Annual
Report
2010
A Letter from
Steven Cunningham, Director of Research & Education
We are undertaking a concerted effort to reaffirm our alignment with the original vision forged by Col. Harwood nearly
80 years ago. We are a membership organization that provides
state-of-the-art research in economics and finance. Now, as
during the Great Depression, we guide our members with
objective, data-driven research, giving them the means to make
smart, informed decisions. This is particularly important in
challenging times such as these.
Thanks to David Michaels’ efforts, our finances are on
track, and we have begun the hard work of rebuilding our
teams, publications, and programs. We have recently hired
several new economists. Julie Zhu has bachelor’s degrees in
economics and statistics and has already contributed to our research. Two others are slated to come aboard full-time after the
end of the current academic year. Zinnia Mukherjee has a PhD
in economics and master’s degrees in economics and statistics.
Lei Chen has a PhD in economics with a specialty in econometrics and master’s degrees in economics, physics, and optics.
These scholars are bringing much needed strength and breadth
to the research staff.
People are noticing the change. In recent months, our work
has been cited in The Wall Street Journal, The New York Times,
and other leading newspapers and magazines. Our op-ed pieces
have been published in hundreds of newspapers, and we have
Independent, Scientific, Economic Research
appeared on more than 100 radio and television talk shows. We
have been widely quoted on sites such as MarketWatch about
gold and securities markets.
We continue our teaching and outreach efforts with highly
successful Knight-Bagehot and Summer Fellowship Programs.
We are test-marketing our books in bookstores and have
discussed distribution arrangements with national distributors.
The website is under revision as part of a sweeping update of
our digital delivery systems.
What remains unchanged
is AIER’s essential sense of
mission. First in our minds is
always the privilege and responsibility of serving our members.
We thank you for putting your
trust in us. We won’t let you
down.
Sincerely,
Steven R. Cunningham, PhD
Director of Research and Education
A Letter from
David Michaels, Chief Financial Officer
We began 2010 sharply focused on our mission and deeply
committed to helping our members protect their interests in a
difficult economic climate. As an organization, we dealt with
many of the same issues that our members and other charitable
organizations did, and we are pleased to report that we finished
the year in good financial condition.
Net assets are an important indicator of financial strength.
AIER’s net assets peaked in 2007 at $77.6 million and by March
2009, had dropped to $54.6 million, a decline of nearly 30
percent. Faced with a challenging economic environment and
an uncertain financial future, we aggressively reduced our costs
to ensure that we could deliver on our mission during a time of
great need.
By the end of 2010, our net assets recovered much of the
losses—mainly through investment gains and cost reductions.
These were offset in part by declines in revenue from publications, memberships, and donations. Our net assets at the end of
2010 were a healthier $71.2 million, of which 81.5 percent are
subject to donor restrictions. These restricted assets are held in
trust and are invested based on principles developed at AIER
over its 78-year history. The income they generate is paid to
beneficiaries designated by the donors. The assets of the trusts
will be distributed to AIER when the restrictions lapse.
Unrestricted net assets were $13.2 million. These are available for use in our programs.
With our financial strength restored, we are committed to
rebuilding our resources and expanding our programs. First
and foremost, we plan to expand our research capability by
adding new researchers and upgrading our research software
and data-analysis capabilities. We’ll also continue our transition to digital platforms including web-based technologies and
social media.
Thanks to the loyal support
and confidence of our members,
AIER is able to continue to
pursue its mission of helping individuals advance their interests
in good times and bad.
