Welcome to our second annual report for the San Angelo Area Foundation.
This past year has been exciting for the Foundation, and we look forward to an even brighter tomorrow. As you know, The Foundation not only serves San Angelo, but the Concho Valley and surrounding communities.
The Foundation awarded its first scholarships in 2004. Many people and organizations have made the scholarship program of the Foundation a success. We were able to award 19 scholarship awards totaling $13,500.
The year 2005 looks even more promising with the ability to award more than 30 scholarships totaling more than $40,000. As of this report, we are blessed to have 24 scholarship funds created with more than $800,000 in endowed funds. This is an awesome feat as we enter our third year of operation.
Our area is fortunate to have people who understand the need of our youth to further their education and with the ever increasing cost of tuition, these new scholarships will help the youth of our area succeed.
More than 70 funds established since inception of the Foundation.
Foundation assets increased to more than $10.5 million.
In 2005, we can award more than 30 scholarships totaling more than $40,000.
In this, our second annual report, you will also see the tremendous support from many people who continue to believe in the concept of a vibrant community and area foundation.
The financial numbers show the Foundation with assets of 9.4 million at the end of 2004. As of the spring of 2005, more than 70 funds created at the Foundation have increased the assets to more than $10.5 million. The investments of the Foundation have done very well during the first two years. Investments grew an annualized 10.16% for 2004 and from our inception to date, annualized performance is a 20.6% return. The investment committee is to be commended for their prudent selection of our investment management firm, Frank Russell Corporation.
Many thanks to our outgoing Board Chairman, Steve Stephens. Steve really understands the vision of this area foundation and our ability to improve the quality of life for generations to come. Lastly, thanks to our fellow board members for their service, their vision and leadership as we continue building this Foundation for the future.
Yours truly,
Frank W. Rose
Chairman of the Board
Matt Lewis
President & CEO
