The Consortium for Graduate Study in Management

Fiscal Year 2007 Annual Report

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Annual Report Contents

3 About The Consortium

4 The Consortium Member Schools

5 OP Highlights

6 Recognitions

7 Classof2008StudentProfile

8 Financial Review

12 Corporate and Strategic Partners

13 2007 Orientation Program Underwriters

14 Donor Leadership Circle

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Our MissionThe mission of The Consortium for Graduate Study in Management, an alliance of leading American business schools and some of our country’s top corporations, is to enhance diversity in business education and leader-ship by helping to reduce the serious underrepresentation of African Americans, Hispanic Americans and Native Americans in both our member schools’ enrollments and the ranks of management.

WewillachievethismissionbyrecruitingforgraduatebusinesseducationqualifiedU.S.citizensandU.S. permanent residents from these underrepresented groups, as well as other persons who can demonstrate a commitment to the Consortium’s mission and can best assist the Consortium in pursuing this mission.

Our VisionThe vision of The Consortium is to work toward the day when African Americans, Hispanic Americans and Native Americans are no longer underrepresented in management careers in the business community of the United States.

About The Consortium

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Carnegie Mellon UniversityTepper School of BusinessMember since 2001

Dartmouth CollegeTuck School of BusinessMember since 1999

Emory UniversityGoizuetaBusinessSchoolMember since 2001

Indiana University – BloomingtonKelley School of BusinessMember since 1966

University of Michigan – Ann ArborStephen M. Ross School of BusinessMember since 1983

New York UniversityLeonard N. Stern School of BusinessMember since 1984

University of North Carolina at Chapel HillKenan-Flagler Business SchoolMember since 1973

University of RochesterSimon Graduate School of BusinessMember since 1968

University of Southern CaliforniaMarshall School of BusinessMember since 1968

The University of Texas at AustinMcCombs School of BusinessMember since 1984

University of VirginiaDarden School of BusinessMember since 1992

Washington University in St. LouisOlin Business SchoolMember since 1966

University of Wisconsin - MadisonWisconsin School of BusinessMember since 1966

The Consortium Member Schools

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OP HighlightsNew and continuing students, alumni and member university and corporate partner representatives converged in the Circle City for The Consortium’s 41st Annual Orientation Program & Career Forum. Lead sponsor Eli Lilly and Company’s hospitality set the standard as they welcomed The Consortium’s constituents to the city and favored them with a reception on the company’s impressive campus.

Over the four day period, participants attended fresh and informative workshops, and entertaining and exciting socialevents.FromanAmazingRacetoaCasinoRoyalethemedeventwithanIndy-styleracetrack,Indianapolisprovided a memorable city for a festive OP.

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Recognitions

Sterling H. Schoen Achievement Award C.RandallPowell,ClinicalProfessorEmeritusofBusinessAdministration,IndianaUniversity-Bloomington

Peter C. Thorp Corporate Leadership Award Kim Harris Jones, Vice President - Product Finance, Chrysler LLC

Wallace L. Jones Alumni Lifetime Achievement Award TimothyC.McChristian,VicePresidentofWorldwideSales,IBM(UniversityofSouthernCalifornia‘79)

Wallace L. Jones Fellowship Award AliciaBoard(UniversityofWisconsin-Madison‘09)

NSHMBA/Consortium Award LyriaGonzalez(TheUniversityofTexasatAustin‘09)

TheConsortiumrecognizedthefollowingindividualsatthe2007AnnualOrientationProgramandCareerForum:

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Classof2009StudentProfile

Age Range 24-31

Average Age 27

African American 55%

Hispanic American 30%

Asian American 1.5%

Native American or Alaskan Native 2%

Caucasian 1.5%

Other 3%

272 Enrolled Students

GMAT Score Average - 642

80% Range - 560 - 720

GPA Average - 3.7

80% Range - 2.8 - 3.75

Male 58%

Female 42%

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Financial Review

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Financial Review

ASSETS 2007 2006Current Assets Cash and cash equivalents $ 2,107,010 $ 1,560,208 Accrued interest receivable - 5,665 Pledges receivable 579,980 392,759 Accounts receivable 7,886 78,390 Orientation Program receivables 132,625 373,585 Prepaid expenses 59,767 48,491 Deposits 10,078 10,078 Total Current Assets 2,897,346 2,496,176Fixed Assets Furnitureandfixtures 347,245 336,347 Less:accumulateddepreciation 285,530 244,556 Fixed Assets, Net 61,715 91,791

