Annual Report
2009
Our Mission
The American Institute for Economic Research (AIER)
conducts independent, scientific economic research to
educate individuals, thereby advancing their personal
interests and those of the nation.
The Institute, founded in 1933, represents no fund, concentration of wealth, or other special interests. Advertising is
not accepted in its publications. Financial support for the
Institute is provided primarily by small annual fees from
several thousand sustaining members, by receipts from sales
of its publications, by tax-deductible contributions, and by
the earnings of its wholly owned investment advisory
organization, American Investment Services, Inc. (AIS).
Experience suggests that information and advice on
economic subjects are most useful when they come from
a source that is independent of special interests, either
commercial or political.
From the
President’s Desk
Independence and
Credibility: Two qualities
that are in short supply,
but are more important
than ever when it comes
to research and education.
What is independent
research? Independent
research is not funded by the
government. Independent research is not funded by business.
And independent research is not funded by organizations
that have an agenda. AIER’s sole support comes from
the public. We have no commercial or political interest
in promoting one policy or product over another, and we
have no political or corporate patrons to whom we must cater.
Credibility doesn’t mean starting with a conclusion and
then looking for evidence to support it. Credibility means
“following the data.” Not just a month’s worth. Not just
a quarter’s worth. Not just a year’s worth. Not even just a
decade’s worth. Under ideal conditions, we might study
a century’s worth of data or more, depending on the
availability and quality.
This year, the Institute produced more research and
reached more people at a lower cost than in 2008, without
sacrificing our Independence and Credibility. These
accomplishments are attributable to our dedicated staff
and to the generous public who share our values and
support our efforts.
Please be sure to tell a friend, family member, or a colleague
about American Institute for Economic Research so 2010
will be even better.
Charles Murray
President & CEO
2009 Annual Report / Page 3
A Letter from
David Michaels, CFO
AIER Lecture Series
The Institute hits the road to
spread the word about the
importance of property rights
and sound economics.
In December 2009, AIER launched a series of meet and
greet events that connected with members and reached
out to new audiences.
The first meet and greet was held in Boston. The series
continued in Harrisburg, PA, Philadelphia, Albany,
and Windsor, CT. AIER also met with students at
three Pennsylvania colleges — Grove City College,
Shippensburg University, and Lafayette College — at
Webber International University in Florida, and at the
United States Military Academy in West Point, NY.
AIER President and CEO Charles Murray and Research
Fellow Walker F. Todd topped the roster of speakers.
Ask the Expert columnists Kevin McGrath and Steven
J.J. Weisman joined the
discussion at several locations,
as did John Barry, president of
American Investment Services
(AIS), our wholly owned
investment subsidiary.
Keep an eye out for future
AIER events by visiting
www.aier.org, or contact us
if you would like to help us
organize an event in your area.
Independent, scientific, economic research
We are pleased to report
that the American Institute
for Economic Research is
in good financial condition
and that 2009 was a strong
year. Our balance sheet
strengthened, and our
operations continued to
perform well. This reflects
our efforts to improve efficiency and focus resources on
activities that directly and positively impact our mission.
Net assets are an important indicator of AIER’s financial
strength and its ability to carry out its mission. After
experiencing a decline of nearly 17 percent in its net assets
during 2008, AIER’s consolidated net assets rebounded
in 2009 to $68.9 million. Approximately 82 percent of
AIER’s consolidated net assets are held in various trusts
as part of our planned giving program. These assets are
invested using principles developed through AIER’s
research for the benefit of donor-designated beneficiaries.
AIER’s use of these trust assets is restricted until the trusts’
obligations to the income beneficiaries are satisfied.
Total revenue, gains, and other support increased by
$24.6 million, from a net loss of $9.8 million in 2008 to a
net gain of $14.8 million in 2009. Increases in operating
revenue and net investment gains offset reductions in
bequests and contributions.
Increased spending on programs was more than offset
by a reduction in management and general expense
resulting in an overall reduction in total expenses and losses
of $130,663. AIER has reduced total expenses and losses by
$416,613 over a two-year period.
We are very pleased that we were able to help more people
protect their financial interests during 2009 than at any
time in AIER’s history. We are grateful that we have very
supportive members who care deeply about our mission,
and we are looking forward to a robust 2010.
Financials
Condensed Consolidated Statement of Financial Position
Year ended December 31, 2009 (dollars in thousands)
2009
2008
$9,192
Cash and investments
356
Receivables
103
Inventory
3,387
Property and equipment Investments held under split interest agreements 127,937
61
Other assets
$141,036
Total assets
$9,133
371
212
3,548
112,484
80
$125,828
ASSETS
LIABILITIES AND NET ASSETS
2009
2008
Liabilities
$329
Accounts payable and accrued expenses Deferred income
507
71,290
Liabilities under charitable trusts Total liabilities $72,126
$325
687
63,936
$64,948
Net Assets
8,881
Unrestricted
3,382
Investment in property and equipment 56,647
Assets held under split-interest agreements
$68,910
Total net assets
8,237
3,522
48,548
$60,880
$141,036
$125,828
2009
2008
Operating revenue
$2,887
Contributions, grants, and bequests
640
Investment income
658
Change in the value of split interest agreements 10,571
Total revenues, gains, and other support (loss)
$14,756
$2,792
1,646
(1,011)
(13,269)
($9,842)
2009
2008
$4,949
Operating expenses
1,292
Expense of subsidiary Management and general
486
$6,727
Total expenses and losses $4,612
1,380
866
$6,858
$8,029
Change in net assets (loss)
Net Assets, Beginning of Year $60,880
$68,909
Net Assets, End of Year
($16,700)
Total liabilities and net assets
Condensed Consolidated Statement of Activities
Year ended December 31, 2009 (dollars in thousands)
REVENUES, GAINS, AND OTHER SUPPORT
EXPENSES AND LOSSES
$77,580
$60,880
2009 Annual Report / Page 5
Expanding Our Reach
Two of the most important markers for progress, membership and books sales, finished on a high note this year.
