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Brochures [2]
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Brochures [2]
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Margaret “Maggie” Williams' Subject Files
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THE WHITE HOUSE
WASHINGTON
FOR IMMEDIATE RELEASE
CONTACT: LISA CAPUTO
JANUARY 31, 1995
NEEL LATTIMORE
page 1 of 2
KAREN FINNEY
202-456-2960
THE COMMITTEE FOR THE PRESERVATION OF
THE WHITE HOUSE ANNOUNCES COMPLETION OF
BLUE ROOM RENOVATIONS AND REFURBISHING
WASHINGTON, DC -- The Committee for The Preservation of The White
House today announced the completion of the renovation and
refurbishing of the White House's Blue Room. The refurbishing
was governed by the historic French objects purchased by
President James Monroe in 1817. The process for the renovation
and refurbishing of the Blue Room began in 1990 when the
committee recommended that the room be refurbished.
First Lady Hillary Rodham Clinton serves as honorary chair of the
committee and was actively involved in the refurbishing project.
Mrs. Clinton first met with the Committee in November of 1993.
Working with a committee of historians, curators and designers,
the First Lady took an active approach in the renovation process.
The First Lady reviewed the committee's recommendations for the
sapphire blue fabric and the gold wall covering, and met with the
White House curators to discuss fabric samples, textures and the
importance of maintaining the period style of the room.
The Blue Room is one of three oval rooms in the White House and
is located on the State Floor. The room, seen by 1.2 million
visitors a year, was last refurbished in 1972. The draperies and
furniture upholstery had become soiled, worn and sun damaged and
needed to be replaced, as did the badly worn mid-nineteenth
century Chinese carpet which has been in the room since 1975.
The sapphire blue fabric used for the draperies and furniture
covering is similar in color to fabric used in the room in the
1800's. The silk upholstery fabric retains the gold eagle
medallion on the chair backs which was adapted from the depiction
of one of the Monroe-era chairs in a portrait of President James
Monroe. The Monroe-era furniture, consisting of seven original
chairs and four reproductions and a sofa, was upholstered by
Nelson Beck of Washington, DC. (The portrait of President James
Monroe by John Vanderlyn is owned by the City of New York and
hangs in the City Hall.)
The blue satin draperies have a blue and gold tape adapted from
the wallpaper frieze. The drapery valances are blue and gold.
The silk fabrics were made by Scalamandre Silks, Inc., of New
York, New York. The draperies are the same design as the
previous draperies
-more-
Blue Room - Preservation Committee
page 2 of 2
which were derived from an early 19th century French source. The
curtains were constructed by Nelson Beck of Washington, DC.
The walls have been hung with a light gold paper, which has
alternating classic motifs in a darker gold. The design is
adapted from an early 19th century American paper in the
collection of the Society for the Preservation of New England
Antiquities in Boston, Massachusetts. The borders are adapted
from two early 19th century French papers in the collection of
the Cooper Hewitt National Design Museum, the Smithsonian
Institution, in New York. The upper border is a blue drapery
swag. with gold classical motifs; the lower border along the chair
rail has a blue and gold pattern with rosettes. The wall paper
was made by Brunschwig & Fils of New York, New York.
The room has been painted and gilded to reflect the style of
finish found in an American room of the first quarter of the 19th
century. The wainscoting, door surrounds and window reveals,
received extensive conservation to redefine their detailing. The
woodwork has been painted white with a rubbed paint finish giving
the wood a "porcelain" appearance. The faux marble painted on
the baseboards has been removed to reveal the white marble
installed in the Truman era. The acanthus leaves in the cornice
and in the ceiling medallion have been gilded, as have the three
lines of molding in the cornice.
A major component of the project was the preservation and
conservation of the historic furnishings in the room and of the
early 19th century American "looking glass" which hangs over the
mantel. This part of the project involved repairs and partial
regilding of the items. Retained in the room are the French
gilded bronze clock and a mahogany center table. Two 19th
century pier tables and two pieces of sculpture - the marble
busts of Christopher Columbus and Amerigo Vespucci - were added
to the room.
A carpet, based on early 19th century designs, is being made for
the room and is expected to be installed in the room this spring.
The carpet is being made by the Stark Carpet Company of New York,
New York.
###
attached: committee list
EDITOR'S NOTE: The Blue Room will be officially unveiled on
February 17 at the meeting of the Committee for the Preservation
of the White House. There will be a press preview of the room
and a opportunity to talk with the First Lady and the individuals
involved in the renovation and refurbishing project at that time.
Space for this press preview is limited. Please contact the
First Lady's Press Office if you would like to cover this event -
202-456-2960.
THE WHITE HOUSE
WASHINGTON
COMMITTEE FOR THE PRESERVATION OF THE WHITE HOUSE
Executive Order 11145, March 7, 1964
HILLARY RODHAM CLINTON, Honorary Chair
MEMBERS BY EXECUTIVE ORDER
ROGER G. KENNEDY
Director, National Park Service
Chairman
REX W. SCOUTEN
Curator, The White House
I. MICHAEL HEYMAN
Secretary, Smithsonian Institution
EARL A. POWELL, III
Director, The National Gallery of Art
J. CARTER BROWN
Chairman, Commission of Fine Arts
GARY J. WALTERS*
Chief Usher, The White House
JAMES I. McDANIEL
Associate Regional Director
Secretary
for White House Liaison,
National Park Service
MEMBERS BY PRESIDENTIAL APPOINTMENT
MRS. LEONORE ANNENBERG Former U.S. Chief of Protocol
LESLIE GREENE BOWMAN*
Curator of Decorative Arts,
Los Angeles County Museum of Art
WENDY COOPER*
Curator of Decorative Arts,
The Baltimore Museum of Art
MRS. JANE ENGELHARD
-2-
JONATHAN FAIRBANKS
Curator of American Decorative Arts
and Sculpture, Museum of Fine Arts, Boston
MARK HAMPTON*
Interior Designer
KAKI HOCKERSMITH*
Interior Designer
JANICE M. JOHNSON
WILLIAM KLOSS
Art Historian and Author
RICHARD MOE
President, National Trust for Historic
Preservation
RICHARD NYLANDER*
Chief Curator,
Society for the Preservation of
New England Antiquities
JOHN L. RICHARDSON
Attorney
J. THOMAS SAVAGE, JR.
Curator, Historic Charleston Foundation
JOHN WILMERDING
Professor in American Art,
Princeton University
CONSULTANTS TO THE COMMITTEE
BETTY C. MONKMAN*
Associate Curator, The White House
MARGARET A. WILLIAMS
Assistant to the President and
Chief of Staff to the First Lady
*
Blue Room Subcommitte Members
59/4/3/1
Clinton Library Transfer Form
Case #, if applicable
Accession #
Collection/Record Group
Clinton Presidential Records
Series/Staff Name
Maggie Williams
Subgroup/Office of Origin
First Lady's Office
Subseries
Subject File
Folder Title
Brochures [2]
OA Number
10814
Box Number
Description of
Official White House photo of the Blue Room, F04275-01, 30Jan1995, Stored in AV regular storage on 12-5-4-6
Item(s)
Donor Information
Last Name:
First Name:
Middle Name:
Title:
Affiliation:
Phone (Wk):
Phone (Hm):
Street:
City:
State (or Country):
Zip:
Transferred to:
Audio/Visual Department
Other (Specify):
Transferred by:
Brittany Cochran
Transfer Point
Date of Tranfer
1/23/2013
The White House Endowment Fund
FOR IMMEDIATE RELEASE
January 31, 1995
page 1 OF 2
WHITE HOUSE ENDOWMENT FUND ANNOUNCES COMPLETION OF
BLUE ROOM RENOVATIONS AND REFURBISHING
WASHINGTON, DC -- The White House Endowment Fund is pleased to
announce their participation and support in the completion of the
renovation of the Blue Room of the White House.
Renovating and refurbishing of the Blue Room began on January 3,
1995. Work done in the Blue Room includes replacing the wall
paper, drapes and furniture fabric, repainting the room, and the
preservation and conservation of historic objects in the room.
The Blue Room project is the first major White House renovation
project funded exclusively by the White House Endowment Fund.
The Blue Room will be officially reopened on February 17, 1995 at
the bi-annual meeting of the Committee for The Preservation of
the White House.
The White House Endowment Fund was established in 1990 as a non-
profit charitable organization and subsidiary of the White House
Historical Association to raise a $25 million endowment. The
purpose of this endowment is to support, in perpetuity, the
preservation and conservation of the public rooms of the White
House, and the acquisition of objects for the White House
collection of fine and decorative arts.
The estimated cost for the renovation and refurbishing of the
Blue Room is $358,358.80. Funds sufficient to underwrite the
cost of the project were made available through the investment
proceeds accrued from the Endowment Fund's current principal of
$12 million.
The Chief Usher and Curator of The White House are authorized to
request support from the endowment for all projects. The Board
of Directors of the White House Endowment Fund is responsible for
raising the endowment and approving expenditures within an amount
specified for spending each year. Contributions made to the
White House Endowment Fund are tax-deductible to the maximum
extent allowed by law.
-more-
740 JACKSON PLACE. NW
WASHINGTON. D.C. 20503
202/789-1145
FAX 202/789-0440
Blue Room - Endowment Fund
page 2 of 2
The Chair of the White House Endowment Fund is Mrs. Nancy M.
Folger. More than one hundred and fifty individuals,
corporations, and private foundations have contributed to the
White House Endowment Fund.
For additional information contact: Mr. Neil Horstman, Executive
Vice President, White House Historical Association - 202-737-
0025, or, Mrs. Nancy M. Folger, Chair, the White House Endowment
Fund - 202-789-1145.
###
Attached: List of suppliers
EDITORS NOTE: The Blue Room will be officially unveiled on
February 17, 1995 at the meeting of the Committee for the
Preservation of the White House. There will be a press preview
of the room and an opportunity to talk with the First Lady and
the individuals involved in the renovation and refurbishing
project at that time. Space for this press preview is limited.
Please contact the First Lady's Press Office is you would like to
cover this event - 202-456-2960.
WHITE HOUSE ENDOWMENT FUND
BOARD OF DIRECTORS
Mrs. Nancy M. Folger, Chair
Mrs. Earle M. Craig, Jr., Past Chair and current member
Mrs. Anne Fisher
Mrs. Graham Gund
Mr. George B. Hartzog, Jr.
Mrs. Suzanne V. Hascoe
Mr. Roger Horchow
Mrs. Linda Johnson Rice
Mrs. Thomas McLarty
Mr. A. Paul Prosperi
Mrs. William D. Ruckelshaus
Mr. Alfred R. Stern
Ms. Susan P. Thomases
1995 BLUE ROOM RENOVATION
SUPPLIERS
ESTIMATES OF EXPENDITURES
WALLPAPER (manufacture)
$ 24,215.00
Mr. Thomas Marshall
Brunschwig & Fils
(914) 684-5800
WALLPAPER (installation)
$ 13,133.80
Mr. Robert Kelly
WRN Associates
(413) 243-3489
FABRIC
$112,000.00
Mr. and Mrs. Edwin Bitter (Adriana)
Scalamandre Silks, Inc.
(718) 361-8500
UPHOLSTERY (labor)
$ 38,250.00
DRAPERY (labor)
$ 15,000.00
Mr. Nelson Wurz
Nelson Beck of Washington, Inc.
(202) 387-4114
GILDING WORK (furniture)
$ 25,000.00
Mr. Thom Gentle
Thom Gentle Consultants
(802) 694-1475
PAINTING & ARCHITECTURAL GILDING
$ 61,560.00
Mr. Brandon Thompson
Interiors
(703) 519-8870
MARBLE WORK
$ 3,500.00
Mr. Daniel Errigo
U.S. Marble & Granite
(301) 595-7400
-2-
REIMBURSEMENT TO THE U.S. GOVERNMENT
$ 17,200.00
(labor and other support)
ESTIMATED COST FOR CARPET
$ 48,500.00
ESTIMATE TOTAL
$358,358.80
02/14/95
15:39
2027890440
WH ENDOW FUND
002
The White House Endowment Fund
THE WHITE HOUSE ENDOWMENT FUND
BOARD OF DIRECTORS
AGENDA
February 17, 1995
1.
Welcome new Directors
Mission of Endowment
Mrs. Folger
2.
Background on the Endowment Fund
Mrs. Craig
3.
Introduction of the First Lady
Mrs. Folger
- LUNCH -
4.
Approval of Minutes of September 8, 1995
Mrs. Folger
- BREAK -
5.
Review of financial condition and activities
- 1994 audit
Mr. Horstman
6.
Revised 1995 Operating Budget
Mr. Horstman
7.
1995 Spending Target
Mrs. Folger
8.
Election of Officers
Mrs. Folger
9.
Election of legal council
Mr. Horstman
10.
1995 audit
Mr. Horstman
11.
Board responsibilities and strategies
Mrs. Folger
12.
Congressional appropriation
George Hartzog
13.
Confirmation of East Room ballot
Mrs. Folger
14.
Board responsibilities and Fund raising strategy
Mrs. Folger
15.
Next meeting
Mrs. Folger
740 JACKSON PLACE NW
WASHINGTON, D.C. 20503
202/789-1145
FAX 707/789-0440
The White House Endoument Fund
January 30, 1995
1~
3~
Dear 2-,
As we approach the end of January, I wanted to be in touch
to let you know about the plans for The White House Endowment
Fund's first Board meeting of 1995, scheduled for February 17.
By now you should have been contacted by phone regarding the
date of the meeting. I have enclosed the agenda for the day's
events. I am especially excited about the Blue Room reception
which will be the official re-opening of the room following its
complete renovation. This is the first project that has been
made possible through the efforts of The Endowment Fund.
Although we have our work cut out for us, I am certain that
by pooling our ideas and resources, we will be able to meet our
fundraising goal of $12 million. Please be thinking of potential
donors and bring your thoughts with you on the 17th.
Presently, we are working on putting together the new White
House Endowment Fund brochure. We hope that, at the very least,
the final draft will be ready by the time of the meeting so that
you can see it. So far, the design and layout looks great!
I trust that you have already reserved February 17 on your
calendar. In the event that you are unable to attend, please let
me know at your earliest convenience. We try to meet only twice
a year, so your presence is particularly important at this, our
initial gathering.
Prior to our meeting, Mrs. Clinton has graciously invited us
to a luncheon at the White House. You should be receiving a
separate invitation soon.
Do call if you should have any questions, comments or ideas.
I look forward to seeing you soon.
Sincerely,
Nancy Folger
Chairman
740 JACKSON PLACE, NW
WASHINGTON, D.C. 20503
202/789-1145
FAX 202/789-0440
The White House Endowment Jund
FRIDAY, FEBRUARY 17TH
SCHEDULE OF EVENTS
12:00 p.m:
Luncheon with Mrs. Clinton
The White House
1:00-4:00 p.m:
Meeting and tour of the White House
4:00 p.m:
Reception,
The Blue Room
740 JACKSON PLACE. NW
WASHINGTON, D.C. 20503
202/789-1145
FAX 202/789-0440
The White House Endoument Jund
THE WHITE HOUSE ENDOWMENT FUND
BOARD OF DIRECTORS
AGENDA
February 17, 1995
1.
Welcome new Directors
Mrs. Folger
HRC speak
2.
Background on the Endowment Fund
Mrs. Craig
3.
Approval of Minutes of September 8, 1995
Mrs. Folger
4.
Review of financial condition and activities
- 1994 audit
Mr. Horstman
5.
Revised 1995 Operating Budget
Mr. Horstman
6.