Sincerely,
David Michaels
Chief Financial Officer
2010 Annual Report
2010 Financials
Condensed Consolidated
Statement of Financial Position
Condensed Consolidated
Statement of Activities
December 31, 2010, (dollars in thousands)
Year Ended December 31, 2010 (dollars in thousands)
Assets
2010 2009
Cash and investments
$10,289 $9,192
Revenues, Gains,
and Other Support
2010 2009
Receivables
381
356
Operating revenue
Inventory
105
103
Contributions, grants, and bequests
3,182
3,387
Property and equipment
Investments held
$2,363 $2,887
Investment income
579
640
1,203
658
Change in the value
under split interest agreements
141,364 127,937
Other assets
51
Total Assets
61
of split interest agreements
3,449 10,571
Total Revenues, Gains, and Other Support
7,594 14,756
155,372 141,036
Expenses and Losses
Liabilities and Net Assets
Operating expenses
3,588
4,949
Liabilities
Expense of subsidiary
1,281
1,292
419
486
Accounts payable and accrued expenses
443
329
Management and general
Deferred Income
388
507
Total Expenses and Losses
5,288
6,727
2,306
8,029
Liabilities under charitable trusts
83,325 71,290
Change in net assets
Total Liabilities
84,156 72,126
Net Assets, Beginning of Year
Net Assets
68,909 60,880
Net Assets, End of Year
Undesignated
7,066
3,367
Designated
6,111
8,896
$71,215 $68,909
Assets held under split interest agreements 58,039 56,647
Total Net Assets
71,216 68,910
Total Liabilities and Net Assets
$155,372 $141,036
Expenses and Losses
Operating expenses
Expense of Subsidiary
Management and general
Revenues, Gains,
and Other Support
31%
45%
8%
16%
Independent, Scientific, Economic Research
Operating revenue
Contributions grants
and bequests
Investment income
Change in value of
split interest agreements
8%
24%
68%
Officers and Trustees April 2011
Edward H. Adolph
Officers
Dr. Steven R. Cunningham, Director of Research and Education
Mr. David C. Michaels, Chief Financial Officer and Comptroller
Mr. J. Eric Smith, Secretary of the Corporation
Richard W. Brewer
Board of Trustees
Standing Committee
Mr. Edward H. Adolph, Chair
Mr. Richard W. Brewer
Mr. Richard M. Doncaster
Dr. Harold F. Dvorak
Mrs. Marjorie H. Greer
Mr. Frederick C. Harwood
Mr. Peter A. Lee
Mr. Sidney Rose
Mr. Edward Philip Welker
Dr. John M. Wilson Jr., Trustee Emeritus
Dr. William S. Peirce, Trustee Emeritus
Mr. Roy Bouffard
Mr. Andrew H. Davis Jr., Alternate
Ms. Katherine H. Delay
Dr. Harold F. Dvorak, Trustee
Mr. Ronald A. Gilmore
Mr. Keith A. Hocter, Chair
Dr. Gerald LaMarsh
Ms. Phebe Jane Moore
Dr. Reed E. Phillips
Mr. Edward Philip Welker, Trustee
Richard M. Doncaster
Harold F. Dvorak
Voting Members
Dr. J. Scott Abercrombie Jr.
Mr. Edward H. Adolph
Mr. John L. Barry
Mr. Timothy J. Birney
Mr. Roy Bouffard
Dr. Anthony C. Breuer
Mr. Richard W. Brewer
Mr. Shaun Buckler
Mrs. Karen T. Chin
Mr. Saul Cohen
Mr. Andrew H. Davis Jr.
Ms. Katherine H. Delay
Mr. Edward E. Donaldson
Mr. Richard M. Doncaster
Dr. Harold F. Dvorak
Mr. Latimer Eddy
Mr. Paul S. Fabian
Ms. Laura A. Fiske
Mr. W. Blake Foster
Mr. John H. Foulke
Mrs. Maureen Foulke
Ms. Sarah B. Foulke
Ms. Opal Gilmore
Mr. Ronald A. Gilmore
Mr. Donald R. Grant
Mr. James E. Greer
Mr. James M. Greer
Mrs. Marjorie H. Greer
Mr. Henry Hackel
Mr. Douglas L. Harwood
Mr. Frederick C. Harwood
Mr. Kirk E. Harwood
Mrs. Michelle L. Harwood
Mr. W. Scott Harwood
Mr. William F. Harwood
Mr. Samuel N. Hibbard
Mr. Keith A. Hocter
Mr. Michael S. Hoffman
Mr. Todd H. Hoffman
Mr. Neil D. Holden
Mr. Howard Kent
Mr. Roger G. Knudson
Dr. Gerald LaMarsh
Mr. Peter A. Lee
Mr. Donald A. Lindley
Ms. Kerry A. Lynch
Mr. Henry J. Miller III
Ms. Phebe Jane Moore
Dr. Charles E. Murray
Mr. Philip R. Murray
Ms. Paula H. Palmer
Dr. William S. Peirce
Dr. Reed E. Phillips
Mr. Lawrence Pratt
Mr. Grant Randall
Dr. Bruce M. Rodenberger
Mrs. Gail Roger
Mr. Sidney Rose
Mr. Lincoln R. Sander
Mr. Joseph Schwaiger
Mrs. Mary Schwaiger
Mr. Richard A. Seeley
Mr. J. Eric Smith
Mr. Gerald E. Sohan
Dr. William H. Southwick
Mr. Edward W. Spurr
Mr. Frank P. Statkus
Mr. George Terwilliger
Mr. Walker F. Todd
Mr. Gregory M. van Kipnis
Mr. John W. Ward
Mr. Edward Philip Welker
Dr. John M. Wilson Jr.