AIER closed 2009 with 12,600 members, its highest year-end number. Digital memberships showed the most growth,
testimony to the Institute’s ability respond to changing times and the continuing relevance of our mission. Despite the
economic downturn, book sales markedly grew from the year before to top 130,000.
AIER Membership (January 1990 - December 2009)
13,000
12,000
11,000
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
‘90
‘91
‘92
‘93
‘94
‘95
‘96
‘97
‘98
‘99
‘00
‘01
‘02
‘03
‘04
‘05
‘06
‘07
‘08
‘09
Books Sold
150,000
2008 2009
120,000
90,000
60,000
Independent, scientific, economic research
be
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30,000
New Research & Education
In its 76th year, AIER continued our tradition of producing high-quality books at
affordable prices. To help our growing readership protect their personal interests,
we added two new books to our list of timely and informative titles.
Start Here: Getting Your Financial Life on Track targets younger adults and those
looking to clarify their financial goals and priorities. It hit bookshelves in July. To
date, more than 16,000 readers are benefiting from author R.D. Norton’s advice on
topics such as health insurance, credit, fraud, and housing.
In November, we released Progress and Property Rights: From the Greeks to Magna
Carta to the Constitution, by Research Fellow Walker F. Todd. This long-awaited
title traces the origins and development of modern American property rights. It
also examines the state-centered theory of property rights and why this approach is
harmful to individuals and the communities in which they live and work.
Fresh Faces
Year after year, AIER adds new talent to its research team. Samantha Woodson,
our new librarian, is no exception. Woodson has already made strides to
strengthen the accessibility and organization of our collection.
Every week, Samantha Woodson sends the AIER staff an announcement of the
lastest progress on the library’s strategic plan and the newest titles on the
bookshelves. These updates are typical of Woodson’s client-centered approach
to library management. Her commitment to making AIER’s collection a vital,
easy-to-use resource is evident in everything she does — from bringing catalogued
books out of storage to helping members with their own research questions.
Samantha Woodson
Librarian
The hardworking Woodson, who joined AIER in July, is planning to incorporate
a broader array of resources — both digital and print — into the library. Libraries
are cornerstones to a literate society, she says. And her goal is nothing less than the
transformation of the AIER library from a traditionally print-focused collection
into a fully functional and fully accessible modern library.
Wide Expertise
Talented new associates
bring fresh ideas to
AIER’s publications.
David Baumann
Lynndee Kemmet
Kevin T. McGrath
Steven J.J. Weisman
Research Associate
Research Associate
Ask the Expert Columnist
Ask the Expert Columnist
2009 Annual Report / Page 7
AIER Board of Trustees, September 2009
Board of Trustees (above)
Officers
Standing
Anthony C. Breuer
Richard W. Brewer
Edward H. Adolph, Chairman
Richard M. Doncaster
Peter A. Lee
Edward P. Welker
Harold F. Dvorak
Charles E. Murray
CEO & President
Seated
William S. Peirce, Trustee Emeritus
Sidney Rose
C. Lowell Harriss
Marjorie H. Greer
Frederick C. Harwood
Not Pictured
V. George Castle
John M. Wilson Jr., Trustee Emeritus
David C. Michaels
CFO & Comptroller
Frederick C. Harwood
Secretary of the Corporation
Voting Members
J. Scott Abercrombie Jr.
Edward H. Adolph
John L. Barry
Timothy J. Birney
Roy Bouffard
Anthony C. Breuer
Richard W. Brewer
Shaun Buckler
V. George Castle
Karen T. Chin
Saul Cohen
Andrew H. Davis Jr.
Katherine H. Delay
Edward E. Donaldson
Richard M. Doncaster
Ronald B. Durning Sr.
Harold F. Dvorak
Latimer (Tim) Eddy
Paul S. Fabian
Laura A. Fiske
W. Blake Foster
John H. Foulke
Maureen Foulke
Sarah B. Foulke
Opal Gilmore
Ronald A. Gilmore
Donald R. Grant
James E. Greer
James M. Greer
Marjorie H. Greer
Henry Hackel
Douglas L. Harwood
Frederick C. Harwood
Kirk E. Harwood
Michelle L. Harwood
W. Scott Harwood
William F. Harwood
Samuel N. Hibbard
Keith A. Hocter
Todd H. Hoffman
Independent, scientific, economic research
Neil D. Holden
Howard Kent
Gerald LaMarsh
Peter A. Lee
Donald A. Lindley
Kerry A. Lynch
Henry J. Miller III
Phebe Jane Moore
Samuel A. Moore
Charles E. Murray
Philip R. Murray
Paula H. Palmer
William S. Peirce
Reed E. Phillips
Lawrence Pratt
Grant Randall
Bruce M. Rodenberger
Gail Roger
Sidney Rose
Lincoln R. Sander
Ernest P. Schwaiger
Joseph (Bill) Schwaiger
Mary Schwaiger
Richard A. Seeley
Gerald E. Sohan
William H. Southwick
Edward W. Spurr
Frank P. Statkus
David G. Taggart
George Terwilliger
Edwin R. Thompson
Walker F. Todd
Gregory M. van Kipnis
John W. Ward
Edward P. Welker
John M. Wilson Jr.
