This is a fair question to raise, and while the answer has been much discussed, especially in the run of and run-up to the Centennial, I don't believe there is a written and formally agreed-upon statement of how we treat our investment portfolio. Since A&F is meeting on Saturday, this question is also timely, and I will put it on the agenda for our discussion. Though I don't have a comprehensive answer at this time, and anticipating what some might have in mind, there are major portions of our investment portfolio that constitute ARRL's endowment, and such funds are subject to some restrictions on their use. A complete answer to the question should account for different types of funds in the portfolio and their respective restrictions. 73, Greg Widin, K0GW 2015 A&F Committee Chair On Tuesday, April 7, 2015, Richard J Norton <richardjnorton@dslextreme.com> wrote:

Would someone please provide the A&F Committee's, or anyone else's, plans for the League's assets presently held in the investment portfolio?

The ARRL has an investment portfolio of nearly $22M. This is $9.3M more than it had at the end of 2008. The League's Total Net Assets, which are roughly the investment portfolio minus reserves for life and term memberships, are now nearly $15M greater than they were in 2008.

If $7M is needed to cover the costs of life memberships, and $3M is permanently restricted, what are the plans for the remaining $12M?

73,

Dick Norton, N6AA