Despite a 13-inch difference in their heights
Transcription
Despite a 13-inch difference in their heights
Charlotte and Jim Roberts, continued Based on the many nice things the Roberts have done over the years for the MCV Campus, they ought to be feeling pretty good. They recently co-chaired the Campaign for VCU on the MCV Campus, which raised over $245 million, and were instrumental in raising funds for the new VCU School of Nursing building. Charlotte has been an active member of the MCV Hospital Auxiliary for over 20 years, giving hundreds of hours of service to the Three Bears Gift Shop, as well as other Auxiliary activities that support programs throughout the VCU Health System. In recent years, the Auxiliary has provided over $100,000 annually to programs at MCV Hospitals and Hospital Hospitality House. Jim, a partner in the law firm of Troutman Sanders, serves on the VCU Health System Board of Directors, the MCV Foundation Board of Trustees, and was honorary chair of the $10 million Next Generation Campaign for the VCU Pauley Heart Center. “We have been so darned lucky,” said Jim. “One of life’s great pleasures comes from taking part in making other people’s lives better. And it’s not just the lives you might touch, but the wonderful folks you get to work with along the way.” One of the people Jim and Charlotte have had the opportunity PAID Permit No. 1182 Richmond, VA Chronicle Giving OF Fall/Winter 2009 Medical College of Virginia Foundation: Serving the MCV Campus of Virginia Commonwealth University since 1949 Chronicle of Giving is published by the Medical College of Virginia Foundation, PO Box 980234, Richmond, VA 23298-0234 Editor: Penelope H. Stygar, [email protected] Design: Stygar Group, Inc. Copyright 2009. All rights reserved. Comments, submissions and suggestions are welcome. Please email to the editor or to [email protected] www.mcvfoundation.org A. Thomas Memorial Foundation. Mr. Thomas had established the foundation to honor his recently deceased wife, hoping that the money would support improvements in many aspects of health care. And it did. From 1976 until 2003 when the foundation was dissolved under the terms of its charter, trustees Jim Roberts, Charles Reed and Thomas Carr disbursed almost $30 million of foundation funds to healthcare-related programs across “Charlotte and Jim Roberts exemplify a Virginia tradition that is a tremendous source of pride for the Commonwealth. That is the tradition of private citizens giving their time, talent and resources to make our communities a better place. I am especially grateful for Jim's support and service to the Virginia Health Care Foundation. The Roberts’ generosity to the MCV Campus of Virginia Commonwealth University, to education programs and healthcare institutions throughout the State, will benefit Virginians for generations to come.” Mark S.Warner, U. S. Senator, Commonwealth of Virginia to work with on behalf of various MCV Campus fundraising efforts is Richmond philanthropist, Charles G. Thalhimer, who said about the Roberts, “During one’s lifetime, some experiences have a very special meaning. My good fortune of knowing and working with Charlotte and Jim on activities to benefit our fellow man has that special meaning for me. Their dedication, their caring, and their giving are a true source of inspiration.” Jim and Charlotte’s passion for better healthcare in Virginia found a powerful partner when, in 1975, Jim was asked by one of his clients, George D. Thomas, to serve as a trustee of the Theresa Nonprofit Organization U.S. Postage MCV Foundation PO Box 980234 Richmond, Virginia 23298-0234 Virginia. Almost $9 million of the total came to the MCV Foundation, earmarked for VCU School of Nursing Scholarships, a nursing professorship, the nursing school building fund, Pauley Heart Center, Massey Cancer Center, and several other endowed and current funds. Other programs and institutions that have benefitted from Jim’s trusteeship of the Theresa Thomas Foundation, as well as Jim and Charlotte’s personal philanthropy, include the Richmond Hospital Hospitality House, the MCV Hospitals Auxiliary of the VCU Health System, the Fan Free Clinic, Central Virginia Meals on Wheels and myriad other rescue squads, MCV Foundation Board of Trustees health clinics and health programs. Jim points to SeniorNavigator, Virginia’s online and volunteer network resource for aging and disability information, as a great example of what private philanthropy can set into motion. The program grew out of the Virginia Health Care Foundation, a public-private partnership established by the Virginia General Assembly in 1992 and funded in part by over $3 million in Theresa Thomas Foundation gifts. “The responsibility for making Thomas Foundation grants was a big one, especially after my fellow trustees died and I became sole trustee,” said Jim. “There were so many worthy healthcare programs and institutions that needed the support. Still are. But I’ll tell you, giving away money is a lot of fun. You get a letter from a young person thanking you for a scholarship that’s allowed her to pursue her education, or see a nursing school get built that you invested in, or a new heart disease research program started…it’s the best feeling in the world.” Ralph L. Anderson, DDS Edward H. Bersoff Erika M. Blanton, MD Katherine C. Bobbitt, EdD Austin Brockenbrough III Louise Oliver Brooks Ruth W. Campbell, MD Thomas N. Chewning Richard M. Clary, MD Judith B. Collins, WHNP William D. Covington, DDS Charles F. Crone Norwood H. Davis, Jr. John C. Doswell, II, DDS (Chair) Alice T. Goodwin Bruce B. Gray J. William Gray Jr., Esq. L. Preston Hale JoAnne K. Henry, EdD Mark J. Hourigan Gail W. Johnson, RN Barry V. Kirkpatrick, MD Lee B. Krumbein John W. Martin William E. Massey, Jr. James W. McGlothlin Dorothy A. Pauley Rebecca T. Perdue W. Baxter Perkinson Jr., DDS Frederick Rahal, MD James H. Revere, DDS Randolph N. Reynolds, Sr. James C. Roberts, Esq. Bertha C. Rolfe, RPh Ellen E. Spong James H. Starkey III Joseph M. Teefey Harry R. Thalhimer Bruce V. Thomas Richard P. Wenzel, MD, MSc Michelle V. Whitehurst-Cook, MD Henry L. Wilton Jane P. Wootton, MD Dianne H. Wright MCV Foundation’s Mission is to inspire and steward philanthropy throughout the MCV Campus of Virginia Commonwealth University. Chartered in 1949, the MCV Foundation works in partnership with alumni and friends of MCV