John Wood
James A. Yannes
Standing
Committee
Standing
Keith A. Hocter
Richard W. Brewer, Trustee
W. Scott Harwood
Edward P. Welker, Trustee
Roy Bouffard
Gerald LaMarsh
Seated
Katherine H. Delay
Ronald A. Gilmore, Chairman
Phebe Jane Moore
Not Pictured
Harold F. Dvorak, Trustee
AIER Standing Committee, September 2009
Meetings and Events at AIER
Our picturesque 100-acre campus
provides the ideal backdrop for any
event, conference, or wedding.
Our beautiful facilities allow AIER to host a variety of
programs and events throughout the year. But there
are still times when our campus is not used to full
capacity. To introduce a wider audience to the Institute
and to make greater use of our resources, we are now
welcoming limited outside use of the Main House and
the E.C. Harwood Library.
The manor-style Main House was built in the late 1920s.
The ballroom seats up to 90 people for a presentation or
sit-down dinner. The room’s antique glass doors open to
a patio, expansive lawn, and a beautiful view of Mount
Everett and the valley below. Our moderately sized
commercial kitchen is perfect for catered events.
Elegant glass chandeliers and stone flooring make the
house’s entry hall a stunning reception area. Several
smaller rooms adjacent to the ballroom and the entry hall
provide space for smaller private functions. The Main
House also has 15 bedrooms that are nicely furnished for
overnight guests.
A spacious auditorium in the E.C. Harwood Library has
seating for 100 people and is suitable for any professional
meeting or presentation. The room includes a podium,
microphone, PC projection, DVD playback, and the
option of closed-circuit broadcast to an auxiliary classroom.
All library facilities are handicapped accessible.
For more information please contact:
Bruce Gore, facilities manager
(413) 528-1216 ext. 3110
facilities@aier.org
2009 Annual Report / Page 9
Our Generous Donors
J. Scott Abercrombie Jr.
Ann Acerra
Frank Adamick
Robert A. Adams
Edward Adolph
Mercedes M Agogino
Kambiz M. Ahy
Alexander E. Aidee
Gary E. Akins
D. Anwar Al-Ghani
Wesley E. Allen
Robert M. Amento
Harold Amsbaugh
Kevin Andersen
Gary Anderson
Robert A. Anderson
Stanley C. Anderson
Fred E. Angle
Rene A. Angus
Richard V. Annable
Della M. Apodaca
Allan L. Apter
Robert A. Aquadro
James Armshaw
Wilbert E. Armstead Jr.
William Arwady
Charles D. Atkins
Arthur W. Aubin
R. A. Avner
Chester Douglas Bailey
Ralph Balzac
Laszlo L. Ban
James Barnhart
Harmon Barton
Robert J. Bartruff
Ronald J. Beaton
Reinaldo Becerra
George E. Beck
Wayne W. Becker
A. W. Bedford
Clyde E. Beimfohr
Cal Beisswanger
C. M. Bend
John N. Bennett
Beverley Benson
Eugene J. Benson
Ruth Bergen
Larry Beyer
Aldous Biuckians
James E. Blackburn
Warren A. Blittersdorf
Carl E. Block
Anna Blok
J. Neil Boger
Arthur J. Bonnel
Dick G. Boogaard
Kermit J. Boothroyd
Charles A. Borgia
Roy E. Bouffard
Charles W. Bower
Philip Bowles
Helen Boyd
Mary A. Boyd
Fred C. Brace
George R. Bradley III
William M. Brady
D. E. Brandenburg
W. H. Brandt
Gordon Brauchla
John E. Bray
George J. Breckenridge
J. C. Breeding
Richard L. Brennan
Lawrence Brenner
Richard W. Brewer
John Bridge
Robert D. Briglia
Dorothy A. Brockhoff
Clarence S. Bromberek
Lucile Brookshaw
James C. Broten
Timothy Brown
William E. Brown
Wallace G. Brownson Jr.