Election of Officers
Mrs. Folger
7.
1995 Spending Target
Mrs. Folger
8.
Election of legal counsel
Mr. Horstman
9.
1995 audit
Mr. Horstman
10.
Confirmation of East Room ballot
Mrs. Folger
Sample
11.
Board responsibilities and Fund raising strategy
Mrs. Folger t Susan
Thomases
12.
Congressional appropriation
Mr. Hartzog
13.
Next meeting
follow Mtg up
Mrs. Folger
Tour start
East Room 740
JACKSON PLACE, NW
WASHINGTON, D.C. 20503
202/789-1145
FAX 202/789-0440
The White House Endowment Fund
The White House Endowment Fund
Fiscal Year 1995 Budget
Interim
Final Recomendation
Payroll
$45,000
64,800
Payroll Taxes
3,300
4,750
Workmen's Compensation
300
430
Health Insurance
0
2,150
Ins. Other/Bond
5,500
5,500
Office Supplies
350
500
Furniture
0
2,000
Telephone
2,000
2,500
Equip. Maint. and Repair
1,000
1,000
Accounting and Audit
10,600
10,600
Prof. Fees
2,000
2,000
Postage and Shipping
1,000
1,000
Duplicating
350
350
Promo. Mtl./Print.
4,500
22,000
Software
150
150
Directors' Meetings
3,500
3,500
Trust and Invest. Fees
66,000
66,000
Bank Svc. Charges
200
200
Staff Travel/Expenses
5,000
5,000
Fund Raising/Events
9,000
12,000
Misc./Contingency
2,000
2,000
Total
$161,750
$208,430
Percent of Assets:
1.26%
1.63%
740 JACKSON PLACE, NW
WASHINGTON, D.C. 20503
202/789-1145
FAX 202/789-0440
SUMMARY OF WHITE HOUSE ENDOWMENT FUND RESOURCES
JANUARY 1995
(Revised)
Income available for expenditures from past years:
1992:
$38,975
1993:
93,071
1994:
428,414
Total:
$560,460
Calculation of 1995 funds available:
Average market value (1994) : $12,502,005
Spending policy options:
@4 percent:
$500,080
@5 percent:
$625,100
Less oper.exp.
220,000
220,000
Total:
$280,080
$405,100
Plus past yrs:
$560,460
$560,460
$840,540
$965,560
Less obligations:
-china
$80,000
$80,000
-Blue Room
358,000
358,000
-East Room
280,000
280,000
Net available:
$122,540
$247,560
in FY '95
NOTE: The Board of Directors of The Endowment Fund has approved
an annual spending policy of five percent (5%) of the average
market value, less operating expenses.
THE WHITE HOUSE ENDOWMENT FUND
BOARD OF DIRECTORS
Folger, Mrs. Nancy M., Chairman
2918 33rd Place
Washington, DC 20008
telephone: (202) 338-3860
Barclay, Mr. Rutgers
424 Canyon Road
Santa Fe, NM 87501-2718
telephone: (501) 986-1400
(501) 984-3007 (FAX)
Craig, Mrs. Earle M. Jr. (Dottie), Past Chairman
1701 Douglas Avenue
Midland, TX 79701
telephone:
(915) 682-4141
(915) 682-2548 (FAX)
One First City Center
500 West Texas Avenue, 1290 Tower One
P.O. Box 1351
Midland, TX 79702-1351
telephone:
(915) 682-8244 (also FAX)
secretaries:
Karen Neinast , Lisa, Glenda
Fisher, Mrs. Anne (Jerome)
114 Long Neck Point Road
Darien, CT 06820
766 Hi Mount Road
Palm Beach, Florida 33480
Telephone: (407) 848-7611
Gund, Mrs. Graham (Ann)
25 Craigie Street
Cambridge, MA 02138
telephone: (617) 491-8080
Hartzog, Mr. George B., Jr. (Helen)
1643 Chain Bridge Road
McLean, VA 22101
telephone:
(703) 356-1566
(703) 506-1929
- 2 -
Hascoe, Mrs. Suzanne V. (Norman)
35 Mason Street
Greenwich, CT 06830
telephone:
(203) 629-3453 (H)
***attention: Sophia James
24 Field Point Road
Greenwich, CT 06830
telephone:
(203) 661-7600 (O)
Horchow, Mr. Roger (Carolyn)
5956 Sherry Lane #1616
Dallas, TX 75225
telephone: (214) 363-0889
(214) 363-0924 (FAX)
5722 Chatham Hill Road
Dallas, TX 75255
telephone:
(214) 369-0612 (h)
33 Cliff Road
Nantucket, MA 02554
telephone: (508) 228-5222
(508) 228-5223 (FAX)
1 East 66th Street
New York, NY 10021
telephone: (212) 734-6066
(212) 869-3963
McLarty, Mrs. Thomas (Donna)
2475 Kalorama Road, N.W.
Washington, DC 20008
telephone: (202) 332-1346
Prosperi, Mr. A. Paul
25 Sunrise Avenue
Palm Beach, FL 33480
telephone: (407) 832-5696
(407) 659-5371 (FAX)
- 3-
Rice, Linda Johnson
Johnson Publishing Company, Inc.
820 South Michigan Avenue
Chicago, IL 60605
telephone: (312) 322-9369
assistant:
Helena Boyd
Ruckelshaus, Mrs. William D. (Jill S.)
5520 Woodway
Houston, TX 77056
telephone: (713) 622-5223
Stern, Mr. Alfred R. (Joanne)
430 Park Avenue
6th Floor
New York, NY 10022
telephone: (212) 308-6994
(212) 832-0483 (FAX)
secretary:
Pat Sullivan
791 Park Avneue
New York, NY 10021
William Bettridge
Thomases, Ms. Susan P.
(
Willkie, Farr and Gallagher
One Citicorp Center
153 East 53rd Street
New York, NY 10022-4669
telephone: (212) 935-8000
assistant:
Angie argela Lourence
Home oddress
WHITE HOUSE HISTORICAL ASSOCIATION
740 Jackson Place, N.W.
Washington, D.C. 20503
(202) 737-8292
BOARD OF DIRECTORS
January 1995
Dr. James H. Billington
Librarian of Congress
1st and Independence Avenue, SE
Washington, DC 20540
Mr. Robert L. Breeden
8301 Alvord Street
McLean, VA 22102
Mr. J. Carter Brown
Chairman, Commission of Fine Arts
1201 Pennsylvania Avenue, NW
Suite 621
Washington, DC 20004
Mr. Nash Castro
P.O. Box 51
Palisades, NY 10964
Mrs. Jeannine Smith Clark
1844 Randolph Street, NW
Washington, DC 20011
Mr. Henry Anderson Dudley, Jr.
Executive Vice President
Financial Services Group
Riggs National Bank
808 - 17th Street, NW
12th Floor
Washington, DC 20006
Mrs. Nancy M. Folger
2918 - 33rd Place, NW
Washington, DC 20008
Carson M. Glass, Esq.
3719 - 63rd Drive
Lubbock, TX 79413-5309
2
Mr. Gilbert M. Grosvenor
President and Chairman of the Board
National Geographic Society
1145 - 17th Street, NW
Washington, DC 20036-4688
George B. Hartzog, Jr., Esq.
1643 Chain Bridge Road
McLean, VA 22101
Mr. Ira Michael Heyman
The Secretary
Smithsonian Institution
Washington, DC 20560
Mr. Roger G. Kennedy
Director
National Park Service
3104 Interior Building
P.O. Box 37127
Washington, DC 20013-7127
Dr. Elise K. Kirk
4738 Foxhall Crescents, NW
Washington, DC 20007
Mr. James I. McDaniel
8015 Sunset Path Court
Springfield, VA 22153
Dr. Floretta Dukes McKenzie
The McKenzie Group
Columbia Square
555 - 13th Street, NW
Suite 1280-E
Washington, DC 20004
Mrs. Trudy Huskamp Peterson
Acting Archivist
National Archives and Records Administration
Pennsylvania Avenue at 8th Street, NW
Washington, DC 20408
Dr. Roger B. Porter
Professor, Government and Business
Kennedy School
Harvard University
79 John F. Kennedy Street
Cambridge, MA 02138
3
Mr. Earl A. Powell III
Director
The National Gallery of Art
Washington, D.C. 20565
Mr. Hugh S. Sidey
Contributing Editor
Time Magazine
1050 Connecticut Avenue, NW
Suite 850
Washington, D.C. 20036
Leonard L. Silverstein, Esq.
Silverstein and Mullens
1776 K Street, NW
8th Floor
Washington, D.C. 20006
Mr. Alfred R. Stern
430 Park Avenue
Suite 600
New York, NY 10022
Mrs. Joy Carter Sundlun
2700 Calvert Street, NW
Washington, D.C. 20008
Ms. Susan P. Thomases
Willkie Farr & Gallagher
One Citicorp Center
153 East 53rd Street
New York, NY 10022-4669
Honorary Director --
Mr. Bernard R. Meyer
6813 Millwood Road
Bethesda, MD 20817
Directors Emeriti -
Clark M. Clifford, Esq.
901 - 15th Street, NW
Suite 400
Washington, DC 20005-2327
Dr. G. Franklin Edwards
4643 - 16th Street, NW
Washington, DC 20011
4
Mr. George M. Elsey
5351 MacArthur Boulevard
Washington, DC 20016
THE WHITE HOUSE
WASHINGTON
COMMITTEE FOR THE PRESERVATION OF THE WHITE HOUSE
MEMBERS BY EXECUTIVE ORDER
Mr. Roger G. Kennedy
Director, National Park Service
P.O. Box 37127
Washington, D.C. 20013-7127
(202) 208-4621
Mr. Rex W. Scouten
Curator
The White House
Washington, D.C. 20500
(202) 456-2550
Mr. I. Michael Heyman
Secretary, Smithsonian Institution
1000 Jefferson Drive, S.W.
Washington, D.C. 20560
(202) 357-1846
Mr. Earl A. Powell, III
Director, The National Gallery of Art
4th and Constitution Avenue, N.W.
Washington, D.C. 20565
(202) 737-4215
Mr. J. Carter Brown
Chairman, Commission of Fine Arts
1201 Pennsylvania Avenue, N.W.
Suite 621
Washington, D.C. 20004
(202) 347-1906
Mr. Gary J. Walters
Chief Usher
The White House
Washington, D.C. 20500
(202) 456-2650
Mr. James I. McDaniel
Associate Regional Director
White House Liaison
National Park Service
National Capital Region
1100 Ohio Drive, S.W.
Washington, D.C. 20242
(202) 619-6344
THE WHITE HOUSE
WASHINGTON
COMMITTEE FOR THE PRESERVATION OF THE WHITE HOUSE
MEMBERS BY PRESIDENTIAL APPOINTMENT
The Honorable Leonore Annenberg
312 Llanfair Road
Wynnewood, Pennsylvania 19096-0260
(215) 642-0560
Ms. Leslie Greene Bowman
Curator and Department Head
Decorative Arts
Los Angeles County Museum of Art
5905 Wilshire Boulevard
Los Angeles, California 90036
(213) 857-6041
Ms. Wendy Cooper
Curator of Decorative Arts
The Baltimore Museum of Art
Art Museum Drive
Baltimore, Maryland 21218
(410) 396-6328
Mrs. Charles W. Engelhard, Jr.
Cragwood
Far Hills, New Jersey 07931
(908) 766-7224
Mr. Jonathan Fairbanks
Katharine Lane Weems Curator of
American Decorative Arts and Sculpture
Museum of Fine Arts
465 Huntington Avenue
Boston, Massachusetts 02115
(617) 267-9300 x270
Ms. Nancy M. Folger
2918 33rd Place, N.W.
Washington, D.C. 20008
(202) 338-3860
Mr. Mark Hampton
654 Madison Avenue
New York, New York 10021
(212) 753-4110
Ms. Kaki Hockersmith
5116 Kavanaugh Boulevard
Little Rock, Arkansas 72207
(501) 666-6966
Ms. Janice M. Johnson
1406 30th Street, N.W.
Washington, D.C. 20007
(202) 784-3106
-2-
Mr. William Kloss
Art Historian and Author
1824 Wyoming Avenue, N.W.
Washington, D.C. 20009
(202) 387-6282
Mr. Richard Moe
President
National Trust for Historic Preservation
1785 Massachusetts Avenue, N.W.
Washington, D.C. 20036
(202) 673-4105
Mr. Richard Nylander
Chief Curator
Society for the Preservation of
New England Antiquities
Harrison Gray Otis House
141 Cambridge Street
Boston, Massachusetts 02114
(617) 227-3956
Mr. John L. Richardson
1600 M Street, N.W.
Washington, D.C. 20036
(202) 828-5031
Mr. J. Thomas Savage, Jr.
Curator
Historic Charleston Foundation
P.O. Box 1120
Charleston, South Carolina 29402
(803) 724-8481
Mr. John Wilmerding
Christopher Binyon Sarofim
'86 Professor in American Art
104 McCermick Hall
Princeton University
Princeton, New Jersey 08544-1018
(609) 258-3781
The White House Endowment Fund
CORPORATE CONTRIBUTIONS AND PLEDGES
$150,000
Atlantic Richfield Corporation
General Electric Company
Walt Disney Company
$100,000 - $150,000
Boeing Company
Mobil Corporation
$50,000 - $100,000
Ameritech
Capital Cities/ABC, Inc.
Chevron Corporation
Citicorp
E.I. du Pont de Nemours & Company, Inc.
IBM Corporation
KPMG Peat Marwick
Minnesota and Mining and Manufacturing Company
Paramount Communications
Pepsico, Inc.
Phillip Morris Companies
Union Pacific Corporation
United Parcel Service of America
$25,000 - $50,000
BBDO
Bell Atlantic Corporation
Chemical Banking Corporation
Exxon Corporation
Gates Corporation
General Mills, Inc.
Johnson and Johnson
Merrill Lynch and Company
Norfolk Southern Corporation
Raytheon Company
Rockwell International
Southern California Edison
740 JACKSON PLACE, NW
WASHINGTON, D.C. 20503
202/789-1145
FAX 202/789-0440
The White House Endoument Fund
$10,000 - $25,000
B.F. Goodrich Company
Bechtel Group
BellSouth Corporation
Dresser Industries
K Mart Corporation
Motorola, Inc.
$5,000 - $10,000
Archer-Daniels-Midland Company
Burson-Marsteller
Cooper Industries
Emerson Electric Company
Hospital Corporation of America
Humana, Inc.
International Paper Company
Rubbermaid, Inc.
Springs Industries
Woodward Governor Company
$1,000 - $5,000
Borg-Warner Corporation
Marsh McLennan Companies
Multimedia, Inc.
Luther King Capital Management
$1 - $1,000
Plexus Corporation
740 JACKSON PLACE, NW
WASHINGTON. D.C. 20503
202/789-1145
FAX 202/789-0440
The White House Endowment Fund
FOUNDATION CONTRIBUTIONS
$1,000,000
The Annenberg Foundation
$500,000 - $1,000,000
Anne Burnett and Charles Tandy Foundation
The Henry L. Hillman Foundation, Inc.
