Co-President’s Message When RAPS established a scholarship account with the PSU Foundation a few years ago, the goal was $25,000, the minimum needed to create an endowed scholarship. Until the minimum was reached, the account would be expendable, meaning RAPS could award scholarships as long as the account held sufficient funds. Six deserving students have received scholarships over the last six years while the scholarship account has continued to grow. Recently, as RAPS was nearing the magic $25,000 figure, the Foundation announced the minimum had been raised to $50,000. A setback? Perhaps not. Since funds in an endowed account are invested, returns on the investment must generate the revenue needed to award scholarships. Further, an endowed account should have a 20% cushion to protect the principal from poor investment returns. In the event of market losses, an endowment can slip below the minimum and must recover those funds through more donations before new scholarships can be awarded. Where does this leave RAPS? We will raise funds with a new goal in sight -- $60,000 (the new $50,000 minimum plus a $10,000 cushion) -- knowing that we can revisit the issue of endowed vs. expendable accounts at that point. According to the Foundation, a dual approach is possible: RAPS keeps some funds in an expendable account while investments from an endowed account generate income (in the best of all worlds). Thank you, RAPS members and supporters, for your generous contributions to the scholarship fund. The fund is increased through individual contributions, proceeds from the Vogie wine raffles at our monthly meetings, and special fundraising efforts such as the silent auction at our holiday brunch in December. Our scholarship recipients are so grateful! --Dawn White Upcoming RAPS Events—Save the Dates March 16, 2017 (Room 238 Smith Memorial Center) Christine Meadows, Director of PSU's Opera Program, will give a preview of PSU's spring opera, “Tragedy and Comedy: PSU Opera Presents Puccini!” Students in the opera program will perform. Please come and bring your favorite salad or dessert. April 20, 2017 (Room 238 Smith Memorial Center) Chris Shortell, PSU Professor of Political Science and Department Chair, will speak on “The Supreme Court in the Trump Administration: Change, Stasis, and Uncertainty." This event will be followed by the annual RAPS Ice Cream Social. May 3, 2017 Wine Tour with Professor Emeritus Scott Burns, including commentary about the geology of the Columbia River Gorge as we travel to and visit three wineries in the Hood River area, probably Cathedral Ridge, Phelps Creek, and Springhill Cellars. Cost: $70 per person, of which $30 will support our Scholarship Fund. Limit of 26 participants. More details in next month's RAPS Sheet. May 18, 2017 (Columbia Falls Ballroom, University Place) President’s Gathering for Retired Faculty and Staff. 2
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