College Columns June 2021 - Page 4

President ’ s Message

Melissa S . Kibler , Mackinac Partners President , American College of Bankruptcy
Greetings to all our Fellows . I hope you each are seeing light at the end of the proverbial tunnel .
Restructuring activity has recently slowed somewhat in the face an influx of liquidity , sustained low interest rates and an economic recovery that is stronger and faster than expected in the US . However , a return of more normalized credit conditions , tapering relief measures and pandemic-induced systemic change , coupled with vast disparities in the pace and progress of recovery on a global basis , will continue to fuel volatility and financial challenges that drive a heightened need for our Fellows ’ restructuring and insolvency expertise for some time to come . As described in Chair Mark Bloom ’ s column , the College remains engaged on many fronts in supporting the leaders of our profession and our nations in navigating these shifting sands .
Like many other institutions , the College faced considerable uncertainty at the beginning of the pandemic . However , not only did we avoid incurring financial penalties thanks to the deft financial management of Shari Bedker and her staff , but our reserves provided a ( thankfully unnecessary ) safety net , and our investments performed well under the watchful eye of our Investment Committee , led by Marti Kopacz and Liz Tashjian . Perhaps most impressive , though , was the staunch financial support of our Fellows , who stepped up through their firms
and individually to lead both the College Patrons & Sponsors Program and the Foundation campaign to record years .
The College and Foundation each conduct separate annual fundraising efforts . The Patrons & Sponsors Program targets firms to generate financial support for the College ’ s operations , while the Foundation ’ s campaign targets individual Fellows to generate tax-deductible donations that directly fund pro-bono and other grants . ( See Foundation President Paul Harner ’ s column for additional information about their most recent campaign results .) The College ’ s Patrons & Sponsors Program provides almost 60 % of the College ’ s core receipts , with dues and induction fees comprising the remainder . These sponsorships fund expenditures including the spring and fall programs , committee projects , educational programs , and the National Bankruptcy Archives , as well as the College ’ s sizeable contribution to the Foundation .
Over 145 firms donated a total of more than $ 380,000 to support the College in 2021 , an increase of 9 % over the prior year . We are gratified that 50 new firms have joined the Patrons & Sponsors Program since 2019 , and particularly thank those new Fellows who joined the ranks . The table on the following page illustrates the number and amount of donors at each level .
We implemented several changesdesigned to streamline the pledge and payment process , including customized invoices and on-line payments , and suggestions for further improvement are always welcome . However , these extraordinary results would not have been possible without the