Endowment report and proposed Expense Authorization policy

[Tom Ewert]

Attached are the Endowment report downloaded today and a proposed Expense Authorization policy which we will discuss at the board meeting.

Overall, our endowments did pretty good this year, averaging 10.25% increase, not as good as the S&P 500 but that is not our goal. Individually the Protected Areas endowment gained 16%. The Busch Davis endowment gained barely 6% but $1.8 mil is invested in treasury bonds.

I hope to have at least a draft year end 2025 financial report from Angie to share before the board meeting. 

The 2024 audit is nearly done but they still have a few questions, not a problem, I think they just didn't finish it before the holiday.

Tom Ewert
Wichita, KS

[Cindy K Jeffrey]

I have placed these doc in folder for Jan. board meeting.

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