Written by Brooke Labashousky.
As we prepare to bid farewell to Chancellor Randy Woodson, we would like to join the university in Celebrating Transformation and reflect on the positive changes that have taken place in Foundations Accounting and Investments (FAI) and the impacts FAI’s administration has had on the university during Chancellor Woodson’s tenure.
Endowment Growth
During the chancellor’s tenure, NC State University’s total endowment growth skyrocketed from $503M in June 2010 to $2.22B in June 2024. This is a major accomplishment, not only for FAI but also for the university as a whole. FAI’s institutional investment initiatives along with donor support has provided this exceptional growth and, in turn, created increased spending and student support for the university.
FAI established the Office of Investments in 2018 and in 2022 hired its very own Chief Investment Officer, Chris Ip. The investment strategies at its core are to provide inter-generational equity for the university and invest for a long-term strategy that provides support for generations to come. FAI also focuses on operational funding opportunities for the university, and with initiatives spearheaded by its leader, Erin Delehanty, strategically invests operational funds in ways that provide additional income for the university. These initiatives include the creation of the Intermediate Term Fund (ITF) in 2014, a fund that is managed and supported by the Office of Investments team and as of 12/31/24 had a one-year performance of 5.17%.
The ITF is just one of the funds FAI helped establish in the chancellor’s tenure. In 2014 FAI established the Sustainable Responsible Impact Fund (SRI), designed to make an impact by investing in a comprehensive range of disciplines to solve complex problems that impact the environment, economy and society.
On September, 27, 2013, Chancellor Woodson announced the Park Foundation’s $50M gift to the Park Scholarships – at the time it was the largest single gift in the university’s history. These funds were pledged to support the Park Scholarships by investing in an environmentally conscious manner. FAI’s Office of Investments manages the investments for this fund and at 12/31/24 the fund received a one year return of 8.92%.
The growth of NC State University’s Total Endowment, along with FAI’s strategic initiatives with donor support, has increased by 936%. For FY11, Endowment Spending was reported at $8.4M, and for FY26, Endowment Spending is $86.5M. FAI’s administration and calculation of Endowment Spending helps support the funding for many strategic initiatives across campus. In Chancellor Woodson’s tenure, FAI has brought on reporting databases to help calculate and communicate spending values and market values to campus, along with revamping the use of FAI’s website to communicate these initiatives.
Projects of Note
Through FAI’s administration some major initiatives have been undertaken through Foundation funds and support. To note a few: The naming of the Poole College of Management, Wilson College of Textiles and Fitts-Woolard Hall, along with the creation of the Howling Cow Dairy Education Center and Creamery through the Agricultural Foundation.
FAI helped build and manage the administration efforts for the creation of Lonnie Poole Golf Course.
FAI and the university’s Endowment Fund were strategic players in the monetization of the Hofmann Forest with a signed $78 million, 50-year timber deed with Hofmann Forest Timberlands LLC, an entity managed by Resource Management Service LLC (RMS), which is a privately-held timber investment management organization known for its leadership in sustainable forest management practices. The timber deed gives RMS rights to sustainably grow, harvest and replant the timber on 54,334 acres of working forest with the NC State Endowment Fund maintaining ownership of the land. From the transaction FAI invested $70.1M into their long term pool to support the university and the College of Natural Resources, and as of 9/30/24 the Timber Deed Investment had a market value of $113.5M.
Distinguished Professorships
NC State is home to more than 2,500 outstanding faculty, each guided by an extraordinary purpose. The professor of distinction designation honors a current or potential tenured professor who has achieved recognition well above the criteria for the rank of professor and be considered one of the best scholars in the discipline. Across disciplines, they inspire students to think creatively and critically, serve as mentors, fuel the evolution of their fields of study through graduate student support and undertake vital research that benefits the community, state and world. Distinguished professorships are one of the most valuable ways NC State can honor such remarkable contributions. In Chancellor Woodson’s tenure, FAI can honorably note they have helped invest and establish over 97 distinguished professorships, providing strategic needs across the university.
FAI’s team continues to search for new ways to better serve the university and its evolving strategic needs. As they develop new ideas, improve best practices and provide innovative investment strategies, the team’s initiatives reflect NC State’s commitment to progress and innovation, a cornerstone of Chancellor Woodson’s leadership.