Schools, Hospitals and the Massey Cancer Center. We support the institution in its quest: To preserve and restore health To seek the cause and cure of diseases To educate those who would serve humanity Through your donations, the MCV Foundation is an integral support to the dedicated teachers, clinicians, researchers and students whose efforts place the MCV Campus among the world’s leading academic medical centers providing technically superb and compassionate care to patients. Despite a 13-inch difference in their heights, Charlotte and Jim Roberts have seen eye-to-eye on most everything over the course of their 55-year marriage, and that includes giving to others. Their motto could be,“If you want to feel good, do something nice for someone else.” ’ continue on back page George W. Vetrovec, MD (right) is Chairman of Division of the Cardiology, director of the Adult Cardiac Catheterization Laboratory, Associate Chairman of Medicine for Clinical Affairs in the Department of Internal Medicine, and serves on the VCU Health System Authority Board of Directors. He is internationally recognized for his contributions to his subspecialty, interventional cardiology, and it is not at all unusual to see his name on the roster of invited speakers at scientific meetings throughout the U. S. and abroad, or as author of articles in the top medical journals. Many of Vectrovec‘s trainees have become leaders in cardiology in their own right, often citing his exceptional teaching and mentoring as a principal factor in their success. Your Gifts at Work To see the tangible results of personal philanthropy on the MCV Campus, you need look no further than VCU Pauley Heart Center. In recent years, the vision of a highly integrated, multidisciplinary, nationally recognized heart center has become a reality. That reality came into sharp focus in July, 2009 when the U.S. News Group ranked MCV Hospitals among the 50 best hospitals in the country in the specialties of heart and heart surgery, in its “America‘s Top Hospitals” report. Philanthropy has played a critical role in the heart center’s rise to national prominence, and two successful campaigns within the last decade have been key to the heart center’s status, moving from good to great, regional leader to national star. The first campaign, launched in 2000 and co-chaired by James Roberts and Charles Thalhimer, brought in $8.25 million, much of which was used to fully fund six endowed professorships and one endowed chair. The second, led by James Sanderlin and honorary chair Charles Thalhimer, surpassed its $10 million goal in 2006. In recognition of the largest single donation, $5 million from the Pauley Family Foundation, the VCU Heart Center became the VCU Pauley Heart Center, one of the few named major heart centers in the nation. “The impact that the philanthropic community has had on Pauley Heart Center cannot be overstated,” said George Vetrovec, MD, chair of the Division of Cardiology. “We are where we are today, in terms of the high quality of our faculty, trainees and nursing staff, the vitality of our research endeavor, and the depth and breadth of our clinical programs, in no small part because of private support. It has provided the means for us to pursue our strategic goals faster, smarter and more competitively.” One of the greatest challenges to all academic medical centers today is recruiting and retaining top-notch physicians and scientists. Competition is particularly fierce for physician/scientists and clinicians that have significant extramural funding and are likely to attract additional funding in the future. “Endowed professorships, attractive start-up packages, state-of-the-art research labs—all of these things are essential elements in the recruitment of outstanding new faculty, and to ensure that our top investigators are not lured away. As a public university we struggle to keep up with our private peers in terms of faculty salaries and incentives. Pauley Heart Center is a fine example of how charitable gifts help us even the playing field,” said Jerome F. Strauss III, MD, PhD, dean of the School of Medicine. In the last two years alone, Pauley Heart Center has added eight new faculty to its heart failure, interventional, electrophysiology and transplant programs. They include physicians and investigators fresh out of specialty training as well as senior faculty with established careers and international reputations. “One of the primary factors in our ability to recruit talented junior faculty is the quality of our senior faculty,” said Vetrovec. “Simply put, young MDs starting their careers in academic medicine aspire to working with faculty who are at the forefront of their field, and that is what we offer.” Vigneshwar Kasirajan, MD is Associate Professor in the Department of Surgery and Chairman of the Division of Cardiothoracic Surgery. He is Director of Heart Transplantation, HeartLung Transplantation and Mechanical Circulatory Support Services at both Pauley Heart Center and McGuire V. A. Medical Center. Since joining the faculty in 2000, Kasirajan has led the revitalization of VCU Medical Center’s heart transplantation program, developing it into a regional referral center for patients with complex, and often, advanced heart disease. In March 2006, Kasirajan and his multi-specialty team performed the first temporary total artificial heart implant on the East Coast, and subsequently have implanted 26 of the bridge-totransplant devices. “Private gifts have helped the heart center continue its long tradition of innovation, providing the faculty with the time, resources and most promising technologies to ensure that heart patients throughout the region have the latest techniques and treatments available to them.” Dr. George W. Vetrovec “The largest portion of the private funds supporting the heart center comes from appreciative patients,” said Ken Ellenbogen MD, vice chair of the Division of Cardiology. “This is a wonderful compliment to our faculty, fellows and nursing staff, and with the compliment comes benefits that accrue to all of our programs. One of the most precious commodities in our academic medical center, in fact, in all academic medical centers, is protected teaching and research time. Private support helps us ‘buy time’ by expanding our faculty. The result is greater opportunities for the faculty to pursue basic and clinical research while