Aurelio Bruciatelli
F. Robert Brueckmann
Warren W. Brueske
Paul D. Bryan
Edwin Bryant
Robert J. Bucholz
William H. Burnham
Gerald K. Burns
Douglas H. Buswell
D. L. Butler
Lester D. Cagle
Christopher Cain
Anne Calvo
Dave E. Camp
Dorothy G. Campbell
Edward Campbell
Edward M. Campbell
Thomas E. Campbell
William Z. Cann
Roscoe H. Canon Jr
Capital Tool Inc
Don Carlson
Clergie Carlton
Leon J. Carper
Randolph C. Carr
Joe Casteel
Vernon G. Castle
Peter A. Castruccio
John H. Cawley
Philip D. Ceriani
Independent, scientific, economic research
Brion V. Chabot
David Chadwick
Wayne F. Chalupa
John D. Chambers
C. E. Champion
Chuan Chang
Joseph H. Charbonneau
David Chen
Michael Cherniss
Mark Chiappone
Stanley R. Chichester
John C. Chinn
Robert Chuchro
Robert F. Cipolle
William H. Claflin
Cameron S. Clark
Richard G. Clark
Robert Clark
A. A. Clayton
Patrick Clelland
John R. Clifford
Philip E. Cline
Charles J. Cobbett
Robert D. Cole Jr.
William Coletti
Francis A. Colucci
John Comino
Michael J. Connolly
Osmond Conrad
Thomas Cooper
Dean Copeland
Alan Corbitt
Mary Lou Cordova
Carl J. Cornelius
George E. Cort
M. F. Costantino
Walter J. Costello
Samuel A. Craig
Joseph H. Creegan
Charles Crickman
Joseph V. Cristiano
Ruth Criswell
Geoffrey Crofts
Don Crookston
Charlotte C. Crosby
Edward D. Crosby
Gustavo A. Cruz
Marion Cummins
Glen H. Cunningnam
Henry W. Curran
Sundaram Curtis
John Cushing
Gary Cushman
Dorothy D’ewart
Wayne C. Dabb Jr.
Herbert W. Dahlman
Madeline Dale
Dorothy R. Daly
Joe V. Dasher Jr.
Amar Dave
Donald R. Davenport
Andrew H. Davis Jr.
Gary Davis
George L. Davis
Rex M. Davis
Robert C. Davis
Shethar Davis
Shirley M. Davis
Don D. Davis Jr.
Joseph J. De Bartolo
David G. De Roo
H. C. Dearnley
Katy Delay
Warren P. Delp
Richard T. Denison
Bill Descher
James Devage
Arthur Devaney
Hank Diambra
Charles K. Dill
Willard M. Dillon
James E. Dixon
H. R. Dobeck
Robert R. Dockson
M. P. Doder
William T. Doherty
Edward E. Donaldson
Richard M. Doncaster
Robert Donohue
Thomas J. Donohue
Edward J. Dormer
Joseph Dorsey
Dan P. Dougherty
Robert C. Draper
Regina A. Driscoll
Felix Dubreuil
Alvin B. Dugar Jr.
Fowler Dugger Jr.
H. Ron Duke
Neil F. Dunbar
Fred L. Dunn
Freeman Dunn
Joseph V. Dunn
Katharine C Dunn
Emily Duttlinger
Ernest R. Duvall
Harold F. Dvorak
Jan F. Dyke
John W. Earley
Thomas J. Earley
Anthony F. Eberle
Walter A. Ebisu
Chas V. Eckert IV
Gary Eckhardt
Eddie Edmond
Kermit F. Edmunds
Randall A Edwards
David Eide
Ann J. Engle
George Engman
Jack Erickson
Thomas F. Estes
Walter Eth
Warren B Eubanks
Bruce D. Evans
Frank M. Evelhoch II
David Everson
Robert W. Fabian
Ronald D. Falldorf
Raymond F. Farley
Richard J. Fay
Theodore Lee Fay
James P. Feeley
Samuel Feigenbaum
Barbara Felt
Delores Fendrich
James S. Fennell
Cecil R. Fenoglio
Thomas D. Fenton
Larry E. Ferguson
Lawrence J. Fetner
Gary Fey
Alvin V. Filer Jr.
Paul R. Findley
John Finley
James Finniss
John Finzel
Harry F. Fischer Jr.
