President’s Report

FISCAL YEAR 2008

Martin T. Meehan, J.D. J. Keith Motley, Ph.D. Jean F. MacCormack, Ed.D. Jack M. Wilson, Ph.D. Robert C. Holub, Ph.D. Michael F. Collins, M.D.
CHANCELLOR, CHANCELLOR, CHANCELLOR, PRESIDENT, CHANCELLOR, CHANCELLOR,
UMASS LOWELL UMASS BOSTON UMASS DARTMOUTH UNIVERSITY OF MASSACHUSETTS UMASS AMHERST UMASS MEDICAL SCHOOL

achi e v e me n t
UMass is and must continue to be the high-quality, affordable choice
for students and families seeking to realize ambitious academic goals.
— UMASS PRESIDENT JACK M. WILSON
The University of Massachusetts continues to make progress in realizing its long-term
priorities and fulfilling its special role as the Commonwealth’s public research university.
We embrace our core mission—to provide an affordable, high-quality, accessible education
and to conduct programs of research and public service that advance knowledge and
improve the lives of the people of the Commonwealth, the nation, and the world.

Fiscal Year 2008 was one of achievement and progress. For example, the University was
honored to play a vital role in the state’s efforts to promote innovation industries such
as the life sciences and clean energy.

Fiscal Year 2009 is presenting challenges to the University as it has to every institution
and household. Clearly, the road to realizing our ambitious goals for UMass is more
difficult to navigate today than it was a year ago. The economic outlook for our
Commonwealth and our nation is daunting; however, we have the right leadership
team in place to navigate successfully the current environment and, significantly, guide
UMass to its rightful place in the top echelon of public research universities in the
nation. Our trustees have been vigilant stewards of our University, and we are grateful for
their many contributions. The chancellors have demonstrated excellent leadership on their
campuses, and we are committed to maintaining and building on their records of success.

The trustees, chancellors, and I are committed to managing University resources strategically
to maximize the quality of every aspect of the student experience and the University’s
enterprise. We are and must continue to be the high-quality, affordable choice for
students and families seeking to realize ambitious academic goals. We will continue to
meet our students’ financial aid needs with approximately $94.2 million in institutional aid
funds, a University-provided source of aid that has increased 165 percent since
FY 2003. We will continue to recruit and retain talented faculty dedicated to the
practice of teaching who know the full value of research—both in the classroom and
to our economy. We will move forward with our capital program, providing faculty
and students with modern, 21st century facilities.

As you will read, UMass is actively and deeply engaged with the most compelling priorities
of our age. Students and faculty are finding the keys in our genetic code to unlock break-
through treatments and cures for disease. Partnerships uniting industry and academe
are developing new, sustainable sources of energy that protect our global climate, open
the door to economic growth, and promise an end to dependence on unstable energy
sources. In our interconnected age, when global competition and opportunity might as
well be around the corner, we are forging international ties that connect the University to
the world and open the world to the University.

I would like to express my gratitude to you and the many other friends of UMass—elected
officials, donors, parents, and other community leaders—who have done so much to
sustain and advance the University. We continue to count on your support and advocacy
as we work to achieve our shared aspirations for the University and the Commonwealth.

Jack M. Wilson, Ph.D.

President
4 Academic and Research Enrichment 14 UMass Endowment
Education at a major research university offers students 15 Letter from Roy J. Zuckerberg
advantages and value that cannot be obtained elsewhere.
16 Student Investment Committee
6 University-Wide Global Engagement 18 2008 Consolidated Financial
In today’s globally integrated and deeply interdependent Information
world, the University of Massachusetts has the opportunity and 24 UMass at a Glance
the responsibility to be international in scope and approach.

8 21st Century Facilities

21st Century facilities are the coin of the realm for student-
centered, research-oriented universities—modern classrooms and
labs, the latest instrumentation and technology, as well as facilities
that enhance campus life.

10 Massachusetts Innovation Engine

The University works with business to advance the regional
economy and prepare our future workforce for industries ranging
from biotech to high tech to manufacturing.

12 Lifelong Relationships with Our Alumni

Lifelong relationships with our alumni means that each alumna and
alumnus believes that earning a UMass degree is just the beginning
of a relationship with the University of Massachusetts.

22 Service to the Commonwealth

Teaching, research, and service comprise the mission of the
University of Massachusetts. We are proud to recognize extraordinary
acts of public service contributed by members of the UMass faculty.

BOARD OF TRUSTEES
This University recognizes the following members of the Board of Trustees who
served with distinction during Fiscal Year 2008 (July 1, 2007–June 30, 2008)

Robert J. Manning Philip W. Johnston

Chairman (1/1/08–Present) Aleksandar Kulenovic
Vice Chair (10/16/06–12/31/07) Student, Boston
Stephen P. Tocco Richard J. Lawton, J.D.
Chairman (9/28/06–12/31/07)
Marisha W. Leiblum
James J. Karam Student, Amherst
Vice Chair (10/30/07–Present)
Kenneth A. MacAfee II, D.M.D.
Ruben J. King-Shaw Jr.
Vice Chair (3/19/08–Present) Heather M. Makrez
Student, Lowell
Robert K. Sheridan, J.D.
Vice Chairman (10/16/06–8/31/07) Robert B. McCarthy
Alfred J. Albano Bharath D. Nath
Student, Worcester Student, Worcester
Anthony B. Beatrice William T. O’Shea
Student, Lowell Kerri Osterhaus-Houle, M.D.
Lawrence F. Boyle, J.D. Janet D. Pearl, M.D.
Jennifer C. Braceras, J.D. Alda Rego
Matthew E. Carlin Henry M. Thomas III, J.D.
Christine K. Cassel, M.D. Ruth Thompson
Edward W. Collins Jr. Student, Amherst
John A. DiBiaggio, D.D.S. Karl E. White
Tamara Endich
Student, Dartmouth

To view the current list of University of Massachusetts Board of Trustees,

please visit http://www.Massachusetts.edu/bot/members.html
Nearly a century and a half after they were established, public universities remain one of
our nation’s most important, successful, and enduring creations.

The public university was initially envisioned as a gateway to hope and opportunity for a
national economy that had been devastated by the Civil War and by a government that
recognized that an educated populace would be required to propel our nation forward.

Today, these many decades later, we find ourselves facing different challenges—the solu-
tions to which will also require an educated public. In order to educate the future leaders
required for our Commonwealth and our nation to compete, our public universities must
play a significant role.

