The NEW ACLM’s BOG Votes to Fund the New ACLM Foundation
On November 24, 2014, in a near unanimous vote, the American College of Legal Medicine’s (ACLM’s) Board of Governors (BOG) approved funding of the NEW American College of Legal Medicine Foundation (ACLMF). For most of its existence, the ACLMF has been under appreciated. But, that changed with the College’s recognition that it needed 21st century asset protection; and to better utilize its reserve fund. In seeking to protect the College’s assets, the Foundation was the natural recipient of College’s largess.
The details of the transaction approved by the BOG are as follows. The College will make a onetime donation of $500k (in the form of a stock transfer) to the Foundation. (After this donation, the College will still have approximately $150k in reserve funds.) In exchange for its donation, the College will receive: (1) an annual educational stipend from the Foundation of up to $20k (depending on market conditions); (2) the ability to petition the Foundation for additional educational funds in any given year; (3) the Foundation’s Board will become staggered with complete turnover occurring in five years; (4) new Foundation Board members will be selected from Fellows of the College; and (5) Foundation Board action concerning the College’s donation will require a two-thirds majority vote to change the conditions stipulated by the donation agreement. For members of the College, this transaction will mean that College will be better able to hold the line on the price of annual dues, further improve the quality of our Annual Meeting, or both.
In making this donation, the College has placed it cachet on the Foundation. The College has investigated the Foundation thoroughly and found it to be a solid organization. Going forward, the Foundation will be a total independent self-sustaining organization; after January 1, 2015 the Foundation will not receive financial or administrative support from the College. I have personally donated to the Foundation for years. Now that the College has placed its cachet on the Foundation, I hope all of you will remember the Foundation as you contemplate your charitable donations during the next month.
Finally, let me acknowledge those individuals who have made this transaction possible. (After all, from fruition to yesterday’s vote there was a year-and-a-half’s worth of discussions.) From the College credit goes to David Donnersberger and the Finance Committee (Jack Synder & Deven Shamin), Treasurer Dan Orr, and our Corporate Counsel Bill Hinnant. From the Foundation credit goes to its President Bob Buckman, Treasurer Bruce Sideberg, and its Board.
Before ending this note, I would be amiss if I did not provide an update on our next Annual Meeting, which will be held at the Las Vegas Cosmopolitan Hotel, February 26 to March 1, 2015. New to this year’s meaning will be an expanded (two-day) dental session, the poster presentations will compete for a cash prize of $250 (provided by the Foundation); and there will be a formal sit-down awards banquet (that is included in the registration price for the entire meeting). Although the online registration is already available, the detailed flyers for the meeting will be mailed out December 1, 2014. Please remember to register early to take advantage of discount pricing.
As always, I value your opinions. Anyone with feedback on anything in this message or anything related to the College should please feel free to contact me at email@example.com; or call me 913.526.5526.
Tom McLean, MD, JD, FCLM, ESQ
President Elect & Acting President