Other Non-Current Assets Cash for Wallace L. Jones Fellowship Endowment 319,327 289,749 Total Other Non-Current Assets 319,327 289,749

TOTAL ASSETS $ 3,278,388 2,850,716 LIABILITIES AND NET ASSETSLiabilities Accounts payable $ 1,477,035 $ 1,344,056 Accrued expenses 1,100 490 Accrued vacation 19,586 19,586 Deferred revenue - 130,000 Total Liabilities 1,497,721 1,494,132 Net Assets Unrestricted 1,452,735 227,207 Permanently restricted net assets for the 327,932 211,857 Wallace L. Jones Endowment Total Net Assets 1,780,667 1,356,584 TOTAL LIABILITIES AND NET ASSETS $ 3,278,388 $ 2,850,716

STATEMENTSOFFINANCIALPOSITIONJUNE 30, 2007 AND 2006

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Financial ReviewSTATEMENTS OF CASH FLOWSJUNE 30, 2007 AND 2006 2007 2006Cash Flows From Operating Activities Change in net assets $ 424,083 $ 352,504 Adjustments to reconcile change in net assets to net cash used by operating activities Depreciation 40,975 31,617 Changeinassets-(increase)decrease Accruedinterestreceivable 5,665 (2,872) Pledgesreceivable (187,221) 9,241 Accountsreceivable 70,504 (527) OrientationProgramreceivables 240,960 (304,625) Prepaidexpenses (11,276) (2,740) Unrestrictedearningsonthe (10,465) (6,530) Wallace L. Jones Fellowship Endowment Permanentcontributionsforthe (19,113) (65,350) Wallace L. Jones Fellowship Endowment Changeinliabilities-increase(decrease) Accounts payable 132,979 35,152 Accruedexpenses 610 (2,145) Deferred Revenue 132,979 35,152 Total Adjustments 133,618 (178,779)

Net Cash Provided by Operating Activities 557,701 173,725

CashFlowsProvidedbyInvestingActivities Purchaseoffurnitureandfixtures (10,899) (73,983) NetCashProvided(Used)byInvestingActivities (10,899) (73,983)

NetIncreaseinCashandCashEquivalents 546,802 99,742

Cash and Cash Equivalents - Beginning of Year 1,560,208 1,460,466

Cash and Cash Equivalents - End of Year 2,107,101 1,560,208

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Financial Review

2007 2006 Unrestricted Temporarily Permanently Total Unrestricted Temporarily Permanently Total Restricted Restricted Restricted Restricted

PUBLIC SUPPORT AND REVENUE Public Support

Contributions

Corporations and foundations $2,001,301 $ - $ - $2,001,301 $1,996,213 $ - $ - $1,996,213 Alumni and corporate matching gifts 180,933 - - 180,933 175,195 - - 175,195

Special Orientation Program gifts 888,914 - - 888,914 796,135 - - 796,135

Tuition remission by participating members 11,623,327 - - 11,623,327 10,633,732 - - 10,633,732

Wallace L. Jones Fellowship Fund - - 50,725 50,725 - - 65,350 65,350

Total Public Support 14,694,475 - 50,725 14,745,200 13,601,275 - 65,350 13,666,625

Revenue

InvestmentIncome 64,108 - - 64,108 50,463 - - 50,463

Orientation Program registration fees 320,875 - - 320,875 242,665 - - 242,665

Application fees 137,430 - - 137,430 122,490 - - 122,490

Miscellaneous revenue 155,371 - - 155,371 153,298 - - 153,298

Total Revenue 677,784 - - 677,784 568,916 - - 568,916

Net Assets Released from Restrictions - - - - - - - -

Total Public Support, Revenue and 15,372,259 - 50,725 15,422,984 14,170,191 - 65,350 14,235,541

EXPENSES Program service Student costs 12,742,327 - - 12,742,327 11,752,732 - - 11,752,732

