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Westminster CollegeE NDOWM ENT R EPORT Westminster College END OWMENT R EP ORT

Westminster College, through a Board Managed Investment Committee, utilizes Commerce Trust Company, a division of Commerce Bank, to assist in managing its Endowment Fund comprised of an investment portfolio of Equities, Fixed Income and Alternative Investments totaling approximately $41 million. Additionally, approximately $10 million of the endowment’s value is in promissory notes representing loans to the Westminster College Operating Fund resulting in a total book value as of June 30, 2018 of $51,428,000.

ENDOWMEN T

ASSET ALLOCATION AND

PERFORMANCE In early 2016, Westminster College petitioned the Circuit Court of Callaway County, Missouri, to un-restrict $12.6 million of a permanent general endowment fund. These resulting unrestricted endowment funds have been and will continue to be used to provide supplemental operating capital. Distributions of Corpus from this action totaled approximately $3.3 million for FY2018.

Distributions of other Endowment Funds totaled approximately $1.65 million, and draws from Endowment Earnings were approximately $870,000 in FY2018. The total Endowment Distribution for the fiscal year was approximately $5.8 million. Figure A outlines how the FY2018 Endowment Earnings supported vital activities within the College and National Churchill Museum.

New contributions to the endowment totaled $4.29 million during Fiscal Year 2018. This represents a 285% increase from endowment gifts in Fiscal Year 2017, and set a record high for endowment gifts received in the last 10 years. Figure B demonstrates how these contributions were directed to benefit five core categories of Westminster’s endowment.

FISCAL YEAR 2018Ending June 30, 2018

For the College’s Fiscal Year ending June 30, 2018, equity markets performed well and were the main driver of returns during the year. Solid results in fixed income and hedge funds added to portfolio returns relative to the policy benchmark. The key detractors from relative results during the year were continued poor performance from the illiquid alternative assets in private equity, real estate and natural resources.

ENDOWMENT USAGE

ENDOWMENT GROWTH

3

31.88%

60.28%

3.95%

3.90%

Equities

Fixed Income & Notes

Alternatives

Cash Equivalents

WESTMINSTER ENDOWMENTASSET ALLOCATIONJune 30, 2018

FY2018

Capital Maintenance $201,000

Faculty $146,700

Churchill Museum $705,800

General Endowment $1,231,600

Programs and Lectures $66,000

Scholarships $1,940,000

Total $4,291,100

FIGURE B

FIGURE C

FY2018 $870,000 EARNINGS DRAW

Policy Benchmark

Investment Portfolio

5 year3 Year1 Year

Results - Net of Fees*

0%

1%

2%

3%

4%

5%

6%

7%

8%

6.9

2%

7.5

2%

4.0

8%

6.0

5%

6.10

% 6.9

7%

FIGURE A

Academic

Capital Maintenance

Faculty

Churchill Museum

General Endowment

Lectures

Library

Programs

Scholarships

$533,300

$44,500

$20,500$1,700$20,300

$121,500

$20,300

$1,400$3,400

In addition to the outright contributions added to the endowment corpus, Westminster ended Fiscal Year 2018 with a total balance of $470,600 for pledge commitments in support of the endowment, representing gift revenue that will be received in future years.

Figure C illustrates the outstanding growth over the last five fiscal years from contributions to the endowment corpus.

FY2014 FY2015 FY2016 FY2017 FY2018$0

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$3

,50

2,8

00

$3

,30

9,9

00

$4

,29

1,10

0

$1,

95

4,0

00

$1,

110

,60

0

54

Westminster CollegeE NDOWM ENT R EPORT Westminster College END OWMENT R EP ORT

F ISCAL YEAR 20 18 ENDOW ED FUNDS

Westminster College extends its most sincere gratitude for the following donor-established funds that

were part of the Fiscal Year 2018 endowment activity.

*Denotes that the endowed fund will be realized and funded at a future date through a bequest.

