|
HISTORY
In 2006, the Foundation was especially pleased to award $12,790 in
scholarships and awards. The Foundation also received a very generous gift
in 2006. As set forth in his will, Brother T. Girard Wharton’s estate
contributed a remainder estate worth $58, 292 to the Foundation. The
contribution was recorded to the T. G. Wharton P 1925 Fund.
In 2006, the Foundation acted on Brother Ray Katz's vision to streamline the
investment operations of the Foundation with an investment advisor. In late
November 2006, the Foundation's Investment Committee voted to reallocate the
Foundation's portfolio from one existing investment account with limited
diversification into three accounts; two separate investment accounts (Fixed
Income & Growth) with broader diversification and specific objectives and
one operating account (Checking). Because the Foundation's assets were
primarily in individual bonds, stocks or specific sector or indexed mutual
funds (primarily large capitalization entities), the Investment Committee,
on the advice of the Foundation's investment advisor, agreed it was prudent
to better diversify the Foundation's portfolio with the twin goals of
increasing return on a portion of the portfolio and establishing a fixed
income account to meet the Foundation's annual expenses.
In sum, three accounts replaced the former investment account: (1) a
fixed income account, aptly named 'Fixed Income" and invested in fixed
income assets that are expected to provide about $18,000 in annual income
for the Foundation's programs and expenses; (2) an investment account
invested in growth assets and focused on growing the Foundation's corpus for
the road ahead named "Compass" and (3) a checking account for paying awards
and expenses named "Checking."
The Foundation was delighted to learn that the Alpha had won the Thayer
Trophy at the 2007 Chi Psi National Convention. The Trustees were especially
pleased about the almost $11,000 in scholarship awards and academic programs
funded by the Foundation for our undergraduate Brothers in the same year.
The Foundation ended the 2007 fiscal year with a record net worth of
approximately $605,000. With the revised strategy paying handsome
returns, the Alpha Rho Memorial Foundation continues to be well endowed to
carry on its core mission of providing educational programs, scholarships
and awards to Brothers of Alpha Rho of Chi Psi Fraternity.
<< 1 |
2 | 3 |
4 | 5 |
6 | 7 |
8 | 9 | 10 >>
|
