THE ASANOR ENDOWMENT FUND OCTOBER 2006 REPORT
ASANORIANS ARE MILLIONAIRES
We did it!
Thirteen and a half years after the launch of the ASANOR Endowment Fund (which happened on the same day ASANOR was founded, May 8th, 1993),
the Fund has reached one million kroner in assets.
We did it because of the hope and vision of our 50 Founders who each contributed a thousand kroner in 1993-4 as an act of faith over reason. They established the legitimacy of the Fund, and ASANOR sends its enduring and profound thanks to every one of them.
Although the Fund has stressed the creation of growth-producing assets, it hasn’t been all about money in the bank, Frank. By the end of 2006, the Fund will have awarded about kr. 120,000 in grants, and that means that the Fund has raised a total of 1,120,000, or about kr. 83,000 per year.
Awards have increased every year, and will continue to do so. In 2006, ASANOR has been pleased to expand its giving to include aid to one student’s study in America, a research trip to the Midwest for an established scholar, and support for the Norway America Historical Association. Of course these gifts are in addition to our permanent support for participants in our national conference.
If you aren’t now breathing too heavily to appreciate them, here are the numbers:
The Fund’s accounting tradition is to include grants in the next year’s report. Following this practice, the Fund’s assets would be NOK 1,005,584, a gain of 14.88% for the year (did you do as well in this challenging investment period?), an increase of NOK 130,308.
Well, actually, our assets at the time of this writing are NOK 990,584, a yearly increase of NOK 115,308 or 13%, because awards of NOK 15,000 are already deducted. We choose to pop the cork on Chateaux ASANOR One Million now (a) Because we have commitments for more than NOK 10.000 by the end of the year which will bring us over a true million again if the market stays steady; (b) Because of the accounting difference described; (c) Because we’ve worked for 162 months to get this far, and we’re thirsty.
Skål for a million. Our next goal? Two million, with assets and awards combined. You didn’t believe us back then for a million, did you? Just wait.
And if you haven't given yet (or enough) to the Endowment Fund, please help. Remember our rules: ASANOR never asks more from you than kr. 1.000 total. We don't ask you for a contribution year after year. We do ask that you contribute kr. 1.000 during your career, and the sooner the better for you and for ASANOR. Our return record is immaculate: No one has ever lost money contributing to ASANOR.
Robert Baehr, Chairperson