Mr. James A. Yannes
Marjorie H. Greer
Frederick C. Harwood
Peter A. Lee
Sidney Rose
Edward Philip Welker
Notable in 2010
Staff Highlight
Lawrence S. Pratt Retires
Lawrence S. Pratt
Lawrence S. Pratt, senior fellow,
retired in 2010 after a long and distinguished career at AIER.
Larry joined the institute in 1973
and went on to do nearly every job
and hold nearly every title. He first
worked on the research staff under
the guidance of AIER’s founder,
Col. E.C. Harwood. Eventually, he
became director of research and education. In the 1990s, he also served
as president of American Investment Services (AIS), AIER’s wholly
owned investment advisory and was
the driving force behind much of the
Institute’s investment research.
Larry’s name may not be as
familiar to supporters as it should
be. For most of the time he worked
here, we did not print bylines identifying the authors of articles.
Suffice to say, his articles stood out for their sharp analysis,
persuasiveness, timeliness, relevance, wit, and humor. (For
example, he titled an article comparing the dollar to other fiat
currencies “The World’s Tallest Dwarf”.) It’s not easy to write
about economics for non-economists in an engaging way, but
Larry viewed that as an essential part of the job. That he did so
week after week for nearly four decades is astonishing.
In addition to countless articles, he wrote a number of
books, including How to Invest Wisely. He also edited many articles and books for AIER, often taking the straw of early drafts
and spinning it into gold. He taught a seminar in AIER’s Summer Fellowship Program, on “Thinking Like an Economist,”
aimed at encouraging the summer fellows (mostly graduate
students in economics) to consider how they might help noneconomists to better understand the world. AIER is grateful to
have benefited from Larry Pratt’s talent and dedication for so
long, and we wish him a much deserved happy retirement.
AIER Lecture Series
Forbes Editor Highlights This Year’s Roster
William Baldwin
Each year, AIER augments its publications through a series of lectures
by distinguished speakers on campus
and at selected meet-and-greets
across the country. One of the highlights of the 2010 lecture series was
a campus visit by longtime Forbes
editor William Baldwin.
At a special event immediately
following the October meeting of
the board of trustees, he spoke to
AIER members and invited guests.
His topic: How to Make Money and
Keep it from the IRS.
The talk on a classic AIER
theme covered a variety of points
Independent, Scientific, Economic Research
from the best way to buy gold to the outlook for corporate earnings. It was followed by a lively question-and-answer period
and a reception that allowed for more informal discussions.
Baldwin joined Forbes’ Washington bureau in 1980. He
served successively as bureau chief, assistant managing editor,
and managing editor before becoming editor in January 1999.
He ran the magazine until August 2010, when he returned to
writing about investment strategies, one of his areas of expertise. Mr. Baldwin was the second Forbes writer to speak at
AIER in 2010. The first was the late Jerry Flint. In May, the
legendary automotive writer gave a talk at AIER that was the
last public presentation of his distinguished career.
William Baldwin will return to AIER sometime in 2011.
