GEM Fund Reports | AAUW Asheville (NC) Branch

AAUW Asheville Scholarship Endowment, Inc.

GEM Fund annual report FINAL 2023 2024

Celebrating Nineteen Years of Supporting Higher Education for Worthy Women in Western North Carolina

2022 GEM Fund Annual Report for Fiscal Year 2021 – 2022

submitted by Pat Ashe, President

The fiscal year 2021-2022 continued to see strengthening of the Endowment investments in the first half of the year and then some degradation of fund balances due to the stock market volatility and an inflationary economy in the second half of the year. The spring fundraising drive saw a decrease over the record-breaking prior year’s total, but was still strong at nearly $29,000. Fundraising throughout the previous year resulted in nearly $50,000 being allotted to UNC Asheville and A-B Tech in equal portions for the academic year 2022-2023. This astonishing accomplishment is due to the commitment to the mission and generous donations to the GEM Fund to support the education of women in our community whose prior education has been interrupted or delayed.

Four board members went off the board in June 2021, Alice Doner, Marlene Shaklan, Carol Smith, and Leslie Apple, AAUW Asheville President. Three new board members were appointed, Tina Garrett, LaDean Peterson, AAUW Asheville President, and Lois Sutton. It is through their active participation and dedication that the GEM Fund continues in successful growth.

2022 brings the 20th anniversary of the GEM Fund. The spring campaign focused on this in fundraising materials and communications. A celebration event is planned for November to be held for the first time on the UNC Asheville campus instead of A-B Tech’s Fernihurst as it has been for the past several years. No in-person events were held for either fundraising or celebration during 2020 and 2021 due to COVID-19. What the GEM Fund has accomplished since its inception in 2022 with over $300,000 being raised and distributed to the two schools is truly remarkable.

Committee Reports

Fundraising

Again due to COVID-19, spring fundraising was done by a mail campaign from May 1st through June 10th. This fundraiser resulted in nearly $29,000 from donors, the majority of whom were, as in past years, AAUW Asheville members. This strong success was supported by 77 donors, who, despite a weak economy, determined that the scholarship focus of the GEM Fund was worthy of their gifts. Additionally, individuals contributed $4385 to the “Birthday Dollars for Scholars” program and with other gifts throughout the year, the total raised for 2021-2022 was $47,690.

Scholars:

Susan Ikerd completed her 5th year as the GEM scholarship liaison with our college/university partners and reports it continues to be very gratifying to see the results of our efforts. We were once again able to increase funding to both institutions for the 2022-23 academic year. We also executed a third virtual fundraiser. Although the results were not quite as successful as the past year due to volatility in the stock market and inflation, we expanded our reach in terms of an expanded donor base and finalized a fundraising campaign structure and strategy that will serve us well moving forward.

Susan and Pat met in April with Ben Pendry, assistant vice chancellor for development at Western Carolina University to discuss potentially expanding scholarship opportunities to programs which articulate between WCU and A-B Tech so that scholars can receive funding from the associate through the baccalaureate degree. These include nursing, education and social work, and are offered at the WCU Biltmore Park campus. Further discussion will take place during the 2022-23 academic year.

Susan will be transitioning responsibility as the college/university liaison as of the 2022-23 academic year to Betsy Kirk as she assumes the role of GEM Board President. They met with Brian Davis at UNCA in May, and will meet with the A-B Tech staff in September.

Donor Relations

The GEM Board continued to acknowledge the many generous contributors during the fiscal year. Betsy Kirk made sure official thank you notes were sent to all donors and that , in the case of tributes of honored friends or loved ones, that notifications were sent as well. All GEM donors for the fiscal year will be acknowledged at the fall 2022 20th anniversary celebration of GEM. Pat telephoned each donor who contributed $500 or more during the fundraising campaign to thank them for their generosity and continued commitment to the GEM Fund’s mission.

Communications and Publications

The GEM Fund activities were reported monthly in the AAUW Asheville newsletter by Pat Ashe, President. All materials and communications for the spring fundraising campaign were designed to celebrate the 20th Anniversary of the GEM Fund by a group of board members who planned the campaign. The Birthday Dollars for Scholars cards were also redesigned and approved by the board in June 2022.

