2011 president's report
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University of Miami-2010 president reportTRANSCRIPT
2 0 1 1 p r e s i d e n t ’ s r e p o r t
> Celebrating a decade of excellence and historic progress
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Reflections on a Remarkable Decade
“Are we there yet?” It’s the classic backseat query on family road trips.
When it comes to the eventful journey our University of Miami family is taking together, the answer is always “Not just yet.”
Indeed, for dynamic institutions like ours, “there” seems always to be just down the road and around the next bend. We are continually making key decisions at major crossroads and fine-tuning our itinerary as unexpected opportunities and unforeseen challenges emerge.
A number is just a number, and the imaginary odometer measuring the ground we have covered on our shared excursion reflects not only previous destinations but ongoing discoveries. Still, my tenth anniversary on the job here at UM represents a mile marker of sorts—an opportunity to reflect on where we’ve been and where we’re going.
At my inauguration ceremony ten years ago, I described the University as the beating heart of Miami, and Miami itself as “el mundo”—the world. Today, having lived for a decade in this beautiful, diverse, and endlessly fascinating region, I still see our city and our place in it that way— more vividly than ever.
Ten years ago I spoke of our mission in terms of preparing students for assuming roles as tomorrow’s leaders. Advancing knowledge in academic disciplines across the board. Moving into the top ranks of biomedical discovery and patient care. And serving as an active partner in our community’s future. I committed the University to “sowing seeds of excellence” in every sphere: from classrooms to concert halls, theatres to research labs, art studios to athletic fields.
Today we have achieved all these goals, and so much more. The magnificent successes of the past decade are the work of many hands, and any laurels earned do not rest solely on the shoulders of one administration or even one generation.
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Standing on Strong Shoulders
As the University of Miami’s fifth president, I inherited a strong and stable foundation from my predecessors. Their vision of what the University could be and their steady strides toward realizing that potential—often in the face of challenges, from ravaging hurricanes to social upheavals, that would have daunted less stalwart souls— allowed me the rare opportunity to assume leadership of an ener-getic institution that was already on the move toward unprecedented excellence and national acclaim.
Much credit is also due to the University of Miami Board of Trust-ees, the community leaders and committed partners who share our highest aspirations and support our finest accomplishments. I especially want to thank the board chairs whose guidance and fellowship have been so invaluable: Carlos M. de la Cruz Sr.; Phillip Frost; Dean C. Colson; Marta S. Weeks; Phillip T. George; and current chairman Leonard L. Abess—who, after his grandfather, Arthur A. Ungar (in whose honor the Ungar Building is named), and his father, Leonard Abess, is a third-generation UM trustee.
The University embraces its community—a close relationship that imbues everything we do—and the community has responded in turn. That is the simple yet powerful secret behind the historic success of the campaign that inspired such generosity during the first seven years of my presidency.
Momentum: The Campaign for the University of Miami presented a bold vision of propelling the University toward distinction as one of the nation's leading research universities. Reaching its $1 billion
goal a year ahead of schedule and ultimately raising more than $1.4 billion, Momentum had a truly transformational impact on the University.
Momentum also broadened and deepened the University’s relation-ships with its many devoted constituencies. Alumni and alumni-led organizations gave some $376 million during the campaign, paving the way for high-profile achievements and enhanced pride for ’Canes everywhere.
Advancing our Vision
True to the campaign’s name and lasting impact, our momentum continues. Fundraising totals for the fiscal year ending May 31, 2011 came to $172 million, nearly double the $86.2 million raised a decade earlier in FY 2002. Just as importantly, for ten years in a row, the University of Miami has been awarded the top, four-star rating for sound fiscal management from Charity Navigator, one of the nation’s leading independent charity evaluators. Fewer than 1 per-cent of the charities rated by this organization have received such consistently outstanding ratings.
This vigilant stewardship has been complemented in recent years by a comprehensive strategic plan that identifies institutional priorities in four key areas: the undergraduate experience, graduate and research programs, and faculty development, as well as the infrastructure needed to support these endeavors.
In all of these areas, we are making exciting progress. We’re decod- ing the human genome and shedding light on hemispheric climate
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patterns. We’re fostering entrepreneurial approaches to learning and nuanced explorations of the humanities. We’re creating pro-grams that meld disciplines in novel ways to meet unprecedented challenges. And we’re opening up the unforgettable experience of a UM education to greater numbers of deserving students.
Our ever-brighter student body reflects the University’s bold spirit. For our fall 2011 cohort of about 2,150 enrolled freshmen, we received about 28,000 applications—nearly twice the 14,721 received in 2001. During the same timeframe, the average SAT score of incoming freshmen rose from 1190 to over 1315, while those in the top 10 per-cent of their high school classes now compose 71 percent of our freshman class, up from 51 percent a decade ago.
Aptitude for Achievement
Because we have made an institutional commitment to keep the size of our incoming student body stable, we have been able to focus on quality rather than quantity, thus ensuring a superb student experi-ence. Our students come from varied socioeconomic backgrounds, all walks of life, and more than 110 countries. And, in increasing
numbers, they fulfill their marvelous potential: Over the past decade, our six-year graduation rate—a key measure of student success— has jumped from 63 to 80 percent.
The University’s research mission is stronger than ever. We currently are home to more than 2,800 extramurally funded research projects (compared with just over 1,700 in 2001) as well as more than 5,500 graduate students and postdoctoral trainees. Faculty research and sponsored program expenditures increased by more than 75 percent over the past ten years, from $202 million in 2001 to nearly $361 mil-lion in last year’s extremely competitive funding period.
We recently surpassed $150 million in National Institutes of Health (NIH) funding University-wide and have become the top NIH-funded medical school in the state, while our National Science Foundation grant funding increased by 5 percent University-wide over the past year. These gains are a direct reflection of our recruitment of top physicians and highly productive scientists from across the nation; the number of University faculty in prestigious national academies has risen from one to eight since my arrival at UM.
Our ever-brighter student body reflects the University’s
bold spirit, and our institutional commitment to quality rather
than quantity has ensured a superb student experience.
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Sharing Stellar Successes
This September we were delight-ed to learn that we were ranked 38th among the nation’s best universities for 2012 by U.S.News & World Report, reflecting a dra-matic rise of some nine spots in just one year—and an amazing total of 29 spots since 2001. UM was the only institution in the top 50 to make such a signifi-cant advance in this prestigious ranking during the past year. This achievement directly reflects our steady climb to excellence, and the credit goes to our trustees, faculty, student body, staff, alumni, parents, and all our supporters over the years. It is a tribute to all who believe in the University of Miami and quality education, and a success story for not just the University but the entire South Florida community.
This wonderful recognition capped a banner year here at the University. Our UM family came together in October 2010 to celebrate the opening of the Robert and Judi Prokop Newman Alumni Center, a gracious gath-ering place for loyal ’Canes built entirely with alumni contributions.
Just a few months later, 2011 wasn’t even two weeks old when we orchestrated our second highly successful Global Business Forum. Organized by the School of Business Administration, the University-wide conference featured an impressive lineup of corporate, policy, and thought leaders examining “The Business of Health Care:
Defining the Future”—and placed the University on the intellectual frontier of this industry that touches all of our lives.
Not pausing for a moment, in February we unveiled the results of a major yearlong expansion of the Patti and Allan Herbert Well-ness Center. Funded primarily by a generous gift from alumni
and original center patrons Patti and Allan Herbert, the project has been very well received by our campus community.
Driving Distinction
Back on the academic front, this summer we welcomed two new deans who bring scholarly distinction and pioneering leadership to the U. Gregory J. Shepherd, dean of the School of Communication, was previously dean of the Scripps College of Communication at Ohio University. He brings the big-picture perspective needed to nurture the next generation of communication professionals at the school, which recently celebrated its 25th anniversary.
In August Eugene “Gene” Anderson became dean of the School of Business Administration. Most recently as associate dean for aca-demic affairs at the University of Michigan’s Ross School of Business, he spearheaded a variety of forward-thinking programs and initia-tives, building a wealth of experience and insight that dovetail beautifully with the school’s goals and areas of opportunity.
YEAR R ANKING PUBLISHED
UM RANKINGS BY U.S.NEWS & WORLD REPORT
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Hurricane Athletics also recently recruited several new leaders: athletics director Shawn Eichorst, football head coach Al Golden, and men’s basketball head coach Jim Larranaga. All are passionate about the Hurricanes and fully committed to encouraging our student-athletes toward distinguished performance in the class-room, on the playing field, and in life.
This fall saw the dedication and grand opening of the 252,000-square- foot R+D Building One, the first phase of the University of Miami Life Science & Technology Park. In addition to providing sustainable, state-of-the-art infrastructure that fosters the discovery and devel-opment of life-enhancing medical and technological discoveries, the park is an engine of economic progress for our community.
We are also moving ahead on important projects on our Coral Gables campus, thanks to the historic and far-reaching University Campus District development plan we reached last year with the City of Coral Gables. The city, the community, and the University all came out winners in this agreement, which I count among the proudest achievements of my presidency. We now have a thoughtful and comprehensive road map to guide our campus improvements for many years into the future.
Reshaping our Future
Among the most eagerly anticipated new campus destinations is our Student Activities Center, on which we have just broken ground. Made possible by a $20 million lead gift from Fairholme Foundation, the 118,000-square-foot facility features an array of gathering and activity spaces. A dazzling campus destination designed in every
detail to meet the needs and support the aspirations of UM’s highly involved student community, it will also house a brand-new incar-nation of our beloved Rathskeller when it opens in 2013.
Promising to make a major contribution to the well-being of the entire Gables campus community and beyond is a multi-specialty UHealth – University of Miami Health System clinic. Slated to open in 2013, the new clinic will serve students, faculty, staff, and the surrounding area.
In the pages that follow, you’ll find highlights from this amazing decade at the University of Miami. They are, necessarily, only a sampling of hundreds of noteworthy activities and achievements. Interwoven among each and every one of them are the countless moments of inspiration, discovery, persistence, collaboration, compas-sion, and courage that make up the life of a great university.
Meanwhile, even as we look back, tomorrow tugs at our sleeve and pulls us forward. It urges us to make the powerful, focused commit-ments that turn “what ifs” into “why nots.” As one of the nation’s leading research universities, replete with our signature energy and passion, we are making the breakthroughs that reshape the road ahead even as we travel it.
Yes, it’s true: We’ll never be completely “there.” But the joy is in the journey—and having such brilliant, dedicated, and tireless companions along for the ride.
Donna E. ShalalaPresident
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> Diamond JubileeUM unveils “Bold Beginnings, Bright Tomorrows,” a yearlong series of events celebrating the University’s 75th birthday.
A Decade to Remember
HigH-impact HigH points
from an amazing ten years’01
metrics of success
The University of Miami has soared over the past several years, a trajectory recognized in a variety of prestigious rankings. U.S.News & World Report placed
the University at No. 38 in the 2012 edition of “America’s Best Colleges”—a dramatic climb of 29 spots since 2001. Several UM programs now regularly earn top honors on higher-ed “best of” lists compiled by Forbes, Financial
> Bright Minds, Brightened Futures
Times, Hispanic Business, and Thomson Reuters.
Committed to a student body of varied ethnic heritages, cultural traditions, and socioeconomic backgrounds, the University has
won consis-tent recogni-tion for its diversity from organizations including The Princeton Review and the National Research Council. Just as impor-tantly, UM provides an environment that encour-ages success for all students;
it is ranked by the Education Trust among the top half-dozen private institutions of higher learning nationwide with little or no disparity in graduation rates among black, Hispanic, and white students.
With the global spotlight shining brightly on the U, undergraduate applications increased by about 90 percent since 2001, enabling us to select the most talented and highly motivated students. The number of freshmen in the top 10 percent of their high school class rose from 51 to 71 percent in the past ten years, while their average SAT scores climbed from 1190 to over 1315. Meanwhile our six-year gradua-tion rate (a standard measure of success in higher education) has risen from 63 to 80 percent.
Attracting ever more dynamic and accomplished applicants,
UM is evolving to meet our students’ demand for learning
experiences that reflect their passions and prime them
for real-world leadership.
> Athula Wikramanayake, a faculty member in the College of Arts
and Sciences’ Department of Biology, guides undergraduate students
examining sea urchins in the Howard Hughes Medical Institute laboratory.
These mentored research experiences often inspire students to pursue
scientific careers.
> Susan Amat (right), director of UM’s entrepreneurial resource, The Launch Pad, provides
pointers on marketing a colorful new line of clothing and textiles created by University of Miami
alumni and aspiring entrepreneurs Trevor Cowan and Jay Hirschfeld.
Beyond such impressive metrics, the real measure of success is how our students use the Uni-versity’s resources to build their futures and make a positive im-pact on the world around them.
the adventure
of Learning
In response to upper-echelon students seeking powerful educa-tional experiences, the University has over the past several years expanded its portfolio of distinc-tive, cross-disciplinary programs that combine learning with
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> Collegiate TriumphThe Miami Hurricanes beat the Stanford Cardinal to capture the program’s fourth College World Series win.
> Taking the OathDonna E. Shalala is inaugurated as UM’s fifth president, delivering an inspiring speech that commits the University to excellence in all areas.
adventure, altruism, practical ex-perience, and entrepreneurship.
At the Abess Center for Ecosys-tem Science and Policy, launched in 2006, students build the scientific knowledge and politi-cal acumen to effectively lead environmental organizations and initiatives. The popular Mas-ter of Real Estate Development and Urbanism, founded in 2009, combines the strengths of the University’s schools of architec-ture, business administration, and law to create a world-class program that blends the funda-mentals of real estate develop-ment with community planning and design.
Equally innovative is the joint degree program in law and music business, the first of its
kind in the country. Launched in 2010, the program allows students to earn a J.D. from the School of Law and a Master of Music in Music Business and Entertainment Industries from the renowned Frost School of Music—then hit the ground running in this high-profile industry.
Entrepreneur-ship is widely viewed as a vital tool to build the nation’s economy, and the University has been at the vanguard of
experienced mentors. The White House adopted The Launch Pad model as part of its “Startup America” initiative to revitalize distressed regions nationwide over the next five years.
Success in our globalized world demands the broad perspective that study abroad does much to build. Through the University’s own programs in locations such as Prague, the Galapagos Islands, Rome, and Galilee, students are exposed to unforgettable learn-ing experiences, whether discov-ering rare wildlife or the glories of the Renaissance. Steadily expanding its partnerships with sister institutions around the world, the University now boasts more than 80 agreements with universities in 32 nations to provide curricula in disciplines from international law to marine science.
> Students in the University’s UGalapagos program are fully immersed in the culture and natural environment of this fragile archipelago of volcanic
islands that are home to an amazing array of species and have fascinated visitors since Charles Darwin.
this trend. Through The Launch Pad, created in 2008, students and alumni starting enterprises in market sectors from swim-wear to software can access expert advice, varied educa-tional events, and a network of
> The Beyond the Book program in the
College of Arts and Sciences allows enterprising
students to design unique learning experiences
like that undertaken by Miles R. Kenney-Lazar,
who motorbiked through Laos to examine the
impact of rubber agriculture on the nation’s
rural farmers.
> Livable community design and sustainable development are the
goals of the popular multidisciplinary Master of Real Estate Development
and Urbanism (MRED+U) program, led by associate professor of
architecture Charles Bohl.
> Productive UnionUM partners with Florida International University to establish the Miami-Florida European Union Center of Excellence.
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> Hope and HealingThe Braman Family Breast Cancer Institute, made possible by a gift from the Norman and Irma Braman Family Foundation, is launched.’02 > Rose Bowl Rout
The Miami Hurricanes football team defeats the Nebraska Cornhuskers in the Rose Bowl, claiming the program’s fifth national championship.
Through the Beyond the Book scholarship program in the College of Arts and Sciences, made possible by a Momentum campaign gift, undergraduate students can apply for a stipend to support a self-directed learning project outside the classroom. Students have risen to the challenge with a fascinat-ing array of scholarly endeavors in locales ranging from coastal California to rural Laos.
enhancing involvement
A University of Miami edu- cation is a truly immersive experience, offering students constant exposure to learning and diversity, urgent issues, and exciting opportunities. The third annual Clinton Global Initiative University meeting in April 2010, hosted by UM, was a prime example.
together students devoted to community service to share their experiences and insights.
In such an outward-looking learning environment, it’s no surprise that the environment itself is a top priority. In 2005 the University launched Green U, a comprehensive program to reduce its carbon footprint through energy conservation, widespread recycling initiatives, the use of ecologically friendly products, and sustainable build-ing practices.
The three-day conference, founded and led by President Bill Clinton, drew more than 1,300 students from 83 countries and all 50 states, along with univer-sity presidents, administrators, and national youth leaders. Their goal was to develop service proj-ects known as “commitments to action” for positive change along key themes such as education, the environment and climate change, peace and human rights, poverty, and global health. UM student proposals accounted for a remarkable 250 of the more
> The third annual Clinton Global Initiative University meeting, hosted by UM and led by President Bill Clinton (left), brought together more than 1,300
students from all 50 states and 83 countries to create plans for positive social change.
than 1,000 action commitments accepted for development at the meeting.
Community service is a highlight of life at UM, and the Butler Center for Volunteer Service and Leadership Development maintains a database of more than 600 community partners that benefit from students’ energetic efforts on their behalf. The center also houses more than 40 student-run service and advocacy groups such as Amnesty International,
Best Buddies, and Habitat for Humanity. The Butler Center’s STRIVE (Serving Together Reaching Integrity, Values, and Engagement), a living and learning group founded in 2007, brings
> A closeknit community of students share their passion for community service in STRIVE, an on-campus housing
experience that focuses on leadership and civic engagement.
> UBike, part of the University’s Green U
initiative, encourages students to get where
they need to go on two wheels rather than four.
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> All-Star GiftAlex Rodriguez announces a $3.9 million gift to help renovate the UM baseball stadium and fund an annual scholarship at the University.
Green options for getting around the Gables campus have been rolled out in recent years to enthusiastic student support. The University has encouraged students to make more use of two-wheel transport by improving bike paths, adding bike racks, and offering free U-locks for students who register their bikes with UM Police. For greater travel distances, any member of the UM community can rent a hybrid vehicle from the campus Zipcar fleet.
fields of endeavor
It started with a College World Series title in 2001, picked up steam with a Rose Bowl vic-tory and football national
Expanding Opportunity
UM student Mike Michel, a University of Miami Hammond Scholar, draws inspiration from two remarkable women: his hardworking Haitian-American mother and UM President Donna E. Shalala. Michel, a rising junior who is majoring in political science, earned the schol-arship through his stellar high school academics and strong personal commitment to success.
The Office of Academic Enhancement is home to the Hammond Schol-arship, which provides full tuition at UM to outstanding students from underrepresented backgrounds. The office was founded in 2007 to nurture students’ aca-demic and career success; its Prestigious Awards and Fellowships services, which help students identify and successfully apply for these extremely competitive awards, were launched in 2009. The office also administers the University’s acclaimed Honors Program, an academically challenging course of study for exceptional undergraduate students.