Our Generous Donors
Joseph Abbott
Robert A. Adams
Lucien Adams
Robert T. Adkins
Edward Adolph
Mercedes M. Agogino
Kambiz M. Ahy
Alexander E. Aidee
William D. Albro
Wesley E. Allen
James P. Allen
Richard & Jean Amable
Charles O. Ames
Robert A. Anderson
Thornton Anderson
Bob Anderson
Rene A. Angus
Richard V. Annable
Robert A. Aquadro
Richard Arkwright
William Arwady
Arthur W. Aubin
Nick Aversa
Charles Bacon
Daniel Baker
Allen Baker
Horace Baker
Ralph Balzac
Elizabeth Barnes
James Barnes
Mildred H. Barton
Robert J. Bartruff
Bradley Bates
Elliott M. Bates
Saul Becker
Clyde E. Beimfohr
Cal Beisswanger
Denise M. Bell
William Beltrone
C. M. Bend
Edward L. Bennett
Beverley Benson
Eugene J. Benson
John Bilafer
T. H. Bilbrey
John Blackett
Carl E. Block
John D. Bogden
J. Neil Boger
Robert A. Bonacchi
Karin Bonding
Arthur J. Bonnel
Roy E. Bouffard
Chris M. Boxell
Mary A. Boyd
Todd Bradley
Antonio Branco
W. H. Brandt
Raymond Brautigan
John E. Bray
George J. Breckenridge
Richard L. Brennan
John T. Brennan
Anthony C. Breuer
Richard W. Brewer
Walter Brewer
John Bridge
Robert D. Briglia
Tom Broadbent
Dorothy A. Brockhoff
Clarence S. Bromberek
James G. Brooks
James C. Broten
Ed Brown
Timothy Brown
William Browne
Wallace G. Brownson
Richard G. Brunner
Paul D. Bryan
Bruce Bunch
Price B. Burgess
James P. Burke
William H. Burnham
Douglas H. Buswell
D. L. Butler
Pierce Callahan
Matthew Calvert
William Z. Cann
Wilbur J. Cannon
John Carberry
A. E. Carden
Russell C. Carlson
Randolph C. Carr
Mike Carroll
Robert Case
Thomas Cassidy
Joe Casteel
Alan M. Catalano
Kenneth J. Cavanaugh
Joseph Cembrola
Wayne F. Chalupa
Chuan Chang
Robert Charnoff
Michael Cherniss
John C. Chinn
Robert F. Cipolle
William H. Claflin
Cameron S. Clark
John K. Class
Carl Clemens
John P. Clifford
Cloverleaf Corp
Charles J. Cobbett
Jay Cochran
James P. Coffin
Gerard H. Cohen
Philip Cohen
William Coletti
James Collier
W. D. Collingwood
Robert M. Collins
Edward Coman
John Comino
Gail Conway
Dorothy Cooper
Richard Cory
M. F. Costantino
John J. Coupal
George Covert
Samuel A. Craig
Joseph H. Creegan
Robert Crocker
Jerald Crum
Alice Crume
E. Culhane
Ed Cullen
Edward Cummings
Mike Cunningham
Henry W. Curran
Sundaram Curtis
John Cushing
Frank Cutrone
Wayne C. Dabb
Dorothy R. Daly
Joseph Damato
F. W. Dau
Neil Dauler-Phinney
Donald R. Davenport
Andrew H. Davis
Don Gordon Davis
Robert C. Davis
Shethar Davis
Rex M. Davis
James Day
H. C. Dearnley
Gary Deboise
Rey Del Rios
George N. Deloache
John M. Dengler
Maryanne Desantis
Gerard Desapio
Bill Descher
Hank Diambra
Willard M. Dillon
Brian Dillon
Michael J. Dixon
James E. Dixon
William T. Doherty
Edward E. Donaldson
Richard M. Doncaster
Charles Dorrance
Dan P. Dougherty
Robert C. Draper
Eric M. Dreyfuss
James F. Driscoll
R. Gerard Du Bois
Joel Dumont
Freeman Dunn
Joseph V. Dunn
Fred L. Dunn
Katharine C. Dunn
Harold F. Dvorak
Jan F. Dyke
Fred G. Eagerton
Thomas J. Earley
John W. Earley
David Earnest
Gary Eckhardt
Rodger Eddy
Phyliss Edmonson
Glen C. Edquist
Albert J. Eisenberg
Angela Elefante
Gene Ellis
Ann J. Engle
Jack Erickson
Walter Eth