FACULTY ENDOWMENTSWilliam Gordon Buckner Endowed Chair in Business

John Ashley Cotton Scholar’s Chair

Cameron D. Day Chair of Biology

A. P. Green Fellowship of English Literature

Harrod-C.S. Lewis Chair in Religious Studies*

Lee Hunter Fellowship of Business Management

Lee Hunter Professorship in Mathematics and Physics

Dr. John Langton Professorship of Legal Studies and Political Science

John W. and Joyce G. Marsh Endowed Chair of Economics

McClure-Whitmarsh Professorship of Finance

Robertson Founder’s Chair

John E. Simon Business Department

John E. Simon Endowed Chair of Business

Harry S. Truman Fellowship of History

PROGRAM ENDOWMENTSEnvironmental Sciences Program

Hancock Symposium at Westminster College

Wallace L. Head Board of Trustees Governance Fund*

History Student Research & Presentation Awards

O’Reilly Family Endowment for Learning Opportunities

Price Leadership Program

Professors’ Endowment for Undergraduate Research

Westminster STEM Academy Endowment

Westminster STEM Academy Scholarship

Stubbs Family Undergraduate Scholars Forum Endowment

Tomnitz Family Learning Opportunities Center Endowment

Travis Traylor Endowment for Faculty Development

Tyler Research Fellowship

NATIONAL CHURCHILL MUSEUM ENDOWMENTSFriends of Frances C. Cooper Concert Series

Anson Bailey Cutts Jr. Endowment Fund

Larry & Lois Davidson Fund

Robert L. DeFer Archives/Collections

Internship Endowment Fund

Kostich Churchill Memorial Endowment

NCM Endowed Education Fund

Vernon Piper Special Altar Fund

Sandra L. and Monroe E. Trout Endowed Directorship of the

National Churchill Museum

Isabelle R. Whitmarsh Memorial Garden

LIBRARY ENDOWMENTSShirley Crenshaw Library Fund

Darling Family Endowed Library Fund

William L. Gaines Library Endowment Fund

J. Raeburn Green Library Endowment

Allen D. Harper Library Endowment Fund

A.J. Jordan Library Endowment Fund

B.W. LaTourette Library Endowment

David McCreery Library Fund

Meredith McCreery Library Fund

Reeves Library Endowment Fund

LECTURE ENDOWMENTSDr. Garry G. Forrest Endowed Psychology Lecture*

John Findley Green Memorial Foundation

IBM Lecture

MAINTENANCE ENDOWMENTSCoulter Science Center Maintenance Endowment

Davidson Leadership Plaza Maintenance Endowment

Kostich Sigma Chi Maintenance Endowment

Mueller Student Center Maintenance Endowment

NEW EN D OWED FUNDSThanks to the continued generosity of our esteemed donors, Westminster College established three new endowments during

Fiscal Year 2018.

Westminster College proudly celebrates these newly established endowed scholarships:

Bruce K. Barrow Memorial Scholarship

Perry Family Scholarship

George L. & Marie E. Weaver Endowed ScholarshipAdditionally, Westminster College received a transformational bequest gift from alumnus Ronald J. Kostich ’63 during Fiscal

Year 2018, a portion of which was designated to the College’s permanent endowment to establish the following funds:

Kostich Churchill Memorial Endowment

Kostich Sigma Chi Maintenance Endowment

Ronald J. Kostich Endowed Scholarship The College also extends gratitude to the late alumnus William N. Gillmor ‘62, who provided an estate gift to establish the Dr.

