MOORE NAMED TO HEAD UA FOUNDATION

FAYETTEVILLE, Ark. - The University of Arkansas Foundation, Inc. board of directors today unanimously elected T. Jerald Moore, 61, a former senior vice president with Aetna Life & Casualty, as its new executive director, effective Jan. 1, 2003.

Moore succeeds David Malone, who announced earlier this year that he would vacate the post Jan. 1, 2003, to head the Arkansas Teacher Retirement System.

The University of Arkansas Foundation, Inc., is a charitable corporation created under and by the laws of the state of Arkansas. The corporation is exempt from federal income tax under section 501(c)3 of the Internal Revenue Code of 1986.

The primary purpose of the Foundation is to advance higher education by securing private financial support for all units and activities of the University of Arkansas. To that end the Foundation is authorized to receive, hold, invest, manage and control property which may be acquired by the Foundation, and to distribute or use such assets for the benefit of the University of Arkansas in accordance with the purposes stipulated by the donors, grantors or testators.

"We are delighted to have found in Jerry Moore an executive with vast corporate experience and an impressive record of success who also happens to be a native Arkansan and a University of Arkansas alumnus," said Mary Ann Greenwood, chair of the UA Foundation.

"He is skilled not only in managing large budgets, but is highly skilled on the operational side of business," Greenwood added. "We felt he would be able to interact very well with the foundation board as well as its staff and many constituencies. In short, Jerry Moore has everything we were looking for and more in terms of experience and ability in large organizations, which is particularly appealing to us as we look for the UA Foundation to grow substantially in the years ahead."

Moore is a 1962 B.S.B.A graduate of the University of Arkansas and a 1983 graduate of the Dartmouth College Executive Program. He has more than 30 years of experience in the administration of benefits and financial services with Aetna.

As senior vice president of operations for Aetna he was responsible for overall profitability, accountable to 2,000 customers, oversaw $1.8 billion of annual revenue and net earnings of $275 million and responsible for more than 14,000 employees in more than 100 sites. At the time of Moore’s retirement from Aetna in 1992, a company memo lauded him as one of the people responsible for building a highly successful and profitable business, making significant contributions to the company. From 1992-2001, Moore served as executive vice president of strategic planning and human resources for Beverly Enterprises, Fort Smith.

Moore said, "I’m very interested in managing the continued growth of the

UA Foundation, building on the excellent work of David Malone, the fund-raising teams under Dave Gearhart at the Fayetteville campus and other talented professionals throughout the UA System.

"It’s imperative to keep the Foundation growing. The benefactors who support the UA System with their gifts have ambitious expectations for the success of the campuses the Foundation supports. In a time of constrained finances from state government, the Foundation takes on even more importance in ensuring that educational quality for students and faculty continues to improve," Moore said.

University of Arkansas System President B. Alan Sugg said, "We’re very fortunate to get someone of Jerry Moore’s caliber to provide leadership to the UA Foundation at a time of fiscal challenge for organizations of every stripe. Jerry will build on the leadership provided by David Malone to ensure that the UA Foundation invests wisely and maximizes the return for the campuses within the UA System. Private gift support is extremely important to the success of our colleges and universities. The UA Foundation, under Jerry Moore’s direction, will play an increasingly important role in ensuring that we have the means to sustain and improve academic quality, which is critical to the future of our state."

The University of Arkansas Foundation is governed by a 22-member board of directors, of which four are members of the University of Arkansas Board of Trustees. The Fayetteville and Agricultural Development Councils and the five Foundation Funds elect two members each to the board of directors, and four members are elected at-large by the other members of the board.

The primary responsibilities of the executive director include working with investment committees and advisors to further refine and implement the asset allocation strategy consistent with the purpose and mission of the Foundation. The executive director also monitors portfolio performance, prepares and presents investment-related reports needed for investment decision making.

On June 30, 2002, the University of Arkansas Foundation, Inc. endowment holdings totaled $349 million. The largest share of the endowment - $192 million or 55 percent - is dedicated to the Fayetteville campus. 

Although the University of Arkansas Foundation, Inc. is the primary avenue of giving to support academic programs at all campuses of the University of Arkansas, there are other organizations through which donations to the University may be received. On some campuses, the alumni associations accept donations for the support of various activities, and the Razorback Foundation, which is separate from the University of Arkansas Foundation, is the major fund raiser for intercollegiate athletics on the Fayetteville campus. The Fayetteville campus also has an additional $22.8 million in endowment holdings placed in separate campus endowment funds.