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UMaine and USM foundations report record fundraising and laid groundwork for next campaign
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Summary
Presenters from the USM Foundation and the University of Maine Foundation told the Board committee that FY25 saw record annual fundraising and endowment growth; foundations highlighted completed capital projects, ongoing gifts (including Steinway pianos) and a multi‑point plan to prepare for a future campaign.
Corey Haskell, president and CEO of the USM Foundation, told the University of Maine System Finance, Facilities & Technology Committee that the foundation continued to raise at higher run rates between campaigns and is preparing for a future systemwide campaign.
"We wrapped the Great University campaign in 2023, which raised $50,000,000, and in FY25 we raised $10,500,000," Haskell said, adding that the foundation had reached roughly $12,000,000 raised by the close of the third quarter of FY26. He said the USM Foundation is closing capital project fundraising for the CREW Center for the Arts, the Calab Esports Arena on the Gorham campus, and a Steinway piano project.
Haskell outlined five campaign‑readiness recommendations the foundation will pursue before launching a new large campaign: finish existing capital drives, align campaign priorities with university leadership, grow endowment, identify seven‑ and eight‑figure prospects, and expand volunteer campaign leadership. "Our endowment goal at the USM Foundation is to boost our endowment to $100,000,000 by 2034," he said.
Jeff Mills, president of the University of Maine Foundation, described a similar run of strong results and praised the system foundations' investment work. "By any measurement, the greatest fundraising year in University of Maine and University of Maine System history," Mills said, noting national press recognition for endowment and return performance and crediting an active investment committee and external consultant Prime Buchholtz.
Trustees pressed presenters on investment strategy and fundraising risks. One trustee asked whether the strong investment returns reflected higher portfolio risk; Mills replied that the foundation has remained near national portfolio averages and credited frequent committee oversight and due diligence.
Trustees also asked about remaining fundraising gaps for specific projects. Haskell said the Steinway piano initiative had raised over $2,000,000 in less than a year, with about $800,000 left to raise, and that the Steinway company had encouraged continued fundraising momentum once the instruments are visible on campus.
Darla Reynolds, director of accounting for the university system, summarized FY25 gifts and balances across the system. She reported total system gifts of $37,000,000 for FY25 (down from $45,000,000 the prior year) and UMS gift‑related balances of roughly $262,000,000 as of June 30, 2025. Reynolds said the year‑over‑year decline in gifts was largely driven by an unusually large set of restricted gifts recorded in FY24 tied to construction at USM. She emphasized that most FY25 gifts (about 99%) were donor‑restricted for a specific purpose.
When trustees asked about so‑called obsolete restricted gifts, Reynolds said the system has on multiple occasions worked with donors or state authorities to adjust language so funds can be used where appropriate; she also described occasional efforts to use available gift balances to provide relief to the E&G budget where permitted.
The committee took no formal funding action during the session. The presenters said they will continue capital project fundraising and campaign readiness work, and trustees requested follow‑up materials comparing endowment and fundraising metrics to peer institutions.
