Educational Institution: Florida Memorial University
Florida Memorial University (FMU) is a private, coeducational, historically black university located in Miami Gardens, Florida. Founded in 1879 as the Florida Baptist Institute in Live Oak, it stands as one of the oldest academic centers in the state. Throughout its history, FMU has undergone several name changes and relocations, finally settling in its current location in 1968. In December 2004, the institution's charter was amended, and it officially adopted the name Florida Memorial University. Today, FMU is the only historically black university in South Florida, offering a transformational, liberal arts education to its diverse student body.
The mission of Florida Memorial University is to instill in its students the values of leadership, character, and service, aiming to enhance their lives and the lives of those around them. It achieves this mission by providing competitive and innovative programs across its three schools: the School of Business, the School of Education and Social Sciences, and the School of Arts and Sciences. FMU's highly qualified faculty and industry partnerships ensure that students receive a comprehensive education that prepares them for successful careers. The university takes pride in its vibrant campus life, which includes an award-winning band, cheer team, and athletic programs. As of 2022, Florida Memorial University had an undergraduate enrollment of 1,138 students, with a gender distribution of 39% male and 61% female.
Throughout its history, Florida Memorial University has produced notable alumni who have made significant contributions to their communities and beyond. Some of these alumni include Colonel Norma Ely, a pioneering figure in aviation. The university's commitment to academic excellence and community service has earned it a reputation as a school of excellence. FMU's endowment funds, which can be established with donations of $25,000 or more, provide long-term support to the university and its students. As Florida Memorial University continues to grow and evolve, it remains dedicated to its core values and its mission of providing a transformative education to its students.
Endowment
Florida Memorial University, the only historically black university in South Florida, has a modest endowment fund valued at approximately $5.1 million as of the end of the 2022 fiscal year. This represents a 15.1% decline from the previous year and is significantly smaller than the billion-dollar endowments of some other Florida universities. The university's endowment allows donors to establish named scholarship funds with contributions of $25,000 or more, which can be paid over a five-year period. These endowed funds provide long-term financial support to Florida Memorial University and create a lasting connection between donors and the institution. In 2022, the return on Florida Memorial University's endowment was -$919,000, representing an 18% loss compared to the 0.58% average return for baccalaureate colleges.