As our state, our nation, and the world look to find ways to emerge from this period of
economic distress, the question arises: Who are the leaders, and what are the institutions
that will guide us to a new period of prosperity and stability?

As a graduate of the University of Massachusetts Lowell and as chairman of the University’s

Board of Trustees, I can say, with conviction and with pride, that UMass will play a central
role in leading the way.

When I look at the leadership provided by my fellow trustees, by President Wilson,

and by the chancellors; at the skill, dedication, and commitment of our faculty and staff;
and at the talent, enthusiasm, and determination of our students, I think it is clear that
the University of Massachusetts will continue to play a significant role.

The University of Massachusetts, with its growth in recent decades, has shaped the
Commonwealth as a society and as an economy as never before. The University
educates 61,000 students (most of whom come from and remain in Massachusetts after
graduation), and brings $400 million in sponsored research to the state each year—
research that fuels the state’s economy. Discoveries emerging from UMass research
contribute to enterprise and job creation—providing our regional economy with
much-needed, well-educated employees.

Despite the challenges of the current economy, we must forge ahead and continue
to make progress for the people of the Commonwealth. It is our responsibility to
ensure that current and future generations of students have access to the best possible
education through our public research University. I thank you for your continued
advocacy for the University of Massachusetts.

Robert J. Manning
UMass Lowell ’84
Chairman,
Board of Trustees
Ac a d e m i c a n d R e s e a rc h E n r i c h m e n t

Education at a major research university offers

students advantages and value that cannot be
obtained elsewhere.

Faculty scholarship and research are at the heart of a world-class university. At the University of
Massachusetts, the excellence and impact of faculty research have distinguished UMass globally, and
research capacity continues to grow each year. UMass is a powerful research engine, with $435 million in
research activities supported by sources that include the National Science Foundation, the National
Institutes of Health, corporate partners, and other federal, state, and private sources. This level of
funded investigation ranks UMass in the top 25 public research universities in the U.S.

The University delivers a quality of scholarship that is second to none. Our faculty members have been
honored with the most prestigious forms of recognition in their fields, including the Nobel Prize, the
Pulitzer Prize, and the American Book Award. We boast among our ranks members of the National
Academies, and Fulbright, Guggenheim, MacArthur, and Mellon fellows. The ability to engage with
faculty and to participate in research benefits students at both the undergraduate and graduate levels.

Academically, our wide range of learning opportunities includes new majors and multi-disciplinary
programs. The University supports a wide range of international opportunities, enabling students
to enrich their learning with a global perspective. UMassOnline, the University’s online learning
consortium, offers students, professionals, and lifelong learners worldwide access to nearly 90 under-
graduate and graduate degree, certificate, and professional development programs and more than
1,500 courses. Each year since it was founded in 2001, UMassOnline has achieved double-digit enrollment
and revenue growth.

“There’s nowhere better in the country to engage in the life

of the mind, and no location better suited to engage with
scholars and students committed to making the world a
better place now and in the future.”
Robert C. Holub, Ph.D., Chancellor, UMass Amherst
 President’s Report FY2008 4 | 5

UMass research capacity

continues to grow.

In FY2008,our five
campuses expended $435
million on research.

Since FY2003, the University

has had an average annual
growth rate of 9.3% in
research expenditures.

Above: George W. Huber, Armstrong Professor of

Chemical Engineering at UMass Amherst
Right: Students silk screening at UMass Dartmouth

Green Gasoline

George W. Huber, Armstrong Professor of Chemical Engineering at the University of Massachusetts Amherst, is
working on a solution to one of the most urgent issues facing the world today: how to end our dependence on
petroleum oil. Huber’s solution is to convert low-cost, domestically available biomass resources, including sawdust,
agricultural waste, and energy crops into environmentally friendly liquid biofuel.

Biomass comes from plants—trees, grass, forest products—or just about anything that grows. Three types of biomass
feedstocks have attracted significant interest of scientists: starches and sugarcane (such as corn-derived ethanol),
vegetable oils, and cellulosic biomass. Cellulosic biomass is the non-edible portion of biomass and is the cheapest
and most abundant form of biomass. Currently, however, cellulosic biomass is not used as a feedstock to make liquid
biofuels because the current conversion technologies are too expensive.

A specialist in catalysis, Huber is developing more efficient and cheaper biomass conversion technologies. Previously
developed cellulosic biofuel production processes rely on reactors that can be several stories high and take five to ten
days to complete. Huber’s innovations would turn biomass into green gasoline in under a minute in facilities that are
much smaller and are one-half to one-third cheaper than competing technologies. The only water needed for Huber’s
biomass conversion processes is the amount used to grow the crops.

Since he arrived at UMass in 2006, Huber has been awarded more than $7 million in federal grants, and a Career
Award from the National Science Foundation in 2007, the highest award the NSF bestows upon young faculty
members. Huber is also co-founder of the start-up Anellotech, which has licensed technology from the University
and is in the process of seeking federal and private funding for commercial development.
U n i v e rs i t y- Wi d e G l o b a l E n g a g e m e n t

In today’s globally integrated and deeply interdependent

world, the University of Massachusetts has the
opportunity and the responsibility to be international in
scope and approach.

In a world where our global connections traverse multiple dimensions, it is more important than ever for
diverse perspectives to be shared and understood. Therefore, it is a strategic priority for the University
of Massachusetts to offer innovative opportunities for students and faculty to pursue their learning and
research with peer institutions abroad, as well as to attract brilliant students and faculty from other
countries to our campuses.

The University has a long tradition of intellectual engagement across borders beginning when the
University’s third president, William Smith Clark, traveled to Hokkaido, Japan in 1876 to help found the
Sapporo Agricultural College, now known as Hokkaido University.

In March 2008, President Wilson was invited by Dr. Tisato Kajiyama, president of Kyushu University and a
UMass Amherst alumnus, to deliver the commencement address at Kyushu University, one of Japan’s most
prestigious national universities. As part of this trip, President Wilson also attended a summit of presidents
of Asian universities and was pleased to discover that three of the eight university presidents representing
their countries were University of Massachusetts alumni.

Massachusetts is one of the world’s leading capitals for higher education and research. Students from
every corner of the globe come here for remarkable opportunities to learn and to contribute to the
bodies of knowledge that comprise human understanding. As Massachusetts’ public research university,
the University of Massachusetts is proud to be part of that tradition.

“This University’s reach is truly global, whether we are talking about

bringing irrigation systems to remote villages in Peru or peace to the most

troubled corners of the world. We reach out to other parts of the world

and in the process, learn more about ourselves and our own capabilities.”

