During the recent Board of Regents meeting at the Forum, we discussed recommendations for next steps in the dissolution of the Foundation. The Board generously voted to dissolve the remaining line of credit owed by the Foundation ($269,964).A Letter to ACVIM Diplomates and Candidates About the ACVIM Foundation Dissolution (early 2017)
This allows all the Foundations assets, exclusive of legal and administrative fees, to go towards supporting the mission of research and education.
The Board approved the Foundation’s recommendation to distribute the remaining funds to Morris Animal Foundation, where they will be administered and co-branded with their name and the ACVIM name. In addition, we began exploration on how to ensure that the small amount of restricted funds that cannot be effectively distributed by Morris Animal Foundation will be handled. We want to ensure that those funds are distributed in a way that honors the commitment we made when they were donated.
We also had a productive conversation about the College’s strategic priority and commitment to supporting research and education moving forward. The entire membership was strongly supportive, and this will provide a mechanism to ensure the mission of the Foundation is not lost, rather is able to be executed on with greater impact and in a more stable and consistent fashion.
While there is more work to be done in understanding all the legal details and the mechanisms to move forward, we are making good progress. Further updates will be coming as we finalize details in the upcoming months.
We are writing to share the bittersweet news that the College Board of Regents recently voted to dissolve the ACVIM Foundation, based on a recommendation from the Foundation Board of Directors. We assure you that this action was taken only after considerable evaluation of data, relevant information and alternatives, along with significant discussion and numerous consultations with legal counsel.
This past summer, a task force was convened to evaluate the Foundation's mission, structure, financial status and goals and to bring a recommendation regarding the Foundation’s future to the Board of Regents. Throughout the course of the task force's term, the group studied numerous financial projections to determine the likelihood of successful growth of the Foundation given current programs and revenue levels. Several revealing facts surfaced, including.
• It will take 14 years to resolve the Foundation’s current financial debt and outstanding obligations.
• The declining number of Diplomates making donations: 4% in 2015-16 vs. 8% in 2010.
Recognizing that these and other factors reflected a lack of financial viability and an unsustainable business model, the task force considered several options. After determining that forgiveness of debt (by the College) or leaving the Foundation in a dormant status would jeopardize the IRS nonprofit status, the task force concluded that dissolution of the ACVIM Foundation with continuation of the Foundation’s mission through College programs was the most fiscally responsible recommendation.
We understand that the information we are sharing may be a lot to process and want to assure you that this decision was not made lightly, or painlessly. While there are still many unanswered questions regarding the sequence of actions, transition of Foundation programs, distribution of restricted funds, and other details, a transition team has been mobilized to address these issues. This team will finalize the strategy, actions, communications, and timing for all required dissolution steps. We are committed to honoring the wishes of our donors in allocating existing grant funds. We also remain committed to the Foundation’s mission and are confident we can achieve it through several College programs and initiatives.
Please know that your past support of the Foundation is tremendously appreciated. We are extremely proud of the work that the Foundation has done over the years, and feel enormous gratitude for the Foundation and the research it has funded. We believe that absorbing the work of the Foundation into the College is the best path forward, allowing the mission to live on through funded programs within the College and other nonprofit organizations.
With gratitude and appreciation,
Dr. Linda Fineman
President, ACVIM Foundation Board of Directors
Dr. Barbara Kitchell
Chair, ACVIM Board of Regents
Memorial Card Program
The Memorial Card Program has been discontinued. Your past support of the ACVIM Foundation and participation in the Memorial Program are greatly appreciated.
What other Memorial Programs support the veterinary research community?
While we are not endorsing any specific memorial program or veterinary nonprofit organization, here is a brief list of programs with similar missions to the ACVIM Foundation: