The Foundation in 2015: Time for an Encore
Mark D. Bloom,
ACB Foundation Chair
Bankruptcy Foundation. Thanks to the persistence of our Tenacious Treasurer Tom Lumsden and the tireless efforts of our Circuit Campaign Chairs, we sprinted past the annual goal of $222,750 and raised a total of $267,904 by year-end. While this amount includes an extraordinary gift of $52,716 from the Estes Creditor Trust (thank you, Texas Fellows!) as well as amounts from other creditor trusts, we collected over $215,000 in the form of direct gifts and donations from our Fellows, an increase of 12% over 2013.
The Fellow contributions came, quite literally, from everywhere. Five of the Circuits exceeded their 2014 targets, while two others came close and in the process set new records for their Circuits. All of this in an environment in which the insolvency and restructuring market in the U.S. is (dare I say it?) less than robust.
But as the leader of my law firm’s December year-end collection drive asked me during the first week of February, “what have you done for me lately?” turning the same question to the College, I note that as of March 31, 2015 we had received $29,114 in contributions from Fellows to start the 2015 year. A good start, to be sure, but simple arithmetic tells us that on a ratable basis it gets us less than halfway to last year’s record level.
Like most other civic and charitable organizations, the Foundation relies substantially on a flood of contributions during the fourth quarter. But wouldn’t it be wonderful if those of us who solicit donations and help manage the Circuit Campaigns could turn our attention confidently to potential corporate donors and other sources of revenue? Wouldn’t
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identified several areas where we could benefit from that "continuous improvement" mentioned above. For example, a number of Fellows expressed concerns about the size and composition of the College. While Fellows generally supported the degree of selectivity being applied in admissions decisions, there were questions about whether the College was growing at a more rapid pace than optimal under today’s restructuring environment. In response, we have concluded that we should target a somewhat smaller number of inductees for 2016, while continuing to concentrate on quality and diversity of admissions.
The 2014 Fellows' Survey also showed a widely-held desire for improved communication regarding opportunities for involvement in College leadership and the means by which Fellows can become more engaged. The sentiment was for increased information both on positions and process.
Even in advance of the delivery of the Strategic Planning Report, we had taken some steps to improve opportunities and communication about them. We recently amended the College Bylaws to shorten the terms for Directors and Regents from three years to two and to reduce the terms for the Chair and President to a single two-year term. Both of those steps will speed the turnover in leadership positions and increase the opportunities for Fellows to participate. More recently, we have also amended the Bylaws to increase the membership on the Nominating Committee. Our hope is that the increased size will expand the breadth of information and experience available to the Nominating Committee in making its recommendations.
On the communications front, we will continue last year's policy of announcing the various vacancies in college leadership positions and soliciting recommendations from Fellows on for candidates to fill those openings. We have also established fixed terms for all committee leadership positions and have encouraged the committee chairs to implement plans for turnover in the composition of their committee membership. continued on next page
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Well, as most of you who attended our Annual Meeting in Washington back in March or received letters or emails thanking you for your generous donations are aware, 2014 was another outstanding year for the American College of