Vividly reflecting the University’s solid support of aspiring young scholars, last year alone UM had three Fulbright Program grantees, compared with a total of two grantees over the previous three years. In the recently completed 2011-12 selection cycle, six UM students whose interests range from Afro-Uruguayan candombe drumming to Antarctic climate trends were selected as grantees in the prestigious international educational exchange program.
championship in Pasadena, and continued with accolades including an NCAA Tourna- ment berth for the women’s basketball team.
Some 18 different sports com-pose Hurricane Athletics, and all have seen remarkable achieve-ments over the past decade. Indeed, the glory has spanned nearly every sport as student-athletes in tennis, track and field, and diving have won champion-ships and the All-America status that goes along with them.
The exciting world of UM Athletics has also been one of academic excellence, with ’Canes sports teams regularly posting some of the nation’s top Academic Progress Rates in recent years.
Among other notable achievements, UM joined the Atlantic Coast Conference in 2004, recognizing that the school’s switch to the league would bring in more revenue for its athletic programs, bolster Olympic sports, and place the school among academic powerhouses like Duke and Georgia Tech. And in 2008 the UM football team moved to Sun Life Stadium, an NFL venue ranked among the best in the league.
> John Barker (center), director of the Office of Academic Enhancement,
helps outstanding students such as Hammond Scholar/Coca Cola Foundation
first-generation scholarship recipients Mike Michel and Lindsey Stavola
pursue challenging academic and career opportunities.
> Lauryn Williams, B.B.A. ’05, has earned
numerous honors for her prowess in track
and field. She won a silver medal in the
100-meter race at the 2004 Olympics and also
competed in the 2008 Summer Games.
’03 > Weather or NotThe Center for Southeastern Tropical Advanced Remote Sensing, which evaluates satellite data on meteorological and environmental phenomena, opens on UM’s Richmond campus.
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an institution-Wide
endeavor
A commitment to nurturing leading-edge research spans every corner of the University and the full range of academic
disciplines. Bolstered by an enor-mous influx of scientific capital and a heavy investment in infra-structure, the University offers investigators access to a variety of important technologies.
Supercharging UM research activities is the Center for Computational Science, a University-wide resource launched in 2007 to provide
> Enlightening Quests
sophisticated shared computing and support resources to genetic epidemiologists, aerospace engineers, meteorologists, and other scientists.
An invaluable partner to UM research efforts is University of Miami Libraries, which in the past decade has taken bold steps to deepen and digitize important collections while becoming a vital destination for research and collaboration. Today, with holdings surpassing 3.4 million volumes and 80,000 current electronic and print serials, it is one of the top 50 research library systems in North America.
The remarkable results of the University’s commitment to research leadership can be seen in a comprehensive assessment of U.S. doctoral programs released in 2010 by the National Research Council (NRC). The NRC rated four University of Miami programs in the top quartile of their fields nationwide and 12 in the top half—a dramatic improvement over UM’s showing in the previous NRC rankings, published in 1995.
From perfecting stem cell therapy that heals injured hearts
to probing sociopolitical issues across the hemisphere,
research and scholarship at the University of Miami
have made great strides in excellence and impact.
> The Center for Computational Science is a cutting-edge shared intellectual and technological
resource for more than 1,000 University researchers working on a variety of complex, highly
data-driven projects.
> Akira Chiba, a professor in the College
of Arts and Sciences’ Department of Biology,
received an NIH stimulus grant to study and
map the intricate interactions among living
proteins in unprecedented detail.
> Hoop Dreams The $48 million, 8,000-seat Convocation Center, later renamed BankUnited Center, opens on the Coral Gables campus with a men’s basketball victory over UNC.
> Building MomentumThe Momentum campaign kicks off with a $1 billion goal.
> A New Home for Judaic StudiesUM dedicates the new home of The Sue and Leonard Miller Center for Contemporary Judaic Studies.
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at Health care’s
Leading edge
At the Miller School’s John P. Hussman Institute for Human Genomics, researchers are leveraging cutting-edge technologies to realize the potential of the Human Genome Project. Age-related macular degeneration, autism, and Parkinson’s disease are among the debilitating conditions for which teams led by renowned geneticist Margaret Pericak-Vance and her husband and research partner, Jeffery Vance, are closing in on better tools for diagnosis and intervention.
With their ability to develop into specialized tissue, stem cells have the potential to repair en-tire organs that have been dam-aged by disease. At the Inter-disciplinary Stem Cell Institute, founded in 2008, groundbreak-ing research seeks to exploit this potential in a variety of medical disciplines, from oncology to
orthopaedics. Among the most promis-ing developments in the field are clinical trials led by institute director Joshua Hare demon-strating that stem cells injected into the hearts of heart attack survivors help normalize the anatomy and function of injured heart muscle.
From early detection of disease to localized drug delivery and restoration of lost function, harnessing the potential of nanobiotechnology is a key priority of contemporary biomedical research. The Univer-sity’s Biomedical Nanoscience Initiative is designed to help make it happen by fostering collaboration among the Miller School of Medicine, the College of Engineering, and the College of Arts and Sciences, as well as UM researchers and peers from many other institutions.
earthly insights
At the other end of the scien-tific scale, orbiting thousands of miles above Earth’s surface, satellites capture images of our constantly changing planet. From rivers that overflow their banks to menacing storms about to make landfall, these images provide vital information for prediction and protection.
The University of Miami’s Center for Southeastern Tropical Advanced Remote Sensing, or CSTARS, is a critical conduit for such data. Ever since the facil-ity opened in 2003, its massive dish-shaped antennae have provided high-resolution satellite images from across the region to researchers and disaster relief coordinators. The work of CSTARS proved especially vital in the wake of the Deepwater Horizon explosion, as Rosenstiel School researchers and scientists from several other institutions used its images to evaluate the extent and potential environmental effects of the resulting oil spill, the largest offshore spill in U.S. history. The University was re-cently named the lead institution of a major research consortium given more than $112 million to study the impact of the spill and develop new approaches for responding to future such events.
> A growing number of University of Miami Libraries holdings and
collections in fields ranging from fine art to botanical studies are now
available digitally, facilitating access to these important resources for
scholars across the University and beyond.
> Margaret Pericak-Vance, director of the John P. Hussman Institute for Human Genomics at the Miller School of Medicine,
and Jeffery Vance, director of genomic medicine at the institute, peer into a liquid nitrogen canister holding tissue samples
used in genetic studies of disorders such as Alzheimer’s, diabetes, autism, deafness, and Parkinson’s disease.
> Gift of NotePhillip and Patricia Frost donate a historic $33 million gift to the University’s School of Music, which is renamed in honor of the philanthropist couple. ’04 > Amazing Operation
Surgeons at the University of Miami/Jackson Memorial Medical Center transplant a record eight organs into a 6-month-old baby girl.
> Mesenchymal stem cells are successfully
used to heal damaged heart tissues in clinical
trials led by Joshua Hare of the Miller School of
Medicine’s Interdisciplinary Stem Cell Institute.
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As our nation’s bridges and highways age, engineers and materials scientists are pursuing effective new ways to stabilize these structures and protect the people who rely on them. College of Engineering professor Antonio Nanni leads a multi-university initiative, founded in 2009, that examines the capabilities of new composites—high-strength, lightweight materials consisting of various combinations of alloys, plastics, and ceramics—to restore civil and military structures and seeks to develop a new gen-eration of “smart” structures that respond to changes in the physical environment.
nurturing Humanistic
pursuits
The birthday of 17th-century philosopher John Milton is not usually noted with much fan-fare in South Florida, but UM’s
Center for the Humanities, founded in 2009, just may change that. With an array of scholarly projects and outreach activities that bring intellec-tual inquiry to engaging life, the center is enriching the region’s cul-tural climate.
The University of Miami Ethics Programs received a significant boost when trustee, philan-thropist, and community leader Adrienne Arsht made a series of donations to the comprehensive education, research, and com-munity service initiative. Arsht’s generosity ensures that the programs’ suite of courses, conferences, research projects, seminars, and other activities will continue to thrive— and inspire students to grapple with the challenges of living and working in a rapidly chang-ing society.
enhancing global
Understanding
Established in 2007 to bring overlooked stories to light, the Knight Center for International Media uses the UN Millennium Development Goals (MDGs) as a framework for defining the world’s most pressing issues. The center works on major anchor projects that focus on underreported issues of global significance, as well as long-term activities addressing multiple MDGs.
The center’s first anchor project, One Water, documenting the impact of the global water crisis, was screened at the Miami International Film Festival and broadcast on the Discovery Networks’ Planet Green. For the recent “My Story, My Goal” project, 14 UM graduate students
collaborated with students from partner schools in Africa and Asia to build multimedia narra-tives that dramatize the MDGs. The initiative won a 2011 Best of
> Mihoko Suzuki (right), director of the Center for the Humanities, reviews a research project with Gema Perez-Sanchez,
associate professor of Spanish in the College of Arts and Sciences.
> Antonio Nanni, professor and chair of the Department of Civil,
Architectural, and Environmental Engineering in the College of
Engineering, checks a bridge span in the Florida Keys as part of a
research project examining the use of advanced composite materials
to fortify existing structures.
> Great Debate UM hosts the first presidential debate between President George W. Bush and Democratic challenger John Kerry.
> New Name, New EraA historic $100 million donation from the family of late businessman and philanthropist Leonard M. Miller renames the medical school in Miller’s honor. ’05
> Receivers at the University’s Center
for Southeastern Tropical Advanced Remote
Sensing provide high-resolution satellite
images of the region that aid research and
public safety initiatives.
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the Web award from the Asso-ciation for Education in Journal-ism and Mass Communication.
To create synergy among complementary strengths, the University of Miami has part-nered with Florida International University on two scholarly initiatives. The Miami-Florida European Union Center of Excel-lence was established in 2001 through a grant from the Euro-
pean Commission. A member of the Network of European Union Centers, the Miami-Florida EUCE promotes teaching, research, and outreach activities related to the European Union.
Launched in 2011, the Miami Consortium, which combines the efforts of UM’s Center for Latin American Studies and FIU’s Latin American and Caribbean Center to promote knowledge,
awareness, and better relations across the hemisphere, has been designated a National Resource Center for Latin America by the U.S. Department of Education.
Through task forces, special reports, and a busy calendar of symposia on economic and political developments, business and trade, and U.S. policy and security issues, the University’s Center for
Hemispheric Policy (CHP), founded in 2005, examines critical issues affecting countries in the Western Hemisphere. Among the many distinguished speakers who share their insights at CHP events, General Douglas Fraser, commander of the United States Southern Command, spoke at the center’s Sixth Annual Latin America Conference in May.
> Curious children peek at photos by UM multimedia graduate student Megan Garner, who
reported on hunger and poverty in Mathare, Kenya, for “My Story, My Goal.” The project tells stories
that personalize United Nations Millennium Development Goals in focus areas such as children’s
health, universal education, and HIV/AIDS.
> From Bench to BedsideThe Miller School of Medicine receives a $13 million grant to establish the Wallace H. Coulter Center for Translational Research.’05 > It Takes a Village
UM breaks ground on University Village, designed to provide housing for 800 upper-class and graduate students.
> Melding Musical StudiesThe new Marta and Austin Weeks Music Library and Technology Center, made possible by the philanthropic couple, merges library resources with advanced music production labs under one roof.
deep Explorations
“You really don’t know what you’re going to find in there,” says Kenny Broad, a professor at the Rosenstiel School of Marine and Atmospheric Science and director of the Leonard and Jayne Abess Center for Ecosystem Science and Policy. “And that’s the draw.”
Broad is talking about the “blue holes” in the waters off the Bahama Islands. With their complex chemistry and ancient life forms, these living laboratories contain provocative clues to primordial climate patterns and possible impacts of global warming; the resulting insights could help guide environ-mental policy.
Investigating blue holes is a passion for Broad, who this year was named National Geographic Explorer of the Year. The 150 dives he led in these marine time capsules, which drew scien-tists from several disciplines, were profiled last year in both a PBS documentary and National Geographic cover story. Back on land, Broad, a devoted educator, enthralls crowded lecture halls with lessons and anecdotes about his extreme expeditions.
Cave diver and underwater photographer Nikita Shiel-Rolle, A.B. ’10, who is from the Bahamas, took part in the research as an undergraduate. “For Bahamians to ensure a sustainable future,” she says, “we need to understand the connection between the blue holes and the ecosystem.”
> UM professor and underwater explorer Kenny Broad ascends a deep shaft in Dan’s Cave,
one of the world’s most spectacular inland underwater caves, in the Bahamas’ Abaco Islands.
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empowered to excel
A bold new era began at the University of Miami in Decem-ber 2004, when the family of the late Leonard M. Miller made a landmark gift of $100 million to name the medical school. Under the leadership of Pascal J. Goldschmidt, who became senior vice president for medi-cal affairs and dean in 2006, the school has gained interna-tional stature. This fall the Miller School of Medicine was ranked the No. 1 medical school in the country for Hispanic students in a 2011 report on the nation’s top
> Intensive Caring
graduate schools for Hispanics by Hispanic Business magazine.
To expand access to superb med-ical care, the University acquired the former Cedars Medical Cen-ter in December 2007. University of Miami Hospital has become a flagship of UHealth - Univer-sity of Miami Health System, launched in 2008 to provide advanced patient care powered by the academic and research strength of the Miller School of Medicine. The system’s network includes three hospitals, more than 30 outpatient facilities in
five South Florida counties, and more than 1,200 physicians.
The School of Nursing and Health Studies has strength-ened its offerings significantly over the past decade to meet urgent societal needs. Among many highlights, the school implemented an accelerated BSN program and a Doctor of Nursing Practice degree, and worked closely with President Shalala during her leadership of a major Institute of Medicine study called “The Future of Nursing: Leading Change, Advancing Health.”
Distinction in
Diverse Disciplines
Across the spectrum of biomedi-cal research, UM physicians and scientists are making progress against mankind’s most dreaded conditions. At Sylvester Com-prehensive Cancer Center, more than 250 physicians and scientists battle the disease. In addition to its main facility on the Miller School campus, Sylvester opened a Kendall
The University’s health care enterprise made dramatic progress
as it combined outstanding education, research, and clinical
care to improve well-being and expand the frontiers
of biomedical knowledge.
> Neo-Traditional ResourceThe School of Architecture dedicates the new Jorge M. Perez Architecture Center, named for the UM trustee whose Momentum gift made it possible.
> Land DealThe University and the City of Miami sign a historic land-swap agreement with the Miami charity Camillus House, allowing UM to move ahead with plans for a life science park.
outpatient clinic in 2009; in 2010 its Deerfield Beach facility underwent a major expansion, building the multidisciplinary Women’s Center and the Radia-tion Oncology Center.
Bascom Palmer Eye Institute is globally renowned for its achievements, such as surgical techniques and instruments that have changed the face of ophthalmic practice worldwide. In 2009 a team of UM surgeons restored vision to a woman who had been blind for nine
> University of Miami Hospital, which opened in 2007, is a busy center of advanced patient care,
clinical and safety research, and training for tomorrow’s physicians and nurses.
> The latest imaging technologies are offered
at Sylvester Comprehensive Cancer Center,
which has transformed cancer care in South
Florida since its founding nearly 20 years ago.
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years in a complex series of procedures that had never been performed in the U.S., including implantation of her eyetooth to support a prosthetic lens. In 2011, for the eighth year in a row, Bascom Palmer was ranked the No. 1 hospital in the nation for ophthalmology by U.S.News & World Report.
Founded in 2007, the Miami Transplant Institute, a joint effort of the Miller School and Jackson Memorial Hospital, performs more than
500 transplant procedures annually, making it one of the nation's highest-volume transplant centers. The institute is also one of the few in the world to perform complex intestinal and multivisceral transplants.
Miller School physicians and sci-entists have created one of the nation’s top units for the fight against cardiovascular disease. Working in tandem with other departments as well as Jackson Memorial Hospital, the division has pioneered major improve-ments in electrophysiology, interventional cardiology, acute stroke intervention, valve repair, and heart transplantation.
Encompassing some 22 clinical divisions and centers devoted to children’s health, including the Batchelor Children’s Research Institute and the Mailman
> Eduardo Alfonso, chair of ophthalmology at the Miller School and
director of Bascom Palmer Eye Institute, has developed innovative
approaches to combat sight-threatening ocular infections while leading
the renowned institute’s clinical and research activities.
> Interventional cardiologist William O’Neill,
a pioneer in the use of angioplasties and
stents to clear blocked heart arteries, serves as
executive dean for clinical affairs at the Miller
School and chief medical officer at University
of Miami Health System.
> Research ResourceThe 15-story, 300,000-square-foot Clinical Research Building opens on the Miller School campus.
> $1 Billion and CountingUM surpasses the $1 billion goal of its ambitious Momentum fundraising campaign—and keeps going.
> UM Student Makes HistoryArjun Parasher becomes the first UM student to be awarded a Gates Cambridge Scholarship.’06
the sweetest sounds
Little Naomi Cohn didn’t react to sounds; rather than babble, she shrieked or screamed. Her concerned parents couldn’t find out what was wrong with their daughter until they turned to the Miller School of Medicine. There, Naomi was diagnosed with profound deafness and auditory neuropathy. The University of Miami Ear Institute at the Miller School’s Department of Otolaryngology is home to one of the world’s largest cochlear implant programs. It also offers compre- hensive support for hearing-impaired youngsters and their families through the Barton G. Kids Hear Now Cochlear Implant Family Resource Center. Ear surgeon Thomas Balkany, founder of the Miami Ear Insti-tute, performed Naomi’s first implant when she was 18 months old. Just one year later, she was speaking in full sentences. She then received an implant for her other ear and is doing fine in a regular school. The family’s experience with Balkany and his colleagues “turned into one of the most amazing parts of our lives,” says Naomi’s mother, Liz Cohn. “When Naomi tells her grandpar-ents, ‘I love you,’ she can hear them say they love her, too.”
Naomi Cohn, who received two cochlear implants at the University of Miami Ear Institute,
is now thriving in school and at home.
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Center for Child Development, the Miller School is the leading pediatric medical enterprise in the southeastern United States. In 2011 Holtz Children’s Hospital at UM/Jackson Memorial Medical Center was ranked among the country’s “Best Children’s Hospitals” by U.S.News & World Report.
addressing Health
Disparities
Across the U.S., being a mem-ber of an underserved ethnic minority is strongly associated with poorer health outcomes, and South Florida is no excep-tion. Founded in 2004, the Miller School’s Jay Weiss Center for So-cial Medicine and Health Equity addresses these deadly dispari-ties through initiatives such as Counseling on Adherence and Community Health (COACH), which enlists community health work-ers to provide HIV-positive patients with lifesaving education and support.
