FAU Board Approves HBOI Foundation as a Direct Support Organization
JUPITER, FL (May 28, 2008) - The Florida Atlantic University Board of Trustees named the Harbor Branch Oceanographic Institution Foundation, Inc. (HBOIF) as a direct support organization (DSO) in support of Florida Atlantic University at its May 28 meeting. The operating assets of Harbor Branch were transferred and integrated into FAU on December 31, 2007, and the HBOIF is the remaining non-profit corporation holding private support dollars and assets.
The DSO designation allows both entities, FAU and HBOIF, to share resources in support of the Harbor Branch Oceanographic Institute at FAU. This is only the second DSO designation granted by FAU under the Florida Statutes. The first was the FAU Foundation, Inc. in 1960.
According to Randy Talbot, FAU Foundation executive director and FAU vice president for university advancement, the DSO allows the FAU Foundation to establish and administer designated accounts for Harbor Branch programs, endowments and special projects. “It is in the best interest of the university to avoid duplication of efforts, and we consider the HBOIF as an extension of the FAU Foundation with a separate board dedicated to supporting Harbor Branch programs. We can now officially assist the HBOI Foundation to raise funds in support of the educational mission of Harbor Branch and the FAU Foundation will provide full support for accounting, receipts and fund management. We look forward to a long and productive relationship between the FAU Foundation and the HBOI Foundation,” said Talbot.
HBOI Foundation Vice Chairman Jim Seitz said the DSO designation is the start of a new era in the history of Harbor Branch and further consolidates the two entities. “The DSO designation is an important step, and we look forward to joining forces with the FAU Foundation to re-energize the Harbor Branch private support efforts. Harbor Branch is world-renown for its research, and the goal of our foundation board is to build long-term sources of funding. A partnership with the FAU Foundation provides HBOIF the ability to directly fund HBOI at FAU programs while building the fundraising programs that we need such as annual giving, major gifts, endowments and planned giving,” said Seitz.
The HBOIF is expanding its board of directors and will include a representative from the FAU Board of Trustees and a representative appointed by the president of FAU. In addition, HBOIF plans to name an executive director to head the fundraising operations and serve as the liaison between the FAU Foundation and HBOIF.
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