Norman P. Fitzgerald
David W. Fleming
Mark Fleming
Diane E. Flieger
Jerry Flint
James Flood
Cliff Foley
Robert B. Folsom
James Ford
William F. Ford
John Forgos
Maureen Foulke
Penelope S. Fownes
Richard W. Fox
Susan J. Friedman
Ralph Friedmann
E. N. Friesen
Glenn H. Fritz
John E. Frost
Robert E. Frost
Susan Fulton
W. H. Furge
Robert Furusho
James Gage
Duane B. Gainsburg
Thomas Gallagher
John Garabedian
Ignacio Garcia
Dennis V. Garlock
David Garvin
William R. Gaston
Joan C. Gates
L. R. Gaus Jr.
John Gaynard
Brian Gayton
Theodore S. Gellert
Andrew Genneken
Ellis J. Gerber
John J. Gereg
George J. Gerneth
Glen G. Gibbons
Kendall A. Gibbs
Thomas Gibson
Jeffrey D. Gilbert
Robert E. Gillmor
Edward Gits
Ralph Gladfelter
David Glenn
Earl F. Godfrey
David Goldfarb
William Golding
Richard D. Goldner
Charles D. Golson
Richard H. Gomez
David Good
Weston W. Goodnow
Gary T. Goodrich
Graeme Goodsir
Sondra & Albert Gordon
Frank W. Gorman
Homer Gossard
Marie Grady
Martin Grady
Carl F. Graesser
Donald Grant
Samuel D. Greco
Doyle L. Green
James E. Greer
Mary E. Greer
William Grier
Bradley L. Griffin
Douglas W. Grigg
Carl Groepler
David D. Grove
Thomas B. Gurley
Ltc. Thomas B. Guthrie
Jay Gutierrez
Paul J. Guyett
Rayford Guzardo
J. P. Haberichter
Dorothy F. Hageman
John T. Hagy
Clifford J. Haines
John Hall
William J. Halsch
Harry E. Halstead
William D. Hamilton
Claire M. Hanify
John J. Hannigan
Warren K. Hanscom
Bendt H. Hansen
Cornelia Hansen
C. G. Hanson
David C. Hanson
Michael J. Harbers
Elberta J. Harbo
Carl A. Harder
Ernest E. Hardy
John Harland
B. J. Harris
Christopher R. Harris
Daniel J. Harris
Roger Harris
C. Lowell Harriss
D. E. Harrop
James Hart
Robert F. Hartkemeier
George Hartman
John E. Hartman
Leonard E. Hartman
William E. Harvey
Douglas L. Harwood
Frederick C. Harwood
Hadley H. Hasemeier
Bert G. Hassler
Clement Hauanio
E. Robert Hautzenroeder
Robert G. Hayden
Thomas W. Hayes
John S. Haymaker Jr.
Philip Hazen
Joseph E. Heafy
Thomas Healy
Joe H. Hege
Walter P. Hempfling
James Herbst
John P. Herring
Oswald Herring
Donald Herrman
Donald F. Herrman
Howard W. Herron
James Hersh
Robert M. Hess
Sam Hibbard
Robert Higgins
C. E. Hildabrant
Edward D. Hill
Edward Hillier
Jane B. Hillman
Robert A. Hintermister
Keith Hocter
Seth Hoffman
Peter B. Hogan
James T. Hohmann
Richard A. Holland
Ed Holly
Arthur Holmberg
Timothy A. Holst
Billie Holt
Stanley Hooper
Richard D. Hoppe
K. R. Hougland
Don Howard
Margaret Howell
Ian O. Huebsch
Lee Huff
Eugene Hufford
K. David Hulteng
Jerry Hunt
Barbara B. Hunter
Robert Huntsinger
Alan Hyatt
Dianna Ingle
Joseph Ippolito
Lawrence R. Irish
Kriengsak Itsara
Barbara J. Jacoby
Mokarram Jafri
Tomas Jakstas
Gary Jason
John D. Jeffries
Albert E. Jenkins
Robert Jenks
David Jennett
Ken Jernstrom
Don & Faye Johnson
Donn A. Johnson
Harry Johnson
Jeff Johnson
Leland Johnson
Solomon T. Johnson
W F. Johnson
In Memorium
C. Lowell Harriss
(1912-2009)
C. Lowell Harriss, a longtime trustee
of AIER, a former chairman of our
board of trustees, and a professor
emeritus of economics at Columbia
University, passed away last December
at the age of 97. Prof. Harriss was a widely admired scholar, the
author of many books, articles, and the recipient of countless
honors and awards. His teaching career at Columbia spanned
43 years, from 1938 to 1981. Long after his retirement and right
up until his passing, he continued his lifelong commitment to
education and public service, with a particular interest in topics
of taxation.
AIER benefited from his wisdom, experience, and friendship
in many ways. As a trustee, he could always be relied on to
offer wise counsel and support. As a teacher he was especially
interested in
encouraging young
economists, and
– C. Lowell Harriss
his annual lectures,
which he continued through 2009, were a highlight of our
Summer Fellowship program for students. Many at AIER
appreciated him not only for his professional accomplishments
but for his great civility, kindness, and humor. He will be greatly
missed but will not be forgotten.
“A smile costs nothing.”
2009 Annual Report / Page 11
Profile in Giving
Marian Evelyn Pohl Thurlow
Mrs. Thurlow says, “Looking back at age 86, I can see
that my life was blessed at the very start: I was born to
parents who embodied the virtues of honesty, industry,
and thrift, and who, above all, prized love of family. This
set me off on a productive course and grounded me with
a mindset that I should appreciate life and devote myself to
my family, my country, my faith, and my fellow man. As
a result, I have truly enjoyed my years. I am also proud
that I have been able to build on my parents’ legacy by
nurturing the investments I inherited, which have enabled
me to engage in philanthropy and to foster an estate to
benefit my heirs.”
Mrs. Thurlow’s philanthropy includes AIER, whose mission is consistent with her values. Her long-term support
of AIER began in 1988, when she donated appreciated
equities into AIER’s pooled life income fund. She recently
added to the fund with a gift of gold and platinum coins.
One advantage of AIER’s pooled life income fund, beyond
the significant capital gains and estate tax benefits, includes
the ability to provide her young great nieces and great
nephews a steady stream of income for life.
Marian Pohl Thurlow’s family on camping trip in Ohio, early 1980s.
It was also Mrs. Thurlow’s wish that her descendants
learn about the virtues of honesty, industry, thrift, and
love of family that fostered the happiness and success
of their forebears, and that led to the opportunities later
generations are enjoying. So together with her niece Elaine
Oltmans, and her great niece Sandy Johnson, AIER helped
Mrs. Thurlow publish The Value of Old-fashioned Virtues:
A Brief History of the Pohl Family in America.