The nation’s largest long-term health study of His-panic/Latino populations, the Hispanic Community Health Study compares health risks, practices, and outcomes in people from various Hispanic/Latino backgrounds. Adminis-tered by the Miller School, the Miami arm of the study recently published its first findings.
In partnership with Jackson Health System and with gener-ous support from United Health
Foundation, the Miller School's Department of Family Medicine and Community Health provides high-quality health care and residency education at Jefferson Reaves, Sr. Health Center. The Overtown facility has become a national model for providing high-quality primary care ser-vices to the underserved.
Based in the School of Nursing and Health Studies, the University of Miami Center of Excellence for Health
Disparities Research (El Centro) was launched in 2007 with a five-year NIH grant. The center fosters collaborative research designed to develop effective culturally tailored interventions for behaviorally rooted health conditions, including sexually transmitted infections and
> University programs utilize the utmost in simulation education technologies to achieve the
most important goal in health care: protecting patients. The School of Nursing and Health Studies’
International Academy for Clinical Simulation and Research (above) is one of the first centers of
its type. At the Gordon Center for Research in Medical Education, medical students build their
diagnostic skills on Harvey, a widely used cardiopulmonary patient simulator created by the
Miller School’s Michael Gordon. And at the University of Miami/Jackson Memorial Center for Patient
Safety, entire health care teams are trained to work more effectively through highly realistic
simulated medical scenarios.
> A nursing student cares for an infant during a School of Nursing and
Health Studies minimester in Chile.
> The Miller School of Medicine is a study site
for the nationwide Hispanic Community Health
Study, one of the largest studies of its kind.
’07 > Global PerspectiveA $10 million grant from the John S. and James L. Knight Foundation launches the Knight Center for International Media at the School of Communication.
> Ethical QuestAdrienne Arsht donates $1 million to UM Ethics Programs—at the time, the largest gift supporting ethics programs in Florida.
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substance abuse, that most severely affect minority groups.
Acting Globally
A variety of international initiatives are raising the Miller School’s global profile, expanding access to lifesaving procedures, spawning produc-tive research partnerships, and providing medical students with varied learning opportunities.
The Miller School’s International Medicine Institute (IMI), home to many of these activities, has in recent years brought leading-edge cardiac care to Colombia. One of its signal achievements was the creation of South America’s first certified program for aortic valve replacement in 2008.
Through the efforts of the IMI, the Miller School has also been awarded a competitive contract to provide consulting services for a state-of-the-art hospital
in Abu Dhabi, to open in 2013. Other international ventures include agreements with Indonesia’s Universitas Padjadjaran and Nepal’s Kist Medical College and Teaching Hospital to develop shared global medical curricula for students and physicians; col-laborative training programs with the Himalayan Health Care Organization; and a transplant hospital in Palermo, Italy—one of the largest and most success-ful binational clinical programs to date.
The School of Nursing and Health Studies likewise maintains a strong global orientation. In addition to the growing array of student minimesters abroad (launched in 2006), partnerships with uni-versities in Chile, and initiatives in Haiti, the school was in 2008 designated a World Health Orga-nization Collaborating Centre for Nursing Human Resources Development and Patient
Safety—one of just 11 such centers nationwide. The collabo-rating center places particu-lar emphasis on joint efforts to improve patient safety across the Americas.
Partnering for Community Health
The University of Miami Miller School of Medicine and Jackson Memorial Hospital have worked together for more than 50 years to provide outstanding care to the entire community, regardless of ability to pay. UM faculty have served as attending physicians at Jackson, a public hospital that is home to world-class medical programs in critical areas such as stroke, trauma, and burn care; transplant and neurological surgery; neonatal intensive care; and ear, nose, and throat, which was ranked among the nation’s best such programs by U.S.News & World Report. UM faculty physicians train more than 1,000 residents and fellows annually at Jackson in virtually every medical specialty and subspecialty.
> Nicholas Namias, director of the UM/Jackson Memorial Burn Center, and case manager Olga Quintana work in the
resuscitation room at Jackson’s Ryder Trauma Center.
> The Miller School of Medicine has worked
closely with Jackson Memorial Hospital (above)
to provide outstanding community care for more
than half a century.
> HIV-positive patients in disadvantaged Miami-Dade neighborhoods
receive education and support through the Jay Weiss Center’s COACH program.
> New Home for Nursing StudiesThe School of Nursing and Health Studies dedicates its magnificent new home, the M. Christine Schwartz Center for Nursing and Health Studies.
> Clinton, Gore Visit UMFormer President Bill Clinton and his second-in-command, Vice President Al Gore, visit UM on consecutive days.
> Unraveling Genetic SecretsThe John P. Hussman Institute for Human Genomics is established at the Miller School.
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accent on community
Sharing both cultural ties and community goals, the University has always been deeply involved in the life of South Florida. This close relationship continues to flower through a growing array of programs and services that afford unique learning experiences for students while improving the lives of area residents. The ’Canes in the Community website, launched in fall 2009 (www.miami.edu/ canesinthecommunity), high-lights these programs for com-munity members and prospec-tive partners and participants.
While South Florida’s social issues are the product of the region’s unique features, they also mirror challenges faced by increasingly diverse metro areas across the nation. The new Office of Civic and Community Engagement leverages the University’s academic resources in the enrichment of civic and community life in South Florida. The initiative, which debuted in 2011 with an initial focus on affordable housing, will develop practical approaches
> Attending to our NeighborsWhether providing health care to the underserved, legal
assistance to the marginalized, or mentoring to troubled
youth, University faculty and students touch our local
and global communities in countless ways every day.
to complex problems while providing intensive preparation for future civic leaders.
improving Health
through outreach
Better primary care has brightened overall health and academic performance among the students at nine Miami-Dade County public schools, thanks to the Dr. John T. Macdonald Foundation School Health Initiative. The program’s school-based health
centers provide free services that emphasize risk assessment, prevention, and proactive care for youngsters coping with acute illnesses and chronic conditions. Led by the Miller School of Medicine’s Department of Family Medicine and Community
Health, the initiative last year implemented telemedicine at six of the participating schools; thanks to a new grant, the tech-nology will soon be extended to all nine.
The mobile van operated since 2008 by the University of Miami-Nova Southeastern University Center for Autism and Related Disabilities (UM-NSU CARD) provides free screening and evaluation for children and adults affected by autism spectrum disorders. The 23-foot-long “clinic on wheels” is just one of the comprehensive resources offered by UM-NSU CARD, which serves not only people with autism and related disabilities but families and
> Nurse Petagaye Andrews cares for a child at Fulford Elementary, one of nine Miami-Dade
schools where students receive on-site primary care as part of the Miller School of Medicine’s
Dr. John T. Macdonald Foundation School Health Initiative.
> The UM-NSU CARD mobile van provides free screening and evaluation
in three South Florida counties for children and adults affected by autism
spectrum disorders.
> Addressing disparitiesWith $7 million in national funding, UM launches El Centro, a Center of Excellence for Hispanic Health Disparities Research.
> UM Hospital OpensUM purchases Cedars Medical Center, a 560-bed facility located in the Miami Health District, and transforms it into University of Miami Hospital. ’08
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> Fabulous FinaleThe Momentum campaign draws to a triumphant close, with more than $1.4 billion raised to support programs, students, faculty, facilities, and more throughout the University.
community-based providers in Miami-Dade, Broward, and Monroe counties.
The community-based Linda Ray Intervention Center, a program of the Department of Psychology in the College of Arts and Sciences, is often the first step to a better life for families fighting substance abuse and related concerns. Center vans convey residents of nearby neighborhoods to the facility for therapy sessions and parenting programs, interventions aimed at infants and toddlers prenatally exposed to cocaine, specialized Early Head Start services, and developmental screenings.
In the years since a dedicated group of UM medical students volunteered at a free health fair in Big Pine Key, Florida, more
than four decades ago, residents from underserved communities in three South Florida coun-ties have come to rely on the screenings and other services provided at these popular events. Administered by the student-run Mitchell Wolfson Sr. Department of Community Service (DOCS), the fairs serve as the only medical services regularly received by many of the 2,000 attendees each year.
Lifting the spirits of seriously ill people around South Florida, students at the University of Miami’s Frost School of Music ply their talents in concerts at several area hospitals through the Ress Family Hospital Per-formance Program. Other Frost School community initiatives include MusicReach, through which the school’s best and
brightest freshmen mentor musically inclined at-risk youngsters from seventh grade into high school.
Whether encouraging young people’s pride in their African heritage or providing services to immigrant children, the School
of Education’s Dunspaugh-Dalton Community and Edu-cational Well-Being Research Center, created in 2009, seeks to address social problems of all kinds through a comprehensive, collaborative approach designed to help both individuals and communities thrive.
> Families coping with substance abuse and other difficulties learn how to create healthier lives for their children through the Linda Ray Intervention
Center, a program of the Department of Psychology in the College of Arts and Sciences.
> The Mitchell Wolfson Sr. Department of
Community Service (DOCS), led and staffed by
UM medical students, coordinates free health
fairs in three South Florida counties each year.
> Frost School of Music students help talented young people succeed in music, studies, and life
through the MusicReach initiative.
> Clinical NetworkThe Miller School of Medicine launches its comprehensive health care network, UHealth – University of Miami Health System.
> Brilliant CreationThe Lowe Art Museum dedicates the new 3,500-square-foot Myrna and Sheldon Palley Pavilion for Contemporary Glass and Studio Arts.’08
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Legal aid for neighbors
When a powerful earthquake devastated Haiti’s capital city of Port-au-Prince on January 12, 2010, Miller School medical teams and other members of
the UM community sprang into action (see next page). Just ten days after the quake, students in the School of Law’s Health and Elder Law Clinic were helping Haitians living in South Florida to file for Temporary Protected Status (TPS), which allows them to live and work legally in the U.S. They were soon joined by law students from eight universities across the nation, including Yale and Stanford. The program spawned a comprehensive training and processing model for use by
other institutions and garnered national recognition.
Unique learning opportunities and impressive achievements abound in the law school’s clinics. Students working in the
Immigration Clinic, established in 2009, prevented the deporta-tion of a gay man to his home country of Jamaica, which is intolerant of homosexuals. Other pro bono initiatives at the law school include the HOPE Public Interest Resource Center, which facilitates legal advocacy projects in South Florida and numerous other settings, and the Center for Ethics and Public Service, which has spearheaded several programs on behalf of the historic community of West Coconut Grove.
Bettering the
Built environment
Well-being in the West Grove also has been improved thanks to the School of Architecture, which defines its mission in altruistic as well as architectural terms. The school’s Center for Urban and Community Design has worked with the Coconut Grove Collaborative to help families realize their dream of homeownership through the creation of affordable homes in the neighborhood.
In 2007 hundreds of architec-ture students spent an entire semester developing a plan for reinvigorating Miami’s waterfront, making highly detailed drawings of parks, marketplaces, water taxi sta-tions, retail shops, and other amenities. More recently, a collaborative study between the architecture school and the Miller School’s Center for Family
Studies revealed that so-called “eyes on the street”—architec-tural features that increase the ability of passersby to make eye contact with residents—lead to better physical function-ing for Hispanic elders living in Miami’s East Little Havana neighborhood.
Lending a Hand
across Hemispheres
As the international commu-nity rushed to Japan’s aid after the earthquake and tsunami of March 2011, the Bascom Palmer Eye Institute dispatched the renowned eye hospital’s Vision Van to the Japanese city of Sendai. Outfitted with ophthal-mic equipment and stocked with eyeglasses donated by Eye Care Centers of America, the van was used by Japanese ophthal-mologists and served as a train-ing site for volunteers helping people with vision problems in the wake of the disaster.
> After an earthquake devastated Haiti in January 2010, the School of Law’s Health and Elder Law
Clinic helped Haitians living in South Florida file for permission to stay and work in the U.S., serving
as a model for similar efforts nationwide.
> UM architecture students spent a semester in 2007 developing detailed proposals to
reinvigorate Miami’s waterfront.
> Getting Down to BusinessThe School of Business Administration convenes the University’s highly successful inaugural Global Business Forum.
> Hornsby Returns to His RootsFrost School of Music alumnus and multiple Grammy Award-winner Bruce Hornsby returns to UM to officially launch the new Creative American Music Program, which was funded by an endowment from Hornsby. ’09
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While the Sendai trip marked the van’s first international rescue mission, the 40-foot bus had traveled to Louisiana six years earlier to treat victims of Hurricane Katrina. When not delivering care farther afield, the van, which was donated to Bas-com Palmer by the Josephine Leiser Founda-tion and placed in service in 2004, brings early detection of eye diseases to un-derserved areas from the Florida Keys through Martin County.
With the University’s location at the crossroads of the Americas, activities in Latin America are a natural fit. Students in the College of Engineering’s Engineers without Bor-ders chapter, for example, helped a Peruvian village repair damage to the pipes that provide water to the village. And UM
nursing students have worked with nursing faculty and fellow students at two universities in
Santiago, Chile, to provide care to area residents—and gain an international perspective on nursing in the process.
Helping Haiti Heal
Within a day of the powerful earthquake that devastated Haiti on January 12, 2010, Miller School of Medicine teams arrived in Port-au-Prince with whatever supplies they could grab—and a determination to save lives amid unimaginably difficult conditions.
Thanks to philanthropic support that reached nearly $7 million, UM was able to provide many urgently needed services, including expert care in medical specialties ranging from ophthalmology to orthopaedics, to help Haiti recover. Among the highlights: a well-equipped, air-conditioned, 240-bed hospital that was created from the ground up in less than two weeks. In subsequent months, the facility would be staffed by some 1,500 medical volunteers from UM, nearly every U.S. state, and several countries. The Miller School of Medicine received a Special Award of Exceptional Service from the Association of American Medical Colleges for its extraordinary Haiti relief effort, which “laid the foundation for what would become one of the most successful post-disaster emergency medical responses ever mounted by a university.”
Because Haiti remains vulnerable to future temblors, faculty members from the Rosenstiel School of Marine and Atmospheric Science and the School of Architecture have been deeply involved in efforts to help the nation rebuild safely. Other activities include a study of the impact of the quake on Haiti’s educational system, volunteer assistance by School of Communication faculty for Haitian journalists reporting on the quake, and men-tal health interventions for people affected by the disaster.
> A specially equipped Vision Van sent by Bascom Palmer Eye Institute
to Sendai, Japan, helped area residents coping with vision problems in
the wake of the earthquake and tsunami of March 2011.
> Students in the College of Engineering’s Engineers without Borders
chapter journeyed to the small village of Casablanca in the Ica region of
Peru, where they used ingenuity to repair town water pipes that had
not worked for years.
> The Miller school built a 240-bed hospital to save the lives of thousands of seriously
injured survivors.
> Miller School of Medicine faculty member
Barth Green, founder and director of Project
Medishare, flew to Haiti the day after the quake
and led UM’s medical relief efforts in the
months that followed.
> Cracking the Top TierUM is ranked No. 50 in U.S.News & World Report’s 2010 edition of “America’s Best Colleges.”
> Law as a Healing ArtThe School of Law launches its Therapeutic Jurisprudence Center, an ambitious new center that will play a significant role in identifying practical insights of law and psychology.
> Focus on HumanitiesThe College of Arts and Sciences establishes South Florida’s first Center for the Humanities—a resource dedicated to research, teaching, and public programs to enrich Miami’s intellectual culture.
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artful expansions
Whether geared toward scientif-ic study, the arts and humanities, or the goal of a residential cam-pus, the many improvements to the University’s campuses over the past decade shared one overarching purpose: to build an ever-more-vital environment for learning and discovery.
The 2005 opening of the Marta and Austin Weeks Music Library and Technology Center, named after longtime major donors to UM, sounded a high note in the history of the Frost School of Music. The library portion of the 28,000-square-foot facility
> Heightening Our Profile Over a remarkably vigorous decade, the University built
and upgraded numerous facilities, revamped its brand
identity, and hosted a dazzling array of renowned visitors
and extraordinary events.
is home to impressive holdings that include a nationally known musical theater archive. It is adjoined by a music-making mecca that features five state-of-the-art labs for composing, recording, and producing music. The generosity of UM trustee Marta Weeks has also supported scholarships for students in the Frost School and throughout the University.
The School of Architecture’s Leon Krier-designed Jorge M. Perez Architecture Center, made possible by a gift from the South Florida real estate developer and University of Miami trustee, also opened in 2005. The center
houses the Stanley and Jewell Glasgow Lecture Hall, which provides a striking set-ting for semi-nars, special presentations, and public events.
In 2007 the School of Communica-tion opened its Interna-tional Build-ing, reflecting the school’s commitment to global communication. Masoud Shojaee and his wife, Maria Lamas Shojaee, made a naming gift for the facility’s Shoma Hall, which boasts sophisticated resources including global teleconferencing equipment.
The Lowe Art Museum unveiled its first major addition in 12 years when the Myrna and Sheldon Palley Pavilion for Contemporary Glass and Studio Arts opened in 2008. The 3,500-square-foot pavilion’s
four galleries showcase a daz-zling multimillion-dollar glass art collection that includes 70 works donated by the Palleys, alumni and longtime Univer- sity supporters.
Unique works of art can also be seen at many focal points around campus, thanks to the dramatic growth of the Univer-sity’s sculpture garden over the past several years. Fueled by the vision of President Shalala, donor generosity, and the efforts > The Jorge M. Perez Architecture Center pays distinctive homage to traditional building design
while hosting seminars, student exhibits, and special events on architecture and urban design.
> The Frost School of Music’s Marta and Austin Weeks Music Library and
Technology Center combines an extensive musical library with state-of-
the-art composition and production studios.
> Helping HaitiThe University begins comprehensive relief efforts for the people of Haiti in the aftermath of the devastating January 12 earthquake.
> Groundbreaking SummitIn a first-of-its-kind meeting organized by the University of Miami’s College of Engineering, members of the National Academy of Engineering and the Institute of Medicine gather at UM to discuss strategies for using technology to improve health care.
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of the Lowe Art Museum and the University community, this eye-catching assortment of outdoor sculptures attracts, delights, and engages mem-bers of the University com-munity and the thousands
> Environmental PreservationThe R.J. Dunlap Marine Conservation Program, an initiative of the Rosenstiel School and the Abess Center for Ecosystem Science and Policy, is created to advance marine conservation through research and education.
of people who visit the Coral Gables campus each year.
making campus
Life Livelier
Home to ’Canes basketball games and many other events, the 8,000-seat BankUnited Center opened in 2003. In fall 2004 the facility found a place in national history by hosting the first presidential debate of the campaign season between incumbent George W. Bush and challenger John Kerry. Additional practice and gather-ing space was provided when the multipurpose Fieldhouse opened in 2009. The facility was awarded a prestigious LEED Green Building certifica-tion for its energy- and water-efficient features.
University Village, which opened in 2006, provides appealing apartments for upperclassmen on the south-west side of the Coral Gables campus. Reflecting the Univer-sity’s strategic goal to become a more fully residential cam-pus, the enclave—UM’s first new residential project in 35 years—dramatically enhanced student living options and campus life.