Finance

Performance Report

The GEM Fund ended the fiscal year on June 30th with a balance of $379,932.92. The investment endowment portfolio at Decker Wealth Management closed the year with $305,530, a decrease of $61,837 from the starting balance of $355,147 on July 1,2021. $12,119 was added in September of 2021.This number is net of all additions and distributions and also net of fees.

Returns were -16.8%. Our designated benchmark, the 60% MSCI world equity /40% Bond Asset Allocation Benchmark, returned -12.78% over the same period. The GEM Fund underperformed the benchmark.

GEM’s Asset Allocation at fiscal year end was 9.6% cash, 53.9% equity and 35.5% fixed income (Convertible bonds and Preferred stocks were classified as bonds and REITs and MLPs as equity.)

The GEM Board voted to add $12,119 from fundraising in the year to the endowment fund (9/22/21 deposit.) The GEM Board voted not to distribute any funds from the fund for scholarships, following all parameters of the Endowment Policy criteria. This resulted in a $12,119 addition to principal. The fund also paid $1,626 in fees to Decker Wealth, a .45% fee.

Income from the year totaled $47,689.22. Donations were $41,542.50. Birthday dollars were $4,385. Memorial contributions were $1,700. Amazon Smile totaled $61.72. This is a 22% decline from the previous year’s income of $61,417. Expenses were $3,612.25. In addition, scholarships paid totaled $34,180. Expenses were on par with last year.

Summarized Statement of the GEM Fund fiscal year end positions (2021-2022)

As of June 30, 2022, the GEM Fund has the following assets:

$305,530 in the investment portfolio of the Endowment Fund, with a net $12,119 in principal contributions and $61,837 in decline; and $74,402.92 in local banks.

A more detailed report is available from the GEM Fund President that was provided by Decker Wealth Management.

Finance Chairperson

Betty Ann (B.A.) Schenk was nominated and voted in as the new Finance Chairperson of the GEM fund. Her term began July 1, 2022.

2021-22 GEM Board:

In May 2021 the GEM Board appointed the following GEM Board members and officers for the 2021-22 fiscal year:

Pat Ashe, President
Deborah Fulton-Helmer, Treasurer
Susan Grabel Secretary
Lina Evans
Tina Garrett
Jan Huskey
Susan Ikerd
Betsy Kirk
Johanna Manasse (resigned in October 2021)
Millie Massey
Lois Sutton
Karen Wallace-Meigs, AAUW Asheville President (Resigned July 2021)
Replaced by LaDean Peterson, AAUW Asheville President

