2010 - Jefferson Scholars Foundation

2010
from the chairman
and president
A t this time last year the Jefferson
Scholars Foundation had just completed the
most challenging year in its history. The
turmoil in the financial markets had produced
a 21% investment loss for the
G. Moffett Cochran James H. Wright
endowment. This situation necessitated important but rather dramatic
cutbacks in the number of scholarships and fellowships offered by the
Foundation.
What a difference a year makes! In 2010, the endowment generated a
solid 15.1% return. Development activity produced an additional 10.3
million dollars in cash flow. The positive portfolio performance allowed
us to return to our usual pattern of increasing the number of scholarship
recipients in the entering class. We are delighted that the Class of 2014 is
10% larger than the Class of 2013.
The past fiscal year was also one of significant change. Most noteworthy is the successful
completion of the Jefferson Fellows Center and the Foundation’s administrative offices. The
32,700 square-foot facility became fully operational just in time for the arrival of the 101
finalists in this year’s undergraduate scholarship competition. The building, which features
38 geothermal wells for ground-source heat pumps, roofs designed to harvest rainwater for
irrigation, and high-performance windows to maximize daylight, is on the cutting edge
of environmentally sustainable design. It provides Jefferson Fellows with ample space for
teaching and research and permits the Foundation to sponsor a variety of activities for the
University community that only could be imagined before.
The Foundation also undertook a significant review of its governance structure. Working
closely with the U.Va. Alumni Association, which created the Jefferson Scholarship Program
three decades ago, the Foundation’s Board of Directors identified several areas, including