Annual Reports

A year ago, I was concerned about our declining endowment and the potential impact of that decline. Of course at that time I had no idea that it would drop so far so fast, nor did my crystal ball reveal any premonitions about the stimulus package or the rate of the market’s recovery. Fortunately, the end of the year was considerably more positive than the ups and downs we suffered in the course of the year, and I’m pleased to report that our endowment has recovered from its March 2009 low of $445 million to end fiscal year 2009 on August 31 at $587 million.

In order to minimize the effects of the decline in the endowment caused by the collapse of markets worldwide, BWF shifted to half-payments in our competitive grants programs and reduced the number of awards made. We appreciate our awardees’ patience and understanding during this period and hope to return to full payments in FY 2011.

Although this has been a year of stress for everyone, we at the Fund remain committed to providing our resources in areas that we view as undervalued, such as infectious diseases, reproductive sciences, and science education. This decision has enabled us to establish an important presence and profile in these areas, where we have carved out a niche in which we are well-respected and make a difference.