Nurturing the well-being of the students, staff, and faculty who help our community stay healthier, the Miller School campus opened a sleek new
wellness center in 2008. The following year, alumni Patti and Allan Herbert donated addition-al funds to expand the popular Gables campus wellness center that bears their name. The su-persized facility was unveiled to a warm welcome this year.
Building Health
and Well-Being
Over the past several years, the Miller School of Medi-cine has trans-formed health care in South Florida with sophisticated new facilities to advance biomedical re-search, provide better care for patients, and
> Artworks on display at the Lowe Art
Museum’s Myrna and Sheldon Palley Pavilion
for Contemporary Glass and Studio Arts include
Richard Jolley’s “Blue Head with Flowers.”
extend the impact of the school’s outstanding clinical care.
The 15-story Clinical Research Building has since 2006 accom-modated researchers from a wide range of disciplines and programs, including the Michael S. Gordon Center for Research in Medical Education. The nine-story Biomedical Research Build-ing opened in 2009, housing
> Fletcher Benton’s “Donut with Balls
Number 28” is one of the many monumental
outdoor sculptures that adorn the University of
Miami’s Coral Gables campus.
> The attractive student housing community known as University Village supports the
University’s goal of becoming a more residential campus.
> Stimulating SuccessFederal stimulus grants are received in support of two major new UM facilities: a Neuroscience and Health Annex on the Coral Gables campus and an integrated seawater laboratory building on the Rosenstiel School campus.
> Alumni MagnetThe University dedicates the new Robert and Judi Prokop Newman Alumni Center, a home away from home for loyal ’Canes.
> The Patti and Allan Herbert Wellness Center, a popular campus
destination, received a major expansion that allowed it to better serve
the campus community.
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hundreds of scientists who collaborate with physicians on disease-based research, as well as the Hussman Institute for Hu-man Genomics and the Interdis-ciplinary Stem Cell Institute. In addition to serving as a locus of leading-edge science, both build-ings are models of sustainable design and construction.
The year 2006 saw the opening of Bascom Palmer Eye Institute’s $22 million eye care center in Palm Beach Gardens. The 7.5 acre
campus offers the latest oph-thalmologic technology and a significant expansion of patient care, research capabilities, and access to the latest clinical trials.
In a milestone for the Miller School, the University of Miami purchased Cedars Medical
Center in 2007. Now known as University of Miami Hospital, the acute-care facility is home to several high-profile medical and surgical specialties, a busy training and research site, and a global medical destination.
On the Coral Gables campus, the School of Nursing and Health Studies dramatically expanded its ability to prepare well- educated health professionals when it moved into the M. Christine Schwartz Center for Nursing and Health Studies in 2007. Among the sophisti-cated resources housed in the sleek four-story building is the 5,500-square-foot International Academy for Clinical Simulation and Research, the first facility of its type in the nation.
The opening this fall of R+D Building One at the University of Miami Life Science & Technol-ogy Park (LSTP) developed by UM
and Wexford Miami, LLC, a pri-vate development firm, ushered in a new era of progress in South Florida. The most ambitious project in UM’s history, the LSTP is designed to foster biotech-nology and other leading-edge innovations, advance clinical breakthroughs, and bring jobs and economic development to South Florida.
Unifying the U
> Overwhelming support from loyal ’Canes was key to the creation of a handsome home away from home for University alumni: the Robert and Judi
Prokop Newman Alumni Center. Sparked by a generous lead naming gift from the Newmans and built entirely with alumni contributions, the center
opened in the fall of 2010.
> The Clinical Research Building is home
to collaborative Miller School of Medicine
programs such as the Center for Research in
Medical Education, the Perinatal Addiction
Research and Education Program, and the
Center for Family Studies.
> The 252,000-square-foot R+D Building One, the first phase of the University of Miami Life
Science & Technology Park, was dedicated this September.
> Achieving Athletic ExcellenceThe University receives a $5 million gift from the Ted and Todd Schwartz Family Foundation to create the Theodore G. Schwartz and Todd G. Schwartz Center for Athletic Excellence.
After nearly 30 years with its previous
identity, which was adopted in the early 1980s, the University rolled out a new identity system in 2009 to reflect its growing re-nown as one of America’s great research universities.
> Rising to the ChallengeThe third Clinton Global Initiative University meeting is held on UM’s Coral Gables campus, challenging participating students to help solve pressing global problems.
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The heart of the new system, the University’s split-U logo, is one of the nation’s most rec-ognizable collegiate marks and may well be the most ubiqui-tous graphic symbol throughout South Florida. The system also guides the use of other key graphic elements, including color, type font, and layout on all marketing materials, including University websites.
The result? From alumni ties to magazine ads, Hurry ’Canes shuttle-bus signage to infant wear, the UM logo is now consistently seen in a wide variety of applications. It’s also been glimpsed in some very unusual settings—such as the military chopper flying along the Pakistan border that was adorned with the U by two enthusiastic ’Canes fans.
prominent pursuits
From political debates to spiri-tual musings, the University of Miami has hosted a variety of
high-profile events during the past decade. Some 63 million peo-ple tuned in to a live broadcast of the 2004 Bush-Kerry presidential debate; a few years later, UM and Univision Communications Inc. presented the first-ever national-ly televised presidential debates targeting Spanish speakers.
In 2007 UM received visits from 42nd U.S. President Bill Clinton
and 45th Vice President Al Gore, who presented his convictions about the issue of global warming during his “An Inconvenient Truth” tour. Barack Obama and John McCain made campaign
stops at BankUnited Center dur-ing the 2008 presidential race. In April 2010, Clinton returned to the Gables campus to lead
> Hemispheric Awareness The University joins forces with Florida International University to launch the Miami Consortium to promote understanding of Latin America and the Caribbean.
the Clinton Global Initiative University conference, where UM students played pivotal roles as volunteers and visionaries.
Award-winning journalists Anderson Cooper and Fareed Zakaria, the latter of whom received an honorary doctor-ate in humane letters from UM in 2007, shared perspec-tives on global affairs in 2008 and 2010, respectively. And in October 2010, His Holiness the 14th Dalai Lama, Tenzin Gyatso, addressed thousands of UM students at BankUnited Center. The charismatic spiritual leader, who first visited UM in 2004,
urged his youthful audience to take responsibility for creating a more peaceful and compassion-ate world.
On the arts and entertainment front, UM Presents—launched in 2006 as the brand for all cultural arts programming at the U—has kept galleries, theaters, and other UM venues humming. On tap each year are high-profile exhibi-tions at the Lowe Art Museum, the Frost School’s Festival Miami, the Beaux Arts Festival, Depart-ment of Theatre Arts presenta-tions at the Jerry Herman Ring Theatre, Cosford Cinema screen-ings, and other top-notch events.
> The Department of Theatre Arts presents engaging, high-quality productions of varied favorites at the Jerry Herman
Ring Theatre, such as a 2010 revival of the long-running Broadway hit Rent.
> BankUnited Center is the venue of choice for a lively calendar of
activities ranging from student convocations, basketball games, and con-
certs to historic political events, such as the September 2004 presidential
debate between incumbent George W. Bush and challenger John Kerry.
> His Holiness the 14th Dalai Lama delivered
an inspiring talk to an audience of nearly 8,000
during a 2010 visit to the University.
> Meteoric Rise ContinuesUM climbs to No. 38 on U.S.News & World Report’s prestigious list of “America’s Best Colleges,” a dramatic nine-slot rise in one year.
> The New Heart of Campus A $20 million gift from the Fairholme Foundation provides leadership support for construction of the University’s new Student Activities Center.
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Fiscal 2011 was marked by steady operational performance and strong investment returns. Our largest sources of operat-
ing revenue—tuition and fees, grants and contracts, and clinical care from UM physicians and facilities—each had significant growth over the prior year.
Investment returns for both the Growth Pool, composed of endow-ment and a portion of working capital, and the Employees Retire-ment Plan pension assets approached 20 percent. Unfortunately, there is no time to rest on our laurels. The new fiscal year started off with uncertainty in domestic and international markets and concerns about a double-dip recession. We continue to believe that the University’s long-term interests are best served by a diversified asset allocation coupled with talented investment managers. Overall net assets increased $215.5 million, bringing total net assets to $1.574 billion. Unrestricted net assets from operating activities increased $14 million; unrestricted net assets from non-operating activities increased $187.7 million, principally from investment returns. Temporarily and permanently restricted net assets increased by a combined $13.8 million. Operating results were driven by strong revenue growth throughout our operations.
Operating revenues grew $133.6 million, or 6 percent; operating expenses grew $132.1 million, also 6 percent.
Tuition revenue increased $17.9 million, or 5 percent. Freshman applications for fall 2011 reached a record high of nearly 28,000, an increase of 7 percent from the prior year.
Grants and contracts revenues increased $45 million, or 9 percent, to $518.8 million.
Clinical revenue, which accounts for half of all operating revenues, increased $73.6 million, or 7 percent. Medical professional practice revenue increased 4 percent. Each of our three hospitals had sub-stantial revenue growth, with Sylvester Comprehensive Cancer Center/UMHC up 15 percent, University of Miami Hospital up 8 percent, and Anne Bates Leach Eye Hospital up 10 percent.
New state legislation extended sovereign immunity protection to private university physicians who treat patients at public hospitals. This applies to UM physicians who practice at Miami- Dade County’s Jackson Memorial Hospital. It provides the same protection to UM physicians as has historically existed for Jackson physicians, nurses, and staff. Over time this will reduce the Univer-sity’s costs for medical malpractice from services provided at the county-owned facility. We expect the new legislation to become effective during the first half of fiscal 2012.
Growth Pool investments returned 19.9 percent as our diversified portfolio provided a strong risk-adjusted return. For the year, the endowment increased $101.7 million, ending the year with a balance of $719.9 million.
Pension assets, with a slightly more conservative asset allocation, returned 18 percent. The unfunded balance of the Employees Retire-ment Plan, a defined-benefit pension plan that has been closed to new participants since June 2007, was reduced by $62 million to $246 million on a GAAP accounting basis with plan assets of $526 million at year end. The University anticipates continuing to make significant annual contributions to the plan until such time as it is fully funded.
Gifts and trusts from operating and non-operating sources totaled $105.2 million, essentially flat with the prior year. Fundraising totals per CASE (Council for Advancement and Support of Education) stan-dards reached $172 million, up 8 percent. The University is in the latter stages of planning its next fundraising campaign, successor to the record-breaking Momentum campaign, which concluded at the end of 2007 and raised more than $1.4 billion for endowed chairs and
strong revenues as steady recovery continues
>
0
500
1,000
2,000
1,500
$2,500
201120102009
TOTAL REVE N U ES(in millions)
2007 2008
1,7881,822 1,797
2,291
2,465
Hospitals and Clinics$751.8 (32.1%)
Grants and Contracts$518.8 (22.2%)
Medical
Professional Practice$418.4 (17.9%)
Gifts and Trusts$84.5 (3.6%)
Auxiliary Enterprises, net$99.2 (4.2%)
Other Sources$26.8 (1.1%)
Investment Return$40.3 (1.7%)
Tuition and Fees, net$401.2 (17.2%)
OPE R ATING REVE N U ES – $2 , 341 .0(in millions)
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professorships, scholarships, facilities, academic and medical pro-grams, and other initiatives.
An updated five-year financial plan was approved by the University’s Board of Trustees. The plan is ambitious, as befitting a University with great ambitions. It includes continuing to strengthen the balance sheet via a disciplined, multi-year approach while moving forward with programmatic initiatives and capital projects that enhance teaching, research, and clinical care.
New and returning students at the Coral Gables campus this fall were greeted by a renovated Whitten University Center and a cordoned-off area where a state-of-the-art, 118,000-square-foot Student Activi-ties Center (SAC) has broken ground. The new SAC will house the popular Rathskeller and other ground-floor retail spaces, offices for student organizations, lounges, and 12,000 square feet of multi- purpose/meeting rooms. It was made possible by the generosity of the Fairholme Foundation, along with a dedicated student fee.
The new year will see groundbreaking of at least two other exciting projects. The 38,000-square-foot Interdisciplinary Neuroscience
and Health Annex, an addition to the Cox Science Building, will include wet lab and auditory neuroscience facilities, a vivarium, faculty offices, and conference facilities. Funding will come primarily from an American Recovery and Reinvestment Act grant from the National Institutes of Health. And the 32,000-square-foot expansion of the Hecht Athletic Center to house the Theodore G. Schwartz and Todd G. Schwartz Center for Athletic Excellence will include new locker rooms, a players’ lounge, and a major expansion of academic space for student-athletes, which will benefit all sports. It will be funded by philanthropy, including a generous naming gift from Ted and Todd Schwartz.
In the planning stages are an 86,000-square-foot Marine Technol-ogy and Life Science Seawater Research Building for the Rosenstiel School of Marine and Atmospheric Science, along with phase-one facility expansions for both the School of Law and Frost School of Music.
Design development is complete for the UHealth Clinic, a 206,000- square-foot outpatient facility planned for the University’s Coral Gables campus. Planning is also well under way for the
New and returning students to the Coral Gables campus this fall were greeted by a renovated Whitten University Center and a cordoned-off area where a state-of-the-art, 118,000-square-foot Student Activities Center has broken ground.
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consolidation and expansion of UHealth facilities in west-central Broward County. The geographic expansion of UHealth facilities will provide improved access to South Florida’s best physicians to resi-dents, visitors, and the University’s own faculty, staff, and students. All of these major capital projects are managed by Vice President of Real Estate and Facilities Larry Marbert and his talented staff in the real estate and facilities division.
R+D Building One of the University of Miami Life Science & Tech-nology Park (LSTP) opened this fall with the expanded UM Tissue Bank as its anchor tenant. The LSTP, a partnership between the University’s real estate subsidiary, Miami Asset Management Company (MAMCO), led by CEO Michael Katz, and developer Wexford Miami, LLC, is planned for five buildings totaling in excess of 1.5 million square feet. The park will house a diverse group of companies, including startups that will leverage discoveries made by UM faculty.
Technology will play a critical role in our future success. Last year saw implementation of the Epic electronic medical record and billing system throughout most of UHealth’s clinical operations. The University is about to launch a major project to replace student, human resources/payroll, and financial administrative systems. Technology throughout the University is already benefiting from the leadership of new Vice President and Chief Information Officer Steve Cawley, who moved to the University from a similar position at the University of Minnesota. Our faculty, students, and staff need cutting-edge tools to do their best work. We are committed to providing just that.
The University is committed to upholding the highest standards of personal and professional conduct in everything it does. Compli-ance with standards is tied to a system of internal controls that facilitates timely identification of inappropriate behaviors or transactions. Our goal is for internal controls and compliance efforts to operate at the highest levels. Nothing less is acceptable. The administration monitors University operations through enter-prise risk management; ongoing reviews of policies and training that are provided to new hires and veteran employees; and by ensuring that compliance efforts throughout our operations are proactive and tenacious.
Continuing to climb the ranks of the nation’s best private research institutions will depend on the University’s talented and dedicated faculty and staff. We are grateful for all of their contributions in the past year and excited about the year ahead. Our Human Resources division, led by Vice President Nerissa Morris, will focus particularly on two initiatives this year—encouraging employee engagement and ensuring that the diversity of our students, faculty, and staff is valued and nurtured in ways that add to the specialness of our great University.
Let me close by thanking our faculty and staff for their extraordi-nary commitment to the University. Recent faculty and staff surveys showed that our people are proud to work for the University of Miami; believe strongly in its goals and objectives; and are willing to put in a great deal of extra effort to help the University of Miami succeed. That’s apparent and greatly appreciated, every day, in many ways.
Joe NatoliSenior Vice President for Business and Finance and Chief Financial Officer
0
1,000
500
1,500
3,000
2,500
2,000
$3,500
TOTAL ASSETS(in millions)
2011201020092007 2008
3,240
2,941 2,9123,005
3,186
0
200
100
300
400
600
700
500
$800
E NDOWME NT FU NDS(in millions)
2011201020092007 2008
736741
539
618
720
0
5,000
10,000
20,000
15,000
201120102009
E NROLLME NT(FTE)
2007 2008
14,81115,01114,685
14,854 14,991
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Beginning Balance $618.2 $620.4 $457.8 $310.5
return, including unrealized appreciation 116.7 126.3 254.7 457.8
distributions to operations, etc.* (31.1) (158.6) (269.6) (357.0)
Net increase (decrease) 703.8 588.1 442.9 411.3
Gifts and other net additions 16.1 131.8 277.0 308.6
Ending Balance $719.9 $719.9 $719.9 $719.9
*This is pursuant to University policy, which is to distribute 5 percent of the three-year moving average market value of the corpus of most endowment accounts.
enDoWment groWtH at market (in millions)
OneYear
Five Years
ten Years
Fifteen Years
U.s. large/Mid Cap Equity 17.5 20.2
U.s. small Cap Equity 5.0 5.7
international Equity 20.0 20.0
Emerging Markets Equity 2.5 3.9
Global Fixed income 5.0 5.1
U.s. tiPs 7.0 5.1
Hedge Funds 30.0 26.0
Private Equity 5.0 6.1
real assets 8.0 7.2
groWtH pooL strategic asset aLLocation May 2011
Policy target
May 2011
allocation (%)
asset Class
The past fiscal year was characterized by major geopolitical and macroeconomic events around the world that caused
periods of higher volatility in stocks, bonds, commodities, and cur-rencies. The University of Miami’s Growth Pool adhered to its long-term investment policy despite these intermittent periods of higher risk and, as a result, realized high absolute returns. For the 12 months ended May 31, 2011, the Growth Pool realized a total return of 19.9 percent.
We are gratified by the high level of absolute return, which far exceeded the University’s long-term goal of 5 percent-plus-inflation, but also note that last year’s return fell short of the portfolio bench-mark of 23.2 percent. The value bias of the Growth Pool was the main reason for the relative underperformance as most UM managers avoided securities driven by earnings momentum that are typically overvalued. It is typically this type of security that dominates during strong markets. The most compelling reason, however, for the relative underperformance to the policy benchmark was the hedge fund portfolio.
In direct contrast to the previous fiscal year, when the Growth Pool’s hedge funds represented the largest single positive contribution to overall performance, this year saw the opposite result: Hedge funds, on a weighted basis, detracted 212 basis points from overall relative performance. One can more easily accept the near-term shortfall by examining the longer-term record of these investments: For the three, five, seven, and ten years ending May 31, hedge funds outperformed this benchmark by a range of 340 to 520 basis points per year.