C. Stewart & Dr. William L Gillmor Endowed Scholarship.

SCHOLARSHIPS ENDOWMENTS Frank A. and Barbara A. Absher Endowed Scholarship

Chester and Helena Alexander Award

John J. Andrews and Anna K. Andrews Mathematics Award

Richard D. Arnold Endowed Scholarship

Dick Ault Scholar-Athlete Scholarship

Claiborne L. Barber Endowed Scholarship

Sam and Susan Barnes Scholarship

William T. & Christopher Warren Barnes

Endowed Scholarship

Barrow Family Memorial Scholarship

Bruce K. Barrow Memorial Scholarship

Barthel Scholarship Endowment

Bates Family Scholarship Endowment

Ovid H Bell Endowed Scholarship

Bennett Family Scholarship

Dr. William and Judith Blank Pre-Med Scholarship

Dr. William Bleifuss Memorial Scholarship

Bloom Family Scholarship Endowment

Reese Bowen Boyce Endowment Scholarship

Walter A. Boyd, Jr. Award

Mary Burton Bridgewater Scholarship

Hugh M. Briggs Scholarship Endowment

Brookby Family Scholarship

Robert Michael Brown Memorial Scholarship Fund

Chase A. Brumm Memorial Scholarship

Beta Theta Pi, 125th Celebration Endowed Scholarship Fund

George W. Bartley and George A. Campbell Scholarship Fund

Dr. John G. Campbell Memorial Endowed Scholarship

Charles B and Donna M Carden

Mathematical Sciences Schoalrships*

Peter Allan Childs Endowed Scholarship

Class of 1956 Endowed Scholarship

Joe B. Clarke, Jr. Endowed Scholarship

Samuel John Coultas Memorial Scholarship

Brevator J. and Mary Richards Creech

Memorial Scholarship Endowment

Bill Cross Endowed Scholarship

Crump/Detweiler/Baker Scholarship Endowment

Dr. John Rood Cunningham Endowed Scholarship

Leif C. Dahl Memorial Endowed Scholarship

Westminster Dames Endowed Scholarship

James L. Darling Memorial Scholarship Fund

Robert L.D. and Lois B. Davidson Scholarship Endowment

Cameron and Jessie Day Prize in Biology

John Dorsch Scholarship

A. Randle Elliott Memorial Scholarship

Sara Elliott Memorial Scholarship

John R. Elrod Endowed Scholarship

Robert L. Epperson - Phi Kappa Psi Scholarship

Thomas Henry Forrester, Jr. Scholarship Endowment

Stephen Leigh Bransford Frailey

Memorial Scholarship Endowment

Robert Porter Galloway Memorial Scholarship

Hoyt D. Gardner Scholarship in Premedical Education

Clifford Willard Gaylord Foundation Scholarship

Dr. C. Stewart & Dr. William L. Gillmor Endowed Scholarship

Frank N. and Louise Gordon Endowed Scholarship

Gore Family BKD, LLP Accounting Scholarship

Jane Maughs Grant Memorial Scholarship Endowment

James D. Grigsby Endowed Scholarship

Dr. John B. Grow Endowed Scholarship

Nollie & Prudence Guerrant Memorial-DAR Scholarship

Allen D. and Jane B. Harper Endowed Scholarship

Ramey Wilson Harper Memorial Scholarship

S. Rodney Hastings Endowed Scholarship

Ernest Hazel, III Endowed Scholarship

William Randolph Hearst Endowed Scholarship

E. C. “Slick” Henderson, Jr. Scholarship Fund

Judy and Thomas H. Hicks Endowed Scholarship

James B. Hight Endowed Scholarship

Dr. Ernest H.K. and Evelyn Hillard Endowed Scholarship

Dr. Paul S. Hoe Memorial Scholarship Fund

Robert G. and Ruth H. Hoerber Scholarship

James P.V. Howell Endowed Scholarship

Margaret McDonald Jaeger Psychology Endowed Scholarship

John R. Johnson Endowed Scholarship

Christopher S. and Joyce T. Jones Memorial Scholarship Fund

Edward Jones Endowed Scholarship

Kappa Alpha Order Endowed Scholarship

Kappa Alpha Theta Founders Scholarship

Kavanaugh Family Scholarship

Dr. John B. Kelly Endowed Scholarship

Pat Kirby Endowed Scholarship

Ronald J. Kostich Endowed Scholarship

Coach Don Kuhn Endowed Scholarship

John B. LaMar Endowed Scholarship

Clarence C. Lang Memorial Scholarship Endowment Fund

Kenyon S. Latham Endowed Science Scholarship

Henry John Latshaw, III Memorial Endowment Fund

Ross Livermore Memorial Scholarship

Judge George B. and Charles R. Macfarlane Scholarship

Jack Marshall Scholarship

J. Layton & Isabelle Mauze Endowed Scholarship

P. Nicholas McDaniel Endowed Scholarship

McFarland Family Scholarship

John McKamey Scholarship Fund

Dr. Karl V. McKinstry Memorial Scholarship

Connie Jean Meyer Scholarship Fund

Edmund F. and Irene B. Miller Endowed Scholarship

Ned O. Miller Memorial Leadership Scholarship