Frank M. Evelhoch
Robert W. Fabian
Michael G. Fader
Jeffrey R. Falick
Richard Falkenstein
Raymond F. Farley
Robert Fast
Theodore Fay
Gloria Fazramos
Larry M. Feather
John P. Feather
Kenneth Fedorock
Barbara Felt
Paul Fenske
Thomas D. Fenton
Robert Fewell
Gary Fey
Norman P. Fitzgerald
John Fleming
Diane E. Flieger
James Flood
Robert B. Folsom
William F. Ford
E. A. Foreman
John Forgos
William E. Forsythe
W. Blake Foster
David Foster
Maureen Foulke
Richard W. Fox
Donald Francis
Douglas C. Franke
John E. Frost
W. H. Furge
Robert Furusho
Mary B. Fusaro
Francis P. Galgano
Thomas Gallagher
John Garabedian
Kenneth Garr
David Garvin
William R. Gaston
Charles F. Gates
George D. Gatteny
Leland Gerwig
Thomas Gibson
Henry Gifford
Houghton Gifford MD
Richard Giggey
Jeffrey D. Gilbert
Robert E. Gillmor
Niko V. Gjaja
Jonathan Goldstein
Nicholas Gonsalves
Bernard Goodman
Jason Goodman
Gary T. Goodrich
Graeme Goodsir
Thomas J. Goodwin
Sondra & Albert Gordon
Bruce Gore
Thomas F. Gorman
Frank W. Gorman
Homer Gossard
Ernestine Gott
Pollyann M. Grady
Martin Grady
Carl F. Graesser
Louis B. Gratzer
Samuel D. Greco
James & Marjorie Greer
James E. Greer
Bradley L. Griffin
Jasper Grilli
V. J. Grimaldi
Carl Groepler
Robert W. Gruenewald
Michael Guertler
Raymond A. Guilbert
Paul J. Guyett
John T. Hagy
John Hall
Gerald Hall
2010 Annual Report
Our Generous Donors (continued)
Stefan K. Haller
Harry E. Halstead
William D. Hamilton
Richard C. Hamilton
Richard D. Handren
Warren K. Hanscom
David C. Hanson
Herbert W. Harlow
James Hart
Martin Hartkopf
John E. Hartman
Anita M. Hartman
William E. Harvey
W. Scott Harwood
Fred Harwood
Kirk & Debbie Harwood
Bert G. Hassler
Jack M. Hastings
Richard Hatch
Timothy Hayes
Thomas W. Hayes
John Haymaker
Philip Hazen
Joseph E. Heafy
Raymond Heelan
Joe H. Hege
Alfred D. Heggie
Peter Hennessey
James Herbst
William Herndl
Arthur Herndon
James Hersh
Eugene Herzog
Ronald M. Heymann
Sam Hibbard
M. Lamar Hicks
Robert A. Higgins
Marshall Hilgendorf
Edward D. Hill
Edward Hillier
Jane B. Hillman
Robert A. Hintermister
Keith Hocter
Donald E. Hoffmeister
James T. Hohmann
Chuck Holland
Ed Holly
Timothy A. Holst
Herbert Homan
William R. Horn
Edward Hostetler
Jeff Hough
Ken Howard
Tom Hoyord
Ian O. Huebsch
W. W. Huffman
Gordon A. Hughes
Lawrence Hurvitz
Masato Ikeda
Joseph Ippolito
Elwood N. Irwin
Herrick Jackson
Mokarram Jafri
Daniel Jagiello
Albert E. Jenkins
Dale Jenkins
Robert Jenks
Ken Jernstrom
Earl Johnson
Karen C. Johnson
Robert Johnson
W. F. Johnson
Ricky Johnson
Harry Johnson
Conrad H. Jones
Gary Jones
Richard H. Jordan
M. Jean Kamper
Alexander T. Kamwell
Milton M. Kaplan
Daryl A. Kearns
Kathy Kehoe
Albert G. Keith
William K. Kellogg
James J. Kelly
Candice Kelly
Robert Kelsey
Jack D. Kerstetter
Frank Kery
George E. Kientzy
M. King
William D. Kirby
Raymond J. Klank
Edward J. Kleczynski
Timothy Kleczynski
A Stellar Collection Expands Its Reach
AIER’S 15,000-volume library boasts a wide variety of books
about economics and related topics and contains one of the
best collections in the country on gold and land-value taxation.
