Veteran fundraiser served at helm of $1.3 billion Texas A&M Foundation
The University of New Mexico Foundation Board of Trustees today announced the appointment by UNM President David J. Schmidly of John R. Stropp (rhymes with “crop”) to serve as the first President of the newly independent UNM Foundation.
Stropp, who holds a master’s in Business Administration from Texas A&M University, served in a number of executive positions at the Texas A&M Foundation and the Texas A&M Foundation Trust Company before being named Chief Administrative Officer in 2002. In addition, he served briefly as Interim President and Chief Administrative Officer of the A&M Foundation in 2007. Before joining the A&M Foundation, Stropp served in various private sector administrative and financial management positions for 17 years.
The A&M Foundation is an independently funded and separately managed charitable organization with total assets in excess of $1.3 billion, a staff of 90 and an annual budget of $11.5 million. The Foundation Trust Company, a wholly-owned subsidiary, manages trusts and estates valued at in excess of $110 million.
Stropp will be the first President to be employed by the UNM Foundation itself, and not the University. The change is the result of a vote by the Board of Trustees to streamline the Foundation’s operations, preparing it for a planned major capital campaign, only the second in the University’s history.
Michael Kingan, who is currently vice president for Institutional Advancement at the University, will assume the position of senior vice president for University Development at the Foundation.
“Under the new, streamlined and independent organizational structure, Michael Kingan will continue his fine work spearheading development efforts on behalf of the University,” said Schmidly.
Schmidly noted that, “John Stropp combines solid managerial experience with an unbeatable fundraising track record. During his tenure at A&M, he participated in two major fundraising campaigns, including ‘One Spirit One Vision,’ which raised more than $1.5 billion.”
“During the time John Stropp was at Texas A&M, he helped guide its growth from an institution with $70 million in total assets to a nationally-recognized foundation with $1.3 billion in total assets,” noted Foundation Chair Thelma Domenici. “His insights will be invaluable as the UNM Foundation gets ready for our major capital campaign, one that will help the University achieve our vision of greatness.”
A Board of 42 Trustees governs the UNM Foundation. The Foundation supervises the investment of UNM’s endowment of approximately $325 million and anticipates raising an additional $75 million during the fiscal year ending in June.