Student recruiting 283,194 - - 283,194 333,167 - - 333,167

Alumni relations 212,012 - - 212,012 189,782 - - 189,782

Placement services 16,096 - - 16,096 14,306 - - 14,306

Orientation Program 553,522 - - 553,522 517,572 - - 517,572

Total program services 13,807,151 - - 13,807,151 12,807,559 - - 12,807,559

Supporting Services

Fundraising 399,216 - - 399,216 382,065 - - 382,065

Management and general 792,534 - - 792,534 693,413 - - 693,413

Total supporting services 1,191,750 - - 1,191,750 1,075,478 - - 1,075,478

Total Expenses 14,998,901 - - 14,998,901 13,883,037 - - 13,883,037

CHANGE IN NET ASSETS 373,358 - 50,725 424,083 287,154 - 65,350 352,504

Net assets, beginning of year 1,079,377 - 277,207 1,356,584 792,224 - 211,857 1,004,081 Net assets, end of year 1,452,735 - 327,932 1,780,667 1,079,377 - 277,207 1,356,584

STATEMENTSOFACTIVITIESYEARS ENDED JUNE 30, 2007 AND 2006

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Founder$50,000 and Above

3M

Air Products and Chemicals,Inc.

CitigroupInc.

Consortium Alumni Fellowship Fund & Cor-porate Matching Gifts

GeneralMills,Inc.

Hewlett-Packard Company

Johnson & Johnson

National Society of Hispanic MBAs

The Procter & Gamble Fund

Patron$30,000 – $49,999

American Express Company

Bank of America*

The Bank of New York & The George Link, Jr. Foundation

Barclays Capital*

BestBuyCompany,Inc.

BostonScientificCorporation*

The Broad Center for the Management of School Systems

Campbell Soup Company

Cargill,Incorporated

Chevron Corporation

Colgate- Palmolive Company

Credit Suisse

DaimlerChrysler

Deloitte Foundation

Eli Lilly and Company

Emerson

Exxon Mobil Corporation

General Motors Corporation

Goldman, Sachs & Co.

IBMInternationalFoundation

INGAmerica

JPMorgan

KraftFoods,Inc.

Liberty Mutual Group

Microsoft Corporation

National City Corporation

PepsiCo

Pfizer,Inc.

S.C. Johnson andSon,Inc.

Target Corporation

Toyota Motor Sales,USA,Inc.

UBS Global Asset Management

WellPoint,Inc.*

Sustaining$15,000 – $29,999

Abbott Laboratories

Agilent Technologies

Amerada Hess Foundation,Inc.

AT&T Foundation

Bank of America Endowment

Bausch & Lomb Incorporated

Bear,Stearns&Co.Inc.

BoozAllenHamilton

Bristol-Myers Squibb Foundation

The Clorox Company

ConAgraFoods,Inc.*

Coors Brewing Company

DTE Energy

DuPont

Eaton Corporation

Ernst & Young

Federal Reserve Bank of New York

IntelCorporation*

KPMG Peat Marwick Foundation

LehmanBrothersInc.*

The McGraw-Hill Companies

McKinsey & Company

Merck&Co.,Inc.

MerrillLynch&Co.,Inc.

NestléUSA,Inc.

New York Life InsuranceCompany

NikeInc.

Northwest Airlines Corporation

Northwestern Mutual Foundation

Philip Morris USA

*PPGIndustries

*SAP

*TheShawGroupInc.

T. Rowe Price

Unilever United States,Inc.

United Technologies

Philanthropic $14,999 and Below

The Coca-Cola Company

Ford Motor Company

General Electric

Mays Chemical Company

Medtronic,Inc.

* New FY2007 Sponsor

Corporate and Strategic Partners

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Lead Sponsor

Eli Lilly and Company

Diamond

PepsiCo

WellPoint,Inc.

Platinum

3M

American Express Company

Citigroup,Inc.

GeneralMills,Inc.

Microsoft Corporation

The Procter & Gamble Company

Gold

Colgate-Palmolive Company

Hewlett-Packard Company

Johnson & Johnson

Pfizer,Inc.

S.C.JohnsonandSon,Inc.

TargetStores,Inc.

Silver

AirProductsandChemicals,Inc.

The Bank of New York Company, Inc.

BostonScientificCorporation

Deloitte

General Motors Corporation

KraftFoods,Inc.

ToyotaMotorSales,U.S.A.,Inc.

UnileverUnitedStates,Inc.

United Technologies

Bronze

Abbott Laboratories

AgilentTechnologies,Inc.

Bank of America

Barclays Capital

BoozAllenHamilton

The Broad Center for the Management of School Systems

Campbell Soup Company

Chevron Corporation

Credit Suisse

DTE Energy

Eaton Corporation

Ernst & Young

Goldman, Sachs & Company

INGAmerica

JPMorgan

Liberty Mutual Group

McKinsey & Company

National City Corporation

NestléUSA,Inc.