Blue Diamond Gift of $3000 or more

Pink Diamond Gift of $2000 to $2999

Carol and Richard Smith

Jeanne and Stuart Smolkin

Farley and Ann Snell

Ruby Gift of $1000 to $1999

Edward Argue

Pat and Ron Ashe

Susan Grabel

Anonymous

Susan Ikerd

Marilyn Kolton

Karen Mauro

Emerald Gift of $500 to $999

Alan Cutter

Lina Evans

Linda Farrell

William V. Farrell

Deb Fulton-Helmer

Dr. Denise Gordon

Barbara Griswold

Catherine McClaskey

Helen McClintock

Jill Preyer

Stephen Snap

Dr. Perry Stamatiades

Lois Sutton

Black Opal Gift of $250 to $499

Judith Balsanek

Catherine Battle

Beverly Briedis

Barbara Campbell

Beth Ellers

Jan Huskey

Betsy and Carey Kirk

Millie Massey

Eve Miller

Jacque Morgan

Anonymous

Roletti Foundation

Janet Schwartz

Marcie Woodrow

Sapphire Gift of up to $249

Nini Abbott

Gaye Anderson

Michele Anderson

Anonymous

Patsy Beyer

Beverly Brignolo

Melinda Brown

Anonymous

Elizabeth Caudill

Linda Devenish

Alice Doner

Suzanne Fisher

Tina Garrett

Joen Goodman

Luisita Haas

Susan Hensley

Michele Hoyman

Beth Johnson

Molly and Russ Keeney

Sharon Kopstein

Lynn Lederer

Betty Letzig

Johanna Manasse

Barbara Mayer

Marlon Mayfield-Johnson

John T. Menefee

Fran Meyers

Verna McGaughey

Kitty McKeithen

Lynette Miller

Wendy Owen

Susan and Bob Palmer

LaDean Peterson

Anne Reis

Barbara Robinson

Kitty Schaller

Katherine Schofield

Linda Smolkin

Kay Stockdale

Bonnie Tollefson

77 total donors for 2022 Spring Fundraising Campaign for the GEM Fund

Compiled by Pat Ashe, 2021-2022 President, July 1, 2022

2021 Annual Report for Fiscal Year 2020 – 2021

submitted by Pat Ashe, President

The fiscal year 2020-21 brought significant increases in both fundraising and endowment investments. This demonstration of the financial health of The GEM Fund continues to strengthen the assessment of its ongoing maturation and success. The Board entered into a five-year giving agreement with Asheville-Buncombe Technical Community College (A-B Tech), similar to the one established the previous year with the University of North Carolina Asheville (UNCA). For the second year in a row, the June fundraiser event had to be cancelled because of the coronavirus pandemic. However, the spring fundraiser with a new video and 6 week long mail campaign resulted in the highest donations in the history of The GEM Fund, over $34,500. Strong investment returns added $8700 to the Board approved fundraising efforts for scholarship allotment for the academic year 2021-2022. This resulted in total donations to A-B Tech and UNCA of over $42,000, an unprecedented gift to support the education of women in our community whose prior education had been interrupted or delayed.

Committee Reports

Fundraising

Again due to COVID-19, spring fundraising was done by a mail campaign from mid-May through June. New this year, however, was a 3 minute video featuring a scholar, donors, A-B Tech and UNCA representatives, and business sponsors. This fundraiser resulted in over $34,500 from donors, the majority of whom were, as in past years, AAUW Asheville members. This strong success was supported by 80 donors, 55 of which increased their year over year giving and 32 donors who did not contribute in 2020. The board voted that all undesignated funds would go to scholarships for 2021 as well as the foreseeable future. Additionally, individuals contributed $5475 to the “Birthday Dollars for Scholars” program.

Because of the pandemic, the Board again voted to cancel the 2021 June fundraiser event at Fernihurst. Tentative planning began for a celebration event for scholars and donors in fall 2021.

Scholarships

Susan Ikerd completes her 4th year as the GEM scholarship liaison with our college/university partners and reports it continues to be very gratifying to see the results of our efforts. During the past year, and despite the ongoing national pandemic crisis, we were once again able to increase funding to both institutions as well as execute our second very successful virtual fundraiser. We also created the first ever GEM video, featuring our school partners, donors and one of our scholars. Finally, as recommended in the 2020 report, we were able to finalize and confirm responsibility for the scholarship fund payment and reconciliation process between GEM Treasurer, Finance Committee Chair, and College/University Liaison.

College/university relations:

Because of the pandemic, we were unable to meet in person with representatives from either institution this year. That did not deter us from executing a five year gift agreement with A-B Tech, which mirrors the agreement with UNCA. As with the UNCA agreement, this stipulates a minimum gift each year, and establishes GEM as a regular donor rather than an entity that gives on an annual basis. The agreement will enable A-B Tech to plan budgetarily and acknowledge our longterm partnership.

Based on our understanding of the entire scholarship process at both institutions, including fund management related to the Development Office as well as the relationship with the financial aid office, we now have a detailed overview of policies and procedures at both institutions in the Director’s Manual.

During the 2020-21 fiscal year, Susan recommended that we consider the economic situation in allocating funds to each institution. Since the beginning of the pandemic, well over a million women left the job market. The GEM funds are available to students for expenses beyond tuition, including transportation and childcare. We reiterated this to both schools when notifying them of their allocation for 2021-22, and distributed funds on an equitable basis to both schools.

Fundraising:

As a result of a second very successful fundraiser, it is anticipated the board will consider increased funding year over year to both institutions for 2022-23. It is recognized that our ability to sustain an increased level of funding is unknowable at this time, and that many of our donors may have used CARES Act funding to “pay it forward.” That said, 2021 fundraising provided the potential for allocations that would double the 2019-20 award year, which is quite extraordinary. The decision to make an allocation from the corpus of the endowment will be made at the end of the year, after we receive confirmation from both schools that they were able to utilize the funds committed for this year.

