IU Foundation elects new members

The IU Foundation announced the election of Gregg Summerville and Kathryn Booth to its 48-member board of directors this week.\n"One of the Foundation's strengths is its board of dedicated, volunteer directors," said IU Foundation President Curt Simic in a press release by the University.\nAccording to the press release, the IU Foundation is a not-for-profit corporation whose goal is to raise private funds and serve administrative duties in partnership with the University.\nBoth Summerville and Booth have a history of previous board experience. Summerville served on the Columbus Regional Hospital Foundation, and Booth has served on the board of directors of Bear Stearns & Co., Inc, her current employer in New York.\n"We like to say we recruit our board based on work, wisdom and wealth," said Barbara Coffman, executive director of strategic planning and communication. "This is a working board who works very hard."\nSummerville, managing director and partner in Kirr, Marbach & Company, LLC in Columbus, Ind. said he was introduced to the board when he was approached a few years ago to help with the board's investment committee. \n"I had a lot of familiarity with the board already," Summerville said. "That made it a lot easier to say yes (to the position)."\nSummerville said as government funding decreases for the University, he sees private funding as being more important in the future. However, he said he doesn't think the University will have a hard time receiving that funding.\n"When people get to (a certain) age, you give back to the things you care about," Summerville said. "IU opened a lot of doors for me. I'd like to help the next Gregg Summerville."\nAnother reason Summerville said he was happy to accept the board position is the camaraderie he feels among board members. \n"We all have the same interests and the same passions," he said.\nCoffman said the board attempts to have its directors located geographically similar to where the University's students are from. Booth, director of global research at Bear Stearns & Co., Inc. in New York, helps to serve east coast students.\nBooth could not be reached by press time.\n"A lot of people give up a reasonable chunk of time for the board," Summerville said. "They participate and really dig in; it's not a cocktail hour."\n-- Contact staff writer Kathleen Quilligan at kquillig@indiana.edu.