ANNUAL REPORT FROM THE FINANCIAL ADVISORY COMMITTEE - 2008

From: BSA Financial Advisory Committee (FAC), Joe Armstrong (Member), Russell Chapman (Member), Jack Horner (Member and Chair), Pam Soltis (ex officio, BSA President), Laura Galloway (ex officio, BSA Treasurer), Bill Dahl (ex officio, BSA Executive Director)

To: Executive Committee and Council of the Botanical Society of America

Since the previous 2007-2008 Annual Report, the FAC:

The domestic and international markets, based on the global economy, have taken major downturns during this past year. For example, as of October 2007 to June 30, 2008 the Dow Jones Industrials have decreased by about 20%. It is projected that 2008-2009 will see the same fluctuations as this past year. It has been a difficult year for all kinds of investments.

As of June 30, 2008 the EF value was $3,326,358, a decrease of -14.7% for the 2007-2008 fiscal year. For comparison, as of a year ago, June 10, 2007, the EF value was $3,633,455 (an increase of 17.3% for 2006-2007). The Endowment Fund total management fee for this last calendar year was $28,110 (0.0076%).

Presently, the EF is divided into four categories:

    » Stocks + Money Funds = $1,927,653
    » Stocks + Money Funds = $ 517,580
    » Stocks + Money Funds = $ 169,923
    » Fixed Income + Money Funds = $ 711,202
    » Total = $3,326,358 (as of end of June 30, 2008)

The FAC collected information from several investment firms to compare their general strategies for investment as a comparison to the presently used Smith Barney Management.. The FAC has not evaluated these firms and their proposals yet, and plans to make this a goal for 2008-2009.

The FAC believes the EF will hold its own during 2008-2009 with the restructuring of the EF portfolio by SB to keep it in line with the 9.44% growth goal. In expectation of the fluctuating markets the FAC continues to encourage the membership to consider gifts to the Unrestricted EF, to reach the 5 million mark it established three years ago.

There is no recommendation at this time to provide the EC/Council with an amount of money from the Endowment Fund for BSA initiatives for fiscal 2008-2009. A recommendation of $35,000 will be considered at the FAC forthcoming meeting on July 27, in Vancouver, before the Council meeting.

The FAC meeting in Vancouver will be at 8:30 am, Sunday morning, July 27 (see meeting schedule for room and building). Any BSA member interested in attending the meeting is welcome.

The chair or any member of the FAC will be willing to answer questions about the EF.

Respectfully submitted, Harry T. (Jack) Horner, FAC Chair

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This is the first year (2007-2008) that the entire list of donors to BSA Awards, Endowments & Funds Gifts has been included in the Annual Financial Advisory Committee’s Report. All of these gifts are deposited into the Endowment Fund, and the records and intended use of these gifts are maintained in the BSA Business Office. All gifts are tax deductible. The Society sincerely thanks all donors for their continuing financial commitment.

BSA AWARDS, ENDOWMENTS & FUNDS GIFT GIVING
for 2007-2008
***$73,928***

MAJOR AWARDS, ENDOWMENTS & FUNDS GIFTS - $60,000

Anonymous - $50,000, James M and Esther N Schopf Fund, http://www.botany.org/awards_grants/special_funds/James_and_Esther_Schopf.php

Anitra Thorhaug - $10,000, Award in development - Best paper in the AJB

AWARDS, ENDOWMENTS & FUNDS GIFTS - $13,928

AJ Sharp Award – $110
Walter Bien, Raymond Holton, Mark Mayfield, Matthew Nelson, Steve Rice

Botanical Friends - $236
Michelle Barthet, Andrew Bowling, W. Hardy Eshbaugh, Greayer Mansfield-Jones, Neil Sawyer

BSA Endowment Unrestricted - $6,174
Luke Albert, Edith Allen, Joseph Armstrong, Mary Barkworth, Andrew Bowling, Kenton & Henrietta Chambers, Russell Chapman, Lynn Clark, Martha Cook, S. H. Costanza, Nancy Cowden, James Crants, Belen Estebanez Perez, Katherine Gregg, Richard Greyson, Jocelyn Hall, H. David Hammond, Leo Hickey, Harry & Cecilia Horner, David Inouye, Judy Jernstedt, Kathleen Keeler, Terri Koontz, Jean Kreizinger, Nels Lersten, Wesley Leverich, Greayer Mansfield-Jones, Mark Mayfield, Ailsie McEnteggart, David McLaughlin, Beth Middleton, Brent Mishler, Jeffrey Osborn, Robert Price, Alison Roberts, Thomas Rost, Neil Sawyer, James Seago, Allison Snow, Tamora Spiller, David Spooner, Alice Stanford, Todd Vision, Linda Watson, Andrea Weeks, Anne Worley, Richard Wurdack, Jun Yokoyama

BSA Graduate Student Research/J. S. Karling Awards - $155
Darleen DeMason, Benjamin Hall, Gary Maier, Todd Vision

Charles Edwin Bessey Award - $30
Carol Caha, Alice Stanford

Darbaker Prize - $1460.91
Mellon Trust of New England

Edgar T. Wherry Award - $90
Thomas Gavnish, Christopher Haufler, Thomas Ranker

Education and Outreach - $261
Kobinah Abdul-Salim, Amy Berkov, Andrew Bowling, Steven Carrol, Russell Chapman, Lynn Clark, Wilson Crone, Margaret Conover, S. H. Costanza, Daniel Gladish, Terri Koontz, Olga Kopp, Katherine Preston, Neil Sawyer, Alice Stanford, Irene Terry, Anne Worley