Scholars:

This is the one aspect of an otherwise stellar year that has been a bit of a challenge. Both schools operated remotely for the entire academic year, and students, staff and faculty worked and studied off cam- pus. A-B Tech did provide thank you notes from the scholars, but UNCA was unable to obtain acknowledgements of the scholarship from any of the recipients as their in-person practice to obtain these wasn’t possible. We did, however, receive from UNCA a detailed historical report on all GEM fund activity. Both UNCA, with four mid-year graduates, and A-B Tech ,with one recipient who only attended the spring semester ,will have additional funds available from the 2020-2021 allocation to be spent in 2021-2022, following assessment of final reconciliation reports .

2021-22 recommendations:

Determine level of unspent funds at both schools, and request that all funds be awarded for the current academic year
Create corporate fundraising plan
Attempt to contact past UNCA scholars for testimonials and inclusion in V.2 of GEM video.

Donor Relations

The GEM Board continued to acknowledge the many generous supporters during the fiscal year. Betsy Kirk made sure that official thank you notes were sent to all donors in a timely manner and that, in the case of tributes of honored friends or loved ones, that those notifications were sent, as well. In the past all GEM donors for the fiscal year were acknowledged in the fall edition of “GEM Chips.” As this publication is not planned, a communication document from the board thanking all donors and listing their names will be distributed to AAUW Asheville members and all 2021 donors in the fall.

Communications and Publications

Alice Doner, Communications and Publications Chair, published one “GEM Chips” in the fall of 2020.. This edition included a summary of the Annual Report, a listing of all donors during the prior fiscal year, and scholarship news. For the spring mail fundraising campaign, Alice continued to use her design talents to draft copies for the fundraiser group of the various documents needed. She also updated the annual brochure and sent out necessary communications to branch members and other GEM friends and family. Board President Pat Ashe sent monthly communications to the branch editor for inclusion in the branch newsletter.

Finance

Performance Report

The GEM Fund ended the fiscal year on June 30th with a balance of $438,311.24. The investment endowment portfolio at Decker Wealth Management closed the year with $355,148, an increase of

$66,634 from the starting balance of $288,514. This number is net of all additions and distributions and also net of fees.

Returns were 22.9%. Our designated benchmark, the 60% MSCI world equity /40% Bond Asset Allocation Benchmark, returned 23.3% over the same period. The GEM Fund was more conservatively positioned and yet kept pace with the benchmark.

GEM’s Asset Allocation at fiscal year end was 11.2% cash, 56.6% equity and 32.2% fixed income (Convertible bonds and Preferred stocks were classified as bonds and REITs as equity.)

The GEM Board voted to add $8,715 from fundraising in the year to the endowment fund (12/10/20 deposit.) The GEM Board voted to distribute $8,077 from the fund for scholarships, following all parameters of the Endowment Policy criteria. These funds were distributed on 1/22/21. This results in a $638 addition to principal. The fund also paid $1,265 in fees to Decker Wealth -a .35% fee. This resulted in a net $627 removed from the fund.

Financial Policies and Practices (FPP)

In June of 2021, the Board voted to change the FPP to clarify the distribution amounts to the colleges. The June distribution will now be the amount agreed to in the contracts with the 2 schools,

currently $5,000 a year. The remainder of the funds are to be paid in the fall after receipt of scholarship recipients’ names, with a deadline for the distribution of 12/15.

Summarized Statement of the GEM Fund fiscal year end positions (2020-2021)

As of June 30, 2021, the GEM Fund has the following assets:

$355,148 in the investment portfolio of the Endowment Fund, with a net $638 in principal contributions and $65,996 in growth; and $83,163.24 in local banks.

A more detailed report is attached that was provided by Decker Wealth Management.

2021-22 GEM Board:

In May the GEM Board approved the following GEM Board members and officers for the 2021-22 fiscal year:

Pat Ashe, President
Deborah Fulton-Helmer, Treasurer
Susan Grabel Secretary
Lina Evans
Tina Garrett
Jan Huskey
Susan Ikerd
Betsy Kirk
Johanna Manasse
Millie Massey
Lois Sutton
Karen Wallace-Meigs, AAUW Asheville President