The Karl E. Neupert Endowment Fund is a permanently restricted fund that is held in trust by the ASA Education Foundation. At this writing, we have received a total of $9.293 million in pledges from 410 companies and individuals. The current balance of the fund is $8.634 million; remaining pledges are expected to be fulfilled within the next two years.

It is critical to note that the Fund is "permanently restricted," which means that only the earnings of the Fund can be utilized to support educational programming (the interest that is earned on the investments). The "corpus," or body, of the Fund is never touched.

A group of industry leaders, the Endowment Investment Committee, function as the trustees of the Fund, and are responsible for overseeing the instruments and management of the investments. Mindful of their significant responsibility to the industry, they have adopted a conservative approach to the Fund's investments, and have been able to successfully weather the recent market challenges.

While 2001 and 2002 were tough years for investors worldwide, the Fund's performance over this period has consistently been higher than S&P and other recognized benchmarks. Quarterly performance reviews are conducted, and adjustments are made in consultation with the professional management team.