FMC Endowment Fund Update

Bruce Becker

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Upon recent consultation with, and recommendation from the ACDA-MN Executive Board and the FMC Executive Committee, Molly Brandt’s position as Director of Development has been eliminated as of April 1. This is due to several factors:

  • Projected significant reduction in FMC donation income for the balance of this calendar year
  • Projected significant event income loss from the possible cancellation of several ACDA-MN events over the next several months
  • Significant reduction of actual DoD duties within the next six months
  • Substantial reduction of the FMC principal fund balance (investment accounts)

The remaining duties of the Director of Development will be assumed by the Executive Director for the 2020-21 fiscal year with no increase in compensation.

Given the current state of uncertainty stemming from the COVID-19 virus, we have determined that conducting the annual spring FMC donor campaign would be unwise. The mailing of the 2019 FMC Annual Report to non-member donors will now coincide with an early fall donor campaign, saving us significant spring print, postage and mailing house costs. However, when the Annual Report has been completed by our designer, which will be within the next several weeks, we will notify our ACDA membership that the updated report will be posted on the ACDA-MN website.

We sincerely regret this action, but we remain proactively focused on being able to be fluid and responsive to the new, uncertain and ever-changing economic realities that will impact the organization’s overall financial health.

 

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