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President's Note -- February 2006
The ODS Board and Chapter presidents met January 7th and 8th for our annual planning retreat at Silver Creek Falls. We spent the time discussing a wide range of policy and procedure issues, as well as the many shows, programs, publications and events that are coordinated centrally. You are very fortunate to have these dedicated volunteers that make these activities happen.
At the retreat, I shared with the board recent correspondence from the Chehalem Mountain Chapter, (CMC) that included a check in the amount of $2,069 for the Linda Acheson Memorial Education Fund. The money represents proceeds from the August Benefit Show and silent auction. They did a fantastic job, and everyone had a great time. Thank you!
The CMC letter asked for information as to the status, goals and intent of the education fund. I was pleased to have the opportunity to discuss this with board members and chapter presidents at the retreat. I’d like to take this opportunity to share these points. They are listed below in a Q and A format:
Q: How much money is in the fund?
A: We now have approximately $31,000 in a separate investment account for the education fund.
Q: What is the purpose of the fund?
A: The fund was established during Linda Acheson’s term as ODS president. She envisioned an education fund that would provide “seed” money, or full funding for seminars, symposiums, programs that would help educate ODS members. The fund had a modest beginning, but grew to its present size with memorial gifts made in Linda’s name, and proceeds from two benefit shows.
Q: When will these funds be spent?
A: During Linda’s presidency, she proposed---and the board agreed, that this account would be treated as an endowment fund. This means the donations, or principal, would not be spent. Programs and projects would be sponsored with the investment earnings from the account.
At the retreat, the board confirmed the earnings should be reinvested and until the fund reaches a minimum balance of $50,000. At that time, the fund can begin to be utilized. The growth in the education fund will depend largely on investment returns and additional gifts. Once the fund reaches our goal, the amount available for programs will depend on the investment returns. As examples, if the investment return for the year is 5%, the amount available for programs will be $2,500; if the return is 10%, the amount available will be $5000.
Q. Who will decide how these funds will be spent?
A: When the fund reaches our goal, the board will designate a committee to review applications and allocate funds. It has been suggested that this committee include some ODS members-at-large as well as some board members. The process and an adequate application period will be well publicized in various media. The board discussed a variety of ideas that fit with the mission of the fund. These included continued support for instructor’s certification; “L” programs; show management training; sport horse breeding, musical freestyle, and biomechanics seminars.
Equestrian Institute, the Dressage Foundation and many other dressage organizations make individual “scholarship/grants” for training towards personal goals. We are reviewing some of those programs and their criteria to see how well they work. My personal preference would be to award funds to programs and events rather than individuals. I’d rather see auditing and fees reduced for all ODS participants rather than selecting one recipient. The formation of the committee, as well as the criteria and application process are a bit premature at this point.
I’d like to reiterate my appreciation to CMC for their efforts and continued support of the fund. In the early stages of this effort, it’s hard to see end result. Each contribution is an investment in the future programs of ODS.
Thanks, John