mentoring the coming generation of physicians and scientists.” Kenneth A. Ellenbogen, MD (center) is Vice-Chairman of the Division of Cardiology and also serves as Director of Clinical Cardiac Electrophysiology and Pacing at VCU Medical Center and McGuire V.A. Medical Center. His clinical and research interests encompass the entire field of electrophysiology, with particular emphasis on developing and performing more effective methods for ablation of atrial fibrillation. Recently, he and his team were the first in the United States to use a new type of intracardiac ultrasound machine that produces enhanced imaging of the heart, allowing cardiac electrophysiologists to better diagnose and treat atrial fibrillation. Ellenbogen was named to the Hermes A. Kontos, MD Professorship in Cardiology in 2000, the same year the fund was created by loyal MCV Supporter, Mrs. Jeanette Lipman, and two anonymous donors. Scholarship with a Role Model Bonus David Jessee says that June 5, 2009 will forever be among the most momentous days of his life. That was the day he was informed that he would be receiving the Charles L. Boatwright, md Scholarship for his first two years of medical school at MCV. “I am humbled, honored, grateful, surprised and many other emotions at the same time,” wrote Jessee to the Boatwright Scholarship Steering Committee. “After learning more about Dr. Boatwright’s biography, I can honestly say that he is one of my new role models. As I prepare to begin the next four years at MCV, I look to his life for inspiration and guidance.” Dr. Boatwright was indeed an inspiring and revered physician, so much so that a group of his admiring patients and friends in the Blacksburg, Virginia area created the scholarship in his name in 1996. The endowment agreement reads: “Dr. Boatwright is a 1953 graduate of the School of Medicine at the Medical College of Virginia, Virginia Commonwealth University. He has led a life dedicated to healing and compassionate outreach to those in need. His patients and friends now desire to continue his exceptional legacy of caring through a scholarship which will serve to reward and encourage these ideals in future physician graduates of MCV.” The agreement stipulates that preference is given to a student from southwest or rural Virginia that has demonstrated financial need. According to Michelle Whitehurst-Cook, M‘79, H‘82, associate dean for admissions in the medical school, David Jessee filled the bill perfectly. In her letter of recommendation to the Blacksburg-based Boatwright Scholarship Steering Committee, she wrote: “David is from Richlands, Virginia and graduated from UVA in May. He has wanted to be a doctor since before college and used his free time in high school to volunteer at the local hospital to explore the reality of this career choice. He loved working with the elderly patients and he has interest in primary care. While he was at UVA as a freshman he was chosen to be an Echol's Scholar, he worked at Madison House organizing the volunteer programs and was assigned to a kindergarten class where he worked for two hours every Friday. He also worked in the burn unit and post surgical suites at the UVA hospitals. He came to us with excellent grades and MCATS and glowing letters of recommendation. As a highly motivated rural candidate, we were ecstatic he chose VCU.” “Each year we look forward to seeing what students the MCV School of Medicine is recommending for the Boatwright Scholarship,” said Phyllis Blevins, co-chair of the Boatwright Steering Committee. “This year was no exception and we are so pleased with our selection, David Jessee. I am certain Dr. Boatwright would be equally pleased.” “It is hard to express what Dr. Boatwright meant to this community,” Blevins continued. “He was a wonderful doctor, renowned diagnostician, unhurried, available whenever and wherever he was needed, concerned for the patient and the patient’s family as well. He could be confided in and absolutely trusted by young and old alike. Everybody in this world should have a Dr. Boatwright in their lives.” Boatwright looked after the people of Blacksburg, Virginia for over 40 years as a family practitioner. He died in early 2002, a little over five years after the Boatwright Scholarship was established. According to an article in The Roanoke Times, he considered the scholarship his greatest honor. “I’m a hick, I’ll admit it,” Boatwright said in a 1997 interview. “My luck was coming to a place I was needed and growing up with the town.” David Jessee knows about the benefits of living in a small town. He is the sixth generation of his family to be born and raised in Richlands, a town of about 5,000 nestled in the Appalachian Mountains of southwest Virginia. He says he intends to return to the area after he completes his education in order to address the needs of the people of his hometown and region. “Ours is a close-knit community and it was a great place to grow up. I was raised with the idea that appreciating your place in life isn’t about money, but about doing the most good for people, and doing what you do well,” Jessee said. He continued that thought in his thank you letter to the Boatwright Steering Committee. “For everything I have done in my life, and everything I plan to do, none of it would have or will be possible without the close support and strength afforded to me by my family, friends and colleagues. I know there are many people who considered Dr. Boatwright a close friend and respected citizen and physician, and though I never had the privilege to meet him myself, I would venture to say that he considered his family and friends his greatest personal asset. It is through your gratitude to him in the form of this scholarship program that Dr. Boatwright’s service and memory live on. I cannot convey adequately my appreciation for this honor, but I will strive to ensure that my endeavors bring pride to this program throughout my medical career.” endowed scholarships: making a difference now and for generations to come More than 75 percent of the students on the MCV Campus receive some type of financial aid to pursue their dreams of a career in the health sciences. Each year, hundreds of these students graduate with a debt load exceeding $100,000. With the cost of tuition arguably one of the most difficult issues facing today's students, a scholarship can make the difference between having