Extract from Annual Report—2004

The Cosmos Club Foundation continued its mission to support the intellectual community both within and outside the Cosmos Club through its lecture/award programs and its grants-in-aid to deserving graduate students of area universities. It also supports a concert each year at the Phillips Collection.

During the past year, the McGovern Award in Science was awarded to David Billington on October 6, 2004. Mr. Billington’s approach to the history of bridges uniquely combines aesthetics and engineering, and in his McGovern lecture he spoke impressively about the various uses of concrete in bridge construction during the past century.

The Grants-In-Aid program continued to be a centerpiece of the Foundation’s program. This past year 201 applications were received and 25 proposals were approved for funding (compared with 22 the previous year). Thanks to the continuing support from members, we were able to provide support in the amount of $35,700 to applicants from seven area universities. The projects involved a broad range of subjects, including biological sciences, psychology, literary history, art history, economics, and philosophy. Once again we are grateful to the Consortium of Washington Area Universities for their collaboration in this important undertaking; we could not have made these grants without them.

Our Treasurer, Mr. Huebner, was careful (as always) in his stewardship of the Foundation’s assets. The total value of all investments increased substantially during the Foundation’s fiscal year (Jan. 2004 to Dec. 2004) to end the year at $1,015,221. The indifferent performance of the equities market and issuance of grants-in-aid checks has reduced the total slightly since then. The assets as of April 13 stand at a total of $969,703 (about $202K of which is in the McGovern Fund), diversified into two stock market index funds, two bond market index mutual funds, and three money market funds. In addition, contributions of $34,575 were received from individuals. Expenditures for the fiscal year totaled $48,661.

The Foundation welcomes Virginia Mars as a new Trustee, replacing our long-time trustee, the late James Wallace.

Once again we thank the Board and members of the Cosmos Club, who have so generously supported our work. We look forward to the presentation of the Cosmos Club Award (which the Foundation supports) to Jim Lehrer in September, and we already have plans underway for several McGovern Lecture programs that promise to make the coming year as significant and interesting as this one has been.

ALAN FERN, Chair