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Africa University receives anonymous $10.5 million gift
Jan. 30, 2006
NASHVILLE, Tenn. (UMNS) — An anonymous $10.5
million gift to United Methodist-related Africa University has increased the
school’s endowment and will fund more capital projects.
The gift to the 14-year-old institution in Mutare, Zimbabwe, is the result
of proceeds from the November sale of an Illinois farm.
A couple with a love for Africa and the United Methodist Church, but wanting to
remain anonymous, donated the 320-acre farm. It was their second major gift to
Africa University.
“This gift reminds us of all that we receive from God, especially as we remember
Christ’s birth and how he has changed the world,” said James Salley, the
university’s vice chancellor for institutional advancement. “Africa University
is a jewel in a country and region that is struggling to survive. Our students,
faculty and staff are moving forward in the face of serious challenges.”
Nearly three-quarters of the gift will go into the university’s permanent
endowment fund, which supports scholarships and other needs. The donation
increases the fund to $36.2 million. The remainder will be used for a capital
project.
“This was an extraordinarily generous gift of real estate,” Salley said. The
land was valued at about $2.7 million when it was donated to the university
three years ago. Following the advice of investment counselors, university
officials let the value increase more than fourfold before selling it, he noted.
The original gift was the largest single donation in the institution’s history.
“The benevolence of donors like this has made it possible to create an oasis of
learning in a continent fractured by war, poverty, hunger, AIDS, malaria and
harsh living conditions. Education is our best hope for Africa’s future,” Salley
said. The majority of the faculty and staff are Africans. The 1,246 students
enrolled are from 16 African countries.
The United Methodist Church has had a presence in Zimbabwe since 1897, with the
creation of a mission school at Mutare. Africa University was granted a
charter by the Zimbabwe government in 1992, when its first 40 students enrolled.
Its first graduation took place in 1994. In 2005, 354 students received
bachelor’s degrees and 37 students received master’s degrees, in the school’s
11th and largest graduating class.
While the growth of the endowment is important, it is the year-to-year support
from United Methodists that keeps Africa University operating, Salley said.
“We need every dollar from the apportioned Africa University Fund to keep the
university operating,” Salley said. As an apportioned fund of the United
Methodist Church, it is supported by local congregations and annual conferences.
Africa University’s endowment needs to be at least $60 million in order to
generate enough income for the school to be stable and self-sustaining, Salley
said.
According to a survey of 741 colleges and universities in Canada and the United
States by the National Association of College and Business Officers, the median
endowment assets of respondents was nearly $72 million in 2004, with an average
five-year investment return of 3.8 percent. The average endowment was about $360
million.
“The disparity between Africa University and its better-endowed North American
counterparts points out how critical it is that we invest wisely and seek new
potential donors to build up our endowment,” Salley said. “For a relatively new
institution, we’ve made a lot of progress, but there is still much to be done.”
Africa University, the first fully accredited private institution in Zimbabwe,
was established to help train church and society leaders who can address the
concerns and needs of Africa’s developing nations.
Each year, the university receives about 10 times as many applications from
students as it can accommodate — between 2,500 and 3,000 applications for about
300 placements.
“A scholarship for one student at Africa University covers tuition, housing,
meals and medical care at a cost of $5,200,” Salley said. “Support from donors
can make such a difference in the lives of young African men and women.”
This report was adapted from a release by the Africa University Development
Office and the Public Information Office at United Methodist Communications.
News media contact: Linda Green, (615) 742-5470 or
newsdesk@umcom.org.
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