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Extract from Annual Report—2005

This was a particularly productive year for the Foundation. The Grants-in-Aid program, which awards modest grants to graduate students in Washington area universities, was able to make 22 awards totaling $40,772. The awardees came from The University of Maryland, Georgetown, George Washington, Howard, American, and George Mason Universities, and the subjects of their research ranged from animal biological and behavioral studies to pre-Columbian art, modern European history, American art history, and earth sciences.

These grants, and other activities of the Foundation, are supported by contributions from members of the Club and other individuals and foundations. This year more than $60,000 was received from 314 contributors­a record for the Foundation. In addition, the Foundation received a bequest of $67,500 from the Estate of Max and Vera Britton, to support research in environmental science; one of the grants-in-aid was designated for this special distinction, and this will be done annually in future years.

The work of the Foundation is supported by income from its endowment funds. The current endowment totals more than $1,100,000, which is invested in equity, bond, and money-market mutual funds in several brokerage accounts. The Club’s Assistant Controller, Christopher Buynak, improved reporting to the Foundation Treasurer and Trustees, then materially reduced the cost of our audit by preparing schedules and notes for the external auditor to use; we are most grateful to him for this assistance.

The other activities of the Foundation include funding of the Cosmos Club Award, which was presented last year to television news journalist Jim Lehrer, and will be presented to Elie Wiesel on May 1st of this year. The Foundation also presents the John P. McGovern Awards in the arts, humanities, and sciences; on October 28, 2005, Professor Steven W. Squyres, principal scientist for the Mars Exploration Rover Mission, received the Award and gave a brilliantly illustrated talk on the development and accomplishments of that program. The Foundation’s annual concert at the Phillips Collection was given on 13 November 2005 by pianist David Korevaar; his recital included works by Louis Aubert, Beethoven, Lowell Liebermann, and Ravel.

This was also a year of transition for the Foundation. Three dedicated former trustees—Willis Shapley, Gerald Tape, and Theodore Schad—died, and will be greatly missed by their colleagues. James Blair was appointed a trustee, and Henry Work and John Daniel Reaves became Advisors during the year. Alan Fern has ended five years of service as the Foundation’s Chairman and will be succeeded by Mark Olshaker. Mr. Fern hopes to continue participating in the deliberations of the Foundation as a Trustee, and hopes that his successor will find the chairmanship as rewarding and inspiring as he has.


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