The Institute is grateful to Mrs. Thurlow for her support,
which will allow us to help others prosper so they, too,
can leave behind a legacy.
Our Generous Donors (continued)
George Johnston
Felicia D. Jones
James T. Jones
Devon Jordan
Richard H. Jordan
John Jorgensen
Charles Kachavos
H. Price Kagey
Ulrich Kampa
M. Jean Kamper
Alexander T. Kamwell
Gustav S. Kane
Jerome Kapacinskas
Elbert A. Kaplan
Betty Kasparoff
Christel Kaufman
L. F. Kay
William J. Kay
Daryl A. Kearns
Albert G. Keith
George F. Kelley
W. Thomas Kelly
Alfred R. Kennedy
Jack D. Kerstetter
Frank Kery
Charles Kidder
Joan Kinsey
William D. Kirby
Elroy B. Kitzler
Edward J. Kleczynski
Frank Kleminski
John W. Klock
James Kloverstrom
Russell Knetzger
Roger G. Knudson
Marie-Pierre Koban
Reinhold H. Koch
Nick A. Kokles
Stanley H. Konefal
Arnold A. Kopetz
Donald R. Korb
Eugene A. Koss
Independent, scientific, economic research
C. Andrew Kostrevagh
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Roderic C. Lancey
John Landon
Bruce Langbein
Richard M. Langille
Kathleen M. Langley
Col. Bruno M. Larsen
Frederic N. Lattin
W. Phil Laudenschlager
George Lauder
John M. Lauder
John Laughlin
Brian P. Lawrence
Iris G. Lazan
Frank Leahy
Robert A. Leblanc
Douglas Lee
Joe R. Lee
Robert Lefebvre
Ralph A. Lehman
William E. Lehr Jr.
David Leibgries
Col. Henry A. Leighton
Michael C. Lennon
Donald Leonard
Thomas F. Leopard
Alfred A. Leszczynski
David A. Levene
Frank D. Levi
Francis R. Lewis
John J. Leyden
Betty Y. Lim
David Linde
Thomas G. Linxweiler
Chris M. Lloyd
David M. Long
Gerald M. Long
Wilbur W. Lorbeer
James C. Lordeman
Don Lorenzen
Charles W. Loufek Jr.
Donald A. Lovis
Glenn C. Lucas
Loren H. Luethje
Angel F. Lugo Lopez
David P. Lukcic
Arthur Lundeberg
John R. Luton
Harry J. Lyle
Kerry A. Lynch
Kenneth H. Lyons
Thomas A. Lyons
Mark Lytle
Joseph E. Mackey
Alex Macmurdo
Clayton R. Mahaffey
Joseph Maina
Alkis Makrides
Joseph D. Mandell
W. Scott Manning Jr.
John Manolaros
August G. Manza
N. S. Marrow
Bob Marschner
Michael Martin
Don Mathews
Jacqueline Matson
George H. Matthies
George J. Maver
Edward Mazurek
Frank Mazza
Murray A. McAndrew
George McCan
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Charles G. McClure
D. L. McCreary
Wilda Jean McCrossin
Patrick McDaid
Jack E. McFadden
Richard W. McFalls
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Kenneth L. McKay
James A. McKennan
Wilma McKenzie
Wesley McCain
S. McCormick
Mark G. Mcgilvray
John Mcgovern
Tom Mcgowan
Wilson D. Mcnary
James C. Meehan
Louis T. Mellinger
Edward Melville
Richard G. Merritt
Frank P. Messerschmidt
William J. Metcalf
Michael Metza
James Metzger
Robert Meyer
David C. Michaels
George B. Michel
Irving B. Mickey
David E. Middleton
Edward Mildenberger
John L. Miller
N. C. Miller
Russell Miller
Godfrey Mills
Richard Minck
John V. Minges
Maryam Minter
Robert J. Mitchell
Anthony J. Mlinar
Philip H Mohler
R. E. Monahan Jr.
Jack E. Monett
Don Montgomery
Dieter Moog
Frank J. Moore
Harry J. Moore
Robert L. Moore
Wendell Moore
Joseph J. Moravek
P. J. Morehouse
Leonard W. Morgan
Robert F. Moriarty
George Hugh Morris
Joel F. Morris
Terry L. Morris
Walter Morris
John M. Morrison
Ernest T. Mosley
Lawrence Moyer
William S. Moyer
Michael Mueller
Andrew M. Mukhey
H. Arnold Muller
Robert B. Munro
Dewey J. Munson
Richard M. Murdock
William Murphy
Bettye M. Murray
Charles E. Murray
John A. Murray
Robert L. Murrill
Patrick Murtha
J. J. Narus II
Howard L. Naslund
Sandy J. Navin
Cletus M. Nelson
Robert L. Nelson
Thomas H. Neuman
Donald A. Newey Jr.
Richard Nichols
Thomas Nicholson
Henry W. Nicklasson
George G. Nimick
Frank & Sue Nisenfeld
Norman E. Nitschke
Paul S. Nix Jr.
