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FOUNDATION FUND
Table 1. Foundation Funds
expense percentage, which is the administrative expense divided by the total expenses. The administrative expense percentage for the Fund was 14.5% in 2019 (and 14.7%. in 2018). This compares well with the best performing foundations in the United States. For more information on the assessment of charities, see charitynavigator.org.
The Campaign for Early Career Leadership
To further support the next generation of scientists and ded- icated leaders in acoustics and the ASA, a new fellowship program, The CAECL (see acousticstoday.org/earlycareer) was started in 2017 by then president-elect Lily Wang and by Carl Rosenberg, the former chair of the Board. Early career acousticians who are selected for these fellowships must show a commitment to the ASA and to new per- sonal endeavors that will enhance their personal growth as future leaders as well as benefit the Society. The plan is to award two fellowships annually, each on the order of $6,000, to support activities that enhance the fellows’ leadership skills and/or potential within their profes- sion and within the ASA, as proposed by the applicants themselves. In 2019, $41,621 was donated to the CAECL, and the balance in that fund at the end of 2019 stands at $112,306. The goal of the campaign is to raise $300,000 to support the two $6,000 fellowships in perpetuity. The Board encourages members to donate to this fund at whatever level fits their financial capabilities. In addition, we are very interested in discussing a naming opportu- nity with potential donors.
Relationships with Business
Another initiative started by former Board chair Carl Rosenberg deals with expanding relationships with com- mercial and industrial firms. The ASA and the Fund have been fortunate to have several long-term supporters in the business world. One of the newest members of the Board is EdwardOkorn,generalmanager,NorthAmerica,atGRAS Sound & Vibration (Holte, Denmark). We are working with Ed to increase the relevance of the Society to these firms, build relationships, and hopefully generate dona- tions that support the goals of the firms and the Society.
COVID-19 Impact on the Foundation Fund
As I write this article, the whole world is dealing with the COVID-19 pandemic. In the short term, the economic effects of the pandemic have impacted ASA’s finances in general and the Fund’s in particular. As of the close of
Frederick V. Hunt Postdoctoral Research Fellowship in Acoustics
James E. West Minority Fellowship
Raymond H. Stetson Scholarship in Phonetics and Speech Science
Medwin Prize in Acoustical Oceanography
William and Christine Hartmann Prize in Auditory Neuroscience
Royster Student Scholarship Award
Rossing Prize in Acoustics Education
Leo and Gabriella Beranek Scholarship in Architectural Acoustics and Noise Control
Frank and Virginia Winker Memorial Scholarship for Graduate Study in Acoustics
Robert W. Young Award for Undergraduate Student Research in Acoustics
Robert Bradford Newman Student Award
R. Bruce Lindsay Award
R.W. Young Travel Award for Standards
Performing Arts Fund to support students’ participation in the Concert Hall Research Group’s Summer Institute (see chrgasa.org).
Administrative Expenses
The Fund is separated into two distinct types of accounts: those with donor restrictions and those without donor restrictions. As the names imply, these categories inform us how we can spend the monies. As an example, one of the accounts with donor restrictions is the William and Christine Hartmann Prize in Auditory Neurosci- ence. One of the accounts without donor restrictions is the operating account, which had $2,699,450 at the end of 2019.
Like any nonprofit foundation, the Fund incurs some administrative expenses, such as salaries and benefits for ASA staff who work with and manage the fund. These
expenses are paid from the Fund operating account.
One of the metrics used to evaluate the financial health and performance of any foundation is the administrative
78 Acoustics Today • Fall 2020