Freed-Hardeman University announces new division to support endowment growth, donor services

A time when Freed-Hardeman University’s endowment has already seen substantial growth, the university is making plans to serve its donors more effectively, according to Jay Satterfield, the university’s chief investment officer.
The staff will be enlarged to include a trust and fiduciary officer and an investment analyst. Satterfield has moved to a building across the street from Hope Barber Shull Academic Resource Center. Local residents will recognize it by its former name, the Essary Building. The additional staff is expected to join him soon.
The university’s endowment grew 33% during the last fiscal year. In fact, over the last 10 years, 2011-2021, it increased by 228%, Satterfield said. Growth includes performance and contributions, he explained.
“As our endowment has grown, we have received more requests from individuals who wanted our help in fiduciary matters,” Satterfield said. “The additional staff and space will allow us to better serve the FHU advancement staff and give us the capacity to serve more donors.”
“As the number of scholarships has increased, we have found more of our time is being consumed by assuring we are following through on donors’ requests regarding their scholarship contributions. We saw the need for a person dedicated to fiduciary responsibility.”
Satterfield has been employed by FHU since 2010 but had served the university as an investment consultant before that. A 1986 FHU alumnus, he has managed investment funds for more than 25 years. He worked in investment services and fiduciary funds with a focus on non-profits before his FHU employment.
Funds generated by the endowment benefit students. The earnings on investment support scholarships and academic programs. The university provides approximately $17 million annually in academic, merit and other scholarships not currently funded by other sources. The endowment also supports Centers of Excellence in each of the university’s colleges. These are permanent resources for academics, Satterfield said. They help fund training, travel and professional growth for faculty members and exceptional academic opportunities for students. In addition, a portion of endowment earnings is set aside as a rainy-day fund controlled by the university’s board of trustees. It can only be spent with board approval.
“The endowment fund has done well,” Satterfield said, “and we want that to continue well into the future. We recognize our duty as stewards of the funds generous donors have given to support the mission of the university by providing a strong financial base for student scholarships and robust academic programs.”