Northwest Airlines Corporation

PPGIndustries

T.RowePriceAssociates,Inc.

2007 Orientation Program Underwriters

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Eagle Club

$15,000 and Above (Committed $5,000 Annually for Three Years)

Peter J. Aranda Waldo T. Best Clarence K. Bourne Kenneth A. Charles Nicole M. Chestang Kelly-AnnI.HenrySharon D. James Omar Jones Peter P. Jones William G. Mays Timothy C. McChristian James H. Parks

Platinum Club

$2,000 - $5,000

Maria A. Aguirre William J. Beckham,IIIWalter W. Burford Deadra L. Gibbons UbongE.ItuenChristopher M. Johnson Michael D. Jones Michael W. Lewis Alvin W. Marley Aubrey L. Martin Dwight T. Smith

Richard L. Wilkes Angela E. Williams

Gold Club

$1,000 - $1,999

Marc D. Andraca Dawn L. Batts Ronald E. Berry Natasha D. Bigsby Patrice M. Boone-Graves Johnathan T. Boyce Natascha J. Cadet José D. Carlo GracielaCruzJonathan D. Davis Sandra W. Jones Melvin L. Kirk CherylN.LorenzoBennie L. Marshall Pia L. McWilliams Raul F. Oliva Gregory N. Phelps James R. Robinson JoseE.RodriguezMichael J. Sais Kenisia D. Taylor Jeffrey E. Thompson Sherrylyn F. Wallace Raquel T. Watson Chavis A. Williams Ullon T. Willis Jerome A. Young

Silver Club

$500 - $999

Ted W. Allen Lisa D. Andujar-Ray Bernadette R. Bailey Seymour H. Barker, IIIDonna M. Brunjes Eleni Bunch Steven C. Bussey Gary L. Carter Egbert A. Clarke Bruce E. Cox VictorP.DeLaPazRobertW.DiazRobert Duran Darrell Farlough Diana C. Fisk Cheryl D. FitzgeraldNelson A. Garcia Rodolfo T. Gonzales,Jr.Walter A. Gowens, IIRosalyn M. Gregg Jesse L. Grissom, Jr. Michael W. Harris Stephen D. Harris Jasmine Hightower Kevin A. Joy CharlesI.KosmontRomelio Leigh Lisa C. Long

William C. Long Lisa O. McDonald Yvette A. Morrison Daniel A. Pacheco MartinPerazzaRobert M. Purcell Gregory C. Redmond Alejandro M. Roman Denna L. Singleton Clarence E. Taylor Charles E. Thomas Ed Torres IsraelD.VelaMaribelle Villasenor Kathy N. Waller Yvette M. Washington Willie H. Weathers Shelley W. Whiting Marquis T. Williams

Bronze Club

$250 - $499

Ernesto A. Alfaro Christine E. Allen MiguelAlvarezIanC.BarrettPhillip Barrientos Tamera C. Barry Kevin Bethune Daniel A. Brady Ernest K. Brandon

Freda Bredy Michele Brignoni Jerry G. Brown Donna A. Chatman Owens Tonya Cheek Miguel R. Correa-Cestero Victor Coto Kathann E. El-Amin Rodney Emerson Jocelyn D. Evans Julian D. Evans Orlando V. Ferran Fausto Flores, Jr. Patrick L. Flythe DanielGarzaAdelinaM.GomezDjena N. Graves William C. Greenwald,IINelson J. Grillo, Jr. Steven E. Gundersen Karen D. W. Holly HarryHolmes,IIIFrankIngram,IVMarcia D. Jones-Delaney William A. Jordan, Jr. Alland Leandre Joe Llaca Roberto A. Lumpris MwanzaO. Lumumba

Donor Leadership Circle

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Robert H. Mason, Jr. ArthurL.Mills,IVEugene Mitchell Kenneth D. Mitchell James F. Morales Daniel J. Muse Christopher L. Nicholas Leric T. Nicholas Harriette B. Outland Ni Kal E. Price Michael A. Salam-one Kellee D. Scott Manuel F. Siverio, Jr. Jeffrey W. Stovall Carlos J. Toro Sarraga Eugenio L. Torres, C.P.A. Leila Violano

Donors

$1 - $249

IbrahimAbdullahNicole Adams Nogiomwan Aigbogun Carlos B. Alexan-der Derrick J. Amey Pamela F. Amos Vladimir Andral Edgardo Andujar

