2009 was a challenging year for us all. Like many household budgets across the country, we found ourselves with greater needs and fewer available dollars to meet these needs.
What we experienced at the Foundation was both heart wrenching and heart warming. Our Endowment lost value as the markets fell by 22% from the year before. This combined with the previous year's losses left us with 70% of the available funds. This was reflected in fewer grants and smaller amounts to those we served. What was special in the process of cutting back was sharing with these organizations the ways they handled cutbacks and provided additional services at the same time. Our schools helped parents with their tuition, service providers increased assistance while making budget cuts, and volunteers came forward to help keep programs going. The commitment and the love for those they served was an inspiration to us all.
After many years of service together, Bob Erburu and George Gibbs stepped down as Directors of the Foundation. Bob joined the Foundation in 1981 and George in 1987. Their leadership and wisdom will be greatly missed. We also want to welcome new board members Tom Boyle and Michael Feeley. We are fortunate to have them as part of this Foundation.
Again I want to thank Nina, Shirley, Peggy, and Herman for their diligent and sensitive handling of all our requests. Their research and presentations help the Board to better understand the work of those we serve. I also want to thank our Members for their committed involvement and the time they give to our efforts.
Very truly,
Rob A. Smith, III
