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A fall 2025 conversation with Chief Financial Officer and Executive Vice President of Operations Vicki Piersall

ºìÐÓ¶ÌÊÓƵ Fox’s Chief Financial Officer, Vicki Piersall, thinks in centuries, not quarters. Piersall is responsible for the university's financial health today - but her real focus is on what ºìÐÓ¶ÌÊÓƵ Fox will look like in 2125.

"When I think about the endowment, I'm not planning for the next five to 10 years," she says. "I'm thinking about the next 100 years of ºìÐÓ¶ÌÊÓƵ Fox's mission."

That long-term vision has guided the university's endowment growth from $34.3 million in July 2024 to $41.6 million by June 2025 - a remarkable $7.3 million increase in a single year. But Piersall sees this as just the beginning. Her goal? An endowment of $250 million that can weather any economic storm and ensure ºìÐÓ¶ÌÊÓƵ Fox can keep its promises to students for generations to come.

In an interview this fall, Piersall talked about the endowment not as an abstract fund but as a living commitment to future students who have yet to be born.

Q: What is the endowment and why does it matter?

A: The endowment is ºìÐÓ¶ÌÊÓƵ Fox's long-term investment fund that provides financial stability for the university and our students. Think of it as a permanent foundation that generates income year after year to support scholarships, programs, and operations - even during economic downturns.

While our endowment has grown over the last five years, it's still small compared to peer institutions that enroll far fewer students. This is why growing the endowment is so critical.

Q: How does the endowment help students?

A: Each year, we distribute a portion of the endowment's earnings to fund scholarships, academic programs, and student support services. When the endowment grows, we can serve more students and weather economic challenges without cutting programs or reducing financial aid. It's what allows us to keep our promises to students, even in uncertain times.

Q: How is ºìÐÓ¶ÌÊÓƵ Fox managing the endowment?

A: We've shifted to a more aggressive investment strategy in recent years, moving from simply preserving cash to investing for long-term growth. This approach has positioned us well for the future and allows the endowment to work harder for our students and mission.

Q: What does a strong endowment signal about ºìÐÓ¶ÌÊÓƵ Fox's financial health?

A: A strong endowment does more than generate annual income - it demonstrates financial stability to the broader market. ºìÐÓ¶ÌÊÓƵ Fox maintains an S&P A- credit rating, which, combined with our growing endowment, allows us to access capital markets when we need to fund major initiatives like new academic programs or facilities.

We've also modernized our investment approach with a balanced active-passive investment framework. This positions us to capture growth while managing risk appropriately for an institution of our size and mission.

Q: What's your goal for the endowment?

A: Our goal is to reach $50 million by 2027, $60 million by 2030, and $100 million by 2035. We're aiming for an endowment of at least $250 million long-term. At that level, the annual distribution can offset any economic downturns and ensure we can maintain our programs and continue serving students without making difficult cuts. It gives us stability and protects ºìÐÓ¶ÌÊÓƵ Fox's future.

“When I think about the endowment, I'm not planning for the next five to 10 years. I'm thinking about the next 100 years of ºìÐÓ¶ÌÊÓƵ Fox's mission.”