Maria C. Arisso Eldner L. Arrington Degraffenreidt Vernell Arrington Alexandra P. Atkins Johnna L. Bady Jon P. Bates Derrick C. Bell GregJ.BenitezRamon D. Bermu-dez-OnopaHenry H. Bowens Rafael A. Bracero Tommie C. Brooks Makaiya Brown Kwame J. Burroughs Jose E. Cabrera Joy D. Caldwell Warren A. Campbell Mayme J. Cannady Bill Carcache Jorge L. Cardona Vicente Carreras, Jr. Charles G. Case Samuel Casillas Carlos R. Caso, JD George J. Castel-lano Lourdes M. Castel-lanos Elvira Chavaria ShariL.ChavezRaymond K. Connell

Steven G. Conners Jamie M. Conwell Rodney L. Crain JuliusT.Crouch,IIEdward D. Cucalon Karen R. Davis Barbara A. De Leon Remberto Del Real Marco Delucca Deanna E. Dixon Nadine L. Dobbins Cori M. Donaldson Cheryl A. Duncan-Gill Desmond A. Duncker Denise A. Edwards IxchelM.FanielRoss Fenderson BruceC.FernandezDametre K. Fisher Diane E. Fishstein Angela R. Flenoy Juan A. Flores Warren R. Foster Gary E. Fraser Terry L. Fraser Richard C. Fuqua Antonio M. Garcia-Meitin, Jr. Carla M. Gathers Stacia L. Geiger-Alston Richard B. Genece

ElizabethY.GillanBrian P. Gilliard James W. Goodwyn Kelly C. Green Vincent E. Harris Elisabeth N. Hartley Vanessa M. Herman Sheldon B. Howell Wanda A. Humphrey Scott W. Hunter Sara L. Hurwitch Sylvester Jackson, Jr. Palmer G. Jason Jamal K. Jenkins Marlo R. Jenkins Kimberly D. Johnson John A. Jones Nicole J. Jones WilliamA.Jones,IIIMarisa S. Kellman Jeannette Lawrence Robert N. Law-rence Francisco J. Lloveras R.D.Locklear,IIDianaI.LozanoAngel M. Lupercio Tony R. Lyons RichardE.Maiz

Karimah O. Malcolm Paula A. Manns Sabrina L. MartinezKevin E. Mason Pablo A. Mastandrea Willard L. McCloud,IIIAbraham McCoy Carl E. McGowan LesleyP.McIntoshAshley Merritt Katarina M. Mescal Michael G. Miller Elizabeth Montgomery Ken L. Motoyama Charles J. Murphy, Ph.D. Rita R. Murrell Lewis H. Myers Timothy Nolan Sarah M. Obembe Gene C. Oglesbee IfeomaC. Okechukwu James M. Olavar-ria Roberto A. Oliver Sylvia K. Paas José V. Pagan IvaniaPalaciosBrian S. Palmer Jorge J. Paneque

Donor Leadership Circle

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Marvin T. Pannell Sherwin L. Prior Richard E. Quintana Mary E. Roark RobertG.RodriguezCarla G. Rogers Christina M. Rome Michael T. Rosales Thomas S. Rysavy JudyM.SanchezRodney J. Sanders Carlos Sera Madye Y. Seymour James D. Sherard Michael D. Simmons Tammie X. Simmons-Mosley Jason L. Simpson Joseph C. Simpson Jocelyn T. Slaughter Calista D. Smith Cheronda L. Smith JoshuaA.Smith,IVMaurice A. Smith Michael C. Smith Deborah Smith-Pegues JonathanD.SoffinAnalia C. Soncini Gilindolyn D. Spencer Nicholas T. Stuart Dennis B. Taffe Evangeline Taylor Sandra A. Talley Louis R. Terrero

Alex R. Torres Jose A. Traywick Floyd B. Trujillo Carolyn Valentine RicardoValenzuelaPhyllis A. Walden Denise Washington JohnL.Wesley,IIIJohn M. Williams Snowden J. Williams Jacqueline Wills Sherman B. Whites, Jr. Steven R. Wolfe William G. Woodson David B. Wooten Thomas V. Wright Ricky E. Ybarra Tina C. Yuille Tequame Zewde Jesse W. Zimmerman Gaspar A. Zuniga

Donor Leadership Circle

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The Consortium for Graduate Study in ManagementContactInformation

5585 Pershing Avenue, Suite 240

St. Louis, Missouri 63112-1795

Phone:(314)877-5500

Fax:(314)877-5505