Martin T. Meehan, J.D., Chancellor, UMass Lowell

 President’s Report FY2008 6 | 7

Above: President Wilson delivers the

commencement address at Kyushu
University in Japan, March 2008

Right: Students from Tsinghua

University’s Academic Bridge Program
at UMass Boston

Academic Bridge Program

Tsinghua University and the University of Massachusetts

In 2003, the University of Massachusetts Boston forged a landmark relationship with Tsinghua University in Beijing,
China. One result was the development of an Academic Bridge Program to prepare Chinese students for study
in the U.S., initially at UMass Boston. Now in its fourth year, the Academic Bridge Program has grown from five
students enrolling at UMass Boston in 2005 to more than 100 students currently enrolled. Ultimately, the goal is to
enroll 400 new students each year from the program across the University system.

Tsinghua University’s Academic Bridge Program partners with universities in the U.K., Australia, New Zealand,
Canada, and with UMass Boston and Amherst—and soon Lowell and Dartmouth—in the United States. Tsinghua
students take one year of English instruction and introduction to American-style education in China. Halfway
through the year, students declare an academic interest and begin to take classes in that discipline, focusing on
the development of reading, writing, and critical thinking skills, along with English proficiency. In the second year,
students leave China and matriculate at one of the partner universities such as UMass Boston. Each student receives
intensive support and advising from his or her home campus.

The program helps to meet the growing demand for higher education in China and increases the international
student population at UMass. The program will open next year to all four UMass undergraduate campuses with
the Dartmouth and Lowell campuses accepting students to targeted programs such as five-year master’s degree
programs, and engineering and technology programs.
2 1 s t C e n t u ry Fa c i l i t i e s

21st Century facilities are the coin of the

realm for student-centered, research-oriented
universities—modern classrooms and labs, the
latest instrumentation and technology, as well
as facilities that enhance campus life.

The University’s ambitious capital plan calls for initiating more than 200 building and renovation projects
across the five UMass campuses. Bolstered by the state’s higher education bond bill, the University plans to
strategically invest $1.9 billion in new facilities, building renovations, and deferred maintenance projects
over the next five years, exceeding the level of capital spending and activity that we have been able to
undertake during the first seven years of this decade.

Our students and faculty need and deserve state-of-the-art living and learning buildings. That is expected
at a world-class public research university.

The Commonwealth is counting on UMass to produce the leaders of the 21st century. We embrace the
expectation that the University will be a significant economic contributor for Massachusetts—developing
new technologies, new medicines, and new jobs—and our investment in the capital program ensures we
will continue to lead the way in educating our students and supporting economic and social development
in Massachusetts.

Here’s a look at some of the projects that are underway...

UMass Amherst Design of a 140,000 square foot new laboratory science facility and construction of a new
student recreation center.
UMass Boston Design of a new integrated sciences complex and completion of the Venture Development
Center, which includes lab space for entrepreneurs to share ideas and create new technology
ventures.
UMass Dartmouth Expansion and major renovation of the library and Phase II of the Research Extension Building
to establish more laboratory space and research infrastructure.
UMass Lowell Renovation of Fox Hall, the campus’s largest housing facility, to meet the needs of current and
future students, providing 119 new beds for the start of the fall 2009 semester.
UMass Medical School Construction of facilities, and related infrastructure improvements, to establish an Advanced
Therapeutics Cluster to enhance existing research and development programs for conducting
cutting-edge RNAi, gene therapy, and stem cell research.
 President’s Report FY2008 8 | 9

Students in the Integrated Sciences Building at UMass Amherst, Earle P. “Chuck” Charlton II, trustee of the Charlton Family Trust,
which forges a new model for science teaching and research focused continues the Trust’s
Earle long legacy
P. “Chuck” of support
Charlton II meetsfor UMass
guests Dartmouth
during
on the integration of the life, chemical, and physical sciences and the Charlton College
the Blue & GoldofGala
Business
at UMass Dartmouth

Charlton Family Creates Incentive

f o r L e a r n i n g Pav i l i o n

The Charlton College of Business at UMass Dartmouth is named for Earle P. Charlton, who built a chain of “5 &
10 cent” stores—starting in 1890 with the original store in Fall River, Massachusetts—that eventually became the
worldwide Woolworth’s enterprise. His success and his commitment to our region manifests itself today as his
grandson, Earle P. “Chuck” Charlton II continues his legacy of engagement with the community by supporting the
University of Massachusetts Dartmouth.

Ten years ago, the Charlton Family Trust provided a $3 million gift to build the current building. Just recently, the
Trust made another $3 million donation—half of which will be used to match other gifts as an incentive to help
finance an $11.4 million Learning Pavilion at the Charlton College. This 22,000 square foot, three-story addition
to the main building will include an auditorium, technology-enhanced classrooms, and a trading floor lab where
students can learn and practice investment skills and strategies in real time.

“I am excited about reaching the goal and being a part of providing southeastern Massachusetts with one of the
finest business schools in New England and the nation,” said Chuck Charlton, who is a trustee of the Trust. “It is
truly a vision of the future.”

The original building has been in use since October 1, 2004, and Chuck has been a frequent visitor to the campus.
In addition to capital gifts, he has supported a number of initiatives at the school, including a business plan contest
based on the lessons of the Charlton family business, as well as an endowment for student scholarships. He is an
annual member of the Chancellor’s Club within the Annual Fund.

“This has been a decade of renewal, with the University of Massachusetts

investing $1.7 billion in new construction and renovation; creating the

campus facilities that our students, faculty, and staff need and deserve;

and ensuring that UMass will compete and prosper in the 21st century.”

Jean F. MacCormack, Ed.D., Chancellor, UMass Dartmouth

M a s sa c h u s e t t s I n n ova t i o n E n g i n e

The University works with business to advance

the regional economy and prepare our future
workforce for industries ranging from biotech
to high tech to manufacturing.

People are the most valuable asset of any institution or business, and talent is the lifeblood of any
regional or national economy. To compete in the technology-enabled global knowledge economy,
workers and leaders must have both deep skills and broad perspectives. The five UMass campuses are
focused on building a talent pool for today’s demanding economic environment, one that includes those
business sectors that will be even more important in the coming years, such as life sciences, information
technology, and sustainable energy.

