The mission of Miami Dade College is simple, yet powerful: to provide accessible, affordable, high-quality education.
State funding, tuition, fees and grants help administrators and faculty achieve that mission. Another critical component is a permanent financial foundation: the combined endowments of the College, valued in December at more than $310 million.
Income from investments, managed by some of the best local financial minds, all of whom donate their time, provides scholarships and support for many of the College’s programs.
While every portfolio, from the largest university endowment to the smallest individual retirement account, has been exposed to fluctuations in the markets during the past two years, MDC’s investments have fared better than most. According to E.H. Levering, MDC’s chief financial officer, the College’s portfolios were up 20 percent in 2009 and outperformed the benchmark S&P 500.
The Commonfund Institute and National Association of College and University Business Officers (NACUBO) recently reported a median endowment size of $88 million among nearly 800 colleges and universities surveyed across the United States and Canada. In the state of Florida alone, MDC’s endowment surpassed that of Florida International University, Florida Atlantic University, the University of Central Florida, Barry University and St. Thomas University, among others.
Nationally, the College outshined more than 530 institutions, including the University of Idaho, Loyola College, the University of California Davis, the University of North Carolina at Charlotte, the State University of New York and Bowling Green State University.
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