AVS maintains a little more than a years’ expenses in reserve. This is the typical target for societies that allows stability in the face of unforeseen events. Most other societies in AIP have about the same ratio of assets to expenses. The 1990’s were very good to AVS from a financial standpoint, with our investments, short courses, and publications doing very well. Unfortunately, our 2001 International Symposium immediately followed 9/11 and resulted in many international and national cancellations. Thus, we lost significant registration income and paid severe hotel penalties due to prior hotel room commitments. The prolonged stock market decline also took a toll on our assets, and our short course income plummeted as a result of the recession. AVS responded by restructuring committee and Board activities and cutting expenses. Today, the Society is fiscally sound and efficient, as the revenues slowly increase. The operating budget is in good shape, however it will not support the outreach activities that commemorate our past and build for our future.

Funds from the Endowment Fund will be used for Outreach and Major Initiative Programs. One priority of AVS is to greatly expand our student programs. As the funds become large enough, we would consider awarding student scholarships for tuition and other educational expenses. Another avenue in which to take a leadership position is to support a Congressional Scholar, to work in the nation’s capital as a congressional staff member in the field of science and technology. This might be done in cooperation with another society to share the expenses. Recommendations for the use of the funds will be made by the AVS Leadership Endowment Committee with the approval of the AVS Board of Directors. Suggestions from donors for worthy activities are most welcome. It will probably be several years before the fund is large enough to support significant programs, but if we don’t start now it will take even longer. Rest assured that none of the money will be used for day-to-day operation of the Society. This fund will be used to secure members of the future and to contribute to society at large.

The names of individuals contributing in the different leadership levels will be published in the cover letter for the following annual appeal. Also, the amount contributed will be rolled over for a five-year period. That is if someone contributed $100 for five years, in the fifth year they would be in the Gaede group, and would stay there in succeeding years if they continued with $100 annual contributions.

AVS also welcomes bequests to the AVS Leadership Fund, as well as Residual Trust accounts with the AVS Leadership Fund named as beneficiary. Please inform AVS if you are planning such gifts. Since AVS is a 501c3 not-for-profit scientific society, your donations to the Endowment Fund are deductible from your taxable income.

We hope that you will join us as a Founding Member of the Leadership Endowment Fund.

Contact Yvonne Towse, yvonne@avs.org or 212-248-0200, ext. 222.