The library has always welcomed inquiries from members and
readers and opens its doors to the general public. But in 2010, it
made substantial steps toward expanding its services.
The dozens of member requests for reference statistics and
AIER articles that Librarian Samantha Woodson answered
was only the beginning. Improvements this year to the E.C.
Harwood Library involve both the physical collection and the
collection’s electronic presence.
Visitors to campus will notice that a small conference room
now houses the papers of the late Lowell Harriss, distinguished
Librarian Samantha Woodson
welcomes reference
questions from members.
Independent, Scientific, Economic Research
professor of economics at Columbia University and longtime
AIER trustee. The cataloguing of hundreds of books, articles,
unpublished manuscripts, and transcripts of speeches began in
June 2010. By the end of year, it was almost halfway complete.
An important part of the process is digitizing the collection so
that AIER supporters, scholars, and other interested parties
anywhere in the world some day will be able to access Dr. Harriss’ collection.
Elsewhere, the library has undergone significant revamping in accordance with a five-year strategic plan aimed
at improving accessibility. Government documents received a
much-needed weeding and were moved to new shelving in the
main library. The AIER publications aisle has been re-organized for easier access.
Most importantly, Woodson nearly completed putting all
AIER publications into electronic and searchable form by the
end of 2010. She also made substantial strides to improving the
online accessibility to the AIER archives. These changes are
preliminary to the creation of a digital library that will be available to members.
The move toward digitalization does not preclude the
personal touch that has been a hallmark of AIER’s member
services. Woodson’s goal is to increase the number of reference
questions she gets from members and readers. You can reach
her at (413) 528-1216, ext. 3118, or by e-mailing
samantha.woodson@aier.org.
James Kloverstrom
Russell Knetzger
Dexter M. Kohn
Stanley H. Konefal
Kenneth C. Kopplow
Walter Korntheuer
C. Andrew Kostrevagh
Donna Kovalsky
Dimitrios K. Kritikos
Michael Krizman
Albert F. Kropas
Roy Krughoff
Everett Ladd
Helen L. Laird
Gerald Lamarsh
Roy Lamb
Paul J. Lambeck
Kenneth Lamontagne
Roderic C. Lancey
Virginia Larsen
W. Phil Laudenschlager
Robert Lawrence
Robert A. Lawson
Iris G. Lazan
David J. Le Ray
Frank Leahy
Robert A. Leblanc
Nathan S. Lee
James Leeds
Robert Lefebvre
William E. Lehr
Col Henry A. Leighton
Steven Leitz
David Leray
David A. Levene
John J. Leyden
David Linde
Thomas G. Linxweiler
D. P. Litzenberger
Chris M. Lloyd
George E. Lonergan
David M. Long
Gerald M. Long
James C. Lordeman
Charles W. Loufek
Donald A. Lovis
Glenn C. Lucas
Kenneth H. Ludlum
Arthur Lundeberg
Arthur J. Lupo
Beatrice Lushington
Kerry Lynch
Mark Lytle
Ralph W. MacDonald
Theresa Mack
Joseph E. Mackey
Alex MacMurdo
Alkis Makrides
Thomas C. Manning
John Manolaros
August G. Manza
Bob Marschner
Michael Martin
Douglas G. Martz
Kenneth Masters
M. Masuda
Virginia Matousek
Gordon E. Matteson
George H. Matthies
Ralph Mayer
Frank Mazza
Murray A. McAndrew
J. S. McClelland