$250,000 - $500,000
Abell Hanger Foundation
$100,000 - $250,000
The American Bicentennial Presidential Inaugural Committee
The Amon G. Carter Foundation
The Charles Engelhard Foundation
Hallmark Corporate Foundation
The John S. and James L. Knight Foundation
The Henry Luce Foundation
$25,000 - $50,000
Charles E. Culpepper Foundation
Bradford M. Freeman Foundation
The George Gund Foundation
The Whitney Foundation
$10,000 - $25,000
S.D. Bechtel Foundation
The Justin Dart Family Foundation
Edward C. Johnson Fund
Herrick Foundation
The Marjorie Merriweather Post Foundation
The Priddy Foundation
The Solow Foundation
The John L. Weinberg Foundation
$5,000 - 10,000
The Ruth and Vernon Taylor Foundation
The Whitehead Foundation
740 JACKSON PLACE, NW
WASHINGTON, D.C. 20503
202/789-1145
FAX 202/789-0440
PRIVATE CONTRIBUTIONS AND PLEDGES
$1,000,000
Mr. and Mrs. Perry Bass
$250,000 - $500,000
Mr. and Mrs. Earle M. Craig, Jr.
Mr. David Rockefeller
$100,000 - $250,000
The Honorable and Mrs. William P. Clements, Jr.
Mr. and Mrs. Donald Hall
Mr. and Mrs. Frederic Hamilton
Mr. and Mrs. Roger Horchow
The Honorable and Mrs. John J. Louis, Jr.
Mr. and Mrs. Peter O'Donnell, Jr.
Mr. Richard M. Scaife and Mrs. Margaret R. Battle
$50,000 - $100,000
Mr. and Mrs. David A. Jones
Mrs. Jack C. Massey
$25,000 - $50,000
Mr. and Mrs. George P. Caulkins, Jr.
Mrs. Frances G. Scaife
Mrs. Margueritte Stevens
$10,000 - $25,000
Ms. Gillian Attfield
Mrs. Robert W. Duemling
Mr. and Mrs. Graham Gund
740 JACKSON PLACE, NW
WASHINGTON, D.C. 20503
202/789-1145
FAX 202/789-0440
The White House Endoument Fund
$5,000 - $10,000
Mr. and Mrs. Nelson Doubleday
Mr. and Mrs. George B. Hartzog, Jr.
Mr. and Mrs. A. Minis, Jr.
Mr. and Mrs. Eugene R. Monroe
Mr. and Mrs. Hardy Oliver, Jr.
Mr. and Mrs. B.J. Pevehouse
Mr. Alfred R. Stern
Mr. and Mrs. Robert D. Stuart, Jr.
$2,500 - $5,000
Mr. and Mrs. Gordon Gund
Mr. Mark Hampton
Mr. and Mrs. Neil W. Horstman
$1,000 - $2,500
Ms. Joan Bingham
Mr. Bill Blass
Mrs. Gardner Cowles
Mr. and Mrs. Lester Crown
Mr. and Mrs. Maurice T. Cutler
Mr. and Mrs. Reed Dulany
Ms. Joan Irwin Green
Mrs. Lyndon B. Johnson
Mr. and Mrs. Samuel C. Johnson
Mr. William D. Kleine
Mr. and Mrs. Jack Laughery
Mr. and Mrs. Emil Mosbacher
Mr. and Mrs. Carl Mueller
Mrs. Roy E. Naftzger
Mr. Leon Pascucci
Mr. and Mrs. Gordon Pattee
Mrs. Duncan V. Patty
Mr. and Mrs. Paul Reber
State Historical Society of Wisconsin
Mr. and Mrs. Robert Wohlgemuth
$1 - $1,000
Alexandria Historical Society, Inc.
Baltimore Museum Antiques Show
Mr. Nathaniel Crane
Mrs. David N. Danforth
Dixon Gallery and Gardens
Mrs. Arlen I. Erdahl
Mrs. Deborah Fly
740 JACKSON PLACE, NW
WASHINGTON, D.C. 20503
202/789-1145
FAX 202/789-0440
The White House Endowment Fund
Mrs. Gerald R. Ford
Friends of the Lighthouse Museum
Mrs. Ruth E. Ganister
Haviland Collectors International
International Platfom Association
Mr. Wally Kleine
Ms. Patricia H. Labalme
Mr. James Gregory Lord
Ms. Betty Monkman
Mrs. Judith C. Mullen
Nation Society of Colonial Dames
Mr. and Mrs. John Pierrepont
Mrs. Hilton S. Read
Mr. and Mrs. Richard M. Reber
Dr. and Dr. Richard G. Reese
Mr. and Mrs. Jack M. Sneider
St John's Church
Mr. and Mrs. W. Laird Stabler, Jr.
The Tuscaloosa County Preservation Society
Mr. and Mrs. Robert A. Underhill
Mr. George P. Viegelman
Mr. Lowry Watkins, Jr.
Mr. Raymond J. Wean, Jr.
Mr. Craig M. Weaver
Winnetka Community House
Mrs. Jane M. Wolf
The Woodrow Wilson Birthplace and Museum
740 JACKSON PLACE, NW
WASHINGTON, D.C. 20503
202/789-1145
FAX 202/789-0440
The White House Endoument Jund
MEMORANDUM
TO:
Endowment Fund Board of Directors
FROM: Neil W, Horstman mult
DATE: February 1, 1995
RE:
Quarterly Report on Investment Performance and
Fund Activities
As of December 31, 1994, the market value of the total portfolio
was $13,136,273. The breakdown of the Fund's portfolio by asset
class was as follows:
Fixed Income (Morgan Stanley)
$4,090,040
31%
Equities (Luther King)
$8,077,476
62%
Cash (Riggs)
$968,757
7%
On December 31, 1994, the Equities portfolio included common
stock investments of $7,081,823 which comprised 87.7% of total
assets. The balance of the portfolio was held in short-term
investments pending future stock investments. This percentage is
up considerably from the 60.6% of the total portfolio in stocks
at the end of the quarter on September 30, 1994. This date was
soon after the transfer of additional monies to the Equities
portfolio which was in response to the decision of the Board
earlier that month to increase the percentage of total assets in
the Equities portion.
During the quarter ending December 31, 1994, the Equities
portfolio had a total return of 0.8% while the total return for
calendar year 1994 was 0.7%. The investment results in the S&P
500 Index for the quarter was (0.02%) and 1.3% for the year.
The return on the Fixed Income portfolio was 0.62% for the
quarter and (3.1%) for the year. The Lehman Brothers Government
and Corporate Bond Index as (1.9%) for the year. The return on
Cash for the year through December 31, 1994 was 5.11%.
Copies of the Luther King report on the Fund's portfolio and the
Fund's December 31 Financial Report are enclosed. Excerpts from
Cambridge Associates' latest report on the market environment for
740 JACKSON PLACE. NW
WASHINGTON, D.C. 20503
202/789-1145
FAX 202/789-0440
The White House Endoument Fund
your comparative review also are enclosed.
The following contributions and new pledges were received during
the past quarter. Those marked with an asterisk (*) represent
the final payment on multi-year pledges.
Name
New Pledge
Contribution
Tuscaloosa County Pres. Soc.
$500
(Miss Betty Monkman)
The Annenberg Foundation
$200,000*
Pepsico Inc.
$10,000*
The Boeing Company
$20,000
Mrs. Judith C. Mullen
$100
Dresser Industries
$2,000*
Raymond John Wean Foundation
$150
Bradford M. Freeman Foundation
$5,000
Mr. and Mrs. Neil W. Horstman
$2,500
$500
Citibank
$10,000*
Southern California Edison Co.
$5,000*
The Walt Disney Company
$30,000*
Luther King Capital Management
$1,500
Capital Cities/ABC, Inc.
$15,000*
Viacom (for Paramount)
$10,000*
Mr. and Mrs. Maurice R. Cutler
$500
All pledges which are in good standing (i.e. those who have been
making regular payments) with renewal dates through last December
are current. Contact was made with Hill & Knowlton which had
pledged $4,000 but never made any payments. The new chief
executive responded that, because of other commitments, they
could not honor the pledge made by the prior CEO.
Enclosed you will find cost estimates for the Blue Room and the
East Room projects. Both the Blue Room and East Room will be
completed for the February 17 unveiling by Mrs. Clinton. The
only remaining work is installation of a new Blue Room carpet
which is expected to be delivered in April. A copy of the Fund's
press release for the Blue Room is enclosed.
The following new Directors were elected to The Endowment Fund
Board of Directors at the January 25 meeting of the White House
Historical Association Board of Directors:
Mrs. William D. Ruckelshaus
Mrs. Thomas McLarty
Ms. Linda Johnson-Rice
Mrs. Anne Fisher
Mrs. Suzanne V. Hascoe
Offices were established on the second floor of 740 Jackson Place
for the Chairman and Administrative Assistant. Miss Laura
740 JACKSON PLACE. NW
WASHINGTON, D.C. 20503
202/789-1145
FAX 202/789-0440
The White House Endowment Jund
Wilderman was hired by the Chairman to fill this position. As
earlier reported, the Association has agreed to permit this to be
an Association position in order to be able to provide health
insurance benefits. Combining positions under one organization
will reduce paperwork and reporting requirements.
A mock-up design for a new Endowment Fund brochure has been
received and will be presented at the next Board meeting. The
cover features a reproduction of an historic print of the White
House and photographs illustrate the renovation of the Blue Room
as the first major project of The Fund.
740 JACKSON PLACE. NW
WASHINGTON. D.C. 20503
202/789-1145
FAX 202/789-0440
WHITE HOUSE ENDOWMENT FUND
Statement of Financial Condition As of December 31, 1994
ASSETS
CURRENT ASSETS:
Cash:
On Deposit in Bank (s)
$19,566
$19,566
Investments:
Cash or Cash Equivalents - Riggs
$ 968,757
Equities - Luther King
7,572,411
Fixed Income - Morgan Stanley
3,914,342
Donated Stock - Luther King
299,978
$12,755,488
TOTAL CURRENT ASSETS:
$12,775,054
FIXED ASSETS:
o
TOTAL ASSETS:
$12,775,054
LIABILITIES & RESOURCES
CURRENT LIABILITIES:
Accounts Payable
$34,674
TOTAL LIABILITIES:
$34,674
RESOURCES:
Accumulated Revenue:
Excess Revenue over Expenses:
Prior Year:
$12,842,709
Unrealized Gain/Loss on Investment:
(431,577)
Current Year:
329,248
NET RESOURCES:
$12,740,380
TOTAL LIABILITIES AND RESOURCES
$12,775,054
WHITE HOUSE ENDOWMENT FUND
Revenue and Expense Statement
October 1, 1994 through December 31, 1994
Current
Fiscal Year
Month
To Date
Budget
Difference
REVENUE:
Donations:
$ 46,500.00
$284,750.00
Investment/Interest Income:
$ 28,067.86
105,343.16
Gross Revenue:
$ 74,567.86
$390,093.16
EXPENSES:
Payroll/Benefits
$8,725.02
$ 8,725.02
$45,000
$36,274.98
Payroll Taxes
303.78
303.78
3,300
2,996.22
D.C. Workmen's Compensation
0
0
300
300.00
Insurance Other/Bond
0
0
5,500
5,500.00
Office Supplies
144.99
182.27
350
167.73
Telephone
184.32
368.40
2,000
1,631.60
Equip. Maint. & Repair
0
0
1,000
1,000.00
Accounting & Auditing
5,300.00
5,900.00
10,600
4,700.00
Professional Fees
0
o
2,000
2,000.00
Postage/Shipping
0
o
1,000
1,000.00
Duplicating
0
0
350
350.00
Promotional Material/Printing
0
o
4,500
4,500.00
Software
0
0
150
150.00
Directors' Meetings
0
0
3,500
3,500.00
Trust and Investment Fees
1,613.43
15,909.78
66,000
50,090.22
Bank Service Charges
12.00
37.92
200
162.08
Staff Travel/Expenses
0
0
5,000
5,000.00
Fund Raising/Events
0
0
9,000
9,000.00
Miscellaneous/Contingency
325.83
331.83
2,000
1,668.17
TOTAL EXPENSES:
$16,609.37
$31,759.00
$161,750
$129,991.00
SUB-TOTAL
$57,958.49
$358,334.16
WHITE HOUSE CONTRIBUTION
$21,526.25
$29,086.00
EXCESS REVENUE (LOSS) OVER
EXPENSES:
$36,432.24
$329,248.16
FROM:
CAMDRIOGE Associ
3
MARKET ENVIRONMENT
Domestic Common Stocks
Market lore asserts that as January goes, so goes the year. Not in 1994. Despite a steady rise
in intermediate- and long-term interest rates from their October 1993 lows, the stock market worked its
way higher through January, topping out right before the Federal Reserve finally acted on February 4.
The broad domestic stock indexes dropped sharply from early February until the end of March, bounced
and dropped back in the second quarter. rallied strongly in July and August, struggled to maintain those
gains in September and October, hit the skids again in November, and staged a modest Santa Claus rally
at the end of the year.
For the year as a whole, the Dow Jones Industrial Average (DJIA) returned 5.0%, handily
outstripping the S&P 500, which returned 1.3%, the Wilshire 5000, which returned -0.1%, and the
Russell 2500 index of smaller-cap stocks, which returned -1.1%. As these data indicate, large-cap stocks
outperformed mid- and small-cap stocks, with returns of 1.6%, -3.4%, and -2.4%, respectively. Both
value and growth stocks were battered in the first quarter of the year, although value worse than growth.
In the second quarter, however, indications of strong corporate earnings led to a rebound in value stocks,
while growth continued to languish. Stocks of all types and sizes recovered dramatically in the third
quarter. with growth and value posting equally strong returns. Finally, both lost ground again in the
fourth quarter, but growth more so than value. For the year. mid- and large-cap value stocks returned
just over 2.0%. while large-cap, defensive growth stocks suffered a return of -1.8%, and small-cap
growth a return of -5.1%. In fact, by the end of the year, despite some recovery in December,
approximately two-thirds of the largest 3000 stocks were selling below their prices at the end of January.
The general perception is that 1994 was a year of both pain and volatility, but in fact the S&P traded in
a very narrow range -- the narrowest on record - with a price swing from high to low of only 8.9%.
In December, stocks sagged in the first eight days of trading, but then advanced steadily until the
last few days of the month, when they gave up a few points. For the month, the DJIA returned 2.8%,
the S&P 500. 1.5%, the Wilshire 5000, 1.3%. and the Russell 2500, 2.2%. Positive returns in October
and December were not sufficient. however, to offset the damage inflicted in November: in the fourth
quarter, only the DJIA eked out a positive return, 0.5%; the S&P 500 returned zero, the Wilshire 5000,
-0.8%, and the Russell 2500, -2.1%.
There was very considerable dispersion of returns in 1994 among the 13 economic sectors of the
S&P 500. The most profitable sector. returning 18.2%, was miscellaneous business services, which
includes computer software companies and whose five-year cumulative return of 159.2% is almost double
that of any other sector, and three times that of the S&P 500. Consumer basic was the next best sector,
returning 10.2% for the year. The weakest sectors were transportation, -18.8%, utilities, -12.5%,
unrelated conglomerates, -9.3%, and retail trade, -7.9%. The best performing sectors in the fourth
quarter were utilities, 4.6% and consumer basic, 4.2%, while the worst were retail trade, -6.1%, primary
manufacturing/processing. -5.9%. and transportation and shelter, which both returned -5.3%.
International Common Stocks.
Dollar investors earned a return of 7.8% from the Morgan Stanley Capital International EAFE
index in 1994, entirely as a result of the weak dollar in local currency terms, EAFE returned -2.0%.
