Interview with the President of the
Torch Foundation:

The Relation Between IATC and the
 Torch Foundation

    Chances are that you’ve seen some information about the Torch Foundation in the past several months. We’re hearing from some of you that you’re confused about how the International Association of Torch Clubs (IATC) and the Torch Foundation are related. This issue, I (George Conklin) will be talking with Sue Breen-Held, the president of the Torch Foundation, to help clear up some of the confusion.

George: Sue, can you briefly explain the Torch Foundation and how it relates to the IATC?

Sue: Sure. We raise money from Torch Club members, we invest that money, and we give that money back in the form of grants to support the educational activities of Torch Clubs. Our operations are completely independent of the IATC, with our trustees elected by Foundation members and the officers appointed by our trustees. The only elected person who sits on both the Foundation and IATC Boards at the same time is the Foundation President, to provide a liaison between the groups. The graphic below shows the relationship the Foundation has with Torch members and the International:

George:  That seems simple enough.  Let’s take those steps one at a time.  Can you talk about how you raise money?

    Sue: All of our assets have come from contributions from individual Torch members, and none from IATC.  A large portion of our assets came from a bequest from a member in the Chicago Club (Robert A. Oldenburg).  The rest was raised through various programs including memberships, new club initiatives, and our Honor Roll and Memorial (all discussed in the Fall 2019 Torch Magazine issue).  Investing for returns and sufficient liquidity has also improved our position.

George:  How big is the Torch Foundation?  And how much was given directly to the IATC last year? 

    Sue:  At the end of October 2019, we had about $183,000 in total assets.  Almost three quarters of that is in endowment funds.  Endowment funds are those set aside as investments to perpetuate the Foundation.  It means we are limited in how much of that money we can spend – no more than 5% of the endowment can be moved to spendable funds in a year.   The spendable funds are the source of our grants. 

    The Foundation gave a grant directly to the IATC each of the past years: $4000 in 2018 and $3500 in 2019.  These were supporting (in part) the publication of articles in the Torch magazine.  I say "in part" because they were only about a third or less of the cost of providing  just one issue of the magazine.
 
George:  Did you give other grants?

    Sue:  Yes.  Any club or region (or the International Association) can request assistance with an educational project by contacting a member of our Board.  Each year we provide a $500 prize to the Paxton Award winner.  During 2019, we also provided a grant to the Roanoke Club, which partnered with other local organizations to honor a famous fallen flier, including a trip to the memorial site in late 2018.  The core was Torch talks, both at the memorial site and at the subsequent dinner.  As of November 2019, the activity had generated two new members (one a current officer) and energized the club, with attendance up over 50% from a year ago. 

George:  I’ve heard you have an exciting new program.  Can you tell us about it?

    Sue:    Our Board has just approved the formation of the Convention Grants programs.  The annual Torch convention as coordinated by the IATC is a terrific event, and we felt not enough people are taking advantage of it.  So, beginning with the 2020 convention we plan to award six grants of the full registration fee and hotel costs.  Three are available to local Torch clubs who have not sent any member to the Convention in the past five years (the club will apply to send a member).  Three will be awarded to newer Torch members: those who have joined in the five years ending with the 2020 convention (the individual will apply).  Please check the Foundation website for more details and application forms.

George:  That sounds like a wonderful program.  Is there anything else you’d like to share with us?

    Sue: Just a word about our structure.  We are separate from the IATC to allow contributions to the Foundation to be tax deductible under U.S. tax laws; contributions to the IATC are not tax deductible.  We are also a fully volunteer board – we pay our own way.  The only expenses paid by the Foundation are our administrative costs, which are very low.   

George:  Sue, thank you for sharing information about the Foundation.  I would encourage any Torch Club members to consider a contribution to the Foundation, whether as a member or through another program. 

Sue:  Thank you, George.  We appreciate your support as a lifetime member of the Foundation.   Remember that any Torch member can join the Foundation, allowing them vote for trustees at the convention, listen to the monthly board meetings, and become a volunteer!  Anyone interested can contact me at sue.breen.held@gmail.com for additional information.