Press Release for Friday, August 15, 2003

UNF to open State Farm Companies Foundation Center for Financial Research

 

CONTACT DAN DUNDON

OFFICE OF NEWS & PUBLICATIONS

(904) 620-2140




he Coggin College of Business at the University of North Florida will dedicate a state-of-the-art financial research center Monday (Aug. 18) that is being made possible by a $100,000 donation from The State Farm Companies Foundation.



The 3 p.m. dedication ceremony will officially open The State Farm Companies Foundation Center for Financial Research . The center will be used primarily by students majoring in finance and financial services to manage an actual investment fund. The center will provide students with the technological tools to access information, analyze it and store it for future use. It has 10 work stations, access to Bloomberg, a finance library, and three large plasma screens for viewing data, charts and for instructional purposes


"Opening this center will give our students the tools needed to develop realistic financial-analysis and risk-management skills they will need to be successful in today's business market, said Dr. Gary Fane, interim dean of the Coggin College of Business.



Jim Smith, State Farm senior vice president, said the company was proud to make the financial research center at UNF a reality. "Our mission is to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams, " he said. “As part of this commitment, we recognize education is the cornerstone of making these things possible.”



The Coggin College of Business, through a private gift, established a student managed investment fund in conjunction with the UNF Foundation. The fund was launched in October of last year. By May, the fund added $35,000 to the initial $500,000, a return of about 7 percent."



Associate Professor Dr. Reinhold Lamb, who led the class, said access to the resources in the room will enable students to become comfortable with the state of the industry data and research tools, thereby making them more marketable upon graduation.



While the center will be used primarily for finance and financial services majors, faculty also will have access to the room's software so they can research market data.



The State Farm gift is eligible for $83,600 in matching funds through the State of Florida Facility Enhancement Challenge Grant Program. The additional money boosts the total value of the gift to $183,600.



The State Farm Companies Foundation primarily awards grants that further State Farm's commitment to higher education. State Farm is the nation's largest writer of property-casualty insurance products, serving nearly 67 million policyholders in the United States and Canada and insuring about one in every five insured cars and one in four homes.



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MEDIA NOTE: The ceremony will take place in the center which is located in Room 2114 of the Coggin College of Business (Bldg 42)