Among the major foreign markets, the strongest was Japan. which returned 21.4% to dollar investors and
4
8.6% in local currency. Currency gains enabled U.S investors to earn 4.7% in the German market,
despite a return of -6.6% in local currency, and to trim a local currency return of -7.0% in the United
Kingdom to a dollar return of -1.6%. The weakest markets in the EAFE index were Hong Kong, which
returned -28.9% in dollars (-28.8% in local currency), and Malaysia, which returned -19.9% in dollars,
and -24.1% in local currency.
Malaysia is also one of the two largest components of the MSCI Emerging Markets indexes, the
other being Mexico, which declined 44.4% to dollar investors, largely as a result of the recent peso
devaluation that produced a whopping 35.4% decline in December alone. Under these circumstances,
it is a testament to the diversification among emerging markets that for the year as a whole, the MSCI
Emerging Markets Global Index declined only 2.4% and the MSCI Emerging Markets Free Index, only
8.7%. (However, it is worth noting that China, another major casualty of 1994, is not included in such
indexes.) From their highs in late January, the emerging market indexes dropped like a stone through
the end of April, bounced and then tested their lows in May and June, rocketed to new highs in the third
quarter, and have been heading straight down again since mid October, losing 8.1% in December, and
14.7% in the fourth quarter. As we keep repeating, those who want to ride this roller coaster should get
on board only in the troughs.
December was a relatively quiet month among the developed markets: The EAFE index returned
0.6%, and most of the major component countries registered modest gains both in local currency and in
dollar terms. As in the United States, however, the recent firming in foreign markets did not erase
November's declines. For the fourth quarter, the EAFE index returned -1.0%, reflecting a return of
1.3% in Japanese stocks and only slightly positive returns from other major component countries.
At the start of 1994, the consensus expectation was that the dollar would gain strength against
most major currencies, and this prediction proved flat-out wrong. Instead, the greenback headed south
at a determined pace through the end of April. A modest rally in May raised hopes that were quickly
dashed in June. For the next four months, the dollar struggled to hold its value, but by the end of
October had sunk to a post-war low against the yen. Since then it has moved gradually higher, closing
the year at 99.60 yen (up from a low of 96.65), and 1.55 deutsche marks (up from a low of 1.49), a
decline for the year of 10.8% against each of these major currencies. Although it is premature to suggest
that this represents a long-term turn in the dollar's fortunes, holders of non-dollar assets would certainly
appear to be at greater risk of exchange-rate losses than was the case a year ago.
The Bond Markets
At the end of 1993, 91-day Treasury bills yielded 3.12%; by the end of January, 1994, that yield
had slid to 3.02%, but from that point forward, it was all uphill. By early December, the yield had
almost doubled, to 6.00%, and closed the year at 5.72%. Five-year Treasury note yields rose from a
low of 4.95% in January to a high of 7.86% in late December, and closed the year at 7.83%. Ten-year
Treasury note yields surged from a low of 5.60% in January, to a high of 8.05% in December, and
closed at 7.84%. And long bond yields, represented by the 30-year Treasury, ran up from 6.17% in
January to 8.16%, before the curve flattened sharply, bringing their yield back to 7.89% at year end.
Intermediate- and long-term bond yields may well rise above 8.00% again in 1995, and we would regard
them as offering compelling value at that level.
In general, bond yields first rose and then fell back in December, allowing fixed income investors
to earn their coupon. For the month, the Salomon Brothers High-Grade Bond Index returned 1.6%, the
Lehman Brothers Aggregate and the Lehman Brothers Government/Corporate Bond indexes, 0.7%, and
91-day Treasury bills, 0.5%. Fixed income returns were also positive -- but barely -- for the fourth
5
quarter: the Salomon Brothers High-Grade Bond Index returned 1.2%, the Lehman Brothers Aggregate
and the Lehman Brothers Government/Corporate indexes, 0.4%, and 91-day Treasury bills, 1.4%. As
these numbers suggest, most of the pain inflicted on fixed income investors came earlier in the year,
particularly in the months following the first Fed rate hike on February 4, as leveraged investors were
forced to scramble for cover at any price. As any band of distraught bond traders will tell you, the index
data give little indication of how much blood was shed. For the year, the Salomon Brothers High-Grade
Bond Index returned -5.8%, the Lehman Brothers Aggregate, -2.9%, the Lehman Brothers
Government/Corporate, -3.5%, and 91-day Treasury bills, 4.5%. However, the -12.0% total return of
the 30-year Treasury bond and the -4.0% return of the five-year note were among the worst this century
(although not as brutal if measured in terms of real return), and give some idea of the damage suffered
by those who stubbornly clung to leveraged bets on declining rates.
Because lower-quality stocks were strong early in the year, high-yield bonds, a hybrid of fixed-
income and low-quality equity, managed to avoid significant losses in 1994. For the year, the Salomon
Brothers High-Yield Market Index returned -1.3%; in December the return was 1.1%, and for the fourth
quarter, zero. With the exception of CCC-rated issues, for which the ratio of current yield to that of
comparable maturity Treasury bonds is at the average of the past eight years, high-yield bonds currently
trade at historically narrow yield premia, which suggests that investors are relatively poorly compensated
for assuming the additional risk inherent in lower-quality securities.
For the most part, international bond markets fared no better than the United States, as the
general expectation of declining interest rates in Europe proved misplaced. However, dollar-based
investors obviously benefitted from the dollar's depreciation. Looking at the bond markets of Austria,
Belgium. Canada, Denmark, France, Germany, Italy, Japan, the Netherlands, Spain, Britain, and the
emerging markets, one finds losses across the board in 1994 -- not one of these markets recorded a
positive return in local currency terms. In dollar terms, however, only Canada, the United Kingdom,
and the emerging markets finished the year in the red. The Salomon Brothers Non-Dollar World Bond
Index returned 2.6% for the year (zero in December and 0.9% in the fourth quarter), while the J.P.
Morgan Emerging Markets Debt Index returned -11.5% (-6.2% in December and -8.4% in the fourth
quarter). The devaluation of the Mexican peso comes as a salutary reminder of the precarious and
dependent condition of some emerging markets, despite their longer-term promise. Nevertheless, the sell-
off in emerging markets debt and the probability of appreciation in the currencies of the most robust
developing countries both suggest that this is an area of considerable opportunity for those with the
requisite expertise.
The Outlook for 1995
The bullish case for stocks is based on:
Historical precedent. which indicates that when stocks have returned less than 5%, the
range of subsequent year returns has been from good to blockbuster. Similarly, stock
investors have often been punished in the second year of a presidential cycle only to be
handsomely rewarded in the third year.
Current sentiment, as measured by investment newsletters, the put-call ratio, and so on
-- all of which is mighty bearish. Contrarian logic asserts that the stock market hits
bottom when sentiment reaches bearish extremes because weak investors have capitulated
and sold out, cursing the day they ever bought stocks, leaving the market with only one
direction in which it can now go up. Today's pervasive bearishness therefore suggests
that a humdinger rally could be imminent. However, sentiment is tricky. Investors may
6
be saying that the outlook for stocks is terrible, but they still don't appear to be acting
on that conviction. Although the tidal wave of money pouring into stock funds has dried
to a trickle, it has not reversed, indicating that investors have by no means thrown in the
towel. (In this context it is worth noting that money has drained out of bond funds at
an accelerating rate since last spring, as more and more investors abandoned that ship.)
Predictions of a non-inflationary, synchronous global expansion. The current
consensus is that in 1995 the U.S. economy will slow down, but not reverse, while the
European and (to a lesser extent) the Japanese economies will continue to strengthen,
resulting in mutually beneficial, benign, non-inflationary, synchronous global recovery.
Indeed, if domestic corporate earnings match current expectations ($31.33 for the S&P
500 companies) and inflation remains subdued (3.5% or less), 1995 could be a year of
double-digit returns for U.S. stocks. Currently, there is little evidence of impending
recession in the United States; 1996 is a better candidate for economic contraction. In
fact, the leading candidate for upset of the year is a scenario in which the U.S. and
British economies gain further strength while the continental European and Japanese
recoveries stall out, the one choked by high interest rates, the other by structural
impediments to reflation. Under these circumstances, the dollar would strengthen, EAFE
returns would disappoint, and U.S. investors would again have to judge whether strong
corporate earnings sufficiently offset the malign effect of the higher interest rates which
continued expansion would provoke.
The bearish case for stocks is based on:
Diminishing liquidity. Never fight the Fed. At some point, not far from current levels,
higher short-term rates choke the economy, and stocks wither. Although many stocks
sold off sharply in 1994, the broad indexes have not yet suffered a decline commensurate
with the sharp rise in interest rates.
Diminishing liquidity. Bank loans to businesses have risen sharply and are still
accelerating; in other words, money is flowing out of financial assets and into the real
economy.
Diminishing liquidity. Inflows to bond funds have reversed and inflows to stock funds
may follow suit. This has already happened to international and emerging markets funds;
domestic funds could be next, pulling out a very important prop from under the market.
Valuations. Although higher earnings have resulted in the price-earnings ratio declining
to a reasonable level, the dividend yield and book value of the S&P 500 remain at the
extreme ends of their historical ranges. Moreover, the bond yield to stock dividend yield
ratio is relatively high, and the Fed's earlier reluctance to act aggressively has diminished
the probability that this yield gap will narrow as a result of sharply lower bond rates.
Shocks to the system. Orange County could prove the tip of the leveraged derivatives
iceberg. Other potential problems include the dire fiscal straits of some major economies
(e.g., Canada and Italy).
Omens from the utility and transportation sectors. A longstanding theory (supported
by common sense and historical precedent) argues that extreme divergence among the
Dow Jones utility, transportation, and industrial averages is unsustainable. Because it has
not declined to anything like the same extent as the transportation and utility averages
7
(down 17.4% and 20.8% respectively in 1994), the industrial average is perceived by
Dow theorists as living on borrowed time.
After being surprised and disappointed by repeated Fed tightening last year, investors now seem
resigned to further rate hikes in the next few months. The latest consensus seems to be that, in the face
of rising rates, stocks will weaken in the first half of the year. but then rally once the Fed has finished
its dirty work and set the economy back on a low-growth, non-inflationary path that will allow continued
expansion and a subsequent decline in rates. Perhaps -- but given the pervasive uncertainties of the
moment, this seems too pat. Amid all the daily noise and clatter of the marketplace, three headline events
in December send ominous messages: first, Orange County's bankruptcy filing may not be the last of
the derivatives fiasco, but an augury of things to come. Second, the devaluation of the Mexican peso
vividly illustrates a point we have hammered repeatedly: diminished liquidity squeezes weaker markets
first and hardest -- as the Fed's fist tightens, other weak markets may also implode. Finally, a flattening
yield curve is usually bearish for stocks.
Early in the new year, a few points seem relatively clear: the Fed has not finished tightening
because the economy continues to gain strength. Unemployment is at levels historically associated with
full employment and therefore rising wages (a lagging indicator of inflation). Similarly, capacity
utilization is at or near levels historically associated with price pressures. With the important exception
of oil, last year's significant rise in industrial commodity prices appears to be accelerating, and is
beginning to funnel through to higher consumer prices (e.g., for automobiles). All this is bad news for
stocks and suggests that bond yields might well top 8.0% again, even if the yield curve remains as flat
as it is today. Of course, stocks are better priced than they were a year ago, but until these adverse
conditions appear likely to ameliorate, stocks remain vulnerable to higher inflation on the one hand, and
to diminished profitability on the other. Under such circumstances, bonds at yields of 8.0% or better still
look like an appealing alternative.
13
CAPITAL MARKET RETURNS
Total Return (%)
Trailing
One-Month
Three-Month
Fiscal YTD
Calendar YTD
Five-Year
12/1/94-
10/1/94-
7/1/94-
1/1/94-
1/1/90-
Index
12/31/94
12/31/94
12/31/94
12/31/94
12/31/94
S&P 500
1.48
-0.02
4.87
1.32
51.75
Dow Jones Industrials
2.78
0.47
7.25
5.02
62.98
Wilshire 5000
1.35
-0.77
4.62
-0.06
52.60
Russell 2500
2.15
-2.12
4.89
-1.06
67.27
NASDAQ Composite*
0.22
-1.61
6.52
-3.20
65.33
Large-Capitalization
1.44
0.33
5.25
1.63
47.30
Mid-Capitalization
1.02
-2.91
3.24
-3.36
56.44
Small-Capitalization
2.35
-2.41
5.23
-2.39
65.86
MSCI EAFE
0.63
-1.02
-0.92
7.78
7.71
MSCI World
0.94
-0.73
1.40
5.08
19.74
MSCI Emerging Markets Free*
-8.10
-14.67
2.80
-8.67
129.43
Salomon Brothers
High-Yield Market
1.12
0.03
1.31
-1.25
77.72
Salomon Brothers
High-Grade Bond
1.57
1.24
1.29
-5.76
49.38
Lehman Brothers
Aggregate Bond
0.69
0.38
0.99
-2.92
44.64
Lehman Brothers
Government/Corporate Bond
0.66
0.37
0.86
-3.51
44.93
Merrill Lynch to 3-Year
Treasuries
0.23
0.00
0.99
0.57
38.08
91-Day Treasury Bills
0.48
1.36
2.53
4.45
27.38
Salomon Brothers
Non-U.S. Dollar World Bond
-0.02
0.90
2.75
2.64
78.79
J.P. Morgan Traded
Global Government Bond
0.23
0.45
1.64
1.28
53.39
Notes: The large-, mid-, and small-capitalization indexes are calculated based on quarterly data provided by Standard &
Poor's Compustat, which includes data from first quarter 1973 through fourth quarter 1994. For the purpose of these analyses,
large-capitalization stocks are defined as the largest 250 issues. Mid-capitalization stocks are defined as the next largest 250
issues, plus any issues with a capitalization greater than $750 million. Small-capitalization stocks are defined as the next
largest 1,500 stocks in the Compustat universe, subject to a minimum market capitalization of $25 million from 1973 through
1983, $75 million from 1984 through 1993, and $100 million from 1994 to the present.
*Capital change only.