Dr. Therese A. Miller Endowed Projects for Peace Award

George W. F. Myers Endowed Scholarship

Neel Trustee Scholarship

Mr. and Mrs. T. J. Neukomm Scholarship Endowment

Nierenberg Family Scholarship Fund

Panettiere Family Foundation Scholarship

Jarrett Kellogg Parker Scholarship - Loan Fund

C.H. and Martha Parkins Endowed Scholarship

Dr. William E. Parrish Academic Scholarship

William E. Pearce Endowed Scholarship

John S. Penney Endowed Scholarship

Perry Family Scholarship

Paul M. and Mildred E. Peterson Scholarship Fund

Vernon W. and Marion K. Piper Scholarship

for Overseas Study Endowed Scholarship

Jim Reed Family Endowed Scholarship

Sally W. Reynolds Endowed Scholarship

Greg Richard Internship Endowed Scholarship

Dr. Ralph and Mrs. Eleanor Rinne Pre-Medicine Scholarship

Jane Elizabeth Roche Webb Endowed Scholarship

W. Philip and Mildred M. Ross - Lewis County and

Knox County, Missouri Scholarship

Frederick Randolph Rosser Scholarship Fund

Harry L. Ryburn, Jr. Memorial Scholarship Fund

William Sausser Scholarship Fund

Dr. John E. Schultz Endowed Chemistry Scholarship

Harry N. Schweppe, Jr. Memorial Scholarship

Shields Family Scholarship

John E. Simon Endowed Scholarship

F. Brooke Sloss Memorial Endowed Scholarship

Lieutenant Raymond E. Smallwood

Memorial Scholarship Fund

Robert Lee Smyth Memorial Scholarship Fund

Southwestern Bell Telephone Company Endowed Scholarship

Sweazey Family Scholarship Endowment

Taylor Family Endowed Scholarship

L. Norman Thornton Memorial Athletic Scholarship Fund

Barclay Van Dyke Endowed Scholarship

Gupton A. and Grace S. Vogt Scholarship Endowment Fund

Dr. Robert G. Volz Scholarship Fund

Linda Doolin Ward Endowed Scholarship

Frank W. Waye Family Scholarship Endowment

George L. & Marie E. Weaver Endowed Schol

Dr. and Mrs. Marion A. Webb Scholarship Endowment

Frank B. Whitbeck Scholarship Fund

White Family Scholarship

H. Clinton White Memorial Scholarship Endowment

W. C. Whitlow Outstanding Senior Phi Delta Theta Scholarship

George H. Williams Endowment Fund

Ron & Dianne Winney Endowed Scholarship

Woodward Family Endowment Fund

Marvin O. and Sue C. Young Endowed Scholarship

Philip H. Young Memorial Scholarship

Dr. Peter and Jane Yu International Student Scholarship

Zeta Zeta Alumni Endowed Scholarship

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Westminster CollegeE NDOWM ENT R EPORT Westminster College END OWMENT R EP ORT

ATHLETIC STADIUM GROUNDBREAKING

The dream of a new athletic stadium for Westminster College took the first step June 7, 2018, as college and local officials gathered with about 100 supporters on Priest Field to break ground for the new Kent and Judith Mueller Stadium. The project was made possible by a generous $4 million gift by Westminster alumnus Kent Mueller ’62 ΣΑΕ and his wife, Judy, from Paradise Valley, AZ.

WESTMINSTER SOFTBALL WINS BACK-TO-BACK REGULAR SEASON SLIAC TITLES

The Westminster softball team won its second consecutive St. Louis Intercollegiate Athletic Conference title in the 2018 season, posting the top record of 16-2 during the regular season.

WESTMINSTER RECOGNIZED AS TOP COLLEGE BY TWO NATIONAL RANKINGS PUBLICATIONS Westminster was selected in 2017 as one of the nation’s top colleges and universities in two prestigious national rankings publications, Money magazine and The Princeton Review. The magazine singled out Westminster is one of the “Best Colleges for Your Money.” School rankings for the 2017-2018 Academic Year were released for The Princeton Review, and Westminster was named one of the “Best in the Midwest” among the Best Regional Colleges for its outstanding academics. A total of 658 colleges and universities were recognized and divided into five zones: Midwest, Northeast, Southeast, West, and International.

MEN’S SOCCER CAPTURES FIFTH CONSECUTIVE SLIAC TOURNAMENT TITLE

Westminster men’s soccer captured its fifth-straight St. Louis Intercollegiate Tournament title in the 2017 season, earning an NCAA Tournament Berth in each of the last five seasons. The title was the second under Head Coach Adam Galla, who was in his second season with the team at the time.

