—— Academy Funding ——

The Rochester Academy of Science has three categories of funds: the General Fund, the Endowment Funds and the Expendable Funds.

General Fund

The General Fund receives membership dues, monthly interest from the Life Fund (endowment) and the Memorial Fund (endowment). Expenses from the General Fund are outlined in the budget below.

General Fund Budget Categories
Section & Board Meetings: Room rental
Bulletin: printing, mailing, labor
Events: Spring Lecture & Fall Scientific Paper Session
General Office Expenses
Liability Insurance
Memberships (in other organizations)


Endowment Funds

The Endowment Funds are invested in Salomon Smith Barney bond funds and in Pittsford Federal Credit Union certificates of deposit. The Endowment funds are not spent but generate interest, which is entered as income into the three Expendable Funds. There are six Endowment Funds:


Fairchild Fund

This fund was established with an initial gift from H.L. Fairchild and later increased with a bequest by David Jensen. Additional funds have been added from the General Fund and from individual gifts. As mandated by the Constitution, Ch. IX Part 5, the income from this fund is deposited in the Publications Fund.


Life Fund

This fund contains the membership dues paid by people who joined the Academy at the Life Membership level. This fund generates interest that is deposited in the General Fund.

Jensen Fund

This fund was established with a bequest from Katherine Jensen and has been increased with individual donations to the Academy. Interest from this fund is deposited in the Grants Fund.


Speakers Fund

This fund was established in 1988 with a bequest from Robert L. Roudabush and increased with funds from the General Fund. Interest from the Speakers Fund is deposited in the Lecture Fund.


Grace Murray Fund

This fund was established in 1991, originally as the "Grace Murray Memorial Fund," in memory of Grace Murray who was active in developing and managing the undergraduate science student research grant awards. This fund was established with a gift from her nephews, Murray and Ed Lynd. Interest from this fund is deposited in the Grants Fund. An auxiliary fund, the "T.F. and A.A. Murray Fund" was established with a gift of Phillips Petroleum stock from Grace Murray in memory of her parents; in accordance with her request, the dividends from this stock are deposited in the Grants Fund.

Memorial Fund

This fund was established in 1999 as a repository for memorial gifts that are not designated to any of the other funds by the donor. The persons honored in this memorial fund will be recorded in a perpetual list, which will be published in the Proceedings and annually in the Bulletin. As with the other Endowment Funds, the money placed in this fund will not be spent, constituting a perpetual memorial to the people so honored. Gifts may be sent directly to the Academy Treasurer with a letter describing the memorial to be recorded. The memorial statement should include the name of the person to be listed in the memorial along with a brief statement describing relevant information, especially with regard to contributions to the RAS functions, sections or to science in general.


The Expendable Funds

The money in the Expendable Funds is placed in three expense categories with defined goals. The Board of Directors, however, can decide to redirect any of these expendable funds to other purposes or needs if they determine that this is necessary.

Publications Fund

This fund receives the interest from the Fairchild Fund as well as individual gifts. Since 1995 this fund has been totally self-supporting in that it has not received any funds from membership dues or from the General Fund. Money in this fund is used to publish the Proceedings and Academy booklets.

Grants Fund

This fund receives the interest from the Grace Murray Fund, the Jensen Fund and dividends from the T.F. and A.A. Murray Fund as well as gifts from individuals or from sections of the Academy. Since 1995 this fund has been totally self-supporting in that it has not received any funds from membership dues or from the General Fund. Money in this fund is used to award research grants to undergraduate college students.

Lectures Fund

This fund receives the interest from the Speakers Fund as well as individual gifts. Since 1995 this fund has been totally self-supporting in that it has not received any funds from membership dues or from the General Fund. Money in this fund is used to pay the expenses and honoraria for invited speakers who give lectures at Academy events (primarily at the Fall Scientific Paper Session and the Spring Lecture).



Last Updated December 6, 2002