Juan Noguera
John R. O’Connell
Daniel J. O’Connor
Brian O’Connor
Leo O’Loughlin
Donald A. Odell
Vincent P. Ogurek
James Ohara
Mark A. Oliphant
Jacob Oliver
Kevin F. Olson
Robert A. Olson
Duane Orn
Charles Ortmann
William H. Osborne III
Alan R. Ostendorp
Donald Ottenstein
Michael Overeem
David G. Owen
John E. Owens
Ernest G. Oxton
William A. Packer
Charles Paddock
Robert J. Pallone
Charles Palmer
Donald Palmer
Michael C. Palmer
Lee W. Parke
Barbara Parker
Kenneth R. Parker
E. Parker Medical Inc.
Robert Parkinson
Malcolm F. Parkman
Fred Parrott
Bob Patchett
Kishore Patel
John T. Patrou
Delores M. Pattee
Thomas J. Patterson
Billy M. Paul
Edward M. Pawlak
Philip L. Payne
J. L. Pecora
Thomas Pedersen
Robert Pederson
Robert Penman
Bennett R. Perlmutter
William Peschke
John Petrosewich
Hans Peyer
Sally Pezza
Martin D. Phelan
Reed Phillips
Steve Phillips
Lloyd Pickell
Jere Eugene Pierce
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Roger W. Pietras
James Piowaty
Walter Pistner
Henry S. Pittard
Rudolf Pizl
Harold F. X. Plate
John D. Plowright
George H. Plude
Frederick R. Pokorny
David H. Pond
Eleonore Portincasa
John Portwood
Don N. Powell
William F. Prebe
Patricia Probst
K. L. Purcell
Janet Pushies
Gregory Pyatigorsky
Manuel J. Quesada
William J. Quinn
Michael Radov
Florence Rainone
Eric Ramstrom
Frederick P. Randall
William J. Rankin Jr.
Anthony E. Rapp
David Reeve
Frank J. Reget
Mark Reifsnyder
Howard E. Rein Jr.
James A. Remley
Henry Repokis
Ted R. Restko
Bob Rice
Arthur P. Rich
Herman E. Richardson
Randolph E. Richardson
William Rigoli
Bruno A. Risatti
Christopher J. Ritz
Thomas Rivers
Leonard Roark
Kevin Roberts
Donald R. Roberts Sr.
Allan A. Robertson
Clayton S. Robinson
Louise T. Robinson Estate
Bernard E. Rockhold
Bruce M. Rodenberger
Gail Roger
Thomas L. Rogers
Lucy H. Rogge
Bruce Rogove
R. A. Rohrbacher
Gordon L. Rollman
L. F. Rolsen
Robert Rood
John Roorda
Frank M. Rosa
Richard C. Rose
Sid Rose
Bernard Rosenkrantz
Edwin Ross
Gregory C. Ross
James Ross
W. Stewart Ross
W. W. Rowe
Peter Royce
Evridiki Rozis
John W. Rumely
William H. Rupley
Thaddeus M. Rush
Everett J. Ryan
James W. Ryan
F. Ryder
Richard Ryder
Richard E. Ryder
S. M. Holdings Inc.
Harry Sadoian
Paul Salerno
Oscar Salmassy
Bernard Samek
Rebecca Sampson
Robert Sanborn
Lincoln R. Sander
Betty L. Sanzenbacher
Eric Sarshad
John F. Sarvis
Wilmer J. E. Sauerbrey
Martin Saunders
Hollis R. Sawyer
Clifford L. Sayre Jr.
Richard T. Schalz
Robert W. Scheller
Robert Scherer
Edward G. Schiffman
Robert C. Schillinger
Francis R. Schmid
Frederick L. Schmid
Frank B. Schmidt
Jon W. Schonblom
John D. Schuele
Harry Schumacher
Ernest P. Schwaiger
Joseph W. Schwaiger
Karl Schweisthal
Delbert Scott
David R. Seaman
Paul See
James M Seeright
Frank J. Sehn
Ralph Selle
Kazuo Senda
Charles K. Sestok III
Leo Sevinor
R. J. Shah
Jack W. Sharer
John J. Shaughnessy
Gordon Shaw
Chloe Shelby
Earl A. Shepard
Jean A. Shipman
Daniel R. Shoop
Louis Simpson
Emmett Smith
George E. Smith
Harry Smith
Homer P. Smith
J. Eric Smith
Rob Smith
S. Clarke Smith
Thomas C. Smith
2009 Annual Report / Page 13
Our Generous Donors (continued)
