Page 10 - 2021-2022 Year End Report

FINANCE COMMITTEE
Treasurer: Elizabeth Bell
Finance Committee Members: Kathleen Ames, Vrushali Bokil, Julie Branford, Joan Foley, Sharon Hewitt, Anne Jarvis, Marilyn Lindgren, Sue McGrath,
Caron Ogg, Mary Strickler.
The Finance Committee has managed the financial affairs of the Chapter for 16 years. This includes budgeting, cash management, reporting to the Board and the membership on the Chapter’s financial condition, analyzing annual scholar award capacity, and overseeing the Chapter’s Investment Portfolio.
With the hire of an Executive Director, the Committee has begun the process of transitioning from a working committee to an Executive Director who handles the day-to- day financial operations and who provides data, strategic thinking, and suggestions to the Committee. The Committee will continue to provide oversight and ensure the Chapter’s compliance with federal and state authorities.
The Investment Sub-Committee met twice this year with our Bank of America advisors to discuss our concerns about a challenging investment environment.
Despite disappointing performance with investments, the Chapter is financially stable and annually increasing the number of Scholar Awards distributed.
In the past 12 months, three UME’s were funded by the Chapter and its generous donors. These include:
• The Science is the Solution UME, funded at OHSU by the Chapter’s Endowment
• The Jarvis Family UME, in the College of Engineering at OSU
• The Foley/Gray UME, funded at OHSU
Assets available for Operation of the Chapter are currently over $510,000. The Murdock grant provided support for the hire of an Executive Director and Donor Members also made contributions to support this hire. Cash flow statements indicate that it will not be necessary to draw down on assets to operate the Chapter.
The original Josselyn bequest of $1.5m has now grown to $1,603,384 while also funding a UME Scholar and 7 Endowment Scholars.
In the Fall of 2022, ARCS Foundation Oregon will fund a total of 85 awards, 30 Named Awards, 21 Chapter Awards, 26 UMEs and 8 Endowment Awards.
This continuing record of financial success and stability in our Chapter is most inspiring. The Finance Committee recognizes the generosity and dedication of our Board, Donors, Members and University Partners. Thank you.
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