On March 15, the Issues Session “Building for the Future: Strategic Initiatives for the Endowment Fund,” provided a forum to discuss the need for “increased effort to develop and grow Endowment Fund(s) to support the strategic objectives of SOT.” This session was presented by 2012–2013 Vice President Lois D. Lehman-McKeeman, and 2012–2013 Vice President-Elect and 2011–2012 Endowment Fund Board Chair Norbert E. Kaminski.
Dr. Lehman-McKeeman explained the importance of holding an Issues Session on the SOT Endowment. Key points emphasized by Dr. Lehman-McKeeman included the use of endowment funds to enable SOT to support new initiatives and long-term activities not supported by the SOT operating budget.
During this session, Dr. Kaminski also presented important facts about the management of the Endowment Funds to session attendees that included:
- One hundred percent of each contribution goes toward supporting endowment activities. All of the Endowment administrative costs are defrayed by the SOT operating budget.
- Donations to each named fund are accounted separately.
- The goal of the Endowment is to support long-range activities, many of which are in perpetuity.
- Typically SOT operating funds are used to support activities for the entire membership; whereas, the endowment funds are often targeted toward specific subgroups within SOT.
Since the inception of the Endowment Fund(s), SOT Leadership and Endowment Fund Board members have sought input from the membership on aspirational goals that these funds could support that would generate interest and enthusiasm by SOT members.Toward this end, an Endowment Fund Survey was conducted in early 2012 and followed up with focus group meetings held during the SOT 51st Annual Meeting. Feedback indicated support for initiatives such as:
- Early and mid-career development opportunities, including career internship programs;
- Training opportunities for Undergraduate, Graduate Student, and Postdoctoral Trainees;
- Award travel scholarships for relevant meetings other than SOT, such as Junior Investigator Awards;
- Granting mechanisms to provide a bridge to independent research; and
- Training opportunities for international scientists, such as the Global Senior Scholar Exchange Program.
The SOT Endowment Fund Board will be working to develop strategies by which new opportunities can be established from a well-funded endowment. For more information on contributing to the Endowment Funds, visit the SOT website.