STUDENT GROUP TRAVELS TO VIETNAM TO STUDY AND HONOR FALLEN ALUMNI

Department of History Chair Dr. Mark Boulton, Security Studies Director Dr. Tobias Gibson, and a group of 22 Westminster students traveled to Vietnam in May 2018. The 15-day trip covered the length of the country and concentrated on the major battlefields of the Vietnam War. The group honored fallen soldiers from the College known as “the Westminster Seven”: PFC Christopher “Pod” Podmaniczky, 1st Lt. Philip H. Sauer, Capt. John Vernon Taylor, Jr., Navy Veteran Claude L. Curtice, 1st Lt. Harmon L. Remmell III, 1st Lt. Ross W. Livermore, and Navy Medic Patrick L. Purdin.

JOHN M. PANETTIERE FUNDRAISING CHALLENGE IS MET BY ALUMNI

In February 2018, Westminster Board of Trustees Chair John M. Panettiere ’59 ΦΔΘ pledged to match all Westminster Fund gifts and pledges of $50,000 or more received by April 30, 2018. The million-dollar fundraising challenge was met by April 2018 and exceeded expectations, adding up to a total of $1,050,000 raised from 11 alumni.

ISRAEL’S AMBASSADOR TO THE UNITED STATES SPEAKS AT CHURCHILL WEEKEND

His Excellency Ron Dermer, the Israeli Ambassador to the United States, was the Churchill Fellows Weekend keynote speaker on March 25, 2018, at the National Churchill Museum at Westminster College. Ambassador Dermer delivered the Enid and R. Crosby Kemper Lecture on the topic of “Churchill and Israel” in the Church of St. Mary the Virgin, Aldermanbury. He later was inducted into the prestigious Churchill Fellows Society.

100 PERCENT JOB PLACEMENT RATE FOR 2018 WESTMINSTER ACCOUNTING MAJORS

All Westminster accounting majors graduating in 2018 achieved employment by March 1, 2018. The senior accounting class was composed of seven accounting majors and one accounting minor. Of the eight, seven accepted job offers, and the eighth accepted an internship with one of the Big 4 accounting firms in Beijing, China.

PRESIDENT FLETCH LAMKIN INSTALLED AS 22ND WESTMINSTER PRESIDENT

President Lamkin spoke to a full house in the Church of St. Mary the Virgin, Aldermanbury, following his installation as the 22nd President of Westminster College on April 21, 2018. Lamkin expressed his excitement about his presidency and said in his address that he is committed to recapturing the spirit of the Blue Jay Nation.

WESTMINSTER RANKED IN TOP 15 PERCENT OF U.S. COLLEGES; TOP 3 MISSOURI COLLEGES FOR HIGHEST SALARY

Westminster College ranked among the top 15 percent of four-year colleges and universities nationwide for alumni earning potential, while the College ranked third in the state of Missouri, according to reporting by Payscale.com in 2018. According to Payscale’s research, the median salary of mid-career Westminster College graduates — alumni with 10 or more years of work experience — is $100,500. Furthermore, Westminster alumni are at an advantage early in their careers, with the median salary of recent graduates, five or fewer years out of college, at $47,200.

FOUR WESTMINSTER ALUMNI GRADUATE FROM KIRKSVILLE COLLEGE OF OSTEOPATHIC MEDICINE

Four new physicians and Westminster graduates entered the workforce in 2018, ready to unleash the power in their purpose. Kyle Klahs ’14 ΔΤΔ, Matt Roehrs ’13 ΔΤΔ, Jacob Burch ’14 ΔΤΔ, and Taylor Allen ’14 ΔΤΔ all graduated from A.T. Still University’s Kirksville College of Osteopathic Medicine on May 19, 2018. The fraternity brothers and medical school classmates were joined at their graduation ceremony by Biology Professor Dr. Michael Amspoker. Amspoker also attended the physicians’ white coat ceremony at the beginning of medical school. The graduates said his appearance at their graduation is a testament to the legacy of Westminster’s amazing faculty.

F ISC AL YEAR 20 18 H IG H L IGHTS

E N D OW M E N TR E P O R T

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Office of Development

501 Westminster Avenue

Fulton, MO 65251

(573) 592-5370

www.westminster-mo.edu