Today's News

Sunday, February 07, 1999

OREF, specialty societies funding research

Since 1995, the Orthopaedic Research and Education Foundation (OREF) has made it possible for surgeons and other individuals in the orthopaedic community to designate a portion of their gift to the OREF directly to the specialties participating in the OREF Designated Giving Initiative. Through this initiative and POSNA- and AOSSM-named endowments, more than $4.6 million has been contributed to these specialty organizations through designated giving to OREF.

Participating COMMS groups have been listed on all OREF gift envelopes since the Designated Giving Initiative began in 1995. All Order of Merit donors are eligible to designate their gift to the group or groups of their choice. The first $500 of each annual Order of Merit gift from individuals must be unrestricted. Any amount in excess of $500 may be designated to the group of the donor's choice. To date, $3.1 million has been made available for funding of research in the various subspecialties of orthopaedics through the designated gifts of Order of Merit donors. Restricted gifts to the annual program are available to the specialty societies to fund research and education in the following calendar year.

In addition to the ability to designate part of each annual gift $1,000 or more, the list of endowments to which individuals may contribute continues to grow. At present, the following endowments are being funded and administered through OREF: The AOSSM-Herklotz Challenge Endowment, which will fund research in sports medicine; the Frank H. Bassett III, MD Endowment, which will fund a Duke University Orthopaedic Resident Grant; the Sherman S. Coleman, MD Endowment, which will fund a University of Utah Orthopaedic Resident Grant; the POSNA-Herklotz Challenge Endowment, which will fund pediatric orthopaedic research; the Ruth Jackson Orthopaedic Society Endowment; the T. David Sisk, MD Endowment; the Magellan Society Endow-ment; and the SICOT Endowment.

In the second calendar year, after the endowment reaches $20,000, each of these endowments will provide up to 5 percent of the annual earnings of the fund for research. When a fund reaches $500,000 in cash or stock contributions, this translates to a $25,000 research award annually. It should be noted, that in addition to the funds listed, 39 other individuals and organizations have established endowment funds in excess of $20,000 through OREF.

In 1996, one generous benefactor began the process of spurring two subspecialty groups to building an endowment through OREF. John Herklotz, a California businessman, committed $250,000 each to POSNA (1996) and AOSSM (1997) in the form of a challenge gift to OREF. The POSNA-Herklotz Challenge Endowment Fund was started in 1997; the AOSSM-Herklotz Challenge Endowment Fund began in early 1998.

OREF reports that both challenges have been met through a combination of cash, pledges and deferred gift commitments. The POSNA-Herklotz Challenge Endowment Fund currently has a balance of $553,000, with $428,000 of this in deferred commitments. In addition to those contributions, specifically made to the AOSSM-Herklotz Challenge Endowment Fund, the AOSSM Board made the decision to deposit all money committed to AOSSM through the OREF Designated Giving Initiative in 1998 to the Challenge Fund also, bringing the grand total to $704,463, with $350,000 of this in deferred commitments.

More information about OREF's Designated Giving Initiative, OREF named endowments and how OREF is working with specialty groups to fund quality orthopaedic research is at the OREF exhibit, in the Lanai Lobby, immediately outside of rooms A9 and A10 in the convention center.

1999 Academy News Feb. 7 Index A
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Last modified 07/February/1999