a dream and living it. Currently, there are over 200 endowed scholarships available to students attending the schools on the MCV Campus. They made it possible for the MCV Foundation to award more than $1 million in scholarships last year. But that is not near enough. As the cost of higher education continues to rise and state funding continues to decline, privately funded student financial support is needed now more than ever. To increase that support, the MCV and VCU Alumni Associations have launched Opportunity VCU, a campaign to raise $50 million for student scholarships and fellowships across all academic units. “So many of our campus alumni and friends remember well their own financial difficulties as they pursued their education and then struggled to pay off their student loans,” said Bill Kotti, MCV Foundation president. “Others look back with extreme gratitude for scholarships that reduced the financial burden on their families and allowed them more postgraduate options because they were unencumbered by debt.” Opportunity VCU couldn’t be better named or better timed. It is an opportunity to help deserving young people get a great education, at a time when more and more families are experiencing very difficult financial situations.” A successful Opportunity VCU campaign will strengthen the MCV Campus schools’ efforts to attract and retain today’s most promising students – students who contribute to the vitality of the classroom and are most likely to become tomorrow’s preeminent medical professionals, dedicated educators, and civic leaders.” Following is a sampling of Dr. Wenzel’s accomplishments and contributions—to the department, the university, and the field of epidemiology: . Founded and directed the VCU Clinical Trials Institute and the VCU Outcomes Research Institute. . Served as President of MCV Physicians, the Practice Plan of the VCU Health System. . Appointed Senior Associate Dean for VCU Clinical Affairs School of Medicine. . Recruited the first woman, Mary Nettleman, MD, and the first African-American, Wally Smith, MD, to become chairs of divisions in the department. . Instituted: Intern’s Morning Report with the Chair; department tie day; “Between Rounds,” the department’s annual art and literary journal; “Progress Notes,” the department’s monthly newsletter; and Celebration of Excellence, the annual awards dinner. Trustee Profile: Richard P. Wenzel, md, msc Ask a dozen friends and colleagues of Dr. Richard Wenzel’s to describe him and you will get at least as many answers. You will hear: avid reader, excellent writer, accomplished photographer, art lover, oenophile, gourmet, world traveler, scientist, scholar, renowned epidemiologist, and always, superb teacher, mentor and advisor. His broad intellectual interests and numerous accomplishments in both the arts and the sciences make him a welcome member of any organization’s leadership team, and the MCV Foundation is no exception. Wenzel has served on the MCV Foundation board of trustees since 1999, and now is in his fourth three-year term. “Dick Wenzel is a tremendous asset to our board of trustees,” said Bill Kotti, MCV Foundation president. “His varied interests give him a big-picture perspective on issues, while the scientist in him zeros right in on the details. Dick has a way of engaging people— individuals and groups—drawing them out and synthesizing opinion into viable solutions to even the thorniest concerns. His demeanor, approach and diplomatic skills help keep people and projects on a progressive trajectory.” As president of MCV Physicians, the Practice Plan of the VCU Health System (2003-2008), and chair of the Department of Internal Medicine (1995-2009), the largest department on the MCV Campus, Wenzel has had plenty of experience with the myriad challenges faced by a large, public academic medical center. “Dick and I began serving on the board of trustees at about the same time, and I am continually amazed at his wisdom and energy,” said John Doswell, DDS, board chairman. “His working knowledge of this campus, particularly his vast administrative experience and his involvement with the medical residency program, makes him a powerful voice for the education component of our mission. And, despite responsibilities and a work schedule that would bring most people to their knees, he is a go-to guy, always happy to do what is needed to support the foundation and the medical center.” Wenzel’s contributions to the MCV Campus, and to the field of epidemiology, have not gone uncelebrated by his friends and colleagues. To honor him as he passes the baton as chair of the VCU Department of Internal Medicine, an endowed professorship is being established in his name. The Richard P. Wenzel, MD, MSc Professorship of Internal Medicine will be awarded to a faculty member dedicated to the study and practice of Epidemiology within the VCU School of Medicine. The esteem in which Wenzel’s colleagues hold him is nicely summed up by one of his first chief residents, Jonathan B. Perlin, MD, PhD, Chief Medical Officer and President, Clinical Affairs, of HCA. He wrote, “We tend to orbit around Dick because his warmth, intellect and support captures our spirits, engages our interests and quite simply allows us to be better people…better clinicians, better leaders, better people. When I feel like being tired and cranky, I think of a very special mentor who taught me that optimism builds up while pessimism breaks down, that warmth attracts and an edge repels, that power is most effective when shared, and that leaders lead both by serving and by running that race harder and more enthusiastically than those around them.” . Grew Medical Grand Rounds attendance from about 30 in 1995 to an average of 155 today. . Recruited two vice chairs, five associate chairs, and 13 division chairs; increased the faculty from 131 to 177. . Elected to President of the International Society of Infectious Diseases and the Society for Healthcare Epidemiology of America. . Consultant to the U.S. Congress, the National Institutes of Health, the Centers for Disease Control, the Pan American Health Organization, and the World Health Organization. . Chaired the National Research Advisory Council for the Veterans Administration. . Awarded “Master” designation by American College of Physicians. . Founding Editor of the journals, Infection Control and Hospital Epidemiology and Clinical Performance and Quality Health Care; first Editor-at-Large of the New England Journal of Medicine. . Editor of three textbooks, including Prevention and Control of Nosocomial Infections, now in its 4th edition. . Published more than 700 papers and abstracts and made hundreds of scientific presentations worldwide. . 