- Ron Grasso
The Board of Directors oversees the Alumni Association’s efforts to engage, advance and support the Amherst campus community and its alumni and students through a variety of programs, services and awards, as well as through opportunities for volunteerism and advocacy. To support this mission, the Board also directs the responsible allocation and investment of funds to ensure the long-term growth and financial stability of the Alumni Association.
As well, the Board of Directors is responsible for establishing operational
and governance policies to ensure transparency and accountability to
our alumni, as well as compliance with all legal and regulatory requirements.
To that end, the Board recently conducted a review of its governance,
accounting and financial reporting practices and implemented the following
best practices:
• A new audit committee was instituted to oversee the audit
process, certify accuracy of financial statements and ensure
appropriate internal controls • A new investment management consultant was hired to oversee
the performance and risk assessment of all investments • A new conflict of interest policy and Board code of conduct was developed, to ensure transparency in Board governance |
The Alumni Association has projected an operating budget of $2.3 million
for FY 2008, with approximately 80 percent of the budget allocated
in direct support of alumni programs and member services. The Alumni
Association itself funds approximately 70 percent of the total operating
budget and the Amherst campus funds the remaining 30 percent.
To help offset operating expenses, the Alumni Association generates
revenues through a number of sources, including membership dues, affinity
partner income, corporate sponsorships, event registrations and investment
income. Strong investment returns, continued revenue growth and the
responsible expenditure of funds have allowed the Board to increase
alumni programs, services, resources and communications over the past
three years.
The Board believes the Alumni Association is in a unique and exciting
position to create meaningful opportunities for alumni to remain connected
to UMass Amherst... and looks forward to continued growth and investment
in a growing alumni constituent base, in the context of an ever-changing
world. In addition, the Board’s goals for the Alumni Association support
the university in bringing recognition to UMass Amherst as a world-class
research university of distinction, while establishing, maintaining,
and promoting its unique campus traditions.
—Ronald Grasso ’92
UMass Amherst Alumni Association Treasurer
