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American Society of Safety Engineers Foundation Annual Report
Fiscal Year Ending March 31, 2008
2007/2008 – a year of steady growth in spite of economic woes due to the economy and credit markets. We thank our generous donors who had the vision to invest in the safety, health & environmental (SH&E) profession.
Total revenues were $571,193 consisting of donations, interest earnings, realized investment gains, silent auction & golf outing proceeds and scholarship fees. Donations (including corporate scholarship fees) totaled $467,738 making it the second best year in the Foundation's history. Of this total, restricted fund revenues (programs earmarked for scholarship and research) totaled $308,587.
Corporate support continues its steady growth with leadership gifts received from the Aon Corporation, Bechtel Group Foundation, Bickmore Risk Services, the Board of Certified Safety Professionals, Chubb Group of Insurance Companies, C N A Foundation, DaimlerChrysler Corporation Fund, FabEnco, Inc., Flatiron Construction Corporation, Houston Area Safety Council, the Liberty Mutual Group, Liberty Mutual Research Institute for Safety, Scott Health & Safety, Summit Training Source, Inc., Total Safety, Toyota Motor Sales, USA, Inc., Washington Division of URS, the UPS Foundation and Wyatt Field Service Company.
ASSE Regions & Chapters showed their support of the profession by donating a stellar $125,862. Emphasis on a named chapter scholarship program and additional outreach led to these leadership gifts. Thirty-one percent of the ASSE chapters supported the Foundation this past fiscal year (4/1/2007-3/31/2008).
Member support continues at a steady pace with 17.5% of ASSE members making contributions on their membership renewal form. Members donated nearly $100,000 while renewing their ASSE memberships.
On another positive note, the Foundation’s fund balance increased by 17% over the previous year
with total assets of $1,838,386. Interest income and realized gains/losses were over $57,000 – just 8% less than the previous year’s activity. This was due to the slight down turn in the market. The Foundation’s investment managers have funds invested in equities, short/medium-term high quality bonds and cash.
Program expansion continues to flourish as ASSE constituents continue to give. Eight ASSE Chapters, Regions and committee’s established new scholarship and grant funds including the Greater Chicago Chapter, ASSE Region III, Heart of America Chapter, Oklahoma City Chapter, Central Indiana Chapter, Four Corners Chapter, the Gulf Coast Chapter and the ASSE Diversity Committee. In addition, the Board of Certified Safety Professionals and ASSE members, Rick Pollock, and Mike and Judy Thompson created named scholarships funds that will benefit students pursuing degrees in safety.
In the research arena, $19,000 was awarded for applied safety research including:
- A $9,500 fellowship to Joshua Hoffman for his study on How In-Vehicle Technology Affects Safety;
- A $9,500 fellowship to Bethany Taylor for her study on the Validity of Self-Reported Physical Work Activities & Predictors of Workers’ Over & Underreporting of Exposures
Nearly $104,000 was awarded in scholarships to undergraduate and graduate students pursuing degrees in occupational safety and health. Twenty professional development grants were awarded to ASSE members totaling $12,500 for their participation in the ASP/CSP Certification Study Guides, Preparation Workshops and Exams, the ASSE Professional Development Conference, academic coursework and college textbooks. In addition, the ASSE Practice Specialties sponsored two students to attend the ASSE Professional Development Conference.
The Foundation continued promoting the Legacy Trust, a planned giving program, where members can name ASSEF in their wills or as a beneficiary to their life insurance policies. Fourteen members have made commitments to ASSEF as of March 31, 2008.
Program support included co-sponsorship the ASSE Future Leaders Conference, a program designed to mentor ASSE student members and prepare them for the transition from a safety student to a SH&E employee ($20,000). This program was generously co-sponsored by Liberty Mutual & Washington Division of URS. Total expenses of $144,460 were related to newsletter production, meetings, conference events, management fees and unrestricted program expenses.
As we look to FY2009, ASSEF will offer nearly $137,000 in scholarships and professional development grants, another new record! New awards include the Columbia-Willamette Chapter President Scholarship, the Greater Chicago Chapter Scholarship, the Terrance M. Hennessy Professional Development Grant, the Keith Bain Scholarship sponsored by the Middle Tennessee Chapter, the Linda & Brad Giles Scholarship, the New England Area Future Leadership Award, the Puget Sound Chapter ASSE Scholarship, the Texas Safety Foundation (TSF) Scholarship and the Charlie Darnell HSE Memorial Scholarship sponsored by TSF.
The Liberty Mutual Research Fellowship Program will be offered again at the Liberty Mutual Research Institute for Safety for two fellows during summer 2009 and research activities will be reevaluated as we continue to update our research agenda.
Expanded accreditation activities will continue as we work with the Applied Sciences Commission (ASC) to develop and implement programs for schools seeking ABET accreditation. A grant will be available in early 2009.
Through all these activities, the Trustees will continue to review the Foundation's strategic plan and strive to identify the most effective ways to utilize funds to advance the safety, health and environmental professions.
Cynthia L. Roth
Foundation Chair, Fiscal-Year 2008
Statement of Revenues & Expenses
For the Period Ending 3/31/08.
Revenues |
Operating Fund |
Restricted Funds |
Consolidated |
| Contributions | 159,150.48 |
308,587.25 |
467,737.73 |
| Scholarship Revenue | 6,460.00 |
- |
6,460.00 |
| PDC Activities | 39,788.00 |
- |
39,788.00 |
| Interest | 7,784.51 |
50,261.78 |
58,046.29 |
| Realized Investment Gain/(Loss) | (838.38) |
- |
(838.38) |
Total Revenues |
$212,344.61 |
$358,849.03 |
$571,193.64 |
Expense |
|||
| Scholarships/Prof Dev Grants | - |
116,230.15 |
116,230.15 |
| Student Conference | - |
20,000.00 |
20,000.00 |
| Research Grants & Fellowships | - |
19,000.00 |
19,000.00 |
| Scholarship Fees | - |
8,010.00 |
8,010.00 |
| Meetings & Conference Calls | 17,093.34 |
- |
17,093.34 |
| Printing & Postage | 20,048.25 |
- |
20,048.25 |
| PDC Activities | 18,175.22 |
- |
18,175.22 |
| Miscellaneous | 9,143.68 |
- |
9,143.68 |
| Management Fees | 79,999.92 |
- |
79,999.92 |
Expenses |
$144,460.41 |
$163,240.15 |
$307,700.56 |
Adjustments |
(35,875.55) |
35,875.55 |
|
Total Expenses |
$108,584.86 |
$199,115.70 |
$307,700.56 |
Net Income |
$103,584.86 |
$159,733.33 |
$263,493.08 |
| Unrealized Investment (Gain)/Loss | (42,659.25) |
- |
(42,659.25) |
Total Unrealized (Gain)/Loss |
(42,659.25) |
- |
(42,659.25) |
Increase in Net Assets |
$146,419.00 |
$159,733.33 |
$306,152.33 |
Balance Sheet
For the Period Ending 3/31/08.
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