As the new fiscal year begins, we are faced with another round of concerns about a Greek sovereign default and its impact on both the weak and strong members of the European Union. At home, the U.S. economy has slowed and the Federal Reserve’s second round of $600 billion in bond purchases has been completed. The end of Quantitative Easing-Part Two coincides with a great deal of political wrangling about whether the U.S. debt ceiling should be raised again without a specific plan to reduce the structural (long-term) deficit. Although both sides of the debate can agree that the U.S. will need to face its structural deficit, they are far from agreement on the specifics of how and when to do so. Fortunately for the U.S., global bond investors have few options other than U.S. Treasury bonds and rates remain quite low.
The Board of Trustees’ Investments Committee and administration spent a significant amount of time during the year discussing chal-lenges of investing under the existing circumstances and reviewing asset allocation. Minor changes will be made to the policy target in the coming year to increase emerging markets equities to 7.5 percent and to increase hard assets to 10 percent. Reductions will be made to developed market equities and U.S. TIPS. The chart on this page depicts the Growth Pool’s asset allocation through May 31, 2011.
The Investments Committee also reviews the pool’s performance against the custom benchmark and peer institutions. Individual manager performance is reviewed on a regular basis, and all manag-ers are subject to the University’s rigid due diligence process.
While the last decade was disappointing for most equity invest-ments, the next ten years may prove more rewarding for stocks and other riskier assets. We imagine, however, a challenging environment replete with shorter and more volatile business cycles and continued fiscal pressures as the U.S. government finds ways to reduce the defi-cit. The Growth Pool is designed with all of these issues in mind.
John R. ShipleyVice President of Finance and Treasurer
High Level of absolute returns achieved amid year of investment Volatility
10 Year 4.9% 4.4% 2.6% 5.8% 2.6%
5 Year 4.4% 3.6% 3.3% 6.6% 2.4%
3 Year 1.8% 0.7% 0.9% 6.5% 1.7%
1 Year 19.9% 23.2% 25.9% 5.8% 3.7%
time PeriodGrowth Pool
returns
Benchmark returns May 31, 2011
totalPortfolio
s&P 500
Barclay’s aggregate Bond index
CPi increase
rate
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iNdEPENdENt aUditOr’s rEPOrt
to the Board of trustees
University of Miami
We have audited the accompanying statements of financial position of the University of Miami,
(the University) as of May 31, 2011 and 2010, and the related statements of activities and cash
flows for the years then ended. these financial statements are the responsibility of the University’s
management. Our responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with auditing standards generally accepted in the
United states of america. those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement.
an audit includes examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. an audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
in our opinion, the financial statements referred to above present fairly, in all material respects, the
financial position of the University as of May 31, 2011 and 2010, and the changes in its net assets
and its cash flows for the years then ended in conformity with accounting principles generally
accepted in the United states of america.
Fort lauderdale, Florida
august 26, 2011
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s t a t e M e n t s o f f i n a n c i a l P o s i t i o nAs of May 31, 2011 and 2010 (in millions)
May May 2011 2010
Assets
Cash and cash equivalents $ 162.3 $ 119.0
accounts and loans receivable 359.3 381.9
Contributions receivable 96.4 99.0
Other assets 103.3 52.1
investments 869.2 766.3
Property and equipment 1,442.9 1,434.4
trusts held by others 52.0 52.0
intangible assets 100.3 100.3
Total Assets $ 3,185.7 $ 3,005.0
Liabilities
accounts payable and accrued expenses $ 175.0 $ 160.7
deferred revenues and other deposits 72.4 70.5
accrued pension and postretirement benefit costs 247.9 310.9
Other liabilities 133.8 125.3
actuarial liability of annuities payable 8.5 8.5
reserves for medical self-insurance 106.5 103.7
Government advances for student loans 22.7 23.0
Bonds and notes payable 845.3 844.3
Total Liabilities 1,612.1 1,646.9
Net Assets
Unrestricted 1,031.7 830.0
temporarily restricted 156.5 154.4
Permanently restricted 385.4 373.7
Total Net Assets 1,573.6 1,358.1
Total Liabilities and Net Assets $ 3,185.7 $ 3,005.0
the accompanying notes are an integral part of these financial statements.
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s t a t e M e n t s o f a c t i v i t i e sFor the years ended May 31, 2011 and 2010 (in millions)
May May 2011 2010
Changes in unrestricted net assets
Operating activities
Operating revenues
tuition and fees, net $ 401.2 $ 383.3
Grants and contracts 518.8 473.8
Medical professional practice 418.4 403.6
Hospitals and clinics 751.8 693.0
Gifts and trusts 52.6 58.5
Net assets released from restrictions 31.9 33.0
Endowment spending distribution 31.1 32.7
investment return 9.2 6.1
auxiliary enterprises, net 99.2 96.8
Other sources 26.8 26.6
Total operating revenues 2,341.0 2,207.4
Operating expenses
instruction 461.8 437.0
research 229.6 208.8
Public service 157.5 167.8
Patient care 1,040.1 965.0
auxiliary enterprises 145.3 138.4
academic support 147.5 132.9
student services 45.2 43.8
institutional support 100.0 101.2
Total operating expenses 2,327.0 2,194.9
Change in unrestricted net assets from operating activities 14.0 12.5
Non-Operating activities
Endowment, annuity and other investment return 101.3 66.8
Gifts and trusts 3.5 8.3
Net loss on sale, disposal, and exchange of property and equipment (1.6) (1.7)
Net assets released from restrictions 6.7 9.2
transfer to permanently restricted net assets (.2) (.4)
Change in unrestricted net assets from non-operating activities 109.7 82.2
Postretirement benefits related changes other than net periodic benefit cost 78.0 (53.3)
Increase in unrestricted net assets 201.7 41.4
Changes in temporarily restricted net assets
Endowment, annuity and other investment return 1.8 1.5
Gifts and trusts 37.7 26.6
Changes in value of annuities payable and trusts held by others 1.2 (1.1)
Net assets released from restrictions (38.6) (42.2)
transfer to permanently restricted net assets - (.7)
Increase (decrease) in temporarily restricted net assets 2.1 (15.9)
Changes in permanently restricted net assets
Endowment, annuity and other investment return .1 4.4
Gifts and trusts 11.4 12.1
transfer from unrestricted and temporarily restricted net assets .2 1.1
Increase in permanently restricted net assets 11.7 17.6
Increase in total net assets 215.5 43.1
Net Assets
Beginning of year 1,358.1 1,315.0
End of year $ 1,573.6 $ 1,358.1
the accompanying notes are an integral part of these financial statements.
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s t a t e M e n t s o f c a s h f l o w sFor the years ended May 31, 2011 and 2010 (in millions)
May May 2011 2010
Cash flows from operating activities
increase in total net assets $ 215.5 $ 43.1
adjustments to reconcile increase in total net assets to net cash provided by operating activities
Net realized and unrealized gains on investments and other assets (125.2) (102.2)
Gifts and trusts (43.9) (50.0)
depreciation and amortization 125.6 124.5
Provision for doubtful accounts 97.7 97.1
Net loss on sale, disposal, and exchange of property and equipment 1.6 1.7
Present value adjustment on annuities payable and trusts held by others (1.2) 1.1
amortization of bond premiums (1.8) (2.4)
Change in operating assets and liabilities
decrease (increase) in
accounts and loans receivable (145.4) (87.3)
Contributions receivable, net 25.5 25.5
Goodwill - (1.7)
Other assets 17.3 (.5)
increase (decrease) in
accounts payable and accrued expenses 14.3 13.5
deferred revenues, annuities payable and other liabilities 10.0 (3.3)
accrued pension and postretirement benefit costs (63.0) 55.5
reserves for medical self-insurance 2.8 (7.5)
Government advances for student loans (.3) .3
Net cash provided by operating activities 129.5 107.4
Cash flows from investing activities
Purchases of investments (149.5) (195.1)
Proceeds from the sales and maturities of investments and sales of other assets 181.7 253.3
Capital expenditures for property and equipment (123.1) (119.5)
student and shared appreciation mortgage loans:
New loans made (5.1) (13.3)
Principal collected 5.5 4.8
Net cash used in investing activities (90.5) (69.8)
Cash flows from financing activities
Gifts for plant expansion and endowment 14.4 8.6
Proceeds from the issuance of debt 15.9 45.4
Payments to retire bonds and notes payable (26.0) (99.3)
Net cash provided by (used in) financing activities 4.3 (45.3)
Cash and cash equivalents
Net increase (decrease) 43.3 (7.7)
Beginning of year 119.0 126.7
End of year $ 162.3 $ 119.0
supplemental data for noncash investing and financing activities:
Conversion of accounts receivable to other assets $ 73.9 $ -
Conveyance of property in exchange for debt $ 12.9 $ -
the accompanying notes are an integral part of these financial statements.
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1. Organizationthe University of Miami (the University) is a private not-for-profit insti-
tution located in south Florida. Founded in 1925, the University owns
and operates educational and research facilities as well as a health care
system. its mission is to educate and nurture students, to create knowl-
edge through innovative research programs, and to provide service to
our community and beyond by pursuing excellence in health care.
these financial statements include the accounts of all entities in
which the University has a significant financial interest, and over
which the University has control, including its hospitals and clinics.
all significant intercompany accounts and transactions have been
eliminated in the preparation of these statements.
2. Summary of Significant Accounting Policies and Reporting Practices
Basis of Presentationthe financial statements of the University, including its hospitals and
clinics, have been prepared on the accrual basis of accounting and
in conformity with accounting principles generally accepted in the
United states of america for not-for-profit organizations.
the three net asset categories as reflected in the accompanying
financial statements are as follows:
Unrestricted - Net assets which are free of donor-imposed restric-
tions. it includes the University’s investment in property and equip-
ment and amounts designated by management for support of
operations, programs, and facilities expansion. the University has
determined that any donor-imposed restrictions for current or de-
veloping programs and activities are generally met within the oper-
ating cycle of the University and, therefore, the University’s policy
is to record these net assets as unrestricted. this category includes
all revenues, expenses, gains and losses that are not changes in
permanently or temporarily restricted net assets. it also includes
realized and unrealized gains on endowment and other long-term
investments, even though the University’s policy is to reinvest such
earnings for future growth and to use these earnings in accordance
with donor stipulations as to the original gift corpus.
Unrestricted non-operating activities reflect transactions of a
long-term investment or capital nature including net realized and
unrealized investment gains not used to support current operations
as well as contributions to be used for facilities and equipment.
Temporarily Restricted - Net assets whose use by the University
is limited by donor-imposed stipulations that either expire with
the passage of time or that can be fulfilled or removed by actions
of the University pursuant to those stipulations. these net assets
are available for program purposes, i.e., education, research, public
service, and scholarships, as well as for buildings and equipment.
Permanently Restricted - Net assets whose use by the University
is limited by donor-imposed stipulations that neither expire with
the passage of time nor can be fulfilled or otherwise removed by
actions of the University. these net assets are invested in perpetu-
ity, the income from which is expended for program purposes, i.e.,
education, research, public service, and scholarships.
Use of Estimatesthe preparation of these financial statements requires management
of the University to make a number of estimates and assumptions
relating to the reported amounts of assets and liabilities and the dis-
closure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses dur-
ing the period. actual results could differ from those estimates.
Income Taxesthe University is exempt from federal income taxes under section
501(c) (3) of the internal revenue Code. accordingly, no provision
for income taxes is made in the financial statements. at May 31, 2011,
there were no uncertain tax positions.
Cash Equivalentsall highly liquid investments with a maturity of three months or less
when purchased are considered to be cash equivalents.
Investmentsinvestments are reported at fair value. Fair value is the price that
would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement
date. see note 5 for fair value measurements.
the University’s investments include various types of investment
securities which are exposed to various risks such as interest rate,
market, and credit risk. due to the level of risk associated with certain
investment securities and the level of uncertainty related to changes
in the value of investment securities, it is possible that changes in
risks in the near term could materially affect the amounts reported in
the financial statements.
Revenue Recognitiontuition and fees revenue is reported in the fiscal year in which educa-
tional programs are primarily conducted. scholarships and fellow-
ships awarded to students for tuition, fees, and room and board are
based upon need and merit, and are netted against tuition and fees,
and auxiliary enterprises revenue in the statements of activities as
follows (in millions): 2011 2010
scholarships and fellowships:
institutionally funded $ 154.2 $ 141.7
Externally funded - gifts and grants 11.9 10.5
total amount netted against
tuition and fees revenue $ 166.1 $ 152.2
amount netted against auxiliary
enterprises revenue $ 11.2 $ 10.3
Gifts of cash, property and marketable securities are recorded as rev-
enue when received. Unconditional pledges (note 4) are recognized
as revenue based on the estimated present value of the future cash
flows, net of allowances, when the commitment is received. Pledges
made and collected in the same reporting period are recorded when
received in the appropriate net asset category. Conditional pledges
are recorded as revenue only when donor stipulations are substan-
tially met.
Grants and contracts revenue is recognized as expenses are incurred.
Medical professional practice, and hospitals and clinics revenue (pa-
tient care revenue) are recorded based upon established billing rates
less allowances for contractual adjustments. revenues are recorded
in the period the services are provided based upon the estimated
amounts due from the patients and third-party payors, including fed-
eral and state agencies (under the Medicare and Medicaid programs),
managed care health plans, commercial insurance companies and em-
ployers. Estimates of contractual allowances represent the difference
between established rates for services and amounts reimbursed by
third-party payors based upon the payment terms specified in the re-
lated contractual agreements. third party payors’ contractual payment
terms are generally based upon predetermined rates per diagnosis,
per diem rates or discounted fee-for-service rates.
laws and regulations governing the Medicare and Medicaid pro-
grams are complex and subject to interpretation. as a result, there is
at least a reasonable possibility that recorded estimates will change
by a material amount. the estimated reimbursement amounts are
adjusted in subsequent periods as cost reports are prepared and
filed and as final settlements are determined. in the opinion of man-
agement, adequate provisions for adjustments that may result from
such reviews and audits have been made through May 31, 2011, in the
accompanying financial statements.
revenue received before it is earned is deferred.
Annuities Payable and Trusts Held by OthersCertain gift annuities, charitable lead and remainder annuity trust
agreements have been entered into with donors. assets held under
these agreements are valued at fair value based on either the present
value of expected cash flows or the value of the University’s share
of the underlying assets. these assets are included in trusts held
by others on the statements of financial position, except for gift
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n o t e s t o f i n a n c i a l s t a t e M e n t sMay 31, 2011 and 2010
annuities which are included in investments. Gift annuities included in
investments totaled $19.2 and $17.3 million at May 31, 2011 and 2010,
respectively. Generally, revenue from gift annuities and trusts is rec-
ognized at the date the agreements are established net of liabilities
for the present value of the estimated future payments to donors
and/or other beneficiaries.
the liabilities are adjusted during the term of the trusts for changes
in the value of the assets, accretion of the discount, and other changes
in the estimates of future benefits.
the University is also the beneficiary of certain perpetual trusts
which are also included in trusts held by others on the statements
of financial position. the fair value of the trusts, which are based on
either the present value of the estimated future cash receipts or the
fair value of the assets held in the trust, are recognized as assets and
gift and trust revenue as of the date the University is notified of the
establishment of the trust. distributions from the trusts are recorded
as gift and trust revenue, and the carrying value of the assets is ad-
justed for changes in fair value.
Medical SchoolFaculty physicians, in addition to teaching and conducting research,
engage in the practice of medicine, which generates patient care
revenue. revenues and expenses, including compensation and ad-
ministrative operations from the practice of medicine, are reflected
as University revenues and expenses. the net assets of patient care
activities are designated for medical school programs.
the University and the Public Health trust of Miami-dade County,
Florida (PHt), owner and operator of Jackson Memorial Hospital
(JMH), have entered into an affiliation agreement related to their
independent missions within the designated land and facilities that
comprise the Jackson Memorial Medical Center. Pursuant to that
agreement, the PHt provides clinical facilities for the teaching of
the University’s medical students. Medical education of its students
is the sole responsibility of the University. in addition, the University
has agreed to permit its faculty to apply for privileges at JMH to train
and supervise JMH house staff (interns, residents, and fellows) and to
treat hospital patients in their capacity as members of JMH’s attend-
ing medical staff. all such treatment and training is the sole respon-
sibility of the PHt in its capacity as the legal owner and operator
of the Jackson Health system’s public hospitals and clinics and its
statutory teaching hospital (JMH). the affiliation agreement provides
the terms for the mutual reimbursement of services provided.
Insurancethe University manages property and liability risks through a combi-
nation of commercial insurance policies and self-insurance.
the University is self-insured for medical professional liability and
maintains commercial excess loss coverage within specified limits.
Provisions for medical professional liability claims and related costs
are based on several factors, including an annual actuarial study us-
ing a discount rate of 3% as of May 31, 2011 and 2010.
Property and EquipmentProperty and equipment is stated at cost less accumulated deprecia-
tion and amortization. depreciation is computed on a straight-line
basis over the estimated useful lives of the related assets. deprecia-
tion is not recorded on land and art objects. leasehold improvements
are amortized over the lesser of the lease term or the useful life.
Intangible Assetsthe University records as goodwill the excess of purchase price
over the fair value of the identifiable net assets acquired. Until May
31, 2010, goodwill was amortized over an estimated useful life of
40 years. Effective June 1, 2010, the University adopted accounting
standards Codification (asC) 958-805, and as a result goodwill is no
longer amortized. the University is now required to assess goodwill
for impairment annually at March 31, or more frequently if circum-
stances indicate impairment may have occurred. the University
assesses goodwill for such impairment by comparing the carrying
value of the hospital to its estimated fair value. the fair value of the
hospital is determined utilizing discounted cash flows, comparative
market multiples and other factors. in its determination of fair value,
the University incorporates assumptions that it believes marketplace
participants would utilize (note 9).
Facilities and Administrative Cost Recoverythe Federal government reimburses the University for facilities and
administrative costs incurred in connection with research grants and
contracts based on predetermined rates through 2011. Facilities and
administrative cost recovery from government and private sources
included in grant and contract revenues totaled $72.5 and $65.7 mil-
lion during the years ended May 31, 2011 and 2010, respectively.