Keeping the Commonwealth competitive means maintaining its status as a leading developer of cutting-
edge technologies. Through our research activities and partnerships, and our regional incubators, we
promote the formation of new and innovative companies, which in turn spur job creation in Massachusetts
and attract skilled workers to the state from elsewhere. Approximately 60 percent of UMass graduates stay
in Massachusetts to work for their entire careers, which is a significant advantage for the state in terms of
maintaining a labor pool and tax base.

UMass is responsible for an estimated $4.3 billion of economic activity and 29,000 jobs in Massachusetts
as reported in the University’s 2006 economic impact study. In the current economic climate, our
contributions to the local and regional economy are more critical than ever—and our commitment
has grown in kind.

“This is the ‘life sciences moment’ at the beginning of what will undoubtedly be

known as the ‘life sciences century.’ The University of Massachusetts is uniquely

positioned to help the Commonwealth maintain its position as a global life

sciences leader, which will yield significant medical and health benefits for all

of mankind and ensure the vitality of the state’s economy.”

Michael F. Collins, M.D., Chancellor, UMass Medical School;

Senior Vice President for Health Sciences
 President’s Report FY2008 10 | 11

Members of the UMass Medical School Center for

Stem Cell Biology & Regenerative Medicine, from
left to right: Maria Borowski, Education and Train-
ing Director; and International Stem Cell Registry
Curators Kelly Smith, Ph.D., and Mai Luong, Ph.D.

Leadership in Stem Cell Research

In the constantly evolving field of stem cell research, new discoveries that improve scientists’ understanding of
cellular function and disease are made daily. No matter what lies ahead, the University of Massachusetts stands
ready to make important contributions to shape this new scientific frontier.

“Stem cell research holds enormous promise for developing cures for debilitating diseases such as cancer, juvenile
diabetes, Alzheimer’s, and Parkinson’s disease,” said Dr. Gary Stein, chair of the Department of Cell Biology at
UMass Medical School (UMMS) and Interim Director of the Cancer Center at UMass Memorial Medical Center.

Stein, who also serves as the Interim Director of the Center for Stem Cell Biology & Regenerative Medicine, has
firsthand knowledge of the faculty excellence and pioneering programs at UMMS and UMass Amherst. When asked
about the University’s expertise in stem cell research and related fields, he is unequivocal: “The University of
Massachusetts is poised to be a global leader in this important new frontier of biological and clinical research.”

UMass Medical School has an integrated stem cell research portfolio that includes the most comprehensive online
stem cell registry worldwide, a stem cell bank, and a unique stem cell education and training program.

With state funding from the Massachusetts Life Sciences Center, UMMS is launching the Massachusetts Human
Embryonic Stem Cell (hESC) Bank. The hESC Bank will support a wide range of education and training, including
opportunities for investigators from academia and the private sector to receive technical instruction on how to grow
and utilize stem cells in an experimental setting.

Before human embryonic stem cells were first isolated by researchers in 1998, discoveries of embryonic stem cells
in mice were made in the early 1980s. At UMass Amherst, animal stem cells have been used for years in its highly
regarded animal genetics, reproduction, and immunology programs. Improving scientific understanding of
processes that regulate the development and differentiation of stem cells in mice and other animals can provide
critical knowledge that will improve human stem cell line development and growth.

The University’s stem cell research is part of its broader preeminence in the life sciences, a $247 million research
area at UMass comprised of key strengths such as regenerative medicine, stem cell biology, RNA biology, gene
therapy, health and bioinformatics, biomaterials, and nanotechnology.
Lifelong Relationships with Our Alumni

Lifelong relationships with our alumni means that each

alumna and alumnus believes that earning a UMass degree
is just the beginning of a relationship with the University
of Massachusetts.
O u r P r i o r i t y I s Yo u : Career Netwo rk i n g · U M a ss Cl u b · D o n o r R e c o g n i ti on · O nl i ne C o m m u n it ie s

Our alumni are our best and most important ambassadors. Through their accomplishments and achievements,
they vividly demonstrate the quality of a University of Massachusetts education.

What many alumni have come to realize is that the stellar education and sense of community they enjoyed
as students are still available to them. We offer accredited online courses and degrees through our online
learning consortium, UMassOnline (www.umassonline.net); social networking through online alumni
communities; and cultural programs and events for alumni that provide opportunities to stay engaged with
the school and with fellow alumni.

Alumni are showing their gratitude to the University through philanthropy. In doing so, they become our
partners in providing for future generations of students and researchers at UMass. Thanks to alumni
support, the University’s endowment has almost doubled over the past five years, from $196 million in 2004
to more than $381 million at the end of Fiscal Year 2008.

Founded in 2005, the UMass Club is a vibrant hub in downtown Boston for UMass alumni and

supporters to socialize, network, dine, and conduct business. The Club has more than 1,000

members and runs approximately 30 events every week. For more information, contact the

UMass Club at 617.287.3030, or visit www.umassclub.com.

“The University of Massachusetts is hard at work devising new and exciting ways

of reaching out to its nearly 400,000 graduates, almost two thirds of whom

live in the Commonwealth. We want our alumni to know that the University of

Massachusetts is always there for them, proud of their success and eager to play

a role in their professional and personal growth.”

J. Keith Motley, Ph.D., Chancellor, UMass Boston

 President’s Report FY2008 12 | 13

A U M as s E du c at i o n Pays D i v i d e n d s f o r L i f e

The University of Massachusetts Boston that he sees today

reminds Ed D’Alelio of the school that served as the launch-
ing pad for his successful business career.

“The professors work hard and are close to the students.

The students hustle, and the companies we have exposed
them to are extremely impressed with the level of work,
dedication, focus, and commitment they see from UMass
students. People have a can-do attitude.”

Hard work and success are two things that D’Alelio, a 1974
graduate, associates with his alma mater.

A self-described “Dorchester guy,” D’Alelio hustled when

he was a student at UMass Boston, earning a double-major
degree in English and economics while working 20 hours a
week in the Accounting Department at New England Life
Insurance Co. “My nose was always to the grindstone, but
it paid off in the long run,” notes D’Alelio, one of three
brothers to graduate from UMass Boston.

It paid off in a dramatic way, with D’Alelio making a meteoric rise in the investment industry, setting the stage for
the current, multi-dimensional phase in his career. This includes his role as executive in residence at UMass Boston’s
College of Management and his service as a director of the University of Massachusetts Foundation and vice chair-
man of the Foundation’s investment committee. D’Alelio is also involved with several start-up companies, including
bluewater SEPTIC, a Needham-based firm that has developed a cleaner and more efficient way of servicing septic
systems, which has seen its business boom.