055e
A/C 323500
LL
1DNEPC
WHITE HOUSE FUND
12/31/94
% OF
INDICATED
CUR
INVESTMENT SUMMARY
TOTAL COST
CURRENT VALUE
PORT
INCOME
YIELD
CASH EQUIVALENTS
498,131.69
498,131.69
6.2
25,902.85
5.2
EQUITIES
FOODS & BEVERAGES
179,306.50
181,250.00
2.2
3,600.00
2.0
HSEHLD PRDS & TOILETRIES
425,384.34
508,000.00
6.3
12,200.00
2.4
TEXTILES & SHOES
127,500.00
118,750.00
1.5
1,600.00
1.3
ENTERTAINMENT & LEISURE
580,947.00
563,987.50
7.0
12,160.00
2.2
PUBLISHING & BROADCAST
277,312.40
334,362.50
4.1
5,400.00
1.6
RETAILING
481,291.96
505,848.50
6.3
4,806.56
1.0
AEROSPACE
333,834.10
311,625.00
09
4,500.00
1.4
CHEMICALS & FERTILIZERS
428,949.50
442,375.00
5.5
7,720.00
1.7
DIVERSIFIED INDUSTRIALS
250,833.50
259,925.00
3.2
5,072.00
2.0
HOMEBUILDING
202,669.40
182,000.00
2.3
1,600.00
0.9
PAPER & FOREST PRODUCTS
292,293.00
290,450.00
3.6
8,516.00
2.9
STEEL
136,285.70
126,250.00
1.6
1,000.00
0.8
ELECTRONICS
52,119.32
104,400.00
1.3
720.00
0.7
TELECOMMUNICATIONS
346,527.86
413,637.50
5.1
250.00
0.1
EXPLORATION & PRODUCTION
311,190.00
307,125.00
3.8
3,110.00
1.0
OIL-DOMESTIC
88,970.40
94,600.00
1.2
3,520.00
3.7
OIL-INTERNATIONAL
303,407.00
325,475.00
4.0
14,780.00
4.5
DRUG & HEALTH CARE SUPP
792,009.48
862,600.00
10.7
18,866.00
2.2
HEALTH CARE SERVICES
83,500.17
103,125.00
1.3
2,100.00
2.0
RAILROADS
179,012.00
158,812.50
2.0
6,020.00
3.8
SHIPPING & FREIGHT
236,135.00
294,750.00
3.6
1,800.00
0.6
BANKS
325,355.00
294,375.00
3.6
8,560.00
2.9
INSURANCE
182,402.50
183,625.00
2.3
7,540.00
4.1
TELEPHONE UTILITIES
89,633.30
114,475.00
1.4
3,648.00
3.2
TOTAL EQUITIES
6,706,869.43
7,081,823.50
87.7
139,088.56
2.0
MUTUAL FUNDS
500,000.00
497,521.04
6.2
0.00
0.0
LUTHER KING CAPITAL MGMT
PAGE 1
A/C 323500
LL
1DNEPC
WHITE HOUSE FUND
12/31/94
% OF
INDICATED
CUR
INVESTMENT SUMMARY
TOTAL COST
CURRENT VALUE
PORT
INCOME
YIELD
TOTAL INVESTMENTS
7,705,001.12
8,077,476.23
100.0
164,991.41
2.0
TOTAL VALUE
7,705,001.12
8,077,476.23
100.0%
164,991.41
2.0%
LUTHER KING CAPITAL MGMT
PAGE 2
A/C 323500 LL 1DNEPC
WHITE HOUSE FUND
12/31/94
-PURCHASE INFORMATION-
---CURRENT MARKET---
% OF
INDICATED
CUR
AVG COST
TOTAL COST
PRICE
TOTAL VALUE
PORT
INCOME
YLD
CASH EQUIVALENTS
498,131 SEI CASH + TREASURY 2
1.00
498,131.69
1.00
498,131.69
6.2
25,902.85
5.2
5.200
EQUITIES
FOODS & BEVERAGES
5,000 PEPSICO INC
35.86
179,306.50
36.25
181,250.00
2.2
3,600.00
2.0
TOTAL FOODS & BEVERAGES
179,306.50
181,250.00
2.2
3,600.00
2.0
HSEHLD PRDS & TOILETRIES
2,000 COLGATE-PALMOLIVE CO
60.82
121,650.00
63.37
126,750.00
1.6
3,280.00
2.6
1,400 GILLETTE COMPANY
53.69
75,160.12
74.87
104,825.00
1.3
1,400.00
1.3
3,000 KIMBERLY-CLARK CORP
54.38
163,153.00
50.37
151,125.00
1.9
5,280.00
3.5
2,800 PREMARK INTL INC
23.36
65,421.22
44.75
125,300.00
1.6
2,240.00
1.8
TOTAL HSEHLD PRDS & TOILETRIES
425,384.34
508,000.00
6.3
12,200.00
2.4
LUTHER KING CAPITAL MGMT
PAGE 3
A/C 323500
LL
1DNEPC
WHITE HOUSE FUND
12/31/94
-PURCHASE INFORMATION-
CURRENT MARKET---
% OF
INDICATED
CUR
AVG COST TOTAL COST PRICE TOTAL VALUE PORT
INCOME
YLD
TEXTILES & SHOES
10,000 JUSTIN INDUSTRIES INC
12.75
127,500.00
11.87
118,750.00
1.5
1,600.00
1.3
TOTAL TEXTILES & SHOES
127,500.00
118,750.00
1.5
1,600.00
1.3
ENTERTAINMENT & LEISURE
10,500 BRUNSWICK CORP
20.40
214,184.50
18.87
198,187.50
2.5
4,620.00
2.3
4,000 EASTMAN KODAK COMPANY
49.83
199,334.50
47.75
191,000.00
2.4
6,400.00
3.4
3,800 WALT DISNEY COMPANY
44.06
167,428.00
46.00
174,800.00
2.2
1,140.00
0.7
TOTAL ENTERTAINMENT & LEISURE
580,947.00
563,987.50
7.0
12,160.00
2.2
PUBLISHING & BROADCAST
2,200 A H BELO CORPORATION
42.08
92,571.40
56.50
124,300.00
1.5
1,320.00
1.1
3,000 GANNETT CO INC
47.61
142,835.00
53.25
159,750.00
2.0
4,080.00
2.6
3,500 SAGA COMMUNICATIONS
11.97
41,906.00
14.37
50,312.50
0.6
0.00
0.0
TOTAL PUBLISHING & BROADCAST
277,312.40
334,362.50
4.1
5,400.00
1.6
LUTHER KING CAPITAL MGMT
PAGE 4
A/C 323500
LL
1DNEPC
WHITE HOUSE FUND
12/31/94
-PURCHASE INFORMATION-
-CURRENT MARKET---
% OF
INDICATED
CUR
AVG COST
TOTAL COST
PRICE
TOTAL VALUE
PORT
INCOME
YLD
RETAILING
6,000 CENTRAL TRACTOR FARM & C
15.87
95,250.00
14.50
87,000.00
1.1
0.00
0.0
3,866 HOME DEPOT INC
42.66
164,937.24
46.00
177,836.00
2.2
618.56
0.3
3,300 SHERWIN-WILLIAMS CO
30.26
99,846.52
33.37
110,137.50
1.4
1,848.00
1.7
3,000 WALGREEN CO
40.42
121,258.20
43.62
130,875.00
1.6
2,340.00
1.8
TOTAL RETAILING
481,291.96
505,848.50
6.3
4,806.56
1.0
AEROSPACE
3,000 RAYTHEON COMPANY
64.58
193,749.10
63.87
191,625.00
2.4
4,500.00
2.3
20,000 UNC INCORPORATED DEL
7.00
140,085.00
6.00
120,000.00
1.5
0.00
0.0
TOTAL AEROSPACE
333,834.10
311,625.00
3.9
4,500.00
1.4
CHEMICALS & FERTILIZERS
4,000 LOCTITE CORPORATION
43.59
174,354.50
46.50
186,000.00
2.3
3,360.00
1.8
4,000 MORTON INTERNATIONAL INC
28.00
111,994.50
28.50
114,000.00
1.4
1,760.00
1.5
1,200 NCH CORPORATION
70.65
84,784.00
66.87
80,250.00
1.0
1,200.00
1.5
3,500 SYNALLOY CP DEL
16.52
57,816.50
17.75
62,125.00
0.8
1,400.00
2.3
TOTAL CHEMICALS & FERTILIZERS
428,949.50
442,375.00
5.5
7,720.00
1.7
LUTHER KING CAPITAL MGMT
PAGE 5
A/C 323500
LL
1DNEPC
WHITE HOUSE FUND
12/31/94
-PURCHASE INFORMATION-
CURRENT MARKET---
% OF
INDICATED
CUR
AVG COST
TOTAL COST
PRICE
TOTAL VALUE
PORT
INCOME
YLD
DIVERSIFIED INDUSTRIALS
2,200 MINNESOTA MNG & MFG CO
51.87
114,123.50
53.37
117,425.00
1.5
3,872.00
3.3
3,000 TYCO INTL LTD
45.57
136,710.00
47.50
142,500.00
1.8
1,200.00
0.8
TOTAL DIVERSIFIED INDUSTRIALS
250,833.50
259,925.00
3.2
5,072.00
2.0
HOMEBUILDING
8,000 CENTEX CORPORATION
25.33
202,669.40
22.75
182,000.00
2.3
1,600.00
0.9
TOTAL HOMEBUILDING
202,669.40
182,000.00
2.3
1,600.00
0.9
PAPER & FOREST PRODUCTS
1,200 INTERNATIONAL PAPER CO
63.73
76,480.50
75.37
90,450.00
1.1
2,016.00
2.2
12,500 LONGVIEW FIBRE CO
17.27
215,812.50
16.00
200,000.00
2.5
6,500.00
3.2
TOTAL PAPER & FOREST PRODUCTS
292,293.00
290,450.00
3.6
8,516.00
2.9
STEEL
10,000 RELIANCE STEEL & ALUMINU
13.63
136,285.70
12.62
126,250.00
1.6
1,000.00
0.8
TOTAL STEEL
136,285.70
126,250.00
1.6
1,000.00
0.8
LUTHER KING CAPITAL MGMT
PAGE 6
A/C 323500
LL
1DNEPC
WHITE HOUSE FUND
12/31/94
-PURCHASE INFORMATION-
CURRENT MARKET---
% OF
INDICATED
CUR
AVG COST
TOTAL COST
PRICE
TOTAL VALUE
PORT
INCOME
YLD
ELECTRONICS
1,800 MOTOROLA INC
28.96
52,119.32
58.00
104,400.00
1.3
720,00
0.7
TOTAL ELECTRONICS
52,119.32
104,400.00
1.3
720.00
0.7
TELECOMMUNICATIONS
3,700 AIRTOUCH COMMUNICATIONS
21.16
78,277.86
29.12
107,762.50
1.3
0.00
0.0
4,000 CELLULAR COMMUNICATIONS
41.91
167,625.00
53.50
214,000.00
2.6
0.00
0.0
5,000 MCI COMMUNICATIONS CORP
20.12
100,625.00
18.37
91,875.00
1.1
250.00
0.3
TOTAL TELECOMMUNICATIONS
346,527.86
413,637.50
5.1
250.00 0.1
EXPLORATION & PRODUCTION
3,000 ANADARKO PETROLEUM CORP
36.39
109,180.00
38.50
115,500.00
1.4
900.00
0.8
3,000 BURLINGTON RESOURCES INC
38.54
115,630.00
35.00
105,000.00
1.3
1,650.00
1.6
3,500 NOBLE AFFILIATES INC
24.68
86,380.00
24.75
86,625.00
1.1
560.00
0.6
TOTAL EXPLORATION & PRODUCTION
311,190.00
307,125.00
3.8
3,110.00
1.0
LUTHER KING CAPITAL MGMT
PAGE 7
A/C 323500 LL IDNEPC
WHITE HOUSE FUND
12/31/94
-PURCHASE INFORMATION-
CURRENT MARKET---
% OF
INDICATED
CUR
AVG COST
TOTAL COST
PRICE
TOTAL VALUE
PORT
INCOME
YLD
OIL-DOMESTIC
1,600 AMOCO CORPORATION
55.61
88,970.40
59.12
94,600.00
1.2
3,520.00
3.7
TOTAL OIL-DOMESTIC
88,970.40
94,600.00
1.2
3,520.00
3.7
OIL-INTERNATIONAL
3,000 EXXON CORPORATION
62.12
186,359.00
60.75
182,250.00
2.3
9,000.00
4.9
1,700 MOBIL CORPORATION
68.85
117,048.00
84.25
143,225.00
1.8
5,780.00
4.0
TOTAL OIL-INTERNATIONAL
303,407.00
325,475.00
4.0
14,780.00
4.5
DRUG & HEALTH CARE SUPP
5,000 BAXTER INTERNATIONAL INC
27.85
139,246.48
28.25
141,250.00
1.7
5,250.00
3.7
4,500 c R BARD INC
25.92
116,647.50
27.00
121,500.00
1.5
2,700.00
2.2
7,000 FISHER SCIENTIFIC INTL
26.97
188,777.10
24.75
173,250.00
2.1
560.00
0.3
3,100 JOHNSON & JOHNSON
43.89
136,055.90
54.75
169,725.00
2.1
3,596.00
2.1
1,500 SCHERING-PLOUGH CORP
60.55
90,829.50
74.00
111,000.00
1.4
3,060.00
2.8
2,000 SYBRON CORPORATION
22.20
44,398.00
34.50
69,000.00
0.9
0.00
0.0
2,500 UPJOHN COMPANY
30.42
76,055.00
30.75
76,875.00
1.0
3,700.00
4.8
TOTAL DRUG & HEALTH CARE SUPP
792,009.48
862,600.00
10.7
18,866.00
2.2
LUTHER KING CAPITAL MGMT
PAGE 8
A/C 323500 LL 1DNEPC
WHITE HOUSE FUND
12/31/94
-PURCHASE INFORMATION-
CURRENT MARKET---
% OF
INDICATED
CUR
AVG COST
TOTAL COST
PRICE
TOTAL VALUE
PORT
INCOME
YLD
HEALTH CARE SERVICES
2,500 US HEALTHCARE INC
33.40
83,500.17
41.25
103,125.00
1.3
2,100.00
2.0
TOTAL HEALTH CARE SERVICES
83,500.17
103,125.00
1.3
2,100.00
2.0
RAILROADS
3,500 UNION PACIFIC CORP
51.15
179,012.00
45.37
158,812.50
2.0
6,020.00
3.8
TOTAL RAILROADS
179,012.00
158,812.50
2.0
6,020.00
3.8
SHIPPING & FREIGHT
9,000 INTERTRANS CORPORATION
11.94
107,500.00
13.00
117,000.00
1.4
1,800.00
1.5
9,000 KIRBY CORPORATION
14.29
128,635.00
19.75
177,750.00
2.2
0.00
0.0
TOTAL SHIPPING & FREIGHT
236,135.00
294,750.00
3.6
1,800.00
0.6
BANKS
5,000 CULLEN FROST BANKERS INC
34.18
170,875.00
30.87
154,375.00
1.9
4,400.00
2.9
4,000 NORTHERN TRUST CORP
38.62
154,480.00
35.00
140,000.00
1.7
4,160.00
3.0
TOTAL BANKS
325,355.00
294,375.00
3.6
8,560.00
2.9
LUTHER KING CAPITAL MGMT
PAGE 9
A/C 323500 LL IDNEPC
WHITE HOUSE FUND
12/31/94
-PURCHASE INFORMATION-
-CURRENT MARKET---
% OF
INDICATED
CUR
AVG COST
TOTAL COST
PRICE
TOTAL VALUE
PORT
INCOME
YLD
INSURANCE
6,500 AMERICAN GENERAL CORP
28.06
182,402.50
28.25
183,625.00
2.3
7,540.00
4.1
TOTAL INSURANCE
182,402.50
183,625.00
2.3
7,540.00
4.1
TELEPHONE UTILITIES
3,800 ALLTEL CORPORATION
23.59
89,633.30
30.12
114,475.00
1.4
3,648.00
3.2
TOTAL TELEPHONE UTILITIES
89,633.30
114,475.00
1.4
3,648.00
3.2
TOTAL EQUITIES
6,706,869.43
7,081,823.50
87.7
139,088.56
2.0
MUTUAL FUNDS
47,382 LKCM
10.55
500,000.00
10.50
497,521.04
6.2
0.00 0.0
LKCM SMALL CAP EQUITY PF
TOTAL INVESTMENTS
7,705,001.12
8,077,476.23 100.0
164,991.41
2.0
LUTHER KING CAPITAL MGMT
PAGE 10
A/C 323500
LL
1DNEPC
WHITE HOUSE FUND
12/31/94
-PURCHASE INFORMATION-
CURRENT MARKET
% OF
INDICATED CUR
AVG COST
TOTAL COST
PRICE
TOTAL VALUE
PORT
INCOME YLD
TOTAL VALUE
7,705,001.12
8,077,476.23
100.0
164,991.41
2.0
LUTHER KING CAPITAL MGMT
PAGE 11
The White House Endoument Fund
MINUTES
of the Meeting of the Board of Directors of
The White House Endowment Fund
September 8, 1994
Willkie Farr & Gallagher, 153 East 53rd Street, New York, NY
CALL TO ORDER
Mrs. Craig welcomed the Directors and called the meeting to order at
10:30 a.m.