Facilities ExpensesFacilities related expenses have been allocated across applicable
functional expense categories in the statements of activities based
on space usage (in millions): 2011 2010
depreciation and amortization $ 125.6 $ 124.5
interest 39.1 38.3
Operations and maintenance 120.2 110.8
total $ 284.9 $ 273.6
Accounting Change due to New Pronouncementsin august 2009, the Financial accounting standards Board (FasB)
issued Update No. 2009-05 to asC 820, Fair Value Measurements and Disclosures for the fair value measurement of liabilities. this
amendment provides clarification that in circumstances in which a
quoted price in an active market for the identical liability is not avail-
able, a reporting entity is required to measure fair value using one
or more prescribed techniques. the amendment also clarifies that
when estimating the fair value of a liability, a reporting entity is not
required to include a separate input or adjustment to other inputs
relating to the existence of a restriction that prevents the transfer of
the liability. the amendment further clarifies that both a quoted price
in an active market for the identical liability at the measurement date
and the quoted price for the identical liability when traded as an as-
set in an active market when no adjustments to the quoted price of
the asset are required, are level 1 fair value measurements under the
fair value hierarchy. the University adopted this amendment for the
fiscal year ended May 31, 2011.
in January 2010, the FasB issued Update No. 2010-06 to asC 820,
Fair Value Measurements and Disclosures-Improving Disclosures About Fair Value Measurements, which requires new disclosures and
reasons for transfers between level 1 and level 2 measurements
under the fair value hierarchy. this amendment also clarifies that
disclosures about inputs and valuation techniques are required for
both level 2 and level 3 measurements. With the exception of the
following sentences, the amendment is effective for years beginning
on or after december 15, 2009. the University adopted this portion
of the amendment for the fiscal year ended May 31, 2011.
the amendment further clarifies that the reconciliation of level 3
measurements should separately present purchases, sales, issuances
and settlements instead of netting these changes. this portion of the
amendment is effective for years beginning on or after december 15,
2010 and has not yet been adopted.
in January 2010, the FasB issued Update No. 2010-07 to asC 958-
805 (formerly statement of Financial accounting standard (sFas)
No. 164, Not-for-Profit Entities: Mergers and Acquisitions). this amend-
ment provides guidance for determining whether a combination of
not-for-profit entities is a merger or an acquisition. the standard
requires the application of the carryover method in accounting for a
merger and the acquisition method in accounting for an acquisition,
and provides guidance on determining which of the combining entities
is the acquirer. it requires disclosure of information to enable users
of financial statements to evaluate the nature and financial effects of
2. Summary of Significant Accounting Policies and Reporting Practices (continued)
Annuities Payable and Trusts Held by Others (continued)
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a merger or an acquisition. this amendment also amends asC 350
(formerly sFas No. 142, Goodwill and Other Intangible Assets), to
make it fully applicable to not-for-profit entities. this amendment was
adopted by the University for the fiscal year beginning June 1, 2010.
as a result of adopting asC 958-805, goodwill is no longer amortized
and its carrying value is reviewed for impairment annually (note 9).
in July 2010, the FasB issued Update No. 2010-20 - asC 310,
Receivables: Disclosures about the Credit Quality of Financing Receiv-ables and the Allowance for Credit Losses. this amendment requires
enhanced disclosures that facilitate financial statement users’ evalu-
ation of the following: the nature of credit risk inherent in the entity’s
portfolio of financing receivables; how that risk is analyzed and as-
sessed in arriving at the allowance for credit losses; and the changes
and reasons for those changes in the allowance for credit losses. the
University adopted this standard for the fiscal year ended May 31, 2011.
Impairment of Long-Lived AssetsasC 360 (formerly sFas No. 144, Accounting for Impairment or Dis-posal of Long-Lived Assets) requires that long-lived assets to be held
by an entity, including intangible assets, be reviewed for impairment
whenever events or changes in circumstances indicate that the car-
rying amount of an asset may not be recoverable. No asset impair-
ments were recorded by the University in fiscal years 2011 or 2010.
Subsequent eventsthe University evaluated events and transactions occurring subse-
quent to May 31, 2011, through august 26, 2011, the date of issuance
of the financial statements. during this period, there were no subse-
quent events requiring recognition in the financial statements.
ReclassificationsCertain amounts in the prior year’s financial statements have been
reclassified to conform to the current years’ presentation.
3. Accounts and Loans Receivableat May 31, accounts and loans receivable consist of the following
(in millions): 2011 2010
accounts and loans receivable, net:
Patient care $ 210.4 $ 192.6
Grants, contracts and other 64.6 103.7
shared appreciation mortgages 49.6 50.6
student 5.1 5.6
student loans, net 29.6 29.4
total $ 359.3 $ 381.9
accounts and loans receivable, and student loans receivable are
net of allowances for doubtful accounts of $123.9 and $1.0 million,
respectively, for 2011 and $113.7 and $1.1 million, respectively, for 2010.
shared appreciation mortgages were provided as part of a pro-
gram to attract and retain excellent faculty and senior administrators
through home mortgage financing assistance. shared appreciation
notes amounting to $52.1 and $53.1 million (net of $2.5 million allow-
ance for doubtful accounts) at May 31, 2011 and 2010, respectively,
from University faculty and senior administrators are collateralized
by second mortgages on residential properties. the program was
suspended effective december 31, 2008 with limited exceptions.
student loans are made primarily pursuant to federal programs
and availability of funding. the related receivables have significant
government restrictions as to marketability, interest rates, and repay-
ment terms. their fair value is not readily determinable.
4. Contributions Receivable (Pledges)Unconditional pledges are recorded at the present value of their
future cash flows using a discount rate commensurate with the risk
involved. they are expected to be realized in the following periods at
May 31, (in millions): 2011 2010
in one year or less $ 29.0 $ 28.5
Between one year and five years 53.5 58.5
More than five years 41.0 41.1
123.5 128.1
discount of $17.5 and allowance of
$9.6 for 2011 and $18.6 and $10.5 for
2010, respectively (27.1) (29.1)
total $ 96.4 $ 99.0
5. Fair Value of Financial Instrumentsthe valuation methodologies used for other investment instruments
measured at fair value consisted of:
Variable Rate Swap Agreementthe University entered into an interest rate swap agreement in fiscal
2005 to manage the market risk associated with outstanding variable-
rate debt. Parties to the interest rate swap agreement are subject to
market risk for changes in interest rates as well as risk of credit loss
in the event of nonperformance by the counterparty. the University
deals only with high quality counterparties that meet rating criteria
for financial stability and creditworthiness. the estimated cumulative
fair value loss of the swap agreement was $3.7 and $2.8 million for
the years ended May 31, 2011 and 2010, respectively and is included in
other investments in the tables that follow. Changes in the fair value,
which for fiscal 2011 and 2010 amounted to an unrealized loss of
$.9 million, are recorded as non-operating activities in the statements
of activities. the notional amount was $19.5 and $20.0 million for fis-
cal 2011 and 2010, respectively.
Fair Value Measurements
Investmentsthe fair market value of investments at May 31, 2011 and 2010
amounted to $869.2 and $766.3 million, with a cost basis of $742.9
and $739.0 million, respectively. short term investments consist pri-
marily of commercial paper with maturities in excess of three months.
amounts included in limited partnerships and limited liability compa-
nies, other, represent alternative investments which are valued at the
net asset value of the entities as determined by the fund. the majority
of investments are combined in investment pools with each individual
account subscribing to or disposing of shares on the basis of the
fair value per share. at May 31, 2011 and 2010, the fair value of the
University’s primary investment pool (the Growth Pool) amounted to
$816.3 and $695.2 million, with a cost basis of $695.1 and $668.5 mil-
lion, respectively. the Growth Pool is managed by multiple investment
managers with asset allocation per the University’s investment policy.
the total net unrealized gain on investments for the year ended May
31, 2011 and 2010 was $97.8 and $65.3 million, respectively.
FasB asC 820 (formerly sFas No. 157, Fair Value Measurement), provides the framework for measuring fair value. that framework
provides a fair value hierarchy that prioritizes the inputs to valua-
tion techniques used to measure fair value. the hierarchy gives the
highest priority to unadjusted quoted prices in active markets for
identical assets or liabilities (level 1 measurements) and the lowest
priority to unobservable inputs (level 3 measurements). the fol-
lowing describes the hierarchy of inputs used to measure fair value
and the primary valuation methodologies used by the University for
investments measured at fair value:
Level 1 — Valuations for assets and liabilities traded in active
exchange markets, such as the New York stock Exchange. level 1
also includes U.s. treasury and federal agency securities and
federal agency mortgage-backed securities, which are traded by
dealers or brokers in active markets. inputs to the valuation
2. Summary of Significant Accounting Policies and Reporting Practices (continued)
Accounting Change due to New Pronouncements (continued)
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methodologies include unadjusted quoted prices in active mar-
kets for identical assets or liabilities that are accessible at the
measurement date.
Level 2 — Valuations for assets traded in less active dealer or
broker markets. inputs to the valuation methodologies include
quoted prices from third party pricing services for identical or
similar assets in active and/or inactive markets; inputs other than
quoted prices that are observable for the asset or liability; or in-
puts that are derived principally from or corroborated by observ-
able market data by correlation or other means.
Level 3 — Valuations for assets that are derived from other valua-
tion methodologies, including option pricing models, discounted
cash flow models and similar techniques, and are not based on
market exchange, dealer, or broker traded transactions. inputs to
the valuation methodologies incorporate certain assumptions and
projections in determining the fair value assigned to such assets.
the level in the fair value hierarchy within which a fair value measure-
ment in its entirety falls is based on the lowest level of any input that
is significant to the fair value measurement. the University utilizes
valuation techniques that maximize the use of observable inputs
and minimize the use of unobservable inputs. there have been no
changes in the methodologies used at May 31, 2011.
the following tables set forth by level, within the fair value hierarchy,
the University’s assets at fair value (in millions):
AtMay31,2011
Total Level1 Level2 Level3
assets:
short term investments $ 16.4 $ - $ 16.4 $ -
Corporate bonds .8 - .8 -
debt securities:
Us treasury & other
government agencies 5.4 5.4 - -
Publicly traded stocks:
large-mid cap 87.7 87.7 - -
small cap 24.1 24.1 - -
Mutual funds:
Equities:
Emerging markets 8.1 - 8.1 -
international 3.9 - 3.9 -
large-mid cap 11.2 - 11.2 -
small cap 24.0 - 24.0 -
Fixed income 50.4 - 50.4 -
Balanced 8.9 - .6 8.3
limited partnerships and
limited liability companies:
Equities:
Emerging markets 23.6 - 23.6 -
international 163.0 - 163.0 -
large-mid cap 73.7 - 73.7 -
Fixed income 83.3 - 41.2 42.1
Private equity 50.0 - - 50.0
Other:
Event arbitrage 72.7 - - 72.7
long-short composite 97.4 - 74.0 23.4
real assets
related securities 34.9 - 33.3 1.6
real estate 23.8 - - 23.8
Other investments 5.9 7.7 (1.8) -
total investments 869.2 124.9 522.4 221.9
trusts held by others 52.0 - - 52.0
total assets $ 921.2 $ 124.9 $ 522.4 $ 273.9
AtMay31,2010
Total Level1 Level2 Level3
assets:
short term investments $ 18.7 $ - $ 18.7 $ -
debt securities:
Us treasury & other
government agencies 5.0 5.0 - -
Us and political
subdivisions of
the states 5.1 - 5.1 -
Publicly traded stocks:
large-mid cap 50.0 50.0 - -
small cap 19.3 19.3 - -
Mutual funds:
Equities:
Emerging markets 6.1 - 6.1 -
international 1.6 - 1.6 -
large-mid cap 6.9 - 6.9 -
small cap 18.9 - 18.9 -
Fixed income 61.7 - 61.7 -
Balanced 12.0 - 4.6 7.4
limited partnerships and
limited liability companies:
Equities:
Emerging markets 18.1 - 18.1 -
international 128.8 - 128.8 -
large-mid cap 76.5 - 76.5 -
Fixed income 86.6 - 37.0 49.6
Private equity 45.6 - - 45.6
Other:
Event arbitrage 66.3 - - 66.3
long-short composite 81.6 - 48.1 33.5
real assets
related securities 26.8 - 25.1 1.7
real estate 16.9 - - 16.9
Other investments 13.8 13.5 .3 -
total investments 766.3 87.8 457.5 221.0
trusts held by others 52.0 - - 52.0
total assets $ 818.3 $ 87.8 $ 457.5 $ 273.0
5. Fair Value of Financial Instruments (continued)
Fair Value Measurements (continued)
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the total level 3 change in net unrealized gains for the years relating
to those investments still held at May 31, 2011 and 2010 total $19.9
and $20.0 million, respectively, and are reflected as part of invest-
ment return in the statement of activities. the total level 3 change in
Purchases,sales, Transfersin issuances, NetIncome and/or May31,2009 settlements,net Reinvested Realized Unrealized outoflevel3 May31,2010
Mutual funds - balanced $ 6.4 $ (.1) $ .3 $ - $ .8 $ - $ 7.4
limited partnerships and
limited liability companies:
Fixed income 41.5 - 1.8 - 6.3 - 49.6
Private equity 37.6 1.9 .3 2.8 3.0 - 45.6
Other:
Event arbitrage 52.5 - .3 1.4 12.1 - 66.3
long-short composite 41.7 (12.2) (.5) 4.0 .1 .4 33.5
real assets related securities 2.4 (.5) - (.3) .1 - 1.7
real estate 16.7 2.0 .4 .2 (2.4) - 16.9
total investments 198.8 (8.9) 2.6 8.1 20.0 .4 221.0
trusts held by others 48.6 (.7) - - 4.1 - 52.0
total assets $ 247.4 $ (9.6) $ 2.6 $ 8.1 $ 24.1 $ .4 $ 273.0
For the year ended May 31, 2010 (in millions):
Purchases,sales, Transfersin issuances, NetIncome and/or May31,2010 settlements,net Reinvested Realized Unrealized outoflevel3 May31,2011
Mutual funds - balanced $ 7.4 $ (.4) $ .4 $ - $ .9 $ - $ 8.3
limited partnerships and
limited liability companies:
Fixed income 49.6 (12.0) 1.7 (1.0) 3.8 - 42.1
Private equity 45.6 (4.2) 1.1 3.6 3.9 - 50.0
Other:
Event arbitrage 66.3 - 4.6 (4.4) 6.2 - 72.7
long-short composite 33.5 (13.3) (.7) 1.9 2.0 - 23.4
real assets related securities 1.7 (.1) - - - - 1.6
real estate 16.9 3.5 (.1) .4 3.1 - 23.8
total investments 221.0 (26.5) 7.0 .5 19.9 - 221.9
trusts held by others 52.0 (1.1) - - 1.1 - 52.0
total assets $ 273.0 $ (27.6) $ 7.0 $ .5 $ 21.0 $ - $ 273.9
the following tables set forth a summary of changes in the fair value of the University’s level 3 assets:
For the year ended May 31, 2011 (in millions):
5. Fair Value of Financial Instruments (continued)
Fair Value Measurements (continued)
value related to trusts held by others at May 31, 2011 and 2010 total
$1.1 and $4.1 million, respectively, and are reflected as part of invest-
ment return and changes in value of annuities payable and trusts
held by others in the statement of activities.
Totalnetgains(losses)includedinchangesinnetassets
Totalnetgains(losses)includedinchangesinnetassets
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the University’s investment policy and strategy for its investments,
as established by the investment Committee of the Board (the Com-
mittee) and ratified by the Executive Committee of the Board, is to
provide for growth of capital with a moderate level of volatility by in-
vesting assets based on its target allocations. the weighted average
target allocations for University assets is 45% equity securities, 10%
fixed income, and 45% other investments. the Committee reallocates
its investments periodically to meet established target allocations.
in addition, the Committee reviews its investment policy and target
allocations periodically and affects changes when required, in ensur-
ing that strategic objectives are achieved. Equity securities include
investments in large-mid cap and small-cap companies primarily
located in the United states, as well as international companies.
Fixed income securities include corporate bonds of companies from
diversified industries, mortgage-backed securities, and U.s. treasur-
ies. Other investments include investments in hedge funds, private
equity funds, and real estate funds. these investments are made with
the intention of raising portfolio return and lowering total volatil-
ity which as of May 31, 2011 consists of investments similar to those
of the HrFi Fund of Funds, s&P 500, dow Jones, aiG Commodity,
NCrEiF Property and MsCi indexes.
the following tables summarize the University’s assets whose fair value is estimated using net asset value per share (in millions):
AtMay31,2011
Future Redemption FairValue Commitments Frequency DaysNotice
assets:
limited partnerships and limited liability companies:
Equities:
Emerging markets $ 23.6 $ - (M) 30 days
international 163.0 - (M), (Q) 5-15 days
large-mid cap 73.7 - (M), (Q) 60 days
Fixed income 83.3 - (M), (a) 10-90 days
Private equity 50.0 22.7 * N/a
Other:
Event arbitrage 72.7 - (Q) 65-90 days
long-short composite 97.4 - (Q), (a) 45 days
real assets related securities 34.9 - (M), (s) 10 days, 6 months
real estate 23.8 11.4 * N/a
Other investments 5.9 - N/a N/a
total investments 628.3 34.1
trusts held by others 52.0 - N/a N/a
total assets $ 680.3 $ 34.1
AtMay31,2010
Future Redemption FairValue Commitments Frequency DaysNotice
assets:
limited partnerships and limited liability companies:
Equities:
Emerging markets $ 18.1 $ - (M) 30 days
international 128.8 - (M) 5-15 days
large-mid cap 76.5 - (Q) 60 days
Fixed income 86.6 - (M), (a) 10-90 days
Private equity 45.6 30.6 * N/a
Other:
Event arbitrage 66.3 - (Q) 65-90 days
long-short composite 81.6 - (Q), (a) 45 days
real assets related securities 26.8 - (M), (s) 10 days, 6 months
real estate 16.9 19.9 * N/a
Other investments 13.8 - N/a N/a
total investments 561.0 50.5
trusts held by others 52.0 - N/a N/a
total assets $ 613.0 $ 50.5
redemption Frequency: (a) annually, (s) semi-annually, (Q) Quarterly, (M) Monthly
(*) the expected liquidation date for these assets range from 2013 to 2023 and are based on a combination of the inception date of the fund
and the expected life of the fund as outlined in the partnership agreement inclusive of the manager’s ability to extend the fund’s life.
5. Fair Value of Financial Instruments (continued)
Fair Value Measurements (continued)
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Investment Returnthe University’s endowment spending distribution policy is to
distribute five percent of the three-year moving average fair market
value of the endowment investment pool. this policy is designed to
protect the purchasing power of the endowment and to minimize the
effect of capital market fluctuations on operating budgets.
the components of total investment return as reflected in the
statements of activities are as follows (in millions): 2011 2010
Operating:
Endowment spending distribution $ 31.1 $ 32.7
investment return 9.2 6.1
total operating investment return 40.3 38.8
Non-Operating:
Unrestricted
Endowment interest and dividend income,
realized and unrealized gains, net of
endowment spending distribution 85.7 54.4
Other net realized and unrealized gains 15.6 12.4
total unrestricted non-operating
investment return 101.3 66.8
temporarily restricted investment return 1.8 1.5
Permanently restricted investment return .1 4.4
total non-operating investment return 103.2 72.7
total investment return $ 143.5 $ 111.5
6. Fair Value of Other Financial Instrumentsthe carrying amounts of cash and cash equivalents, patient, stu-
dent and other receivables, accounts payable and accrued expenses
approximate fair value due to the short maturity of these financial
instruments. the carrying amounts of notes payable with variable
interest rates approximate their fair value since the variable rates re-
flect current market rates for notes with similar maturities and credit
quality. the fair value of bonds payable with fixed interest rates is
based on rates assumed to be currently available for bond issues
with similar terms and average maturities. the estimated fair value of
these bonds payable at May 31, 2011 and 2010 approximated $756.8
and $795.1 million, respectively. the carrying amounts of these bonds
payable at May 31, 2011 and 2010 approximated $781.3 and $799.7 mil-
lion, respectively.