“This all is like a second career for me,” says D’Alelio, who describes himself as “semi-retired,” but has a schedule
and scope of activities that reflect his well-honed work ethic.

D’Alelio, who lives in Hingham with his wife Dawn and their twin sons, remembers the moment he set his sights on
the investment business. “I was working in the Accounting Department at New England Life—hundreds of metal
desks in the old insurance company format—and one day they said to me: ‘You’ve got to go upstairs and get these
tickets signed in the investment department.’”

“I was a young guy. I didn’t really process what insurance companies did. I knew they had insurance policies but
I didn’t know they had investment assets against that, so I took the elevator up to the ninth floor and it was like
Mount Olympus. It was mahogany desks and marble busts, and I said: ‘This is where I want to work.’”

So began a career that took D’Alelio to a top position at Putnam Investments and into the upper reaches of the
investment profession. “I got in early, just as high-yield bonds were about to take off. That was my rocket ship.”

Nearly 40 years after he arrived at UMass Boston, D’Alelio enjoys being back on campus.

“The students are terrific. They’re very eager around anyone with experience in the investment business or
finance,” says D’Alelio, who advises the UMass Boston student investment team. “UMass students take things
seriously. They know there’s an endgame here for them. They know they’re going to come out of here with a great
education and are going to be able to leverage that to do whatever they want to do in life.”

Alumni Online Communities

Plug in to a powerful network of UMass alumni! Creating a free profile lets you post a class note,
network with fellow graduates, establish a permanent e-mail address, and register for events.

UMass Amherst www.alumniconnections.com/umassamherst

UMass Boston www.networkumass.com/boston
UMass Dartmouth www.networkumass.com/dartmouth
UMass Lowell www.networkumass.com/lowell
UMass Medical School www.networkumass.com/medical
 U M a s s E n d ow m e n t

The UMass endowment is an accumulation of funds,

primarily gifts with donor-designated purposes, set aside
and invested to support the University’s teaching and
research missions in perpetuity.

$400 ENDOWMENT GROWTH OVER 5 YEARS $381

DOLLARS IN MILLION(S)

$350 $330

$300

$260
200%
$250
$222 190%

$196 180%
$200
170%

16.01% .92% 160%

$150
ANNUAL
150% ENDOWMENT
DOLLAR VALUE
140%
$100 COMPOUNDED
11.02% EARNINGS
130%
COMPOUNDED
$50 10.38% 3.8% 120% INFLATION

2.6%
10.38% 3.6% 110%
Represents endowment and
3.6%
funds treated as endowment
$0 3.6% 100%
2004 2005 2006 2007 2008
 President’s Report FY2008 14 | 15

Recent months have brought unprecedented turmoil in the global financial markets.
Neither individual nor institutional investors have been immune from the effects of
what continues to unfold as an international economic crisis that affects all of our lives.

Despite this very challenging year, we are able to report positive performance for the
University’s endowment in Fiscal Year 2008. As detailed in the financial reports, the
endowment investment registered a positive return of just under one percent. Relative
to endowments of similar size, which averaged losses of more than three percent, this
performance placed us in the top quartile of endowments reporting, but it is far from
what we aspire to achieve for our University.

The next several years promise to be even more difficult, with positive returns diminish-
ing, and becoming rarer. As always, but particularly in this trying financial environment,
we are grateful for the steadfast commitment of our Investment Committee members.
This talented and committed group of alumni, parents, and friends—all accomplished
investment professionals—volunteer their time and provide counsel as stewards of the
UMass endowment. We also receive solid insight and guidance from our paid advisor,
Morgan Stanley.

Our Committee mandate is to invest the University endowment in assets that will grow
at a rate greater than inflation so that the spending power of our endowment over
time is preserved. Though recent quarters have been challenging, today’s market offers
opportunities for investors with a long investment horizon, and we seek to position the
endowment to benefit from those opportunities.

At the close of Fiscal Year 2008, our endowment stood at $381 million. The endowment
is an essential part of how UMass is able to achieve some of the most fundamental parts
of its mission as a public research university. The primary resource of any organization
is its people, and ultimately the endowment allows us to invest in the precious human
capital that drives the institution’s success. There are many examples of how endow-
ment gifts drive this investment.

President Wilson, University trustees, and the chancellors have made increased
commitments to financial aid, and the endowment has been a critical source of funds
for this purpose in recent years.

Recruiting new faculty members with talents in teaching and research or other scholarly
practice is made easier with endowed chairs, graduate fellowships, and library funds to
support their work.

As we seek to strengthen our research capacity, the endowment also allows the Univer-
sity to invest in modern facilities and collaborations with industry that fuel innovation
and economic development—for the people of the Commonwealth and the nation.

When you invest in the endowment, you make all of this—and more—possible.
Your giving is an investment in the University for today and for tomorrow.
On the preceding page is an illustration of the endowment’s growth in recent years.

I applaud and thank my colleagues on the Investment Committee for their prescience
and diligence in setting our course. I join President Wilson and the chancellors in
thanking the many alumni, parents, and friends who have become donors and who
have joined me in making gifts to the endowment. The University of Massachusetts
cannot achieve its continued progress toward excellence without our continued
support, and I am privileged to be among the stewards of your philanthropy.

Roy J. Zuckerberg
UMass Lowell ’58
UMass Foundation
Treasurer and
Investment Committee
Chairman
Student Investment Committee

Working with experienced alumni, the UMass Lowell

Student Investment Committee made real investment
decisions that outperformed Wall Street and earned
returns for the University.

A team of current UMass Lowell finance students invested $25,000 in stocks and other investment
vehicles guided by expert advice from UMass Lowell alumni who are currently working as professional
money managers. The money was provided by the University of Massachusetts Foundation as part of
a competition among finance students at the University’s Amherst, Boston, Dartmouth, and Lowell
campuses to achieve the highest rate of return. Each campus’s student group developed a different
investment strategy with the input of their professors and volunteer alumni advisors.

The UMass Lowell students are members of a Student Investment Committee advised by UMass
Lowell Finance Professor Ravi Jain. The UMass Lowell team has commanded the lead since the
program’s inception and won the most recent competition, which ended in May 2008. UMass Lowell’s
student-managed fund ended Fiscal Year 2008 about 10 percent higher than its initial capital invest-
ment during a period when stocks and major stock indexes like the S&P 500 were tumbling—indeed,
between January and June, the S&P 500 dropped nearly 13 percent.