2010 Maxwell Finland Award for Scientific Achievement from the National Foundation for Infectious Diseases, the top honor nationally for an Infectious Diseases Specialist. Navigating through the Financial Crisis the mcv foundation investment committee, all of whom serve on a pro bono basis, includes: The financial crisis that began in summer 2007 taining an even keel. Their work, and that of their Austin Brokenbrough and intensified in September 2008 has sent univerpredecessors, has allowed us to act strategically Managing Director, Lowe Brokenbrough & Co., Inc. sity endowments across America reeling. rather than react with uncertain consequences.” Investment values have plummeted, shrinking a Ellen Spong, new chair of the Audit and Nancy Everett key source of foundation revenue and reducing Appropriations Committee, also pointed to her President & CEO, GM Asset Management distributions to university programs. Declines in peer trustees, both past and present, for the ability Steven A. Markel philanthropic support and cuts in state budgets are to avoid going into a reactionary mode. Spong has Vice Chairman and Director, Markel Corporation having serious repercussions, forcing university served on the MCV Foundation Board of Trustees Louis W. Moelchert, Jr. foundations to trim operating budgets, with serisince 2002. Managing Partner and Co-Founder, Private Advisors, LLC ous long-term implications. “While many university endowments have “This has been the greatest financial test of had to reduce payout amounts, we have not,” said Erwin H. Will, Jr. Chief Investment Officer (Retired), Virginia Retirement System our lifetime,” said Austin Brockenbrough, III, Spong. “The foundation’s prudent management of chair of the MCV Foundation Board of Trustees both sides of the balance sheet has served us well, Investment Committee. “Fortunately, we came so even in extraordinary years—very robust or very through relatively well, with an FY 2008-09 investweak like this past one—we have not had to deviment return of -17.9 percent. I realize that any ate from our payout formula.” negative return is unwelcome, but thanks to a pruA payout is how much of the endowment a dent asset allocation and a very liquid portfolio, we foundation uses to support the university it serves, fared far better than many of our peer institutions.” and is calculated based on a fund spending or pay“We have a seasoned investment committee out policy. The MCV Foundation’s spending policomprised of professionals that have experienced cy is determined by a formula that factors in the many different economic climates,” said previous year’s spending amount, the Higher Brokenbrough. “All are successful investors with Education Price Index (HEPI), and a percentage of great track records. Each brings a slightly different the trailing three-year average market value of the perspective to the committee deliberations; togethendowment investment pool. er their depth and breath of expertise is exception“The aim of our formula is to smooth the Austin Brokenbrough, Managing Director al. But just as important, they understand the effect of market fluctuations so that the schools Lowe Brokenbrough & Co., Inc. financial stability that a university requires from its have a dependable source of revenue to support endowment in order to fulfill its their programs now, and can make good budget decisions going forward,” said long-term mission.” Spong. Management of university “There is nothing like a crisis to measure the mettle of an organization, and endowments differs from priwe had that opportunity last September,” said Lee Krumbein, MCV vate investment management in Foundation Board of Trustees’ treasurer. “As the markets were melting down two important ways. First, as a and the possible outcomes became more uncertain, we decided that it would be tax-exempt organization, a uniwise to take precautionary action to protect the foundation’s significant cash versity endowment makes assets. In a matter of hours we were able to reach a consensus on the plan, asseminvestment decisions without ble a team to carry it out, and move the assets from money market accounts to regard to taxes, and second, the ultra-safe T-bills. As it turns endowment has an infinite time out, the cash would have been horizon. okay where it was, but our “Stability of the investthinking is that we should ment portfolio is our upmost always be very, very safe with Ellen Spong, Managing Director concern,” said Brokenbrough. our cash, following the order of SunTrust Foundations & Endowments Specialty Practice “We must be able to meet the protection and preservation funding requirements of current programs and grow the endowment long term first, meeting liquidity objecto meet the future needs and obligations. Asset allocation and manager selection tives next, and then yield.” are the investment committee’s primary responsibilities. The greatest challenge “Our trustees are doing an is always balancing risk and reward and providing appropriate diversification exceptional job of creating the and liquidity.” future for the MCV Campus, “The MCV Foundation’s endowment has weathered some pretty signifijust as their predecessors did,” cant financial storms over the course of its 60-year history, but nothing compasaid Kotti. “Despite the finanrable to this recent one,” said Bill Kotti, president of the MCV Foundation. cial crisis and a still-ailing econ- Lee Krumbein, President, HomeGalleryStores.com “Fortunately, we have an incredibly knowledgeable, committed Board of omy, we have a healthy foundation positioned for even greater philanthropic Trustees that is capable of navigating through the roughest waters while mainsuccess.” The MCV Foundation celebrated its 60th year in 2009, and what a memorable year it was. The gloom of the recession was no match for the vitality of the MCV Campus. In fact, the accomplishments of our schools and medical center, the exciting changes within the Foundation itself, and the continuing support of our MCV Campus benefactors shined even brighter against the somber economic