A message from our board treasurer
PATH is weathering the current economic storm well. The pipeline of funding for the next several years has increased, and fully funded program spending was up 25 percent in 2008. Principal donors such as the US Government and the Bill & Melinda Gates Foundation have kept funding at or above historic levels, and administrative costs have remained within management’s pre-set limits and actually decreased as a proportion of total expenditures.
PATH also stayed on track in efforts to expand innovation funding—flexible funds that make it possible for PATH to move quickly on new ideas. Fundraising from individuals increased in 2008 as a reflection of donors’ growing commitment to PATH’s mission.
The bulk of PATH’s funds have been kept safe in conservative, short-term investments. Although the investment earnings are half of what they would be during typical economic times, the cash advanced by program funders is intact. Conversely, PATH’s $6 million endowment, which is invested partially in equities, saw a downturn of $1.8 million. We expect the endowment to rebuild as the markets return to normal over time.
Thanks to solid management and unwavering support from a diverse set of committed donors, our work to create and implement innovative health solutions continued unabated during 2008. We appreciate our donors’ willingness to stay the course on this very important journey.
Treasurer, Board of Directors
Chair, Development Committee