Present: Mrs. Craig, Mrs. Folger, Mr. Hartzog, Mr. Melhado, Mr.
Prosperi, Mr. Stern, Ms. Thomases, Mr. Scouten (White House Curator), Mr.
Horstman (Executive Vice President of the White House Historical Associa-
tion), and Paul Reber, Fund staff.
Absent: Mrs. Gund, Mr. Horchow.
SECRETARY'S REPORT
Mrs. Craig presented the Secretary's Report on behalf of Mrs. Gund,
who could not attend.
Mrs. Craig reported that the Minutes of the October 12, 1993,
meeting had been distributed to all Directors. There being no additions
or corrections, the minutes were approved as presented.
TREASURER'S REPORT
Mr. Hartzog reported that as of July 31, 1994, The Fund has re-
ceived, during the fiscal year which began on October 1, 1993, income
totalling $1,812,291 which includes $1,285,967 in cash contributions and
$526,324 in interest income. Expenses total $56,744. This leaves a net
income of $1,755,546. Net income since inception on January 12, 1990,
totals $12,851,024.
Under the guidance of The Fund's Financial Management Committee, the
endowment has been invested in a combination of equities, fixed income
investments and cash. As of July 31, the cash portion of the portfolio
totals $1,991,598 or 16% of the portfolio, the equity portion totals
$5,410,598 or 44% of the portfolio, and fixed income investments total
$5,143,659 or 40% of the portfolio.
Mr. Hartzog then turned the meeting over to Mr. Luther King of
Luther King Capital Management, who manages the equity portion of The
Fund's investments.
Mr. King presented verbal and written reports on both the market and
the performance of The Fund's equity investments. Mr. King explained
that the market environment in 1992 and 1993 had been very volatile and
during the last year, the market has been flat. This is typical market
740 JACKSON PLACE. NW
WASHINGTON. D.C. 20503
202/789-1145
FAX 202/789-0440
2
performance given the cyclical nature of the stock market and he does not
see anything that should affect the expection of achieving 10% earnings
over a five-year period.
At the conclusion of Mr. King's report, there was a discussion among
the Directors regarding The Fund's asset allocation. The Directors
agreed that the allocation was not weighted heavily enough in favor of
equities. Accordingly, a motion was made and seconded that The Fund
should increase the percentage of its portfolio invested in stocks to
65%.
The motion passed unanimously.
CHAIRMAN'S REPORT
Mrs. Craig reported that the holding pattern of 1993 continued since
the last meeting in October 1993 until just recently. However, several
events had taken place during this year-long period:
- in March 1994, on the recommendation of Mrs. Clinton, Susan
Thomases and Paul Prosperi were elected to The Endowment Fund Board by
mail ballot of the White House Historical Association; at that time Mrs.
Clinton also requested that Ms. Thomases serve on the White House Histor-
ical Association Board where she took the place of Roger Horchow.
- in April 1994, George Hartzog presented to the Historical Associ-
ation Board at its spring meeting a clarification of The Endowment Fund's
Statement of Purpose/Spending Policy/Procedure for Expenditures. This
statement was added to the Long Range Plan of the Historical Association.
- in July 1994, Neil Horstman, Executive Vice President of the
Historical Association, met with Mrs. Lieberman of Mrs. Clinton's staff.
They discussed additional nominations to The Endowment Fund Board. No
names were available at that time, but Mrs. Lieberman said she would work
on it during the Clintons' vacation.
Given the expectation that the composition of The Endowment Fund
Board will soon change, I believe it is appropriate to review what The
Endowment Fund is, its purpose, and its activities.
The Endowment Fund is a wholly-owned subsidiary of the White House
Historical Association whose Board members elect the members of The
Fund's Board at its annual meeting in January. The members serve for one
year, and they elect their own Officers. The White House Endowment Fund
was created by the Historical Association for the purpose of raising an
endowment of $25 million, income from which is to be used to preserve the
historic character of the public rooms of the White House, to conserve
objects in the White House's museum quality collection of fine and
decorative arts, and to acquire objects for the White House Collection.
The Endowment Fund is a public charity, and as such it has an ongoing and
continuous obligation to make grants at appropriate levels and to engage
in fund-raising activities.
3
It has been a matter of some concern to the ongoing members of The
Fund's Board that The Fund's most recent grant was made in the summer of
1992 in the amount of $28,162 as a partial payment on a rug for the Blue
Room, and since then no request has come from the White House for funds
to be contributed for purposes consistent with the Statement of Purpose
of The Fund.
When The Endowment Fund was established in 1990, it was expected to
be a nonpartisan organization. However, experience has proven that that
is not the case. Therefore, activities in regard to raising funds to
complete the $25 million goal of The Endowment Fund await the election to
The Fund Board of persons identified as being able to give themselves
and/or are experienced in major fund-raising, especially among the
Democratic constituency of the President.
Because of our concern regarding the charitable status of The Fund,
we have consulted with attorneys at Baker & Hostetler in Washington.
They acknowledge the fact that carrying out the charitable purpose of The
Fund is necessarily dependent on the cooperation of government officials,
and it is our sincere hope that this cooperation and communication will
soon manifest itself.
In conclusion, I would like to touch on three matters:
We all know that fund-raising is a highly specialized effort, and a
new Board is being formed. I hope that these qualifications, among
others, will be considered: Commitment -- the fund-raiser should believe
deeply in the cause and must be willing to work for it and to give to it;
contacts -- without a broad range of potential major donors it will be
difficult to raise the additional $12.5 million; creativity -- as an
example I cite George Hartzog's concept of the White House Commemorative
Coin of 1992 which brought $5 million to The Endowment.
Competent staff is essential. The Fund has a small office in the
Historical Association building which houses our computer containing all
of our information and our fax machine. Paul Reber has been our staunch
staff support, but now he has a full-time position with the Mount Vernon
Ladies' Association as Director of Development. I urge Bitsey, Susan and
Paul Prosperi to address themselves to this important matter immediately.
Future planning is now possible with much greater certainty. For
the first time in the history of the White House, a dependable source of
funds is available to maintain and enhance the public rooms of the White
House. We hope that the Curator of the White House and the White House
Historical Association will work together to develop a long-range program
in order to make the best use of these funds.
It has been a great privilege and a pleasure for me to serve as
Chairman of The White House Endowment Fund, and now I wish much success
to those who will complete our mission.
4
NEW BUSINESS
A. Proposed Purchase of White House China
Mr. Scouten, White House Curator, reported on the proposal to
purchase duplicates of the Woodrow Wilson and Franklin Roosevelt china
patterns in order to provide additional china for use at White House
functions. Because of heavy use, and subsequent loss from breakage,
there are often inadequate pieces to serve the many guests entertained at
the White House. A third set of china is needed.
Mr. Scouten showed the Board members photographs of the additional
pieces needed and indicated that an additional 130 Wilson base plates and
enough replacements for the Roosevelt service needed to complete a third
set would need to be purchased. Initial discussions with Lenox Company
indicated that $80,000 would be needed to produce the reproductions of
the original patterns.
The Board unanimously approved the expenditure of $80,000 to pur-
chase this china.
B. Budget
The FY 1995 Budget, which is incorporated into these minutes as
Attachment 1, was approved unanimously.
C. Auditor
Mr. Hartzog suggested that the Board approve the appointment of
Johnson & Scarborough as The Fund's auditors. However, he suggested that
The Fund's Board, in conjunction with the White House Historical Associa-
tion, review the selection of auditors for the next fiscal year. The
motion passed unanimously.
D. Appointment of Officers
It was suggested that new officers be elected as soon as possible in
order to take advantage of year-end giving opportunities.
ADJOURNMENT
There being no further business, the meeting was adjourned at 12:02
p.m.
Paul C. Reber
Coordinator
(on behalf of The Fund's Secretary, Mrs. Graham Gund)
Attachment
ATTACHMENT 1
The White House Endowment Fund
Fiscal Year 1995 Budget
Payroll
$45,000
Payroll Taxes
3,300
Workmen's Compensation
300
Ins. Other/Bond
5,500
Office Supplies
350
Telephone
2,000
Equip. Maint. and Repair
1,000
Accounting and Audit
10,600
Prof. Fees
2,000
Postage and Shipping
1,000
Duplicating
350
Promo. Mtl./Print.
4,500
Software
150
Directors' Meetings
3,500
Trust and Invest. Fees
66,000
Bank Svc. Charges
200
Staff Travel/Expenses
5,000
Fund-Raising/Events
9,000
Misc./Contingency
2,000
Total
$161,750
The House Endorment Fund
FOR IMMEDIATE RELEASE
January 30, 1995
THE WHITE HOUSE ENDOWMENT FUND ANNOUNCES COMPLETION OF
BLUE ROOM RENOVATIONS AND REFURBISHING
WASHINGTON, DC -- The White House Endowment Fund today announced
the completion of the renovation and refurbishing of the White
House's Blue Room. Renovation and refurbishing of the Blue Room
began on January 3, 1995. Work done in the Blue Room includes
replacing the wall paper, draperies, furniture fabric, repainting
the room and the conservation of objects. This is the first
major White House renovation project funded exclusively by The
White House Endowment Fund. The Blue Room will be officially
reopened on February 17, 1995, at the Committee for the
Preservation of the White House's bi-annual meeting.
The White House Endowment Fund was established in 1990 as a non-
profit charitable organization and subsidiary of the White House
Historical Association to raise a $25 million endowment. The
purpose of this endowment is to support, in perpetuity, the
preservation and conservation of the public rooms of the White
House, and the acquisition of objects for the White House
collection of fine arts and decorative items.
The estimated cost for the renovation and refurbishing of the
Blue Room is $358,000. Funds sufficient to underwrite the cost
of the Blue Room project were made available through the
investment proceeds accrued from The Endowment Fund's current
principal of $12 million. The decision to renovate and refurbish
the Blue Room was made in 1990.
The Chief Usher and Curator of the White House are authorized to
request support from the endowment for all projects. The Board
of Directors of The White House Endowment Fund is responsible for
raising the endowment and approving expenditures within an amount
specified for spending each year. Contributions made to The
White House Endowment Fund are tax-deductible to the maximum
extent allowed by law.
The Chair of The White House Endowment Fund is Mrs. Nancy M.
Folger. More than one hundred and fifty individuals,
corporations, and private foundations have contributed to The
White House Endowment Fund.
For additional information contact: Mr. Neil Horstman, Executive
Vice President, White House Historical Association - 202-737-
0025, or, Mrs. Nancy M. Folger, Chair, The White House Endowment
Fund - 202-789-1145.
###
Attached: List of suppliers
740 JACKSON PLACE. NW
WASHINGTON. D.C. 20503
202/789-1145
FAX 202/789-0440
1995 BLUE ROOM RENOVATION
SUPPLIERS
ESTIMATES OF EXPENDITURES
WALLPAPER (manufacture)
$ 24,215.00
Mr. Thomas Marshall
Brunschwig & Fils
(914) 684-5800
WALLPAPER (installation)
$ 13,133.80
Mr. Robert Kelly
WRN Associates
(413) 243-3489
FABRIC
$112,000.00
Mr. and Mrs. Edwin Bitter (Adriana)
Scalamandre Silks, Inc.
(718) 361-8500
UPHOLSTERY (labor)
$ 38,250.00
DRAPERY (labor)
$ 15,000.00
Mr. Nelson Wurz
Nelson Beck of Washington, Inc.
(202) 387-4114
GILDING WORK (furniture)
$ 25,000.00
Mr. Thom Gentle
Thom Gentle Consultants
(802) 694-1475
PAINTING & ARCHITECTURAL GILDING
$ 61,560.00
Mr. Brandon Thompson
Interiors
(703) 519-8870
MARBLE WORK
$ 3,500.00
Mr. Daniel Errigo
U.S. Marble & Granite
(301) 595-7400
-2-
REIMBURSEMENT TO THE U.S. GOVERNMENT
$ 17,200.00
(labor and other support)
ESTIMATED COST FOR CARPET
$ 48,500.00
ESTIMATE TOTAL
$358,358.80
WHITE HOUSE ENDOWMENT FUND
BOARD OF DIRECTORS
Mrs. Nancy M. Folger, Chairman
Mrs. Earle M. Craig, Jr., Past Chairman
Mrs. Anne Fisher
Mrs. Graham Gund
Mr. George B. Hartzog, Jr.
Mrs. Suzanne V. Hascoe
Mr. Roger Horchow
Mrs. Linda Johnson Rice
Mrs. Thomas McLarty
Mr. A. Paul Prosperi
Mrs. William D. Ruckelshaus
Mr. Alfred R. Stern
Ms. Susan P. Thomases
ESTIMATE OF EXPENDITURES FOR THE EAST ROOM
ESTIMATE
CARPET
$259,330.00
MARBLE WORK
$14,680.00
FLOOR WORK
$1,380.00
OVERTIME
(Exec. Res. Staff)
$2,000.00
(NPS Staff)
$1,000.00
TOTAL
$278,390.00
REPORT DATE 02/15/95
REPORT TIME 12:05PM
Blue Room Unveiling Reception - Friday, February 17, 1995 - 04:00PM
Contact Social Office X7787
MRS. CLINTON
22 no phone #'s
Mrs. Kathleen Aktins
Little Rock, AR
Mr. & Mrs. Joseph Allbritton (Barbara)
Chairman, Riggs National Bank
Ms. Jan Alsobrook
marge- These all name
Democratic Leadership Council
Mrs. Norma Asnes
New York, NY
we have no
Ms: Gillian Attfield
New York, NY
Mr. & Mrs. Dennis Bakke (Eileen)
phone # for
President, Chief Executive Officer, The AES Corporation
Mr. Rutgers Barclay
and we can't
Santa Fe, NM
Mrs. Margaret R. Battle
locate them.
Pittsburgh, PA
Mr. Fred Benson
VP for Federal Relations, Weyerhaeuser Company
Mr. Norman Bernstein
Thx
Washington, DC
Hon. (Dr.) James Billington
Librarian of Congress, The Library of Congress
Ms. Carol Biondi & Mr. Frank Biondi
Kim
Riverdale, NY
Mr. Barry S. Blanchard
Reading, MA
Ms. Barbara Bluhm
Ms. Barbara Blum
President & CEO, The Adams National Bank
Ms. Barbara Blum
President & CEO, The Adams National Bank
Mr. & Mrs. Fred Bollerer (Susan)
Presendent & CEO, Riggs National Bank
Ms Leslie Greene Bowman
Curator and Department Head, Decorative Arts, Los Angeles County
Museum of Art
Mr. & Mrs. Robert Breeden
Chairman of the Board, White House Historical Association
Hon. J. Carter Brown
Chairman, NCA, Leadership Council
Mrs. Francis Buchanan
Little Rock, AR
Mr. John R. Burrows
J.R. Burrows & Co.
REPORT DATE 02/15/95
REPORT TIME 12:05PM
Blue Room Unveiling Reception - February 17, 1995
Mr. Harold Burson
New York, NY
Mr. & Mrs. William N. Cafritz (Anita (Buffy))
Bethesda, MD
Mr. & Mrs. Ignicio J. "Nash" Castro
Palisades, NY
Mr. George P. Caulkins
Denver, CO
Mrs. Robert H. "Oaties" Charles
Ms. Jeannine Clark
Bethesda, MD
Ms. Wendy Cooper
Curator of Decorative Arts, The Baltimore Museum of Art
Mr. John Steve Cooper
Rochester, NY
Mrs. Dorothy M. Craig, Jr.