backdrop. Our cover story couple, Charlotte and Jim Roberts, light up every room they enter with warmth and wisdom, kindness and generosity. They have been making the MCV Campus a better place for a very long time, and we are very grateful to them. Dr. Richard Wenzel, our featured trustee, is an international star in the field of epiJohn C. Doswell, II, DDS demiology, a revered teacher, mentor and campus leader. Yet with all of the demands on his time, he serves on our Board of Trustees with dedication and enthusiasm. Thank you, Dr. Wenzel. The Pauley Heart Center is a great source of pride for our campus, our university and our state, and is a testament to the power of private philanthropy. To everyone who has contributed to the heart center over the years we say, “Look at all you have helped to create!” Increasing privately funded scholarships is a top priority of the MCV Foundation, and it’s easy to see why when you read the story about School of Medicine scholarship student David Jessee. This outstanding young man was accepted at every medical school to which he applied, but the Boatwright Scholarship tipped the scale in our favor. Scholarships do indeed attract the best and the brightest. There are additional scholarship stories on our new web site, due for launch in early 2010. We hope you will visit the site soon and often for all the latest MCV Foundation news, planned giving information, convenient, secure online giving, and much more. As you can see from the table and graphs below, we are including the MCV Foundation‘s 2008-2009 condensed financial information in this issue of the Chronicle. You may obtain the complete financial statements by contacting the MCV Foundation. Our 2009 fiscal year was a period marked by the effects of the weak economy. While we did not come through it unscathed, our year-end numbers would have been considerably worse was it not for the exceptional fiduciary oversight of our trustees, both past and present. For more information on how the foundation coped with the year‘s economic challenges, please read “Navigating through the Financial Crisis” on the preceding page. Medical College of Virginia Foundation Assets Statement of Financial Position Operating pooled investments Cash and cash equivalents Long-term investments For the year ended June 30, 2009 Endowment assets totaled $191.4 million, a decrease of -19.6 percent after program payout distributions. This was due primarily to a -17.99 percent decrease in our investment return. That compares to the S&P Composite Index return for the same period of -26.2 percent. Our three-year, five-year and ten-year average investment returns were -2.1 percent, 2.6 percent, and 2.32 percent, respectively. Total MCV Foundation assets decreased from $380.2 million to $337.7 million. The decrease was a result primarily of a decrease in investments and payments received on pledges receivable. We recognized $26.2 million in contributions for the fiscal year, of which approximately $14.4 million were new pledges. Total cash received during the year totaled $30.6 William P. Kotti, PhD million. Our total disbursements were $31.6 million, which includes $1.9 million of supporting services expenses and $29.7 million supporting student scholarships, faculty chairs and professorships, academic and research programs, equipment and patient care initiatives on the MCV Campus. As our fiscal year came to a close, so did the tenures of several of our longtime trustees Wyatt Beazley, MD, Russ Evett, MD, Marshall Gayheart, and Lou Harris, PhD. In recognition of their outstanding leadership and unwavering support, they have been designated Lifetime Honorary Trustees. Thank you, gentlemen, for your past involvement and for your guidance and wise counsel moving forward. We also add a special thank you to Lee Martin, Jr. for his dedicated service, especially as our Treasurer for a number of years. We also had the honor of presenting the W. Robert Irby, MD Award for Philanthropic Leadership to Walter Lawrence, Jr., MD; the Michael B. Dowdy Award for Volunteer Philanthropy to Charles G. Thalhimer; and the Dr. Eugene P. Trani Award for MCV Campus Leadership to Dr. Eugene and Lois Trani. Nine new trustees have been elected to our board. Edward Bersoff, PhD, Louise Oliver Brooks, Thomas Chewning, Norwood Davis, Jr., Mark Hourigan, Rebecca Perdue, Harry Thalhimer, Bruce Thomas, and Dianne Wright bring additional expertise to our diverse group of talented volunteer leaders. We have a superb team in place to take on the challenges ahead, we have friends and alumni with a passion for advancing the MCV Campus‘ legacy of excellence, and we have an administration with big goals and the determination to reach them. It is a great time to be part of the MCV Campus of Virginia Commonwealth University. Thank you for everything you have done and everything you will do. John C. Doswell, II, DDS Chairman of the Board, MCV Foundation $ William P. Kotti, PhD 22,405 107,218 President, MCV Foundation Amounts in thousands Total operating pooled investments 129,623 Managed portfolio pooled investments 191,452 Agency assets 4,575 Other assets Total Assets 12,302 $ 337,952 Total Assets Program Disbursements In millions In millions This is a condensed version of the financial statements submitted to the MCV Foundation. Our independent auditor has issued its unqualified opinion on the complete financial statements, which can be obtained by writing or calling the MCV Foundation office. $26.2 $24.7 $ Total liabilities 11,670 445 4,575 4.7% 16.4% 18.8% 31.3% 28.8% 16,690 Net Assets Donor restricted Temporarily Permanently Unrestricted Board designated Other 07 179,940 128,401 18,640 (5,719) Total net assets Total Liabilities and Net Assets Disbursements by Program $29.7 $380.2 $359.9 $341.1 Liabilities and Net Assets Liabilities Debt service obligation Accounts payable Due to MCV Alumni Association Due to Hospital Hospitality House Agency liabilities Cash Contributions by Source 321,262 $ 337,952 08 09 07 08 09 Alumni Friends and Grateful Patients Corporations Foundations Organizations 9.1% 82.8% 5.5% 1.3% .5% .9% Faculty salaries and support Education, research and general Scholarships and awards Purchase of equipment for MCV Indigent patient care Other program services The MCV Society is comprised of individuals who share a vision of excellence for the MCV Campus of Virginia Ways to Give A Lasting