Annual Report 2007: FY July 1, 2006-June 30, 2007
Foundation
The AAPG Foundation has completed a very successful year with total assets reaching $38.114 million. As a result of a favorable stock market, the investment portfolio increased by $3.714 million to $34.536 million during the past fiscal year.
For the fiscal year, the Foundation had total gross revenues of $1,364,354. Total expenditures of $1,160,261 resulted in a surplus of funds. Considering net realized and unrealized capital gains of a positive $2,044,920 resulted in a net gain for the year of $1,228,866.
Your contributions have made a difference. Total contributions to the Foundation in 2006–2007 were $1,011,278 with 15 percent of the AAPG members contributing voluntarily through their AAPG dues statements.
Total disbursements for grants and program services were $816,054.
The major objectives of the Foundation are to provide funding for programs to encourage better understanding and advancement of the geosciences, and for projects that support the education, training and career enhancement for earth scientists.
Some of the major programs which received funding by the Foundation during the past year included the following: L. Austin Weeks Memorial Fund $45,109, Distinguished Lecture & Visiting Geoscientist Programs, $176,468; AAPG Bulletin, $160,000; Grants-in-Aid, $165,250; L. Austin Weeks Undergraduate Grant program, $39,500.
The Named Grants-in-Aid program continues to grow with 67 funded grants and six additional grants established but not yet fully funded. This year, three new Named Grants were endowed and provided additional funding by the Eastern Section of AAPG, Lawrence W. Funkhouser, and Edward B. Picou, Jr. Biographies of those honored or memorialized through the grants are included on the AAPG Foundation website. This program provided financial assistance to 100 graduate students both domestic and internationally.
Robert W. Esser was the eighth recipient of the AAPG Foundation Chairman’s Award for exceptional service and support of the Foundation and was recognized at the Trustee Associates Meeting in San Antonio, Texas, on October 14, 2006. In addition, Eugene F. Reid was honored posthumously as the ninth recipient of the Chairman’s Award which was graciously accepted by Marge Reid at the Foundation Chairmen’s Reception at the AAPG Annual Meeting in Long Beach, April 2, 2007.
William E. Crain elected to retire June 30, 2007, as Trustee of the Foundation and will join the Trustee Emeritus members, which includes Herbert Davis, Paul Dudley, Lawrence Funkhouser, Jack C. Threet and James E. Wilson. Bill Barrett was elected and Bill Fisher was re-elected as Trustee for a three-year term ending June 30, 2010. Richard Baile, Toby Carleton, Jack Martin and Michael Wisda were re-elected members of the Foundation Corporation and Bob Gunn was elected to succeed Bill Barrett as a member of the Foundation Corporation.
The AAPG Foundation Trustee Associates membership now totals 265. Eleven new members were added during the current year and eight members passed away. The Trustee Associates continue to be an active and vital part of the Foundation, providing financial and advisory support. This year’s annual meeting was held in Maui, Hawaii, in early October.
Each individual contribution is important to the growth and future of AAPG Foundation programs. The Board of Trustees is grateful for the generosity shown by AAPG members for the support of their profession.