The competition among the campus teams will continue in the next academic year. As an added
incentive, when the total student-managed fund reaches $200,000, some of the proceeds will be
earmarked for financial aid.
The UMass Lowell student investors with
Professor Ravi Jain (seated)
 President’s
President’sReport
ReportFY2008
2009 16 | 17

Elected officials, university leaders, delegates from other institutions, students, faculty, staff, family members, and
friends came together for the inauguration of UMass Boston Chancellor J. Keith Motley (left) on November 9, 2007
and for UMass Lowell Chancellor Martin T. Meehan (right) on April 4, 2008

This University recognizes the following members of the UMass Foundation Board of Directors,
who served with distinction during Fiscal Year 2008 (July 1, 2007–June 30, 2008)

UMASS FOUNDATION PUBLIC DIRECTORS UNIVERSITY-AFFILIATED VOTING

BOARD OF DIRECTORS Richard V. Aghababian ‘74 M.D. ‡ DIRECTORS/EX-OFFICIO
Mark Atkins ‘71 ‡ Thomas W. Cole Jr., Ph.D.
Chancellor, UMass Amherst
OFFICERS Douglas Cliggott ‘78 * ™
Michael F. Collins, M.D.
Jack M. Wilson, Ph.D. * ™ ‡ Stephen A. Collins ‘81 ‡ Chancellor, UMass Medical School
President
Edward H. D’Alelio ‘74 * ™ Matthew C. Donahue, J.D.
Edward H. D’Alelio ‘74 * ™
Secretary Stephen R. Dunne ‘89 ‡ Patricia C. Flaherty ‘81
Roy J. Zuckerberg ‘58, ‘99 H * ™ Grace K. Fey ‘07 H * James R. Julian Jr., J.D. * ™
Treasurer Stanley L. Fung ’79 * Executive Vice President and
Chief Operating Officer, UMass
Maria D. Furman ‘76 *
Richard J. Lawton, J.D.
Warren J. Isabelle ‘78, ‘81 M.S. * Chair, Trustee Committee on
Parent University Advancement
John D. Kattar, CFA ‘78, ‘82 M.S. * ™ Stephen W. Lenhardt *
Mary Lynn D. Lenz V.P. for Management & Fiscal
Affairs and Treasurer, UMass
Robert M. Mahoney ‘70 ‡ ™
Audit Committee Chair Jean F. MacCormack, Ed.D.
Chancellor, UMass Dartmouth
James P. Pappas ‘75 *
Robert J. Manning ™
R. Norman Peters, J.D., H ‘04 Chairman, Board of Trustees
Mary L. Reed ‡ Martin T. Meehan, J.D. ‘78
Robert R. Reitano ’71, ’72 M.A. * ™ Chancellor, UMass Lowell
Andrew T. Rudd * J. Keith Motley, Ph.D.
Parent Chancellor, UMass Boston
Robert K. Sheridan Frank B. Sousa Jr.
Parent
Jack M. Wilson, Ph.D. * ™ ‡
Karl E. White * President, UMass
™ Executive Committee members
Roy J. Zuckerberg ‘58, ‘99 H * ™
* Investment Committee members
Investment Committee Chair
‡ Audit Committee members INVESTMENT ADVISOR
Victor Livingstone
Morgan Stanley

For the current list of Foundation Directors, please visit

http://www.massachusetts.edu/foundation/founddirectors.html
2 0 0 8 C o n s o l i da t e d F i n a n c i a l I n f o r m a t i o n

CONTAINING FINANCIAL
INFORMATION BETWEEN
THE DATES OF JULY 1, 2007
AND JUNE 30, 2008

Four-time All-American Toni-Marie Henry,

UMass Lowell ’07
 President’s Report FY2008 18 | 19

ORGANIZATIONS

ORGANIZATIONS
JUNE 30, 2008

JUNE 30, 2008

JUNE 30, 2007

JUNE 30, 2007

STATEMENT OF NET ASSETS

UNIVERSITY

UNIVERSITY

UNIVERSITY

UNIVERSITY
As of June 30, 2008 and 2007

RELATED

RELATED
(in thousands of dollars)

Cash and Cash Equivalents $ 29,499 $ 50,028

Cash Held By State Treasurer 10,965 9,834

CURRENT ASSETS
Accounts, Grants and Loans Receivable 195,363 $ 22 202,666 $ 22
Pledges Receivable 1,002 7,293 1,922 5,520
Short Term Investments 212,483 62,873
Inventories 14,387 13,283
Accounts Receivable UMass Memorial 4,138 122,508
Due From Related Organizations 111 990 191 1,280
Other Assets 27,009 39 11,842 19
Total Current Assets 494,957 8,344 475,147 6,841

ASSETS
Cash and Cash Equivalents 3,753 3,040
Cash Held By State Treasurer 7,272 6,311

NONCURRENT ASSETS
Cash and Securities Held By Trustees 642,210 437,494
Accounts, Grants and Loans Receivable 34,749 34,949
Pledges Receivable 1,854 5,179 4,900 6,267
Investments 420,234 292,526 470,900 280,459
Other Assets 13,209 48 10,321 46
Investment In Plant Net of Accumulated Depreciation 1,918,770 979 1,719,316 992
Total Noncurrent Assets 3,038,298 302,485 2,684,191 290,804
Total Assets $ 3,533,255 $ 310,829 $ 3,159,338 $ 297,645

Accounts Payable $ 83,974 $ 266 $ 96,767 $ 1,171

Accrued Salaries and Wages 64,835 56,979
Accrued Liability for Compensated Absences 67,375 62,446
Accrued Liability for Workers’ Compensation 3,125 3,733

CURRENT LIABILITIES
Arbitrage Rebate Payable 956 641
Accrued Interest Payable 9,912 9,690
Bonds Payable 45,915 40,070
Capital Lease Obligations 8,251 12,285
Accounts Payable UMass Memorial 3,056 3,339
Due To Related Organizations 990 111 1,280 191
Deferred Revenues and Credits 61,373 8,886 56,566 6,384
Advances and Deposits 8,552 10,576

LIABILITIES
Other Liabilities 73,350 118,310
Total Current Liabilities 431,664 9,263 472,682 7,746