Legacy There are a variety of charitable giving methods donors use to support the VCU Schools of Allied Health Professions, Dentistry, Medicine, Nursing and Pharmacy, as well as the MCV Hospitals and the Massey Cancer Center. Some gift types provide tax-wise benefits of which you may not be aware. Here are some frequently asked questions with brief answers. If you would like more information, the MCV Foundation welcomes your call. There is no more enduring way to honor the memory of a loved one or the compassionate care of a healthcare provider, or to permanently link your own name with a campus school or program than through a named gift. Naming opportunities are available throughout the campus for everything from physical facilities to new technology, research funding to new program development. Endowed funds supporting students and faculty are our most popular named gift option. What types of gifts can I give and how will they be used? Scholarships help campus schools attract the brightest, most meritorious There are three main categories: Unrestricted Funds Allow for funds to be directed to areas of pressing need. students and prepare them for careers in the health sciences. Endowed scholarships are created with a minimum $10,000 gift. The principal is invested, and the interest is used each year for student support. These named, endowed scholarships last in perpetuity. Restricted Funds Designated for a specific program of the donor’s personal interest. Named Endowed Funds A minimum contribution of $10,000* made through a lifetime gift or bequest establishes an endowed fund, which can be named for a person of the donor’s choice. What assets can I give? Partial scholarship Tuition and fees scholarship Full scholarship** Graduate fellowship Full out-of-state scholarship *** Fund minimum* $ 10,000 $100,000 $200,000 $200,000 $400,000 **covers in-state tuition, fees, room and board, and provides additional funding for books. *** covers out-of-state tuition, fees, room and board, and provides additional funding for books. The three most popular gift assets are: Cash A gift of cash is the simplest and most immediate way to give. Cash gifts may be pledged over a multi-year period for fulfilling larger commitments. Cash gifts are fully deductible up to 50 percent of the donor’s gross income. Appreciated Securities A gift of long-term appreciated securities is exempt from capital gains taxes. Appreciated stock gifts are deductible up to 30 percent of the donor’s adjusted gross income. Real Estate In some cases, property can be given outright, and the donor receives a charitable income tax deduction equal to the property’s fair market value. What are life-income gifts? Here are three examples of gifts that provide lifetime income and future project support: Charitable Gift Annuities Gift Annuities provide a fixed rate of return to one or two annuitants. Older donors receive higher rates. Deferred Charitable Gift Annuities An excellent supplemental retirement fund vehicle, payments are deferred to some future date with the payout rate determined by the deferral period and the age of the donor at the time payments begin. Charitable Remainder Trusts A personalized trust in which the donor selects the payout rate (unitrust) or fixed annuity (annuity trust) to receive during the trust’s duration. Because they can require involvement of an administrator and/or money manager, trusts are generally more cost effective at levels of $250,000 or more. Endowed lectureships, professorships and chairs strengthen the MCV schools’ efforts to recruit and retain today’s most gifted teachers and scholars. The fund principal is invested, and the interest is used each year for faculty support. These named, endowed funds last in perpetuity. Lectureship Professorship Distinguished Professorship Chair Fund minimum* $ 100,000 $ 250,000 $ 500,000 $1,000,000 *Minimum endowment amounts are set by the VCU Board of Visitors and are subject to change. Please consult the MCV Foundation development staff for the current amounts. Limited-Time Giving Opportunity Recently extended legislation may enable you to make charitable gifts using tax-free withdrawals from your IRAs. Here are some highlights of this opportunity, which is available only through December 31, 2009: If you are 70 1⁄2 or older, you may transfer up to $100,000 per year tax-free from an IRA to charity The charitable distribution counts toward your Minimum Required Distribution requirements The charitable distribution will not limit any other charitable giving you may have planned The IRA distribution will not cause more of your Social Security income to be taxable What other ways can I give? Bequests are a great choice For many donors, a gift made through their will is the best way to make a substantial contribution. Donors can leave a percentage of their estate or a specific dollar amount. A bequest can reduce or eliminate federal estate taxes without depleting current assets. Because the distribution generates neither taxable income nor a tax deduction, even non-itemizers can benefit As always, we recommend you seek the advice of your tax and/or legal counsel before deciding on a course of action. For more information on any of these topics please call Bill Kotti at 804-828-9734 or 800-628-7799, ext. 2 or your campus development officer. www.mcvfoundation.org Commonwealth University. Through their thoughtful consideration, society members are helping to advance superior patient care, medical education and research. The MCV Foundation created the Society to recognize and extend gratitude to those who have made estate plans in support of any of the MCV Campus schools, centers or hospitals. The Society now has more than 250 living members. Dr. and Mrs. Donald J. Abraham Mr. Henry W. Addington, P‘51 Ms. Jenni Aerni, N‘73 Dr. William H. Allison, D‘57 Dr. Alden S. Anderson, Jr., D‘54 Dr. Bruce A. Baber, M‘57 Mr. Theodore C. Babinsky Dr. Betsy A. Bampton, N‘60, N‘80 Dr. Robert Barrell* and Dr. Lorna Mill Barrell Mr. Stephen L. Barrett, P‘77 Dr. Richard N. Baylor M‘46 Dr. and Mrs. Wyatt S. Beazley III, M‘61 Mr. Richard H. Beckham Dr. Calvin L. Belkov, D‘57 Mrs. Helen S. Birch, N‘47 Dr. Wilsie S. Bishop, N‘70, N‘78 Dr. Erika M. Blanton Dr. Katherine C. Bobbitt, N‘56 Miss Martha C. Booker, N‘67 Mrs. Kay K. Borden, N‘68 Dr. Helen H. Bosse, M‘50 Dr. Robert R. Bowen, M‘56 Dr. C. Paul Boyan* and