altustimes.com

Report shows financial position of college foundation

November 22, 2013

The WOSC Foundation, Inc. has received its annual independent auditor’s report reflecting the financial position of the Foundation based on statements of activities and cash flows during the 2012-2013 fiscal year. The auditor’s responsibility is to express an opinion on these financial statements while obtaining reasonable assurance that the financial statements are free of material misstatement. The audit also includes an evaluation of the appropriateness of the accounting policies used and the reasonableness of significant accounting estimates made by the Foundation. From data compiled during the annual audit, the Foundation is able to create a picture of the support provided to Western Oklahoma State College and see the growth achieved in that year’s increased accumulation of assets.
The WOSC Foundation, Inc. has shown steady growth with total assets reaching $6,695,762 at the end of the 2012-2013 fiscal period. This total reflects a $99,683 increase over the previous year. Scholarship funding provided by the Foundation has fluctuated due to ups and downs in the market, with recent years seeing a decrease due to a decline in interest rates. In the 2012-2013 academic year, scholarships in the amount of $113,255 were awarded. This is a decrease in awarded funds of $5,056 from the previous year. Another function of the WOSC Foundation, Inc. is program and accounting support. These dollars assist in various programs at Western and the accounting support utilized to assist in keeping the Foundation and scholarship records accurate for auditing purposes. The amount of support in this area has also fallen subject to the fluctuation on returns we see from our investments in what has continued to be an unstable market. The amount of support provided by the Foundation in 2012-2013 was $23,527.50, which is slightly higher than the 2011-2012 figure of $22,260.
To help change the lives of Western’s next generation of students, the WOSC Foundation, Inc. continues to seek additional support from individuals, businesses, civic groups, foundations, and service organizations. The ongoing effort to expand and meet the needs of the college and its students requires the Foundation to create a desire in our community to Invest in the Future. With many giving opportunities available to our donors, there is a giving program to fit any desired contribution level or interest area.
Scholarships. Even though an education at Western has been rated as one of the best bargains in the state, a large number of Western’s students still demonstrate a need for financial assistance. This contribution directly impacts students.
President’s Partner Program. President’s Partners are the backbone of Western’s annual giving. A partner contributes $1,000 annually to be used for high priority projects that distinguish Western as an institution with a commitment to excellence.
In Memoriam. An “In Memoriam” contribution allows families to memorialize a loved one by providing a living gift in the family member’s name, and are used to enhance student success.
Partners in Educational Excellence. Endowed Lectureships, Professorships and Faculty Chairs, these endowments assist in recruiting and retaining top faculty and provide superior learning experiences for students. Gifts are matched dollar for dollar by the State Regents.
Sustaining Member. As a Sustaining Member, you contribute $100 annually to support priority programs at Western. This program is aimed at increasing the permanent endowment funds held by the WOSC Foundation, Inc.
Pioneer Heritage Society. This is an opportunity to make a significant and long-term commitment to Western Oklahoma State College. The Pioneer Heritage Society provides the opportunity to establish a lasting legacy for future generations through wills, trusts, and insurance policies.
If you would like to Invest in the Future of Western Oklahoma State College by making a gift to the WOSC Foundation, Inc., or if you would like more information on giving opportunities, please contact the Development and Alumni Relations Office at 580-477-7706 or foundation@wosc.edu.