Greetings from my home office in Chicago. I hope that each of our College Fellows is reading this column in safety and good health. These are times when we all must count our
blessings, both personally and professionally. It seems only fitting, therefore, to start by expressing my gratitude for the opportunity to serve as President of the College, and for the tremendous dedication of so many prior Chairs, Presidents and leaders at the national and circuit levels who have guided and enriched this organization. Additionally, while many non-profits are currently facing an uncertain future, we also can be thankful that the College and Foundation are in good financial health. Having most recently served as Treasurer of the College, I will provide some additional insight into two important aspects of our financial stability – the Patrons & Sponsors program and our newly implemented reserve and investment policies.
First, our 2020 Patrons & Sponsors program saw its most successful year ever under the leadership of now-Chairman Mark Bloom and an ad hoc committee of Fellows who dedicated countless hours reaching out to Fellows to encourage participation. The Patrons & Sponsors program provides over 50% of the College’s core receipts, with dues comprising most of the remainder. To date, our Patrons and Sponsors contributions for 2020 total $356,250, far exceeding the $294,000 received in 2019. A total of 137 firms contributed, including 32 Sustaining Patrons ($5,000), 44 Patrons ($2,500), 54 Sponsors ($1,500), and 7 Supporters ($750), a new level added in 2019 for Fellows in small firms. A key to the success of the program this year was the renewal of virtually all of our 2019 contributors, combined with the addition of 33 new firms – a record! We are working on new ways to recognize the firms and thank the Fellows who provide this critical support, and to make participation in the Patrons & Sponsors program easier than ever.
Second, last year the boards of the College and Foundation approved and implemented reserve and investment policies. These policies were the culmination of work started by a joint College/Foundation Ad Hoc Endowment Task Force in 2017, with the Finance Committee picking up the mantle in 2018. These efforts led to the establishment of board-designated reserves in 2019, with the goal of ensuring long-term organizational and fiscal stability that will enable the College and Foundation to respond to varying economic conditions and to continuously carry out their missions. Reserves include the following: (i) operating reserves intended for use in unusual circumstances or for unforeseen financial needs; (ii) special purpose operating reserves intended to fund budgeted grants to be made by the Foundation; and (iii) quasi-endowment funds intended to produce return on investment, rather than to fund current operations or grants. While none of us could have foreseen the current circumstances, it is exactly for such purposes that good governance dictates that organizations like ours implement appropriate reserve policies.
The boards also authorized the retention as
President's Message
Melissa S. Kibler, Mackinac Partners
President, American College of Bankruptcy
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