Annual Report to the Board of Regents

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FY2023 Annual Report to the Board of Regents
Texas State University System

The Emmett and Miriam McCoy College of Business Administration Development Foundation (Foundation) is approved by the IRS as an independent 501c.3 nonprofit corporation that serves exclusively for the benefit of the McCoy College of Business (College). By Regental agreement, the Foundation is the primary recipient and fiscal manager of major gifts to the McCoy College.

During fiscal year ending August 31, 2023, the McCoy College of Business Foundation remitted to the University $1,511,014.18 for the support of the McCoy College in the form of scholarships and fellowships as well as student, faculty, program, and research support.

The Foundation currently manages 145 endowments with a fair market value totaling $ 66,110,322.36.

The Foundation Board of Directors met quarterly during FY2023 to discuss and oversee the activities of the Foundation. The Foundation pays for its share of operating expenses (including staff salaries, accounting, supplies, and auditing) which totaled less than 0.4% of assets of the Foundation. Fees for investment management were approximately 0.7% of assets.

Atchley and Associates, LLP audited the Foundation’s statement of financial position as of August 31, 2022. It was determined that the results of the Foundation’s operations, changes in net assets, and cash flow for the year ended conformed to generally accepted accounting principles.

The Foundation Directors for the fiscal year ending August 31, 2023, were:
Mr. Brian F. McCoy, President, San Marcos, TX
Mr. Matt Edgar, Vice President, Cypress, TX
Dr. R. Todd Jewell, Secretary, San Marcos, TX
Ms. Karen Carroll, Treasurer, West Lakeland, MN
Mr. Scott Emerson, Director, Wayne, PA
Dr. Andrew McCoy, Director, Holland, MI
Mr. Mark Madrid, Director, Washington D.C.
Dr. Alex McLeod, Director, Bulverde, TX
Dr. Sanjay Ramchander, McCoy College Dean and Director, San Marcos, TX
Dr. Kelly Damphousse, University President and Director, San Marcos, TX

Executive Director: Mr. W. Kent Hamilton, New Braunfels, TX