Accrued Liability for Compensated Absences 21,707 21,936

NONCURRENT LIABILITIES

Accrued Liability for Workers’ Compensation 11,274 11,140

Arbitrage Rebate Payable 519 493
Bonds Payable 1,339,110 1,004,539
Capital Lease Obligations 34,177 42,300
Deferred Revenues and Credits 13,556 12,885
Advances and Deposits 27,383 28,087
Other Liabilities 418 3,636 959 2,983
Total Noncurrent Liabilities 1,448,144 3,636 1,122,339 2,983
Total Liabilities $ 1,879,808 $ 12,899 $ 1,595,021 $ 10,729

Invested in Capital Assets Net of Related Debt $ 1,027,045 $ 979 $ 884,138 $ 992
NET ASSETS

Restricted Nonexpendable 16,605 212,017 16,264 193,100

Restricted Expendable 161,732 77,192 212,302 85,809
Unrestricted 448,065 7,742 451,613 7,015
Total Net Assets $ 1,653,447 $ 297,930 $ 1,564,317 $ 286,916
 UNIVERSITY

UNIVERSITY
STATEMENTS OF CASH FLOWS

JUNE 30,

JUNE 30,
For the Years Ended June 30, 2008 and 2007

2008

2007
(in thousands of dollars)

Tuition and Fees $ 494,210 $ 455,658

Grants and Contracts 483,167 436,775
Payments to Suppliers (745,330) (778,444)

OPERATING ACTIVITIES
Payments to Employees (1,059,274) (1,035,469)

CASH FLOWS FROM

Payments for Benefits (266,863) (227,503)
Payments for Scholarships and Fellowships (28,111) (28,200)
Loans Issued to Students and Employees (5,733) (8,146)
Collections of Loans to Students and Employees 4,253 8,259
Auxiliary Enterprises Receipts 232.694 212,545
Sales & Service, Educational 25,230 24,400
Sales & Service, Independent Operations 87,052 104,254
Sales & Service, Public Service Activities 451,119 351,655
Net Cash Used for Operating Activities (327,586) (484,216)

State Appropriations 673,134 636,372

CASH FLOWS FROM

Tuition Remitted to the State (46,164) (46,599)

NONCAPITAL
FINANCING
ACTIVITIES
Federal Appropriations 7,099 5,777
Gifts and Grants for Other Than Capital Purposes 22,675 18,018
Private Gifts for Endowment Purposes 1,557 1,076
Student Organization Agency Transactions 151 (290)
Net Cash Provided by Noncapital Financing Activities 658,452 614,354

Proceeds from Capital Debt 393,037 232,079

Bond Issuance Costs Paid (1,129) (824)

CAPITAL FINANCING
CASH FLOWS FROM
Capital Appropriations 20,246 73,590

ACTIVITIES
Capital Grants and Contracts 1,250 2,750
Purchases of Capital Assets and Construction (138,907) (214,763)
Principal Paid on Capital Debt and Leases (65,588) (148,229)
Interest Paid on Capital Debt and Leases (42,871) (38,993)
Use of Debt Proceeds on Deposit with Trustees (188,045) (150,568)
Net Cash Used for Capital Financing Activities (22,007) (244,958)

CASH FLOWS
Proceeds from Sales and Maturities of Investments $ 1,532,642 $ 1,489,153

INVESTING
ACTIVITIES
Interest on Investments 23,810 31,628
Purchase of Investments (1,674,343) (1,419,361) FROM
Net Cash (Used for)/Provided by Investing Activities (117,891) 101,420 EQUIVALENTS
CASH AND

Net Increase/(Decrease) in Cash and Cash Equivalents (186,279) (13,400)

CASH

Cash and Cash Equivalents - Beginning of the Year 503,667 517,067

Cash and Cash Equivalents - End of Year $ 689,946 $ 503,667

Operating Loss ($ 546,383) ($ 526,550)

NET CASH USED BY OPERATING ACTIVITIES
RECONCILIATION OF OPERATING LOSS TO

Adjustments to Reconcile Loss to Net Cash used by Operating Activities:

Depreciation and Amortization Expense Changes in Assets and Liabilities: 126,896 141,360
Receivables, net 11,469 (17,245)
Inventories (1,104) 3,870
Due to/from Related Organizations (210) (130)
Accounts Receivable/Payable UMass Memorial 118,087 (11,823)
Other Assets (2,118) 1,337
Accounts Payable (non-capital) (17,368) (17,675)
Accrued Liabilities 12,082 7,176
Deferred Revenue 5,478 14,067
Advances and Deposits (2,728) 4,693
Other Liabilities (31,687) (83,296)
Net Cash Used for Operating Activities ($ 327,586) ($ 484,216)

Assets Acquired and Included in Accounts Payable $38,061 $33,145 NONCASH CAPITAL
Assets Acquired through Capital Leases $ 713 $ 754 FINANCING ACTIVITY
 President’s Report FY2008 20 | 21

STATEMENTS OF REVENUES,

ORGANIZATIONS

ORGANIZATIONS
EXPENSES, AND CHANGES

JUNE 30, 2008

JUNE 30, 2008

JUNE 30, 2007

JUNE 30, 2007

IN NET ASSETS

UNIVERSITY

UNIVERSITY
UNIVERSITY

UNIVERSITY
For the Years Ended June 30, 2008 and 2007

RELATED

RELATED
(in thousands of dollars)

Tuition and Fees $ 458,439 $ 429,528

(net of scholarship allowances of $113,738 at
June 30, 2008 and $105,414 at June 30, 2007)
Federal Grants and Contracts 318,288 297,647
State Grants and Contracts 72,034 66,775
Local Grants and Contracts 2,507 2,815

REVENUES
Private Grants and Contracts 99,342 92,653
Sales & Service, Educational 20,657 17,150
Auxiliary Enterprises 231,306 205,312
Other Operating Revenues:
Sales & Service, Independent Operations 65,588 99,344
Sales & Service, Public Service Activities 325,758 381,214
Other 58,765 59,570
Total Operating Revenues 1,652,684 1,652,008

Educational and General

Instruction 548,850 526,781
Research 342,109 320,889
Public Service 79,213 $13,349 75,058 $10,961
Academic Support 130,293 120,240
Student Services 91,157 87,085
Institutional Support 174,358 156,014
Operation and Maintenance of Plant 178,940 166,082

EXPENSES
Depreciation and Amortization 126,896 19 141,360 18
Scholarships and Fellowships 28,111 5,736 25,714 5,085
Auxiliary Enterprises 182,379 162,134
Other Expenditures
Independent Operations 49,562 66,870
Public Service Activities 267,199 330,331
Total Operating Expenses 2,199,067 19,104 2,178,558 16,064
Operating Loss (546,383) (19,104) (526,550) (16,064)

