advisors usu-
ally make that initial connec-
tion and we take it over from
there," Herman said. "It's only
with their help, their Michigan
connections, their professional
connections, that we can really
gain legitimate access to such
See BUSINESS, Page SA
STUDENT GOVERNMENT
Cafe in
Dude to
operate
*247
Mujo coffee shop will
be open all night
Sun. through Wed.
By WILL GREENBERG
Daily StaffReporter
The Mujo Cafe in the North Cam-
pus Duderstadt Center will be open
24 hours for half of the week, Cen-
tral Student Government President
Michael Proppe announced Sunday
evening.
This comes after similar changes
to the hours of Bert's Cafe in the
Shapiro Undergraduate Library,
which became a 24-hour operation
in January. Mujo will be open all
hours from Sunday to Wednesday
starting Monday. It will be open
until 2 a.m. on Thursdays, 5 p.m. on
Fridays and8 p.m. on Saturdays.
Proppe said CSG wanted to see
the success of Bert's new hours
before making the change in North
Campus.
Proppe said the timing should
help students working late for mid-
terms. CSG is trying to be more vocal
in advertising Mujo's new hours, as
opposed to the rather quiet launch of
See CAFE, Page 5A
CONSTRUCTION
Building
renovations
approved
by regents
Projects include
SMTD building, new
ROTC space
By PETER SHAHIN, JENNIFER
CALFAS, and SAM GRINGLAS
Daily News Editor
and Daily Staff Reporters
FLINT, Mich. - The Board of
Regents approved an array of con-
struction projects at their October
meeting on Friday, including bids
and schematic designs for renova-
tions across campus.
The Earl V. Moore Building reno-
vation is set to proceed after tho
Regents voted to approve the proj-
ect's schematic designs and a small
budget increase. The renovation was
initially approved by the regents at
their Nov.2012 meeting.
The School of Music, Theatre and
Dance facility on North Campus
will benefit from renovated class-
room spaces and the construction
of an additional wing including a
lecture hall, performance space and
new lobby. The project has a budget
of $24 million and construction is
expected to conclude by fall 2015.
Though the regents approved
schematic designs for the Munger
Graduate Residences last April, the
regentsvoted Fridayto award project
bids before construction commenc;
See RENOVATIONS, Page SA
LEFT Ashlee Baracy, Miss Michigan and Miss America 2008, walks the runway Friday at the Maize and Blue Go Pink fundraiser for breast cancer
research at Detroit's Cadillac Square. TOP RIGHT Internal medicine prof. Sofia Merajver during the fundraiser. BOTTOM RIGHT The Original Van-
dellas, a Motown group, performs during the fundraiser
UMHS hosts breast cancer event
Maize and Blue
Go Pink raises
funds for research
ByAMRUTHASIVAKUMAR
Daily StaffReporter
DETROIT - Pink doesn't
clash with maize and blue
- it's more of a complement,
really.
At a "chic tailgate" in
Detroit's Cadillac Square
on Friday, the University of
Michigan Health System
hosted the first-ever "Maize
and Blue Go Pink" benefit for
breast cancer research at the
University's Comprehensive
Cancer Center.
The Comprehensive Can-
cer Center - founded in 1986
- uses new and innovative
medical techniques in its
cancer research and clinical
practices. Ryan Davis, asso-
ciate director of the Com-
prehensive Cancer Center,
said rapid advancements in
the center's Breast Oncology
Program convinced directors
that a fundraiser would help
support its growth.
Members of the alumni
marching band and Detroit
Pistons cheerleaders wel-
comed attendees as they
moved into a "strolling din-
ner." Davis said UMHS hopes
"Maize and Blue Go Pink"
will become an annual event.
Clad in maize, blue and
pink, attendees watched a
fashion show that featured
items from the Somerset Col-
lection in Troy, Mich. Uni-
versity affiliates who walked
the runway included Ath-
letic Director Dave Brandon,
See EVENT, Page 5A
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