7. Other AssetsOther assets primarily represent prepaid expenses and inventories.
during september 2010, the University entered into a tri-party agree-
ment with the Public Health trust (PHt) and Miami-dade County
wherein the receivable associated with the annual operating agree-
ment was converted to a prepaid asset. the value of the receivable
at september 30, 2010 was $73.9 million, and included a long-term
land lease with a discounted value of $14.1 million. the University will
receive goods, rentals, and services in the normal course of business
with the PHt until the prepaid asset is exhausted. at May 31, 2011,
the remaining prepaid asset under this agreement, after application
of purchased services for the months of October 2010 through May
2011, was $60.5 million. Based on the repayment terms of the agree-
ment, the balance of the prepaid should be exhausted by March 1,
2014, with the exception of the long-term land lease which extends
through 2080.
8. Property and EquipmentProperty and equipment and related accumulated depreciation and
amortization at May 31 consist of the following (in millions): UsefulLives 2011 2010
land - $ 94.9 $ 91.0
land improvements 20 years 87.6 77.3
Buildings and building
improvements 8 to 50 years 1,506.2 1,477.0
leasehold improvements 1 to 50 years 32.5 32.6
Construction in progress - 47.7 27.5
Moveable equipment 3 to 20 years 528.9 498.3
library materials 12 years 110.8 108.6
art objects - 51.8 49.7
2,460.4 2,362.0
accumulated depreciation
and amortization (1,017.5) (927.6)
total $ 1,442.9 $ 1,434.4
interest on borrowings to finance facilities is capitalized during con-
struction, net of any investment income earned through the tempo-
rary investment of project borrowings. Net interest expense of $.2
and $1.7 million was capitalized for the years ended May 31, 2011 and
2010, respectively.
9. Intangible AssetsOn december 1, 2007, the University acquired certain assets and liabil-
ities of a general acute care hospital. as part of the transaction, intan-
gible assets were recorded amounting to $105.2 million. in addition,
the University acquired a physician practice and recorded $1.7 million
as an intangible asset for the year ended May 31, 2010. in accordance
with asC 350 (formerly sFas No. 142, intangibles – Goodwill and
Other), amortization of intangible assets ceased at May 31, 2010.
intangible assets recorded are as follows (in millions): 2011 2010
amortized intangible assets
Goodwill at gross carrying value $ 105.8 $ 105.8
accumulated amortization through
May 31, 2010 (6.6) (6.6)
indefinite lived intangible assets 1.1 1.1
total $ 100.3 $ 100.3
10. Endowmentin august 2008, the FasB issued asC 958-205-50 (formerly FasB
staff Position 117-1, Endowments of Not-for-Profit Organizations: Net Asset Classification of Funds Subject to an Enacted Version of the Uniform Prudent Management of Institutional Funds Act, and En-hanced Disclosures for All Endowment Funds). this standard provides
guidance on the net asset classification of donor-restricted endow-
ment funds for a nonprofit organization that is subject to an enacted
version of the Uniform Prudent Management of institutional Funds
act of 2006 (UPMiFa). this standard also requires additional disclo-
sures about an organization’s endowment funds, whether or not the
organization is subject to UPMiFa. the disclosure requirements of this
standard are reflected below. On June 17, 2011, the state of Florida en-
acted a version of UPMiFa which becomes effective July 1, 2012. Gen-
erally, the law governs conduct in the management and investment
of institutional funds, the expenditure or accumulation of endowment
funds, and the release or modification of restrictions on the manage-
ment or investment of institutional funds. the Board of trustees of
the University (the Board) will need to interpret the new law and
adopt any necessary changes prior to the law’s effective date.
5. Fair Value of Financial Instruments (continued)
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Interpretation of Relevant Lawas discussed above, the state of Florida has now enacted UPMiFa
which is effective July 1, 2012. the Board has interpreted the current
law, Uniform Management of institutional Funds act (UMiFa) as re-
quiring preservation of the fair value of the original gift as of the gift
date, absent explicit donor stipulations to the contrary. as a result of
this interpretation, the University classifies as permanently restricted
net assets (a) the original value of gifts donated where the donor
has stipulated that the principal is to be maintained in perpetuity
with only the income from the gift to be expended, (b) the original
value of subsequent similar type gifts, and (c) accumulations to the
fund made in accordance with the direction of the applicable donor
gift instrument. Endowments are classified as temporarily restricted
where the donor has stipulated that the principal of the gift may be
released from inviolability to permit all or part of the principal to be
expended, and as unrestricted endowments where the Board, rather
than a donor, decides to retain and invest the principal with only the
income available to be expended. the Board has the right at any
time to expend the principal of unrestricted endowments.
Spending Policythe University’s endowment spending distribution policy in support
of its programs distributes five percent of the three-year moving
average of the fair market value of the endowment investment pool.
New endowments must be received prior to december 31 in order to
activate the spending distribution for the next fiscal year. in addition,
no distribution is made from an endowment until its funding reaches,
by december 31, the level stipulated by policy. Further, endowments
to establish Chairs and Professorships have an additional delay of
one year before distributions are made.
Return Objectives and Risk Parametersthe University has adopted investment and spending policies to
protect the purchasing power of the endowment and to minimize the
effect of capital market fluctuations on operating budgets.
the intent of the University’s policy for its primary investment pool
(the Growth Pool), as approved by the Board, is to achieve a rate
of return equal to or greater than the respective benchmark, while
assuming a moderate level of risk. to satisfy its long-term rate-of-
return objectives, the University relies on a total return strategy in
which investment returns are achieved through both capital ap-
preciation (realized and unrealized) and current yield (interest and
dividends). the University targets a diversified asset allocation that
places a greater emphasis on equity based investments to achieve
its long-term return objectives within prudent risk constraints. the
current long-term return objective is to earn a return of at least the
Consumer Price index plus 5%, net of fees. actual returns in any
given year may vary from this amount.
Endowment net assets consist of the following (in millions):
Temporarily Permanently Unrestricted Restricted Restricted Total
as of May 31, 2010:
donor restricted
endowment funds $ 128.6 $ 29.3 $ 312.7 $ 470.6
Quasi endowment funds 147.6 - - 147.6
total $ 276.2 $ 29.3 $ 312.7 $ 618.2
as of May 31, 2011:
donor restricted
endowment funds $ 196.4 $ 29.4 $ 326.5 $ 552.3
Quasi endowment funds 167.6 - - 167.6
total $ 364.0 $ 29.4 $ 326.5 $ 719.9
donor restricted endowment funds included in unrestricted endow-
ment net assets represents the unappropriated appreciation of
endowment funds, net of deficiencies in the market value of certain
endowment related assets which fell below the donor required level
to retain funds in perpetuity. at May 31, 2011 and 2010, this deficiency
amounted to $2.9 and $14.1 million, respectively, and resulted from
unfavorable market fluctuations that occurred shortly after the invest-
ment of new permanently restricted contributions, as well as contin-
ued appropriations for certain programs that was deemed prudent.
Quasi endowment funds are resources segregated for long term
investment and include gains and losses on unrestricted investments,
and other resources designated by the Board of trustees for future
programs and operations.
Changes in endowment net assets for the fiscal years ended May
31, 2011 and 2010 consist of (in millions):
Temporarily Permanently Unrestricted Restricted Restricted Total
Balance, May 31, 2009 $ 208.3 $ 29.1 $ 301.2 $ 538.6
investment return
investment income 5.5 - (.3) 5.2
Net appreciation
(realized and
unrealized) 81.5 - - 81.5
total investment return 87.0 - (.3) 86.7
Gifts and trusts - .1 10.7 10.8
Endowment spending
distribution for programs (32.7) - - (32.7)
Net transfers to quasi
endowment funds 9.4 - - 9.4
Other 4.2 .1 1.1 5.4
Balance, May 31, 2010 276.2 29.3 312.7 618.2
investment return
investment income 11.3 - (.1) 11.2
Net appreciation
(realized and
unrealized) 105.5 - - 105.5
total investment
return 116.8 - (.1) 116.7
Gifts and trusts 1.4 .3 13.7 15.4
Endowment spending
distribution for programs (31.1) - - (31.1)
Net transfers from quasi
endowment funds (2.0) - - (2.0)
Other 2.7 (.2) .2 2.7
Balance, May 31, 2011 $ 364.0 $ 29.4 $ 326.5 $ 719.9
11. Pension and Other Postretirement Benefit Plansthe University has two non-contributory retirement plans, the Fac-
ulty retirement Plan and the Employee retirement Plan. these two
plans were closed to employees hired after May 31, 2007. Effective
June 1, 2007 a new retirement plan was established, the retirement
savings Plan.
the University also sponsors an unfunded, defined benefit post-
retirement health plan that covers all full-time and part-time regu-
lar employees who elect coverage and satisfy the plan’s eligibility
requirements when they retire. the plan is contributory with retiree
contributions established as a percentage of the total cost for retiree
health care and for the health care of their dependents. the Univer-
sity pays all benefits on a current basis.
10. Endowment (continued)
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The Retirement Savings Plan (Savings Plan) is a defined con-
tribution plan in which the University makes an automatic core
contribution of 5% of pay with a dollar-for-dollar match on volun-
tary contributions up to an additional 5% of pay once the employee
meets certain eligibility requirements. Eligible employees can begin
making voluntary contributions to the savings Plan at any time. Par-
ticipation is limited to faculty and staff hired on or after June 1, 2007
or who elected, prior to June 1, 2007, to transfer to this plan from the
Faculty retirement Plan or from the Employee retirement Plan. Core
and matching contributions to the savings Plan for 2011 and 2010
were $29.0 and $27.7 million, respectively.
The Retirement Savings Plan II (Savings Plan II) is a defined
contribution plan the University established, effective January 1,
2008, that covers substantially all employees of the University of
Miami Hospital (UMH). the plan is available to employees who meet
certain eligibility requirements and requires that UMH match certain
percentages of participants’ contributions up to certain maximum
levels. Eligible employees can begin making voluntary contributions
to the savings Plan ii at any time. Core and matching contributions
to the savings Plan ii were approximately $4.9 and $3.9 million for
the years ended May 31, 2011 and 2010, respectively.
Faculty Retirement Plan (Faculty Plan) is a defined contribution
plan for eligible faculty hired between september 30, 1977 and May
31, 2007, and certain faculty hired on or before september 30, 1977,
who ceased participation in the Employee retirement Plan. Under
the terms of the Faculty Plan, the University makes contributions
to individual retirement accounts for each eligible faculty member.
Payment from the retirement account commences when the faculty
member has separated from service and elects to begin distributions
in accordance with plan provisions.
Contributions to the Faculty Plan are based upon a combination
of compensation, tenure status, length of service, and other factors
and are funded as accrued. these contributions were $24.1 and
$25.5 million for the years ended May 31, 2011 and 2010, respectively.
in addition to the above noted plans, there are deferred compensa-
tion arrangements for certain employees, principally clinical faculty,
the liability for which is included in other liabilities.
The Employee Retirement Plan (Employee Plan) is a defined
benefit plan primarily for full-time non-faculty employees hired
before June 1, 2007. Employee Plan assets are held by a trustee. the
benefit is based on the higher of two formulas: a formula based on
years of service and the employee’s compensation for the consecu-
tive five year period of employment that produces the highest aver-
age; and a cash balance benefit formula determined each year based
on compensation and investment earnings.
at May 31, 2009, a proposed Employee Plan amendment was ap-
proved by the internal revenue service which enables the plan to offer
lump sum distribution options to participants who retired on or after
January 1, 2001 and met the rule of 70 (combination of age and service).
the measurement date for the Employee Plan and postretirement
health benefit plan is May 31 for fiscal years 2011 and 2010.
the following benefit payments, which reflect expected future
service, are expected to be paid, for the fiscal years ending May 31
(in millions):
PensionBenefits PostretirementBenefits
2012 $ 34.1 $ .1
2013 36.3 .1
2014 36.5 .1
2015 38.7 .1
2016 42.2 .1
2017-2021 229.6 .7
the University expects to contribute $48.4 million to the Employee
Plan and $.1 million to its postretirement health plan during the fiscal
year ending May 31, 2012.
the tables that follow provide a reconciliation of the changes
in the plans’ projected benefit obligations, fair value of assets and
funded status (in millions):
PensionBenefits PostretirementBenefits
2011 2010 2011 2010
Change in Benefit ObligationBenefit obligation at
beginning of year $ 755.9 $ 627.9 $ 3.4 $ 3.0
service cost – benefits
attributed to employee
service during period and
administrative expenses 20.6 17.3 .2 .2
interest costs accrued to
measure benefit obligation
at present value 42.0 41.5 .1 .2
Plan participant
contributions - - .7 .6
actuarial (gain) loss (13.9) 112.2 (1.4) .2
Benefits paid and
administrative expenses (32.3) (34.9) (1.0) (.8)
Change in plan provisions - (8.1) - -
Benefit obligation at
end of year 772.3 755.9 2.0 3.4
Change in Plan AssetsEmployee Plan assets at
fair value at beginning
of year 448.4 375.5 - -
investment return on
Employee Plan assets 79.4 66.1 - -
Benefits paid and
Employee Plan expenses (32.3) (34.9) (1.0) (.8)
Employer contributions 30.9 41.7 .3 .2
Plan participant
contributions - - .7 .6
Employee Plan assets at
fair value at end of year 526.4 448.4 - -
Funded statusaccrued pension and
postretirement benefit
costs recognized on the
statement of financial
position $ (245.9) $ (307.5) $ (2.0) $ (3.4)
Amounts recognized in unrestricted net assets consist of:Net actuarial loss (gain) $ 215.9 $ 293.3 $ (2.2) $ (1.0)
Prior service credit (5.1) (5.7) (.8) (.9)
transition obligation - - .2 .3
$ 210.8 $ 287.6 $ (2.8) $ (1.6)
11. Pension and Other Postretirement Benefit Plans (continued)
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a 10% annual rate of increase in the per capita cost of covered health
care benefits was assumed for 2012. the rate is assumed to decrease
1% per year until reaching the ultimate 5.5% in 2018. assumed health
care cost trend rates have an effect on the amounts reported for the
health care plan. a 1% change in assumed health care cost trend rates
would have the following effect (in millions): 1%Increase 1%Decrease
Effect on total of service and
interest cost components of
net periodic postretirement
health care benefit cost $ .1 $ (.1)
Effect on the health care
component of the
accumulated postretirement
benefit obligation .3 (.2)
the following weighted-average assumptions were used for the
above calculations:
PensionBenefits PostretirementBenefits
2011 2010 2011 2010
discount rate for benefit
obligation 5.55% 5.65% 5.55% 5.65%
discount rate for net
periodic benefit cost 5.65% 6.65% 5.65% 6.65%
Expected return on
Employee Plan assets 8.25% 8.25% N/a N/a
rate of compensation
increase 4.20% 4.20% N/a N/a
to develop the expected long-term rate of return for the Employee
Plan, the University considered the historical returns of the major
market indicators relating to the target asset allocation, as well as
the current economic and financial market conditions.
at May 31, 2011 and 2010, the accumulated benefit obligation of the
Employee Plan was $731.9 and $703.4 million, respectively, $205.5
and $255.0 million, respectively, in excess of Employee Plan assets.
the following table provides the components of net periodic pen-
sion cost for the plans (in millions):
PensionBenefits PostretirementBenefits
2011 2010 2011 2010
service cost:
Benefits attributed to
employee service during
periods and administrative
expenses $ 20.6 $ 17.3 $ .2 $ .2
total 20.6 17.3 .2 .2
interest costs accrued to
measure benefit obligation
at present value 42.0 41.5 .1 .2
Expected return on
Employee Plan assets (36.4) (31.2) - -
amortization of prior
service cost/(credit) -
includes changes in
pension formula and cost
of Employee Plan
amendments (.6) (.6) (.1) (.1)
amortization of transition
obligation - - .1 .1
recognized net
actuarial (gain) loss 20.3 16.8 (.1) -
Net periodic benefit cost $ 45.9 $ 43.8 $ .2 $ .4
the net actuarial (gain) loss, prior service cost (credit), and transition
amount expected to be recognized in net periodic benefit cost over
the next fiscal year are as follows (in millions):
PensionBenefits PostretirementBenefits
Net actuarial loss (gain) $ 14.2 $ (.1)
Prior service credit (.6) (.1)
transition obligation - .1
11. Pension and Other Postretirement Benefit Plans (continued)
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Employee Plan Assetsthe investment policy and strategy, as established by the University,
is to provide for growth of capital with a moderate level of volatil-
ity by investing assets based on its target allocations. the weighted
average target allocations for plan assets of the Employee Plan is
34.0% equity securities, 35.0% fixed income, and 31.0% other invest-
ments. the University reallocates its investments periodically to
meet the target allocations. the University also reviews its invest-
ment policy periodically to determine if the policy or allocations
require change. Equity securities include investments in large-mid
cap and small-cap companies primarily located in the United states,
as well as international companies. Fixed income securities include
corporate bonds of companies from diversified industries, mortgage-
backed securities, and U.s. treasuries. Other types of investments
include investments in hedge funds and private equity funds that
follow several different strategies. these investments are made with
the intention of raising portfolio return and lowering total volatility
which at May 31, 2011 consists of investments similar to those of the
HFri Fund of Funds, s&P 500, dow Jones, aiC Commodity, MCsi
and NCrEiF Property indexes. see note 5 for fair value measurement
narrative disclosures.
the Employee Plan’s investments, by level, within the fair value
hierarchy are as follows (in millions):
AtMay31,2011
Total Level1 Level2 Level3
Common stocks:
large-mid cap $ 36.8 $ 36.8 $ - $ -
small cap 19.4 19.4 - -
registered mutual funds:
Equities -
emerging markets 4.1 - 4.1 -
Fixed income 71.9 - 71.9 -
Unregistered limited
partnerships and limited
liability companies:
Equities:
Emerging markets 11.8 - 11.8 -
international 9.5 - 9.5 -
large-mid cap 47.3 - 47.3 -
Private equity 20.4 - - 20.4
Other
Event arbitrage 31.1 - - 31.1
long-short composite 23.1 - 12.2 10.9
real Estate 14.3 - - 14.3
Money market accounts 6.0 6.0 - -
Common collective trusts:
Equities - international 12.5 - 12.5 -
real assets related
securities 27.6 - 27.6 -
103-12 investment entities:
Equities:
international 50.5 - 50.5 -
small cap 19.3 - 19.3 -
Fixed income 91.0 - 80.5 10.5
Other investments:
Private equity 18.0 - 13.7 4.3
long-short composite .1 - - .1
Fixed income 10.5 - - 10.5
real assets related
securities 1.0 - - 1.0
total $ 526.2 $ 62.2 $ 360.9 $ 103.1
AtMay31,2010
Total Level1 Level2 Level3
Common stocks:
large-mid cap $ 21.3 $ 21.3 $ - $ -
small cap 15.8 15.8 - -
registered mutual funds:
Equities -
emerging markets 3.1 - 3.1 -
Fixed income 70.0 - 70.0 -
Unregistered limited
partnerships and limited
liability companies:
Equities:
Emerging markets 9.1 - 9.1 -
international 7.5 - 7.5 -
large-mid cap 46.3 - 46.3 -
Private equity 18.1 - - 18.1
Other:
Event arbitrage 28.3 - - 28.3
long-short composite 19.9 - 10.6 9.3
real estate 10.3 - - 10.3
Money market accounts .7 .7 - -
Common collective trusts:
Equities - international 9.9 - 9.9 -
real assets related
securities 12.7 - 12.7 -
103-12 investment entities:
Equities:
international 38.6 - 38.6 -
small cap 14.9 - 14.9 -
Fixed income 81.7 - 72.6 9.1
Other investments:
Private equity 3.8 - - 3.8
long-short composite 22.8 - 13.4 9.4
Fixed income 9.9 - - 9.9
real assets related
securities 1.1 - - 1.1
total $ 445.8 $ 37.8 $ 308.7 $ 99.3
the tables on the following page set forth a summary of changes in
the fair value of the Employee Plan’s level 3 investments.
