The past year has proven to be a year of constant change for our economy, the financial markets, and the University of South Carolina. The University of South Carolina Foundations remain strong and is built to navigate changing times. We realize that you also experienced changes with your own investments and retirement accounts, yet you remain generous in supporting the excellent work of the University. We appreciate the strategic engagement of the Board of Directors of the Educational Foundation and Development Foundation for their leadership over the past year. They care deeply about our university, and we are grateful for their guidance.

As a result of the volatile economy, our endowment decreased from $989 million as of June 30, 2021, to $877 million as of June 30, 2022. This decrease was primarily attributable to a reduction in our combined pool of investments which totaled $665 million as of June 30, 2022. Our one-year rate of return on investments for the year ending June 30, 2022, resulted in a negative return of -16.1%. However, our five-year return rate was 5.8%, and our ten-year rate was 8.1%. In addition, we recognized earnings on real estate owned by the Foundations. Despite the negative return for the current year, our Foundations are strong. They have sufficient liquidity to support our students, faculty, and staff with scholarships, fellowships, and other forms of support.

Your gifts support student scholarships and educational initiatives that are transforming our students, faculty, campuses, and communities. You will never fully know the impact of your gifts on our students and University, but I can assure you that they are life-changing and will make an intergenerational impact for many years to come. We are beyond grateful for your support and trust in the University Foundations.


R. Jason Caskey, CPA
President and Chief Executive Officer
University Foundations