Mr. & Mrs. Henry A. Dudley (Anne)
Executive Vice President, Riggs Bank
Dr. & Mrs. G. Franklin Edwards (Peggy)
Washington, DC
Mr. William Elder, III
Consultiant Curator, Decorative Arts, Baltimore Museum of Arts
Mr. & Mrs. George M. Elsey (Sally)
Washington, DC
Mr. Daniel Errigo
Errigo Enterprises, INC, Unite States Marble & Granite
Ms. Anita Estell
Ban Scoyoc Associates
Mr. Jonathan Fairbanks
Katherine Lane Weems Curator of Decorative Arts and Sculpture,
Museum of Fine Arts
Mrs. Sara Ann Felton
Marianna, AR
Dr. Alan Fern
Director, National Portrait Gallery
Mr. Jon J. Fields
President, Edward Fields Inc.
Ms. Ann Fisher & Mr. Jerome Fisher
Darien, CT
Mrs. Nancy M. (Bitsy) Folger
Washington, DC
Ms. Karen France
Herndon, VA
Mr.. Bradford M. Freeman
Los Angeles, CA
Mrs. Mary Knowles Wisner
Mr. Thom Gentle
Thom Gentle Consultants
REPORT DATE 02/15/95
REPORT TIME 12:05PM
Blue Room Unveiling Reception - February 17, 1995
Ms. Susan Goode
Ms. Paige Goodman
The Stark Carpet Corporation
Mr. & Mrs. Steven Green (Dorothea)
Fisher Island, FL
Ms. Phyllis Greenberger
Society for the Advancement of Women's Health
Mr. & Mrs. Gilbert Grosvenor (Wiley)
President and Chairman, National Geographic Society
Mrs. Ann L. Gund
Mr. Geoffrey Gund
President and Treasurer, The George Gund Foundation
Hon. (Dr.) Sheldon Hackney
Chairman, National Endowment for the Humanities
Mr. Mark Hampton
New York, NY
Mr. George B. Hartzog, Jr., Esq. & Mrs. Helen C. Hartzog
McLean, VA
Hon John W. Hechinger, Jr.
Washington, DC
Mr. & Mrs. Henry L. Hillman
Pittsburgh, PA
Ms. Kaki Hockersmith
Kaki Hockersmith Interiors
Mr. & Mrs. Roger Horchow (Carolyn)
Dallas, TX
Mr. & Mrs. Neil Horstman (Anne)
Executive Director, White House Historical Association
Ms. Shu-Kun Hue
New York, NY
Mrs. J.B. Hunt
Fayetteville, AR
Ms. Willa Jacobs
Scalamandre
Ms. Victoria Jefferies
North Adams, MA
Ms. Janice Johnson
General Services Administration
Mr. Robert M. Kelly
WRN Associates
Mr. Roger G. Kennedy & Ms. Frances Kennedy
Director, National Park Service
Mr. & Mrs. James Ketchum (Barbara)
Washington, DC
Dr. Elise K. Kirk
Washington, DC
REPORT DATE 02/15/95
REPORT TIME 12:05PM
Blue Room Unveiling Reception - February 17, 1995
Mr. William Kloss
Art Historian and Author
Mr. Roman Kujawa &
Bronxville, NY
Mr. Erik Kvalsvik
Baltimore, MD
Mr. Donald Lawrence
Nelson Beck of Washington
Mr. Robert Leibrock
President, Abell-Hanger Foundation
Hon. & Mrs. Arthur Levitt, Jr. (Marylin)
Chair and Commissioner, Securities and Exchange Commission
Mrs. Reginald Lewis
Chair, TLC Industries
Mr. Roger Littreal
Williamsburg, VA
Mr. John A: Logan
Chairman, Marjofie Merriweather Post Foundation
Hon. & Mrs. John J. Louis
Winnetka, IL
Mrs. Marion
Mr. & Mrs. John F. Mars
McLean, VA
Mr. Thomas L. Marshall
Brunschwig & Fils
Mr. James I. McDaniel & Ms. James McDaniel
Springfield, VA
Mrs. Donna McLarty
Mr Robert L. McNeil, Jr.
President, The Barra Foundation
Mrs. Melhado
Mr. Jermone Menefee
Fairfax, VA
Mr. Bernard R. Meyer & Ms. Andry Myer
Bethesda, MD
Mr. Richard Moe
President, National Trust for Historic Preservation
Mrs. Eugene Monroe
Midland, TX
Mr. Richard P. Napoli
Alexandria, VA
Mr. Kent C. Nelson
Chairman, United Parcel Service, Inc.
Hon. & Mrs. Paul H. Nitze
Washington, DC
Mr. Lucio A. Noto
President and CEO, Mobil Corporation
REPORT DATE 02/15/95
REPORT TIME 12:05PM
Blue Room Unveiling Reception - February 17, 1995
Mr. & Mrs. Richard Nylander (Jane)
Curator of Collections, Society for the Preservation of New
England Antiquities
Mr. Alan Patricof
Chairman, Patricof & Company Ventures, Inc.
Mrs. Jefferson Patterson
Washington, DC
Ms. Lorriane Pearce
Washington, DC
Mrs. Trudy Huskamp Peterson
Acting Archivist, National Archives and Records Administration
Mr. B. J. Pevehouse
Midland, TX
Mr. Arthur Phillips
The Stark Carpet Corporation
Ms. Dianne Pilgrim
Director, Cooper-Hewitt Musuem
Hon. Earl A. Powell III & Ms. Nancy Powell
Director, National Gallery of Art
Mr. Paul Prosperi
Attorney, Algia, Day
Mrs. Elizabeth Pruet
Mr. & Mrs. Thomas Pyle (Judy)
Madison, WI
Mr. & Mrs. Wayne Reaud (Dana)
Senior Partner, Reaud, Morgan, and Quinn
Mr. & Mrs. Paul C. Reber
Vienna, VA
Mr. John S. Reed
Chairman & CEO, Citicorp
Mr. Herbert S. Riband, Jr.
Fort Washington, PA
Ms. Linda Johnson Rice
President & CEO, Johnson Publishing Company
Mr. John L Richardson
Mr. James Ridenhour
Director of Eppley Institute, Department of Recreation and Park
Adminstration
Mr. Gresham Riley
Philadelphia, PA
Mr. William D. Rollnick & Ms. Nancy Ellis
New York, NY
Mrs. Nannice Rose
Rogers, AR
Mr Robert Resenthal
Washington, DC
REPORT DATE 02/15/95
REPORT TIME 12:05PM
Blue Room Unveiling Reception - February 17, 1995
Mrs. Jill Ruckelshaus
Houston, TX
Mr. & Mrs. Roger Sant
Washington, DC
Mr. J. Thomas Savage
Curator, Historic Charleston Foundation
Mr. James Schwaninger
J.C Penney Co., Inc.
Ms. Carol Schwartz
Jamaica Plains, MA
Hon. Rex W. Scouten
White House Curator, The White House
Mrs. Gail Serfaty
Office of the Curator, U.S. State Department
Mr. Dennis Shah
Chambord Inc.
Ms. Carole Shields
Coral Galbes, FL
Mr. Hugh S. Sidey & Ms. Ann T. Sighty
Washington Contributing Editor, Time, Inc.
Hon. & Mrs. Leonard L. Silverstein (Elaine)
Silverstein and Mullens
Mr. Albert H. Small
Washington, DC
Ms. Barbara Smith
New York, NY
Mr. Sheldon Solow
President, The Solow Foundation
Ms. Anne-Marie Soulliere
Foundation Director, Edward C. Johnson Fund
Mr. Alfred R. Stern &
New York, NY
Mrs. Margueritte Stevens
Skaneateles, NY
Mr. Thomas C. Stokes
Executive Director, Gates Foundation
Hon. & Mrs. Robert S. Strauss (Helen)
Akin, Gump, Strauss, Hauer & Feld
Mr. & Mrs. Robert D. Stuart
Lake Forest, IL
Mr. Vernon Taylor
The Ruth and Vernon Taylor Foundation
Ms. Susan Thomases &
Willkie Farr & Gallagher
Mr. Brandon Thompson
Interiors
Mr. & Mrs. Guerin Todd
Alexandria, VA
REPORT DATE 02/15/95
REPORT TIME 12:05PM
Blue Room Unveiling Reception - February 17, 1995
Mr. Klemens Tomczyk
Alexandria, VA
Ms. Audrey Vaughn
Alabama Power Company
Ms. Joan Wages
Alexandria, VA
Ms. Joan Wages
Alexandria, VA
Mr. Gary J. Walters
Chief Usher, The White House
Ms. Joanne Warner
Assistant Curator Wallcoverings, Cooper-Hewitt Natioanl Musuem of
Desing
Mr. John L. Weinberg
New York, NY
Ms. Marty Wikstrom
Vice President & General Manager, Capitol Region, Nordstrom
Mr. John Wilmerding
Christopher Binyon Sarofim '86 Professor in American Art.
Princeton University
Mr Richard B. Worley
Bryn Mawr, PA
Mr. & Mrs. Nelson Wurz (Dorothy)
Nelson Beck of Washington Inc
Mr. James R. Yates
Johnson City, TN
Ms. Sylvia Yount
Philadelphia, PA
Ms. Diane Zaremba
Stamford, CT
REPORT DATE 02/15/95
REPORT TIME 12:05PM
Blue Room Unveiling Reception - February 17, 1995
REGRETS
Hon. Jane Alexander
Chairman, National Endowment for the Arts
Mr. Charles Andes
Haverford, PA
Mr. Dwayne 0. Andreas
Chairman & CEO, Archer-Daniels-Midland Company
Hon. Walter H. Annenberg & Hon. Leonore Annenberg
St. Davids Center
Mr. Carl S. Anthony
Washington, DC
Mr. Joseph Antonini
Chairman, President and CEO, K Mart Corporation
Mr. H. Brewster Atwater
Chairman and CEO, General Mills Inc
Ms. Claudine Bacher
Key Largo, FL
Mr. & Mrs. Smith W. Bagley
Washington, DC
Mr. & Mrs. Perry R. Bass
Fort Worth, TX
Mr. Donald R. Beall
Chairman & CEO, Rockwell International Corporation
Mr. Riley Bechtel
President, Bechtel Group Inc
Mr. Stephen Bechtel
Chairman Emeritus and Director, Bechtel Group Inc.
Hon. & Mrs. Lloyd Bentsen (Beryl Ann (B.A.))
Secretary of the Treasury
Mr. & Mrs. Max Berry (Heidi)
Washington, DC
Mr. Geoffrey Bible
Chairman and Chief Executive Officer, Philip Morris Companies,
Inc.
Mrs. Billington
Mr. & Mrs. Edwin Bitter (Adriana)
Scalamandre
Mr. Creed C. Black
President, Knight Foundation
Mrs. William McCormick Blair, Jr.
Washington, DC
Mr. & Mrs. Jack Blanton
Houston, TX
Mr. Robert Bogle
Bentonville, AR
Mr. Mike R. Bowlin
ARCO
REPORT DATE 02/15/95
REPORT TIME 12:05PM
Blue Room Unveiling Reception - February 17, 1995
Mr. Curt Bradbury
Chairman, President & CEO, Worthen Banking Corporation
Hon. & Mrs. Ken Brody (Carolyn)
President, Import Export Bank
Mr. & Mrs. Donald Brown (Donald)
Washington, DC
Mr. John Bryson
CEO, Southern California Edison
Mr. Wayne Calloway
Chairman and CEO, PepsiCo, Inc.
Mr. & Mrs. Craig Campbell (Elizabeth)
Little Rock, AR
Mr & Mrs. B. Gerald Cantor (Iris)
New York, NY
Hon Robert H. Charles
Washington, DC
Mr. Robert Cizik
Chairman, Cooper Industries, Inc.
Hon. & Mrs. William P. Clements
Dallas, TX
Mr. John L. Clendenin
Chairman, President & CEO, BellSouth Corporation
Hon. Clark Clifford
Washington, DC
Mr. Clement Conger &
Former Curator of State Dept., White House
Mr. Earle M. Craig, Jr.
Midland, TX
Mr. Stephen Dart
Chairman, International Telesystems Inc.
Mr. Al D. DeSimone
Chairman and CEO, Minnesota Mining and Manufacturing Company
Mr. Kenneth T. Derr
Chairman and CEO, Chevron Corporation
Mr. Kevin F. Donohoe
Bryn Mawr, PA
Mr. & Mrs. Nelson Doubleday
Hobe Sound, FL
Mrs. Murry B. Douglas
Senior Vice President, Brunschwig & Fils
Mrs. Robert W. Duemling
Washington, DC
Ms. Louise Dunlap
Managing Partner, Dunlap & Bowder, Inc.
Mr. Philip Dusenberry
Chairman & CEO, BBDO
Mr. Michael Eisner
Chairman & CEO, The Walt Disney Company
REPORT DATE 02/15/95
REPORT TIME 12:05PM
Blue Room Unveiling Reception - February 17, 1995
Mr. Walter Elisha
CEO, Spring Industries, Inc.
Mrs. Jane Engelhard
Metropolitan Muesum
Mr. Thomas Frist
Chairman, Columbia/HCA
Mr. Clayton Fritchey
Washington, DC
Dr. & Mrs. Phillip Frost (Patricia)
Chairman, President & CEO, IVAX Corp.
Mr. John Georges
Chairman and CEO, International Paper Company
Mr. Louis V. Gerstner, Jr.
Chairman, IBM Corporation
Mr. Carson M. Glass, Esq.
Lubbock, TX
Mr. David Goode
Chairman and CEO, Norfolk Southern
Ms. Elsa Greenberg
Coconut Grove, FL
Ms. Leslie Grossman
CMA
Mr. Graham Gund
Cambridge, MA
Mr. & Mrs. Gordan Gund
Princeton, NJ
Mr. John Halbrook
President, CEO & COO, Woodward Governor Company
Mr. Donald J. Hall
Shawnee Mission, KS
Mr. William A. Hall
President, Hallmark Corporate Foundation
Mr. & Mrs. Elliott S. Hall (Shirley)
Vice President, Washington Affairs Office, Ford Motor Company
Mr. & Mrs. Frederic C. Hamilton
President and CEO, BHP?Hamilton Oil Company Inc.
Mr. & Mrs. Sidney Harman
Washington, DC
Mrs. Suzanne V. Hascoe
Greenwich, CN
Mrs. Hechinger, Jr.
Hon. Marian S. Heiskell
The New York Times
Hon. Michael Heyman
Secretary, Smithsonian Institution
Mr.. Robert B. Holt
Midland, TX
REPORT DATE 02/15/95
REPORT TIME 12:05PM
Blue Room Unveiling Reception - February 17, 1995
Mrs. Walter E. Hussman, Jr.
The Arkansas Democrat-Gazette
Mr. Robert A. Iger
President & COO, Capital Cities/ABC Inc.
Mr. Richard Jenrette
CEO, The Equitable Companies, Inc.
Mr. James Johnson & Ms. Maxine Isaacs
Washington, DC
Mr. & Mrs. David A. Jones
Chairman, Humana Inc.
Hon. & Mrs. Vernon E. Jordan, Jr. (Ann)
Akin, Gump, Strauss, Hauer & Feld
Mr. Charles F. Knight
Chairman & CEO, Emerson Electric Company
Mr. Ralph S. Larsen
Chairman and CEO, Johnson & Johnson
Hon. Andrew L. Lewis, Jr.