Charles G. McClure
Sandra McCormick
Richard W. McFalls
Robert McFarland
John K. McGuirt
William McGurk
Wilma McKenzie
James McKittrick
Wilton McLean
Philip McPheron
Madeline McWhinney-Dale
Sandra McCormick
Timothy Meehan
William J. Metcalf
James Metzger
T. N. Meyer
David C. Michaels
George B. Michel
David E. Middleton
Louis Miller
John L. Miller
John V. Minges
Maryam Minter
Royce J. Mitchell
Robert J. Mitchell
William M. Moe
Robert E. Monahan
Jack E. Monett
Don Montgomery
Harry J. Moore
Frank J. Moore
Patricia Moran
Eugene & Anny Morel
Leonard W. Morgan
Robert F. Moriarty
Don & Kathy Morris
Walter Morris
William S. Moyer
Michael Mueller
Krish Mukhopadhyay
Don Munger
Robert B. Munro
Richard M. Murdock
Frederick P. Murdock
Michael Murphy
Charles E. Murray
Philip R. Murray
John A. Murray
Paul Myers
Joseph M. Nappi
J. J. Narus
Howard L. Naslund
Thomas C. Neal
Albert F. Nibbe
Richard Nichols
George G. Nimick
Norman E. Nitschke
Paul S. Nix
Elwood T. Noad
Mark H. Noe
Juan Noguera
Bud Norman
Barbara O’Connell
John R. O’Connell
Vincent P. Ogurek
John J. Olender
Jacob Oliver
Rein Olvet
John V. Ondrejicka
Orcas Bay Foundation
Charles Ortmann
Dieter Oschatz
Albert H. Ostien
Jean B. Oswald
Charles Paddock
Peter Pagazani
Dave Palentchar
Michael & Paula Palmer
Lee W. Parke
Darrell D. Parker
Clarence S. Parker
Dallas Pasco
Rex Q. Pass
Billy M. Paul
Suzanne M. Paulsen
J. L. Pecora
Robert Penman
Lucas F. Perez
Lynn T. Perry
William Peschke
Stephen Peters
Floyd Peters
Michael Pfeifer
Gary Phillips
Reed E. Phillips
Betty Phillips
Lloyd Pickell
James R. Pittard
Henry Pittard
John D. Plowright
George H. Plude
David H. Pond
Richard Porotsky
Eleonore Portincasa
Don N. Powell
Alexander Power
William D. Power
In Memoriam
V. George Castle 1920-2011
Longtime AIER voting member, V. George Castle, died in his
sleep January 30. He loved life and all the joys it had to give.
When people would tell him to “Have a nice day,” his reply was
always “You have a nice forever.” He loved his five children and
his grandchildren, and was dedicated to his loving wife, Virginia, also a longtime voting member until her death in 2007.
George Castle was associated with the Institute for 35 years.
He became a voting member in 1976. He served on the standing committee from 1978 to 1997 and as a trustee from 1988
to 2010.
A commercial pilot, he learned to fly in the Navy, which he
joined at the beginning of WWII. After the war, he flew for a
small airline some of his friends were
starting. He intended to stay just for
the summer and then to begin medical school. He never did, Instead, he
clocked countless miles as a commercial pilot for Empire, West Coast,
and Hughes Airwest Airlines.
He greatly will be missed at AIER.
V. George Castle
2010 Annual Report
Our Generous Donors (continued)
William F. Prebe
Robert R. Prechter
Stephen D. Prew
Victor Prieto
Patricia Probst
Larry Pullin
Janet Pushies
Joann Putnam
Gregory Pyatigorsky
La Vern Pyles
Michael Radov
Milt Radovich
Florence Rainone
Anthony E. Rapp
Richard A. Rasmussen
Brenda Rathje
Daniel H. Raver
Frank J. Reget
Robert W. Reid
Bob & Joy Reinstein
Donnell T. Reither
James A. Remley
Ted R. Restko
Robert Rhein
David Rice
Arthur P. Rich
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