11. Pension and Other Postretirement Benefit Plans (continued)
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FortheyearendedMay31,2011(inmillions)
Purchases,sales, Transfersin issuances,and and/or May31,2010 settlements,net Realized Unrealized outoflevel3 May31,2011
Unregistered limited partnerships and
limited liability companies:
Private equity $ 18.1 $ (1.0) $ 1.5 $ 1.8 $ - $ 20.4
Other:
Event arbitrage 28.3 1.0 (.3) 2.1 - 31.1
long-short composite 9.3 (.4) .9 1.1 - 10.9
real estate 10.3 1.7 .1 2.2 - 14.3
103-12 investment entities:
Fixed income 9.1 .9 - .5 - 10.5
Other investments:
Private equity 3.8 .1 - .4 - 4.3
long-short composite 9.4 (9.1) (.2) - - .1
Fixed income 9.9 - - .6 - 10.5
real assets related securities 1.1 (.1) - - - 1.0
total $ 99.3 $ (6.9) $ 2.0 $ 8.7 $ - $ 103.1
FortheyearendedMay31,2010(inmillions)
Purchases,sales, Transfersin issuances,and and/or May31,2009 settlements,net Realized Unrealized outoflevel3 May31,2010
Unregistered limited partnerships and
limited liability companies:
Private equity $ 13.8 $ 2.2 $ 1.0 $ 1.1 $ - $ 18.1
Other:
Event arbitrage 22.5 1.4 1.7 2.7 - 28.3
long-short composite 11.0 (3.2) 1.3 .2 - 9.3
real estate 10.2 1.2 .1 (1.2) - 10.3
103-12 investment entities:
Fixed income 7.4 .6 - 1.1 - 9.1
Other investments:
Private equity 3.1 (.3) - 1.0 - 3.8
long-short composite 11.7 (3.0) .8 (.2) .1 9.4
Fixed income 8.6 - - 1.3 - 9.9
real assets related securities 1.6 (.3) (.5) .3 - 1.1
total $ 89.9 $ (1.4) $ 4.4 $ 6.3 $ .1 $ 99.3
the total level 3 change in net unrealized gains for the years relating to those investments still held at May 31, 2011 and 2010 total $8.7 and
$6.3 million, respectively, and are included in net appreciation in fair value of investments in the Employee Plan’s statement of changes in net
assets available for benefits.
12. Bonds and Notes PayableBonds and notes payable at May 31 consist of the following (in millions): Series FinalMaturity 2011InterestRate 2011 2010
Miami-dade County, Florida
Educational Facilities authority 2007a to 2008B 2015 to 2038 4.0% to 6.1% $ 751.8 $ 767.8
Notes payable to banks and others - 2013 to 2030 3.3% to 6.5% 37.0 24.2
Notes payable to banks and others 2013 to 2035 Variable 35.5 20.4
Par amount of bonds and notes payable 824.3 812.4
Net unamortized premium 21.0 31.9
total $ 845.3 $ 844.3
11. Pension and Other Postretirement Benefit Plans (continued)
Employee Plan Assets (continued)
Totalnetgains(losses)includedinchangesinnetassets
Totalnetgains(losses)includedinchangesinnetassets
n o t e s t o f i n a n c i a l s t a t e M e n t sMay 31, 2011 and 2010
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the annual maturities for bonds and notes payable at May 31, 2011
are as follows (in millions):
2012 $ 27.6
2013 43.5
2014 24.7
2015 22.9
2016 23.8
thereafter 681.8
total $ 824.3
Effective december 31, 2010, the University renewed its line of credit
arrangement which carries a maximum possible balance of $150.0 mil-
lion. the line of credit has a variable interest rate equal to the liBOr
daily Floating rate plus 0.65% per annum, and has a maturity date of
december 31, 2012. the outstanding balance under the line of credit at
May 31, 2011 was $15.9 million.
On september 28, 2010, the University entered into a 20-year
agreement with the City of Coral Gables (the City) that included con-
veyance of streets and waterways on its Coral Gables campus to the
University in exchange for $22.0 million in payments from the Univer-
sity to the City during the life of the agreement. at May 31, 2011, the
present value of amounts due under this agreement, discounted at a
rate of 6.0%, was $11.8 million.
in November 2009, the University borrowed $20.0 million from a
bank to fund the Employees’ retirement Plan. the outstanding bal-
ance at May 31, 2011 and 2010 was $14.3 and $20.0 million, respec-
tively.
On July 1, 2011, the University entered into a $100.0 million line of
credit arrangement.
total interest paid on all bonds and notes was $42.0 and $42.6 mil-
lion for the years ended May 31, 2011 and 2010, respectively.
13. Net AssetsUnrestricted net assets consist of the following at May 31 (in millions): 2011 2010
designated for operations, programs,
facilities expansion and student loans $ 126.4 $ 117.9
Cumulative pension and postretirement
benefits related changes other than net
periodic benefit cost (208.0) (286.0)
invested in plant facilities 749.3 721.9
Endowment and similar funds 364.0 276.2
total unrestricted net assets $ 1,031.7 $ 830.0
temporarily restricted net assets consist of the following at May 31
(in millions): 2011 2010
Gifts for programs and facilities expansion $ 26.9 $ 26.2
Contributions (pledges) and trusts 89.5 90.0
life income and annuity funds 10.7 8.9
Endowment and similar funds 29.4 29.3
total temporarily restricted net assets $ 156.5 $ 154.4
Permanently restricted net assets consist of the following at May 31
(in millions): 2011 2010
Contributions (pledges) and trusts $ 58.9 $ 61.0
Endowment and similar funds 326.5 312.7
total permanently restricted net assets $ 385.4 $ 373.7
14. Gifts And Truststhe University’s advancement Office (advancement) reports total
gifts and trusts based on the Management reporting standards
issued by the Council for advancement and support of Education
(CasE). Gifts, trusts, and pledges (gifts and trusts) reported for
financial statement purposes are recorded on the accrual basis.
the table below summarizes gifts and trusts received for the years
ended May 31, 2011 and 2010, reported in the statements of activities as
well as the CasE standards as reported by advancement (in millions): 2011 2010
Unrestricted gifts and trusts in
support of programs $ 52.6 $ 58.5
Unrestricted gifts and trusts for
plant expansion 3.5 8.3
temporarily restricted gifts and trusts for
programs and plant expansion 37.7 26.6
Permanently restricted endowment gifts
and trusts 11.4 12.1
total gifts and trusts, per
statements of activities 105.2 105.5
increases (decreases) to reflect gifts and
trusts per CasE standards:
Pledges, net 2.6 2.0
Non-government grants, included in
grants and contracts revenue 40.3 42.9
differences in valuation/recording:
Funds held in trust by others 4.5 (.3)
annuity .2 .4
timing 4.2 2.6
Gift-in-kind recorded under CasE
standards only 6.4 6.4
donations to supporting organizations
recorded under CasE standards only 8.7 -
total gifts and trusts as reported
by advancement $ 172.1 $ 159.5
n o t e s t o f i n a n c i a l s t a t e M e n t sMay 31, 2011 and 2010
12. Bonds and Notes Payable (continued)
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15. Commitments and Contingenciesthe University had contractual obligations of approximately $57.8 mil-
lion at May 31, 2011 for various construction projects and purchases of
equipment. the University has also entered into professional service
agreements with Hospital Corporation of america, inc. (HCa, inc) and
various HCa, inc. affiliates. Future minimum commitments under these
agreements range from $3.1 to $24.3 million per year over the next
seven years, totaling $112.0 million.
in February 2008, the University entered into a five year innovation
incentive Funding agreement with the state of Florida (the state),
Office of tourism, trade and Economic development. the agreement
creates the Miami institute for Human Genomics (the institute) and
a program and infrastructure that supports and benefits its opera-
tions. the agreement calls for the state to fund $80.0 million with a
University pledge for $100.0 million towards the financial support of
the institute. at May 31, 2011, the University has received $59.6 million
from the state and has spent $70.2 million in matching funds.
the University, in its normal operations, is a defendant in various
legal actions. additionally, amounts received and expended under
various federal and state programs are subject to audit by govern-
mental agencies. Management is of the opinion that the outcome of
these matters would not have a material effect on the University’s
financial position or results of operations.
the University leases certain real property. these leases are classi-
fied as operating leases and have lease terms ranging up to seventy
five years. total lease expense for the years ended May 31, 2011 and
2010 was $24.1 and $21.8 million, respectively. Future minimum lease
payments under noncancelable operating leases at May 31, 2011 are
as follows (in millions):
2012 $ 6.9
2013 8.7
2014 7.1
2015 6.0
2016 5.8
thereafter 167.9
total $ 202.4
n o t e s t o f i n a n c i a l s t a t e M e n t sMay 31, 2011 and 2010
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Leonard Abess 1, 2, 3, 4
ChairChairman and Chief Executive Officer ThinkLAB VenturesWayne E. Chaplin 1, 2, 4
Vice ChairPresident and Chief Operating OfficerSouthern Wine & Spirits of America, Inc.William L. Morrison 1, 4
Vice Chair Chief Financial Officer Northern Trust Corporation
senior trUstees
Michael I. Abrams Co-Chairman, National Government Affairs & Public Policy Practice GroupAkerman SenterfittBetty G. Amos 2, 3
PresidentThe Abkey CompaniesStanley H. ArkinPresidentArkin Consulting, Inc.Jose P. Bared Chairman (Retired)Farm Stores/Gardner’s Super MarketFred Berens Managing Director - InvestmentsWells Fargo Advisors, LLCM. Anthony Burns 3
Chairman EmeritusRyder System, Inc.Charles E. Cobb 1, 4
Senior Managing Director and Chief Executive OfficerCobb Partners, LimitedNicholas A. CraneEdward A. Dauer 1
PresidentFlorida Medical Services, Inc.Carlos M. de la Cruz, Sr. 4
Chairman of the Board and Chief Executive OfficerCC1 Companies, LLCEnrique C. Falla, Sr. 2, 3
Executive Vice President (Retired)Dow Chemical Company/ Guidant CorporationPhillip Frost 4
Chairman Ladenburg Thalmann Financial Services, Inc.Phillip T. George 1, 4
ChairmanBrava, L.L.C.Rose Ellen Greene 1
Arthur H. Hertz 3
Chairman of the Board and Chief Executive OfficerWometco Enterprises, Inc.David KraslowVice President (Retired)Cox NewspapersArva Parks McCabePresidentArva Parks & CompanyCarlos A. Saladrigas Chairman and Chief Executive OfficerRegis HR GroupEduardo M. SardiñaRonald G. Stone 2
PresidentThe Comprehensive CompaniesRobert C. StraussPatricia W. Toppel General PartnerToppel PartnersDavid R. Weaver 1, 4
Managing Partner and ChairmanIntercap Institutional Investors LLCG. Ed Williamson II Chairman and Chief Executive OfficerWilliamson Automotive GroupThomas D. WoodChairman Thomas D. Wood and Company
nationaL trUstees
Adrienne ArshtNicholas A. BuonicontiSteven J. GreenManaging DirectorGreenstreet PartnersCarlos M. GutierrezVice Chairman Institutional Clients Group Citi Lois PopePresidentLeaders in Furthering Education, Inc.Alex E. RodriguezMajor League Baseball PlayerNew York Yankees
trUstees
Hilarie Bass, Esq. 1, 2, 3
Global Operating ShareholderGreenberg Traurig, P.A.Jon BatchelorExecutive Vice PresidentThe Batchelor FoundationTracey P. BerkowitzJoaquin F. BlayaNorman BramanPresident, Chairman and Chief Executive OfficerBraman Management AssociationMarc A. BuonicontiPresident The Miami Project to Cure ParalysisAlfred R. Camner 2
Camner Lipsitz, P.A.Dara CollinsLaura G. Coulter-Jones Paul J. DiMare 1, 2
PresidentDiMare Homestead, Inc.David L. EpsteinManaging PartnerPresidential Capital PartnersRichard D. Fain 2
Chairman and Chief Executive OfficerRoyal Caribbean Cruises, Ltd.George Feldenkreis 2
Chairman and Chief Executive OfficerPerry Ellis InternationalMichael B. Fernandez 1
Chairman and Chief Executive OfficerMBF Healthcare Partners, LPThelma V. A. GibsonPresident Emeritus Theodore R. Gibson Memorial FundBarbara Hecht HavenickPresident and CEOFlagler Greyhound Track and Magic City CasinoGeneral PartnerHecht Properties, Ltd.Marilyn J. Holifield, Esq.PartnerHolland & Knight, L.L.P.John P. HussmanPresident/Principal ShareholderHussman Econometrics AdvisorsManuel Kadre, Esq. 1
Gold Coast Beverage DistributorsWilliam A. KoenigsbergPresident, Chief Executive Officer and FounderHorizon Media, Inc.Bernard J. Kosar Jr.Jayne Sylvester MalfitanoRobert A. MannRoger J. Medel 1, 2
Chief Executive OfficerMEDNAXStuart A. Miller 1, 2
Chief Executive Officer Lennar CorporationJudi Prokop NewmanJorge M. PerezFounder, Chairman and Chief Executive OfficerThe Related GroupAaron S. Podhurst 1
Senior PartnerPodhurst Orseck, P.A.
Hal F. RosenbluthPresident (Retired)Walgreens Health and WellnessMatthew E. RubelSteven J. Saiontz 1
M. Christine SchwartzLaurie S. Silvers, Esq. 1, 4
PresidentHollywood Media Corp.H. T. Smith Jr., Esq. 1
H. T. Smith, P.A. Steven Sonberg, Esq.Managing PartnerHolland & Knight, L.L.P.E. Roe Stamps, IV 1
Founding Managing PartnerSummit PartnersBarbara A. Weintraub
eX officio memBers
Patrick K. BarronImmediate Past President, Alumni AssociationSteven J. Brodie, Esq.President, Citizens BoardPartnerCarlton FieldsJohn E. CallesPresident-elect, Alumni AssociationAgency ManagerUNIFI CompaniesDany Garcia 1, 3
President, Alumni AssociationFounder and PresidentThe Garcia CompaniesPeggy M. Hollander 2
Immediate Past President, Citizens BoardManaging Partner The Succession GroupDonna E. Shalala 1, 2, 3, 4
PresidentUniversity of Miami
emeriti memBers
Bernyce Adler Executive Vice ChairmanAdler Group, Inc.Paul L. CejasChairman and Chief Executive OfficerPLC Investments, Inc.Victor E. ClarkePresident and Chief Executive OfficerGables Engineering, Inc.Edward W. Easton Chairman and Chief Executive OfficerThe Easton GroupGloria EstefanEstefan Enterprises, Inc.Alfonso FanjulChairman and Chief Executive OfficerFanjul Corp. and Florida Crystals CorporationPeter T. FaySenior United States Circuit JudgeUnited States Court of Appeals, Eleventh Circuit David I. FuenteBoard MemberOffice Depot, Inc.Florence Hecht General Partner Flagler Greyhound TrackDirectorSouthwest Florida Enterprises, Inc.M. Lee PearcePrivate InvestorFredric G. ReynoldsFrank Scruggs, Esq.AttorneyBerger SingermanMarilyn SegalRobert H. SimmsPresident and Chief Executive OfficerBob Simms Associates, Inc.Gonzalo F. Valdes-FauliChairman Broadspan CapitalMarta S. WeeksFrances L. WolfsonCharles J. Zwick
corporate officers
Donna E. ShalalaPresidentThomas J. LeBlancExecutive Vice President and ProvostPascal J. GoldschmidtSenior Vice President for Medical Affairs and Dean, Leonard M. Miller School of Medicine Joseph T. NatoliSenior Vice President for Business and Finance and Chief Financial OfficerSergio M. GonzalezSenior Vice President for University Advancement and External AffairsSteve CawleyVice President for Information Technology and Chief Information OfficerWilliam J. DonelanVice President for Medical Administration and Chief Operating and Strategy Officer, Leonard M. Miller School of Medicine and University of Miami Health SystemRudy FernandezVice President for Government AffairsLarry D. MarbertVice President for Real Estate and FacilitiesJacqueline R. MenendezVice President for University Communications Nerissa E. MorrisVice President for Human Resources and Affirmative Action John R. ShipleyVice President of Finance and TreasurerAileen M. UgaldeVice President, General Counsel, and Secretary of the UniversityPatricia A. WhitelyVice President for Student AffairsTheresa L. AshmanAssociate Vice President and ControllerLeslie Dellinger AceitunoAssistant Secretary
Deans
Elizabeth Plater-ZyberkSchool of ArchitectureLeonidas BachasCollege of Arts and SciencesEugene W. AndersonSchool of Business AdministrationGregory J. ShepherdSchool of CommunicationIsaac PrilleltenskySchool of EducationJames M. TienCollege of EngineeringTerri A. ScanduraGraduate SchoolPatricia D. WhiteSchool of LawWilliam D. WalkerUniversity LibrariesRoni AvissarRosenstiel School of Marine and Atmospheric SciencePascal J. GoldschmidtLeonard M. Miller School of MedicineShelton G. BergPhillip and Patricia Frost School of MusicNilda P. PeragalloSchool of Nursing and Health StudiesWilliam Scott GreenUndergraduate Education
U n i v e r s i t y o f M i a M i B o a r d o f t r U s t e e s a n d a d M i n i s t r a t i o n
*As of September 13, 2011 Members of board committees authorized to conduct business and financial affairs of the University:1 Member of Executive Committee2 Member of Finance Committee3 Member of Audit and Compliance Committee4 Member of Trustee Service Committee
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