Mrs. Helga Boyan Dr. Edmund G. Brodie, D‘43 Dr. Barbara S. Brown, N‘70, AHP‘87 Dr. and Mrs. Peter W. Brown Mrs. Nancy R. Bullock, N‘67 Dr. Charles D. Burch III, M‘54 Mrs. Bronwyn McDaniels Burnham, P‘89 Dr. Richard P. Burruss, Jr., M‘83 Dr. Joseph V. Califano, D‘84 Dr. Ruth W. Campbell, M‘57 Dr. Elizabeth R. Carmichael, M‘57 Ms. Anne G. Carpenter Dr. Catherine S. Casey, M‘74 Dr. and Mrs. E. Todd Clark, D‘48 Mr. John L. Clark Mrs. Bernardine A. Clarke, N‘75 Dr. and Mrs. Richard M. Clary, M‘74 Mrs. Polly Cole Dr. Waverly M. Cole, M‘54* Dr. Toni Marie Collado, D‘86 Dr. William A. Cook, Jr., M‘51* Dr. John L. Corey, D‘58 Mrs. Dorothy Nance Coval Martial Trust Ms. Maleda Tate Cox, N‘61 Mr. and Mrs. Walter W. Craigie Mr. and Mrs. Charles F. Crone Dr. Beauty and Mr. George Crummette, N‘58 Dr. G. Curtis Dailey Mr. and Mrs. Norwood H. Davis, Jr. Dr. and Mrs. Rufus Marion DeHart, Jr., M‘65 Dr. Walter H. Dickey, Sr., D‘44* Dr. John C. Doswell II, D‘79 Mr. Michael B. Dowdy Dr. William L. Driskill, Jr., M‘54 Dr. David E. M. Drucker Dr. George Drucker Ms. Barbara H. Dunn, N‘70 Ms. Joan E. Eanes, N‘44 Dr. William J. Ellis, M‘29* and Mrs. Norma Ellis Mr. Carl F. Emswiller, Jr., P‘62 Dr. Russell D. Evett, M‘57 Dr. E. Raymond, M‘30* and Mrs. Ann M. Fenton Dr. Albert A., M‘58 and Mrs. Virginia M. Fratrick, N‘47 Dr. Arthur B. Frazier, M‘55 Dr. William N. Friedman, D‘62 Dr. David F. Gardner Dr. Eleanor, N‘60, N‘96 and Mr. Roy Garrett, P‘59 Dr. and Mrs. Frederick T. Given, Jr., M‘53 Dr. Robert Goldschmidt Mr. Donald S. Good, AHP‘64 Dr. John A. Goodno, Jr., M‘55 Dr. T. Winston, M‘54 and Mrs. Eleanor L. Gouldin, N‘53 Dr. Lazar J. Greenfield Mrs. Dianne H. Griffith, N‘79 Dr. Walter L. Grubb, Jr., M‘61 Mr. and Ms. Joseph Hackett Dr. William J. Hagood, Jr., M‘43* Dr. Robert F. Harman, D‘60 Mr. Leonard and Mrs. Hazel W. Harris, N‘45 Dr. and Mrs. Louis S. Harris Dr. and Mrs. Robert D. Harris, M‘70 Mrs. Sharolyn B. Heatwole, N‘70 Prof. Virginia E. Hench Dr. JoAnne K. Henry Dr. Ernest C. Hermann, M‘53 Dr. Roger Lew Hiatt Mr. Laurance H. Higgins* and Mrs. Jane C. Higgins Dr. and Mrs. Douglass O. Hill, Sr., M‘47 Dr. and Mrs. Gary S. Hoffman, M‘71 Dr. Randolph H. Hoge* and Ms. Irene Elks Hoge Dr. William E. Holland, M‘62 Mrs. Margaret A. Hukill, AHP‘49, AHP‘57 Mrs. Phyllis A. Hussey Mrs. Adah S. Jaffer Mrs. Gail W. Johnson, N‘67, N‘76 Ms. Cynia A. Katsorelos, N‘58 Mrs. Janice E. Keitz, N‘80, N‘99 Dr. Harold W. Kimmerling, M‘53* and Ms. Martha McCarty Kimmerling Mr. and Mrs. Philip W. Klaus, Sr.* Dr. Joseph B. Kohen, Jr., M‘55 Ms. Kathleen Sue Kwentus, N‘86 Mrs. Carole A. Lainof, N‘67 Rev. Robert B. Lantz, AHP‘64* Dr. Bruce E. Large, P‘57 Mr. Edson Pederson and Ms. Sharon Larkins-Pederson Ms. Ruth M. Latimer, AHP‘52 Dr. and Mrs. Walter Lawrence, Jr. Dr. H. M. Lee Dr. Jeffrey Levin, D‘68 Dr. and Mrs. Edward L. Lilly, M‘68 Mrs. Patricia L. Lindsay, N‘68 Dr. David L. Litchfield, M‘58 Dr. William Bruce Lundeen, M‘55 Ms. Laura G. Majeskey, N‘87 Mr. and Mrs. Steven A. Markel Dr. N. Rudolph Mauney, Jr., M‘72 Mr. Harold E. Maurer Dr. Nancy L. McCain Dr. William H. McCall, M‘38*and Mrs. William H. McCall Dr. Howard M. McCue, Jr., M‘41 and Dr. Carolyn Moore McCue, M‘41* Dr. Benson McCutcheon, Jr., M‘52 Ms. Susan McMakin Dr. Francis H. McMullan, M‘51 and Mrs. Claire McMullan, AHP‘43 Dr. and Mrs. Michael O. McMunn, D‘77 Dr. Patricia R. McQuade Koors, M‘71 Dr. and Mrs. James H. Meador-Woodruff, M‘84 Dr. and Mrs. Austin I. Mehrhof Dr. Richard A. Michaux, M‘37*and Mrs. Julia Gray Michaux Drs. Roberta L. and Charles D. Miller Dr. Cyril R. Mirmelstein, D'42* and Mrs. Evelyn F. Mirmelstein Mr. Roy A. Moon, P‘50 and Mrs. Gladys DeWitt Moon* Dr. W. Donald Moore, M‘44* and Mrs. Anne Tucker Moore Dr. French H. Moore, Jr., D‘60 Dr. Steven C. Moreland Dr. and Mrs. Perry D. Mowbray, Jr., D‘71 Ms. Elizabeth A. Moyer, AHP‘71 Dr. Mary A. Mrdeza, M‘82 Dr. Orhan Muren and Mrs. Helga Muren* Mr. and Mrs. Edwin A. Myrick, P‘50 Dr. and Mrs. Walter E. Nance Dr. James P. Neifeld, M‘72 Dr. and Mrs. William E. Newby, M‘51* Mrs. Lorene H. Newman, N‘49 Ms. Debbi Nierenberg Dr. Alva N. Osteen, D‘65 Mr. John L. Patterson Dr. Karl E. Peace, M‘76 Dr. Donald F. Perkins, M‘65 Dr. and Mrs. W. Baxter Perkinson, D‘70 Dr. John F. Philips, D‘69 Mrs. Margaret S. Phillips Mr. Ronald W. Phillips Mr. Adam S. Plotikin Dr. Michael J. Pollak, M‘68 The Honorable and Mrs. Edward A. Powell, Jr. Dr. Julie A. Prazich, M‘72 Ms. Judith Price, N‘85 Dr. Preston P. Purdum III, M‘84 Dr. and Mrs. Richard C. Rashid, M‘62 Dr. James H. Revere, Jr., D‘65 Dr. J. Marvin Reynolds, D‘51 Dr. Louise W. Robertson, M‘60 Mr. Richard T. Robertson Mr. Roger A., AHP‘77, AHP‘87 and Mrs. Donna L. Robertson, AHP‘77 Mr. Norman Rolfe* and Mrs. Bertha C. Rolfe, P‘47 Mr. Donald, AHP‘73 and Dr. Michele Romano, M‘84 Dr. Stephen J., M‘95 and Mrs. Leslie A. Ronan, P‘94 Mrs. Bonnie F. Ruch, P‘94 Ms. Vickie L. Ruch, N‘75 Dr. Leroy S. Safian, M‘43 Dr. and Mrs. C. Lester Salmon, Jr., M‘43 Dr. Lisa Marie Samaha, D‘82 Dr. J. C. Moller Sanford, M‘53 Mr. and Mrs. Julian D. Sanger Dr. Mohamadi A. Sarkar, P‘90 Mr. Alvin J. Schalow, Jr., P‘61 Dr. S. Larry Schlesinger, M‘71 Drs. Edith and Hugo Seibel Dr. Peder M. Shea, M‘74 Mr. Nelson L. Showalter, P‘67 Mr. and Mrs. W. E. Singleton Ms. Ann Steigleder, N‘48 Mr. Harry Stein Dr. John D. Stephens, D‘51 Mr. Henry F. Stern Dr. Carol W. Stevens, D‘86 Ms. V. Patricia Story The Honorable and Mrs. Walter A. Stosch Dr. Thomas P. Stratford, M‘53 Mrs. Evalyn W. Strause* Mr. Thomas Tabb* Dr. Clarence W., M‘55 and Mrs. Ora Lee F. Taylor, N‘53 Mr. Joseph Teefey and Ms. Judy Collins, N‘75 Mr. Charles G. Thalhimer Ms. Emily M. B. Thomas, N‘76, N‘78 Mrs. Dorothy Knowles Thomson, N‘34 Dr. and Mrs. Eugene P. Trani Mrs. June H. Turnage, N‘59, N‘71 Mrs. Ernestine G. Turner, N‘57 Dr. Richard J. Unger, M‘81 Dr. Michael P. Vaughn, M‘84, M‘87 The Honorable Carolyn C. Wake Mrs. Shirley Van Epps Waple Mrs. Barbara F. White Dr. Eugene V., P‘50 and Mrs. Laura White, N‘48 Dr. and Mrs. James L. White, M‘62 Dr. Kenneth R. White, N‘96, AHP‘96 Dr. Claiborne G. Whitworth III, M‘55* and Mrs. Martha B. Whitworth Dr. Vivian M. Wilkerson, M‘58 Dr. Lucien S. Wilkins, M‘67 and Ms. Freda Barry Hartness Mr. and Mrs. E. Carlton Wilton Dr. Robert B. Woodhull, M‘36* and Mrs. Harriet A. Woodhull Dr. and Mrs. Lauren A. Woods Mr. and Mrs. C. Kenneth Wright Dr. Reuben B. Young, P‘53, M‘57 *Deceased during 2008-09 79 Members have asked to remain anonymous