Federal Appropriations 7,099 5,777

State Appropriations 617,271 579,416
Gifts 20,654 12,304 18,621 5,226

NONOPERATING REVENUES/(EXPENSES)
Investment Income 7,494 (11,189) 87,106 23,876
Endowment Income 11,036 9,996 7,031 7,544
Interest on Indebtedness (40,990) (36,737)
Other Nonoperating Income 11,484 9,639
Net Nonoperating Revenues 634,048 11,111 670,853 36,646
Income/(loss) Before Other
Revenues, Expenses, Gains, and Losses 87,665 (7,993) 144,303 20,582
Capital Appropriations 21,170 73,590
Capital Grants and Contracts 1,500 4,000
Additions to Permanent Endowments 19,935 19,684
Disposal of Plant Facilities (10,462) (6,964)
Other Additions/Deductions (10,743) 928 (390) 578
Total Other Revenues, Expenses, Gains, and Losses 1,465 19,007 70,236 20,262
Total Increase in Net Assets 89,130 11,014 214,539 40,844
ASSETS

Net Assets at Beginning of Year 1,564,317 286,916 1,349,778 246,072

NET

Net Assets at End of Year $ 1,653,447 $ 297,930 $ 1,564,317 $ 286,916

These statements are drawn from the Fiscal Year 2008 annual financial report for the University of Massachusetts, which was audited by
PricewaterhouseCoopers. For the University’s full financial report, please visit: http://www.massachusetts.edu/controller/finrpt.html
S e rv i c e t o t h e C o m m o n w e a l t h

Teaching, research, and service comprise the mission

of the University of Massachusetts. We are proud to
recognize extraordinary acts of public service
contributed by members of the UMass faculty.

As our faculty educates students and makes new discoveries, they also serve the common good by applying
knowledge, guiding our students in service, and volunteering scores of hours to the communities in which
our campuses reside.

University of Massachusetts President Jack M. Wilson presented the 2008 President’s Public Service Awards
to six worthy recipients. Since 1997, these awards have been given annually to faculty members of
UMass Amherst, Boston, Dartmouth, Lowell, and Medical School who have provided exemplary service to
the Commonwealth. This year’s honorees are:

Jerri Willett, Ph.D., Chair, Department of Teacher Education and Curriculum Studies, UMass Amherst
Professor Willett established the Access through Critical Content and English Language Acquisition
(ACCELA) Alliance program, a state and federally funded collaboration with Springfield, Holyoke, and
Amherst public school districts to improve the education of second-language learners.
 President’s Report FY2008 22 | 23

Taylor Stoehr, Ph.D., Professor of Literature, College of Liberal Arts, UMass Boston
Professor Stoehr worked to offer the “Changing Lives Through Literature” program at the Dorchester District
Court in which probationers read and discuss literature. Designed to promote a sense of purpose among
participants, the program has helped reduce recidivism rates.

Susan Krumholz, Ph.D., Director of Crime and Justice Studies, College of Liberal Arts, UMass Dartmouth
Professor Krumholz brought the national Inside-Out Prison Exchange Program to the University. Through
courses held at the Bristol County House of Corrections, student participants and inmates have transformative
learning experiences, and inmates are empowered to lead productive lives when they return to the community.

Regina Panasuk, Ph.D., Professor of Curriculum and Instruction, Graduate School of Education, UMass Lowell
Professor Panasuk is being recognized for her exceptional dedication to improving mathematics education
in the Lowell Public Schools, including securing a $255,000 grant from the state.

Deborah Harmon Hines, Ph.D., Professor of Cell Biology, UMass Medical School
Professor Harmon Hines has worked to ensure that children from Worcester’s under-represented communities
gain the science and math literacy necessary to thrive as members of the workforce.

Jean King, Ph.D., Professor of Psychiatry, UMass Medical School

Professor King is a passionate and invaluable advocate for adolescent girls and a mentor to women of all
ages. She has long been involved in Daybreak Resources for Women and Children of Worcester, a non-profit
organization that provides shelters and services for victims of domestic violence.

Left page, left to right: Above, left to right:

Jerri Willett, Ph.D., UMass Amherst Regina Panasuk, Ph.D., UMass Lowell
Taylor Stoehr, Ph.D., UMass Boston Deborah Harmon Hines, Ph.D., UMass Medical School
Susan Krumholz, Ph.D., UMass Dartmouth Jean King, Ph.D., UMass Medical School
UMass at a Glance

Enrollment FALL 2007

UMASS LOWELL

11,635
UMASS BOSTON

13,433
UMASS MEDICAL SCHOOL

UMASS AMHERST
1,013
25,873

UMASS DARTMOUTH

9,080

UMassOnline WWW.UMASSONLINE.NET

Enrollment Profile FALL 2007

MEDICAL
AMHERST BOSTON DARTMOUTH LOWELL SCHOOL TOTAL
UNDERGRADUATE 20,114 10,008 7,927 8,879 NA 46,928
(% MASS RESIDENTS) (79.6%) (88.8%) (95.7%) (86.9%) (NA) (85.7%)

GRADUATE 5,759 3,425 1,153 2,756 1,013 14,106

(% MASS RESIDENTS) (40.9%) (73.4%) (66.7%) (67.4%) (71.7%) (58.3%)

TOTAL 25,873 13,433 9,080 11,635 1,013 61,034

(% MASS RESIDENTS) (71.0%) (84.9%) (92.0%) (82.3%) (71.7%) (79.4%)

Faculty FALL 2007

Amherst Boston Dartmouth
1,494 862 610
 President’s Report FY2008 24 | 25

Freshman Applications FALL 2007

43,688
Technology Commercialization FY 2008

Invention Disclosures 159

Licenses Completed 39
License Revenue $37,686,000
Research & Development Expenditures FY 2008

Amherst $ 156,817,000
Boston 38,018,000
Dartmouth 20,925,000
Lowell 40,873,000
Medical School 178,614,000

$ 435,247,000

Lowell Medical School TOTAL

684 1,065 4,715
OFFICE OF THE PRESIDENT
UNIVERSITY OF MASSACHUSETTS
225 FRANKLIN STREET
BOSTON, MASSACHUSETTS 02110

617-287-7000
WWW.MASSACHUSETTS.EDU

PRINTING WITH
Cert no. SW-COC-002508 SOY INKS

UMass Amherst forward Tony Gaffney was named

the Atlantic 10 Defensive Player of the Year after a
breakout 2008–09 campaign with the Minutemen.