Planting Science - $551
Andrew Bowling, Margaret Conover, Linda Graham, Rosemarie Haberle, Donna Hazelwood, Krause Family, Mary Leck, Gary Maier, Muriel Poston, Katherine Preston, Steve Rice, Neil Sawyer, Tamora Spiller, Alice Stanford, Rahmona Thompson,

Emanuel D Rudolph Award - $25
Victor Riemenschneider

Grady L. Webster Fund - $425
Bruce Baldwin, David Bates, Russell Chapman, Heidi Dobson, H. David Hammond, Noel & Patricia Holmgren, Mark Mayfield, Genevieve Walden

Isabel Cookson Award - $225
William Crepet, Leo Hickey, Bonnie Jacobs, Gar Rothwell, , James M and Esther N Schopf Fund - $80, Aureal Cross, Charles Miller, Jr., Thomas Taylor

Katherine Esau Fund - $378
Russell Chapman, Nancy Coutant, Wilson Crone, Andrew Doust, Susan Eichhorn, R. Geeta, Daniel Gladish, Donna Hazelwood, William McCarey, Christopher Meloche, Brenda Molano-Flores, Eisho Nishino, Hirokazu Tsukaya, Carol Wilson, , Margaret Menzel Fund - $85, Katrina Dlugosch, Clare Hasenkampf, Richard Whitkus, , Maynard Moseley Award - $125, William McCarey, Edward Schneider

Michael Cichan Fund - $185
Susan Eichhorn, Charles Miller, Jr., Stephen Scheckler, Thomas Taylor, M. F. Wojciechowski

Paleobotanical Endowment - $482
Anne-Laure Decombeix, Ted Delevoryas, Diane Erwin, Jason Hilton, Richard Lis, Gene Mapes, Charles Miller, Jr., Hermann Pfefferkorn, James Stichka, Bruce Tiffney, Andrea Wakefield, Peter Wilf, Andrea Wakefield

Vernon I. Cheadle Award – $2,195
William Cheadle, John Choinski, Margaret Conover, Donna Hazelwood, William McCarey, Neil Sawyer, Alice Stanford, Bruce Tiffney

Winfried and Renata Remy Fund - $78.83
Pat Gensel, Thomas Taylor

SECTIONAL FUNDS AND STUDENT AWARDS

Developmental & Structural Section Fund and Student Travel Awards - $504
Joseph Armstrong, Brendon Boudinot, Wilson Crone, Pamela Diggle, Andrew Doust, Frank Ewers, R. Geeta, Daniel Gladish, Martin Goffinet, Clare Hasenkampf, Cynthia Jones, Brigitte Marazzi, Christopher Meloche, Eisho Nishino, Cyrille Prestianni, John Romberger, Thomas Rost, Edward Schneider, Joseph Williams, Wenying Wu

Ecological Section Fund and Student Travel Awards - $641
Ann Antlfinger, Jonathan Bauer, Amy Berkov, Brendon Boudinot, Andrea Case, Brenda Casper, Gregory Cheplick, Joseph Colosi, Nancy Coutant, Mitchell Cruzan, Stephen Davis, Heidi Dobson, Thorsten Englisch, Thomas Gavnish, Lars Goetzenberger, David Gorchov, H. David Hammond, Jeffrey Karron, Kathleen Keeler, Stephanie Klein, Mary Leck, Gary Maier, Irving Mendelssohn, Beth Middleton, Brenda Molano-Flores, Nancy Nicholson, Janet Onnen, Virgil Parker, Rosemary Pendleton, Alison Snow, Anne Worley, Jun Yokoyama, David Zaya

Economic Botany Section Fund and Student Travel Awards - $50
Andrea Case, Genetics , Jean Labonne, Mari Marutani, Flor Rodriguez, Kristina Schierenbeck, Randall Small, David Zaya

Mycological Section Section Fund and Student Travel Awards - $60
Brenda Casper, Richard Hanlin, Zheng Wang

Paleobotanical Fund - $601
Brendon Boudinot, S. H. Costanza, Nestor Cuneo, Jason Hilton, Bonnie Jacobs, Stephanie Klein, Charles Miller, Jr., James Stichka, Ralph Taggart, Bruce Tiffney, Wenying Wu, Atsushi Yabe

Phycological Section Fund and Student Travel Awards - $135
Russell Chapman, Linda Graham, Raymond Holton, Richard McCourt, Nancy Nicholson

Physiological Section Fund and Student Travel Awards - $120
Stephen Davis, Henri Maurice, Nancy Nicholson, Peter Straub, Lee Tarpley

Phytochemical Section Fund and Student Travel Awards - $22
Amy Berkov, Flor Rodriguez

Pteridological Section Fund and Student Travel Awards - $270
Brendon Boudinot, Thomas Gavnish, Jennifer Geiger, Christopher Haufler, Blanca Leon, Joan Nester-Hudson, Thomas Ranker, Joanne Sharpe, Randall Small

Systematics Section Fund - $80
Brendon Boudinot, Lars Goetzenberger, Jocelyn Hall, Donald Les, Flor Rodriguez, Randall Small, Linda Watson, Wenying Wu

Teaching Section Fund - $25
Stokes Baker, James Crants, Donna Hazelwood

Respectfully submitted, Harry T. (Jack) Horner, FAC Chair