J. Fort Smith Jr.
Donald E. Smolinski
Pamela B. Smyth
Stephen J. Snap
Richard Snyder
Vinod Soni
Frank Sorrel
Irwin E. Spalding
James Sparks
Stephen C. Sprenger
Jim K. Sprinkle
Edward W. Spurr
Edwin S. Stacey
Nancy Starnes
Julia A. Stauffer
Dimitri R. Stein
Donald R. Steinbach
William Steinem
Klaus Steiner
James T. Stento
Robert Stephens
W. E. Stevenson
Ward D. Stoepker
William Stoltz
L. Nan Stout
Jerry A. Stransky
James Stratton
Colin Straub
Richard Alan Strauss
E. H. Strobel
Robert J. Strong
Roy Strunk
Alex Sturzebecher
John Stutzman
Harry Styer
Archie Sullivan
Peter G. Sulzer
Patrick Sutherland
E. John Suzan
Madeline Svetich
Charles E. Swanson
Thomas A. Swanson
Charles L. Swarts
Donald B. Sykes
Peter Szal
M. Tarrant
Richard F. Taylor
Richard G. Taylor
Gilbert Terlicher
Olga E. Terrazas
George Terwilliger
Robert Terzich
Eldon A. Tessman
Haynes M. Thomas
Hyman Thomas
Susan Thomas
Don L. Thompson
Karvel K. Thornber
H. C. Thornburg
Doug Thornhill
Arthur Thorp
George Thow
Marian Pohl Thurlow
Carl Tilus
Richard Tinch
Lee J. Tippen
Walker F. Todd
James K. Tolbert
Guillermo G Tolentino
Thomas F. Tolman
Laurence J. Toole
Lee W. Towers
Aubrey J. Travitz
John Turkowski
Sammie Turner
John A. Tyson
Thomas Ullman
Alfred H. Underwood
Richard C. Valentine
Jason Valian
Robert D. Van Buiten
George Van Der Beek
Bernard Vidigoj
Michael Villareale
Percy Vinet
Olaf Virro
Vincent J. Vivona
Mary W. Voelz
William H. Vogt
John Volkhardt
Roger Vorraber
John Walden
John Waldichuk
James T. Walker
R. E. Walker
Robert L. Walker
William K. Walker
Lawrence Wallace
Wayne Walters
Paul E. Wank
Mark G. Washechek
Karl Washwick
Faith P. Waters
James C. Watkins
Paul Weber
Charles M. Webster
Edward P. Welker
Frank E. Wellersdieck
Jane Wentworth
Charles B. West Jr.
Keith Westmoreland
Lewis Wexler
Sherry Whaley
James M. Whaley Jr.
Thomas J. Wheeler
Harry H. Whipp
Ronald L. Whitehead
James L. Whitely
Charles E. Whiteman
Robert A. Wiesenberg
Dorian Wile
Bruce K. Willard
Joseph R. Williams
Max L. Williams
Stan Williams
Capt. Tyler E. Williams Jr.
Charles W. Wilson
Harriet C. Wilson
Hugh W. Wilson
John H. Wilson
John M. Wilson Jr.
Charles E. Winn
John M. Winters
John Winthrop
James F. Witten
Gordon Wolf
Barbara Wolfe
Katherine Wolfe
Robert L. Wolfe
Charles A. Wood
Norman D. Wood
Ethel D. Woodall
Philip Woodfall
Charles G. Woram
Edwin Wortham
J. V. Wright
Marilyn Wright
James A. Yannes
Allan B. Yeates
Clyde Young
Patricia Youngman
E. William Yund
Charlotte Zahn
Anna Joyce Zander
Charles Zeigler
Paul F. Zibritosky
Richard H. Zimmermann
Edgar W. Zobel
Robert Zuleeg
Lloyd J Zwicker
Melvin L. Zwillenberg
Philip Zymler
Eugene Zytkus
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any changes or concerns at (888) 528-1216. Thank you.
AIER Staff
Campbell Bridges
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Jonathan Sylbert
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R.D. Norton
Linda Stimers
Director of I.T.
Research Intern
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President & CEO
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Fellowship Director
Polina Vlasenko
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Samantha Woodson
Librarian
American Investment Services, Inc
Investment Advice with a Mission
American Investment Services, Inc. (AIS), a wholly owned subsidiary of AIER, is an S.E.C. Registered Investment
Advisor. We provide low-cost independent Asset management services to individuals, estates, trusts, retirement plans
and charitable organizations and we publish the Investment Guide, a monthly investment newsletter.
Our successful investment approach, founded on more than 75 years of AIER’s research, proved its value during the
past two turbulent years. Throughout the crisis in capital markets, we kept our clients and subscribers focused on
the factors within their control: cost, discipline, and diversification. While many investors panicked and “sold at the
bottom” we counseled our clients to stay the course. Their patience was rewarded.
AIS has 264 clients and more than $380 million of assets under management, including AIER’s trust funds. Visit us
online at: www.americaninvestment.com.
Performance History For AIER’s Charitable Remainder Unitrust Program *
Growth of $100 January 1999 - December 2009
225
AIER CRUs
200
175
150
Lipper Balanced
Fund Index
125
S&P 500
100
75
50
’99
’00
’01
’02
’03
’04
’05
’06
’07
’08
’09
* Combined accounts for one of AIER’s popular planned giving programs. All investment strategies have the potential for profit or loss. Past performance may
not be indicative of future results. Results do not reflect the deduction of transaction and investment management fees, the incurrence of which would have the
effect of decreasing historical performance results. The results portrayed reflect total return and the reinvestment of dividends and capital gains.
Board of Directors
AIS Staff
John L. Barry, ChFC
Bobo Nge
Mackenzie W. Waggaman
Seth L. Hoffman
David F. St. Peter, CFA
Christine M. Weaver
Charles D. Murphy
Matthew J. Svirida
President & CEO
Vice President & CCO
Vice President & CFO
Senior Analyst
Portfolio Operations Manager
Vice President
Portfolio Admin & Sales Assistant
Richard W. Brewer
Latimer B. Eddy
Frederick C. Harwood
David G. Taggart
Gregory van Kipnis, Chair
Vice President & COO
2009 Annual Report / Page 15
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Great Barrington, MA 01230