Chairman, President & CEO, Union Pacific Corporation
Mr. Henry Luce III
The Henry Luce Foundation, Inc.
Mr. Jon C. Madonna
Chairman & CEO, KPMG Peat Marwick
Mr. John L. Marion
Anne Burnett and Charles Tandy Foundation
Mrs. Jack C. Massey
Nashville, TN
Ms. Floretta Dukes McKenzie
President, The McKenzie Group
Mr. Francis J. McNamara, Jr.
Chairman, The Marjorie Merriweather Post Foundation, Financial
Centre
Mr. Frederick A. Melhado
New York, NY
Mr. A. Minis
Savannah, GA
Mr. John J. Murphy
Chairman, Dresser Industries
Mr. Thomas S. Murphy
Chairman of the Board & CEO, Capital Cities/ABC, Inc.
Mr. R. William Murray
Philip Morris Companies, Inc.
Mr. & Mrs. William Nitze
Washington, DC
Mr. Richard C. Notebaert
President & Chief Operating Officer, Ameritech
Mr. Peter O'Donnell
O'Donnell Foundation
REPORT DATE 02/15/95
REPORT TIME 12:05PM
Blue Room Unveiling Reception - February 17, 1995
Mr. C. Hardy Oliver &
Irmo, SC
Mr. John D. Ong
Chairman, The B.F. Goodrich Co.
Mr. Thomas P. Peardon, Jr.
President, Brunschwig & Fils
Mr. Ieoh Ming Pei
Architect
Mr. Dennis J. Picard
Chairman, Raytheon Company
Mr. Roger B. Porter
Professor, Kennedy School, Harvard Universtiy
Mr. Robert Priddy
Wichita Falls, TX
Hon. (Amb.) Molly Raiser
Chief of Protocol, Department of State
Mr. Lee R. Raymond
Chairman & CEO, Exxon Corporation
Mr. Sumner Redstone
Viacom International, Inc.
Mr. David Rockefeller, Jr.
Vice Chairman, Rockefeller Financial Services Inc.
Hon. Selwa Roosevelt
Washington, DC
Mr. & Mrs. Jack Rosen (Phyllis)
Chairman, Continental Health Affiliates
Ms. Lyn M. Ross
Bryn Mawr, PA
Mr. & Mrs. B. Francis Saul II (Patricia)
Chevy Chase, MD
Mrs. Frances G. Scaife
New York, NY
Mr. Richard M. Scaife
Pittsburgh, PA
Mr. Wolfgang Schmidt
Chairman & CEO, Rubbermaid Inc.
Dr. William- Seale
Alexandria, VA
Mr. Walter Shipley
Chairman and CEO, Chemical Bank
Mr. Frank A. Shrontz
Chairman & CEO, The Boeing Company
Mr.. Raymond Smith
Chairman and CEO, Bell Atlantic
Mr. & Mrs. Steven Spielberg (Kate)
Chief Executive Officer, Amblin Entertainment
Mrs. Harriet Stephens
Little Rock, AR
REPORT DATE 02/15/95
REPORT TIME 12:05PM
Blue Room Unveiling Reception - February 17, 1995
Mrs. John R. Stevenson
The Amon G. Carter Foundation
Mrs. Joy Carter Sundlun
Washington, DC
Mr. Gary Tooker
CEO, Motorola, Inc.
Mr. Daniel Tully
Chairman, Merrill Lynch & CO Inc.
Mrs. Alice Walton
New York, NY
Mr. John F. Welch, Jr.
Chairman & CEO, General Electric Company
The Honorable John Whitehead
New York, NY
Mr. Wheelock Whitney
Minneapolis, MN
Hon. & Mrs. James D. Wolfensohn (Elaine)
Chairman, The John F. Kennedy Center for the Performing Arts
Mr. Edgar S. Woolard, Jr.
Chairman of the Board & CEO, E:I. du Pont de Nemours & Co., Inc.
Mr. & Mrs. Alan L. Wurtzel (Irene)
Chairman, Circuit City Stores, Inc.
Mr. Oscar de la Renta & Mrs. Annette De la Renta
Designer/Owner, OSCAR DE LA RENTA
02/13/95
14:54
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X 002
NANCY Folger's
Resume
THE WHITE HOUSE ENDOWMENT FUND
BOARD OF DIRECTORS
Folger, Mrs. Nancy M., Chairman
2918 33rd Place
Washington, DC 20008
telephone: (202) 338-3860
Barclay, Mr. Rutgers (Leslie)
424 Canyon Road
Santa Fc, NM 87501-2718
telephone: (505) 986-1400
(505) 984-3007 (FAX)
Biondi, Mrs. Carol (Frank)
4551 Livingston Ave.
Riverdale, NY 10471
telephone: (718) 601-8180
Craig, Mrs. Earle M. Jr. (Dottie), Past Chairman
1701 Douglas Avenue
Midland, TX 79701
telephone: (915) 682-4141
(915) 682-2548 (FAX)
One First City Center
500 West Texas Avenue, 1290 Tower One
P.O. Box 1351
Midland, TX 79702-1351
telephone (915) 682-8244 (also FAX)
secretaries: Karen Neinast, Lisa, Glenda
Cummis, Mrs. Ann (Clive)
LLewellyn Park
West Orange, NJ 07052
telephone (201) 736-5505
Fisher, Mrs. Anne (Jerome)
114 Long Neck Point Road
Darien, CT 06820
766 Hi Mount Road
Palm Beach, Florida 33480
Telephone: (407) 848-7611
02/13/95
14:55
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003
- 2-
Gund, Mrs. Graham (Ann)
25 Craigie Street
Cambridge, MA 02138
telephone: (617) 491-8080
Hartzog, Mr. George B., Jr. (Helen)
1643 Chain Bridge Road
McLean, VA 22101
telephone:
(703) 356-1566
(703) 506-1929
Hascoe, Mrs. Suzanne V. (Norman)
35 Mason Street
Greenwich, CT 06830
telephone:
(203) 629-3453 (H)
***attention: Sophia James
24 Field Point Road
Greenwich, CT 06830
telephone:
(203) 661-7600 (O)
Horchow, Mr. Roger (Carolyn)
5956 Sherry Lane #1616
Dallas, TX 75225
telephone: (214) 363-0889
(214) 363-0924 (FAX)
5722 Chatham Hill Road
Dallas, TX 75255
telephone:
(214) 369-0612 (h)
33 Cliff Road
Nantucket, MA 02554
telephone: (508) 228-5222
(508) 228-5223 (FAX)
1 East 66th Street
New York, NY 10021
telephone: (212) 734-6066
(212) 869-3963
McLarty, Mrs. Thomas (Donna)
2475 Kalorama Road, N.W.
Washington, DC 20008
telephone: (202) 332-1346
02/13/95
14:56
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- 3 -
Prosperi, Mr. A. Paul
25 Sunrise Avenue
Palm Beach, FL 33480
telephone: (407) 832-5696
(407) 659-5371 (FAX)
Rice, Linda Johnson
Johnson Publishing Company, Inc.
820 South Michigan Avenue
Chicago, IL 60605
telephone: (312) 322-9369
assistant:
Helena Boyd
Rollnick, Mr. William D. (Nancy Ellison)
812 5th Avenue
New York, NY 10021
telephone: (212)980-4135
Ruckelshaus, Mrs. William D. (Jill S.)
5520 Woodway
Houston, TX 77056
telephone: (713) 622-5223
Stern, Mr. Alfred R.
430 Park Avenue
6th Floor
New York, NY 10022
telephone: (212) 308-6994
(212) 832 0483 (FAX)
secretary:
Pat Sullivan
791 Park Avenue
New York, NY 10021
Thomases, Ms. Susan P. (William Bettridge)
929 Park Avenue
Apartment 7B
New York, NY 10028
telephone: (212) 772-6019
02/13/95 14:57
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WH ENDOW FUND
005
-4-
Thomases , Ms. Susan (continued)
Willkie, Farr and Gallagher
One Citicorp Center
153 East 53rd Street
New York. NY 10022-4669
telephone: (212) 935-8000
assistant:
Angela Lawrence
January 9, 1995
Following letters have been sent in regard to the Endowment Fund:
Invitation to remain on the Board:
Mrs. Earle M. Craig, Jr.
Accepted-Letter sent (1/31/95)
Mrs. Nancy Folger
Accepted
Mrs. Graham Gund
Accepted-Letter sent (1/31/95)
Mr. George B. Hartzog
Accepted-
"
"
"
Mr. Roger Horchow
Accepted-
"
"
"
Mr. A. Paul Prosperi
Accepted-
"
"
"
Mr. Alfred R. Stern
Accepted-
"
"
"
Mr. Susan Thomases
Accepted-
"
"
"
Invitation to become a member of the Board:
Mrs. Peggy Amster (1/30/95)
Mr. Rutgers Barclay (1/30/95) Accepted-Letter sent (2/8/95)
Mrs. Carol Biondi (1/30/95)
Accepted-Letter sent (2/13/95)
Mrs. Nancy Bloch (12/30/95)
Regret
Mrs. Ann Cox Chambers
Ms Ann Cummis (1/30/95)
Ms. Ann Fisher
Accepted-Letter sent (1/31/95)
Mrs. Suzanne B. Hascoe
Accepted-
"
"
"
Ms. Linda Johnson-Rice
Accepted-
"
"
"
Mr. Bruce Karatz (1/30/95)
Mrs. Lynn Lear (1/11/95)
Regret
Mr. Hugh McColl (1/9/95)
Mrs. Thomas McLarty
Accepted-
"
"
(2/1/95)
Mrs. Judith Pyle (1/30/95)
Mr. William Rollnick (1/31/95) Accepted-
"
"
(2/8/95)
Mrs. William D. Ruckelshaus Accepted-
"
"
(1/31/95)
CC Letters sent
Mr. Michael Berman - copy of letter text with materials
Erskine Bowles - copy of letter to Mr. Hugh McColl
Rev. 1/20/95
Rev. 1/31/95
Rev. 2/8/95
Rev. 2/13/95
fax daved mailed
THE WHITE HOUSE
2/13/95
WASHINGTON
February 13, 1995
Mrs. Carol Biondi
4551 Livingston Avenue
Riverdale, New York 10471
Dear Mrs. Biondi:
Thank you for generously agreeing to
serve on the Board of Directors of the White
House Endowment Fund.
On February 17th, the Blue Room will be
officially reopened. The Endowment Board
meeting and luncheon are scheduled for the
same day. I hope that you will be able to
join me for the meeting and luncheon as well
as the Blue Room ceremony.
Sincerely yours,
Hillary Rodbam Clinton
Hillary Rodham Clinton
Nancy M. Folger is Chairman of the Board for The White House
Endowment Fund. She is an alumni of Bryn Mawr College and the
Harvard School of Education. Nancy lives in Washington, DC.
Nancy presently consultants the Children's Defense Fund on
special projects and is the chairman of support events for the
Corcoran Gallery of Art, the Black Student Fund, the Arms Control
Association and the International Human Rights Law Group.
Rutgers Barclay is a graduate of Yale University. Rutgers was
the President and Co-owner of Portraits, Inc., in New York City.
He is founded and President of Barclay Fine Art, Inc. He
currently lives in New Mexico where he is a Board Member for the
Santa Fe Community Foundation.
Carol Oughton Biondi is an alumni of Briarcliff College. She has
worked as a Board Member, Secretary and Chairman of Development
Committee for the Leake and Watts Child Care Agency and presently
serves as the president of Fieldston Parents Association and is
on the Fieldston Fund Board and Capital Campaign Committee.
Carol was the Director of Research and Associate Producer for the
ABC News Network Documentary Unit, and the assistant to
Commissioner Houser at the FCC, and also worked in Public
Television and for ABC News in Washington.
Dorothy Meyer Craig is a graduate of Vassar College. In New
York, Dorthy was on the Board of Managers for Olympic Tower, and
was a member of the alumnae Council for the Brearley School.
She lives in Midland, Texas and she was a member of the Board of
Directors for the Midland Symphony Association, and was Trustee,
President of the Board of Trustees and an Advisory Trustee at the
Trinity School of Midland. Dorthy has previously been the
Committee Chairman for Cultural Affairs at the Midland Chamber
of Commerce. She has served as a member of The Committee for the
Preservation of the White House, a Director of the White House
Historical Assocaition, a trustee for the White House for the
White House Preseveration Fund and Chair of the White House
endowment Fund for the first four uears of its existence.
Ann Denburg Cummis, is a Brandeis University graduate. She was a
Trustee for the Garden State Arts Center Foundation at the same
time she participated in the 1990 New Jersey Inauguration
Committee. Ann is a Trustee for the Drumthwacket Foundation (the
New Jersey Governor's Residence), as well as Co-Chairs the
Drumthwacket Annual Fund Raising Committee.
Anne Fisher Anne is a member of the Board of Overseers of the
University of Pennsylvania School of Fine Arts and helped fund
the restoration of the Furness Building at the University.
She established the Dr. Willibald Nagler Chair at the New York
Hospital--Cornell Medical Center. She has been active in funding
for breast cancer research through the Nine West Foundation.
Ann Landreth Gund is a Wheaton College graduate. She is involved
in projects for the Fogg Art Museum, The Boston Museum, and the
American Academy in Rome. Ann was a founding partner of a
public relations and publicity firm devoted exclusively to the
design profession. She has experience in public relations
consulting for architects, landscape architects and the Aga Khan
Foundation's architectural awards program.
George Hartzog is an American University graduate who has worked
at the Department of the Interior with the Bureau of Land
Management and the National Park Service as an Attorney and
Administrator. He has practiced law privately since 1973. George
is the Director and President of the White House Historical
Association and treasurer of the White House Endowment Fund.
Suzanne Hascoe was a biochemist in cancer research. She is a
member of both the chairman's council and the visiting committee
of the Metropolitan Museum of Art. Suzanne is also on the Board
of Trustees of the Historical Society of Greenwich, and Greenwich
Antiques Society of the Bruce Museum.
S. Roger Horchow is a graduate of Yale University. He has served
as President of Design Research, Vice President for mail order
at Neiman Marcus, President and Chief Executive Officer of the
Kenton Collection Mail Order. He has also been actively involved
in fund raising for the Dallas Museum of Art, Friends of Art and
Preservation of Embassies. Roger is also the Producer of the
Broadway Play, "Crazy for You." He is the Director of the
American Institute for Public Service and the Better Business
Bureau of Dallas.
Donna C. McLarty is a graduate of the University of Arkansas. She
is a member of the Board of Directors for WETA Public
Broadcasting Station, the Blair House, and Meridian
International. Donna Co-chaired the United Nations Annual
Dinner, the Kennedy Center Honors Gala, and the Ambassador's Ball
for the National Multiple Sclerosis Society. In Arkansas, she is
a Charter Member of the Governor's Mansion Association, and is on
the Board of Directors for the Aerospace Education Center.
Linda Johnson Rice graduated from the University of Southern
California, Los Angeles and later attended Northwestern
University where she received her Masters of Management. She is
the President and Chief Operating Officer of the Johnson
Publishing Company, Inc, as well as the President of Fashion Fair
Cosmetics. Linda is on the Board of Directors for several
organizations, some of which include the Northwestern Memorial
Corporation, the Bank of America Illinois, Magazine Publishers
Association, the Dial Corporation and the Center on Addiction &
Substance Abuse. She is on the Board of Trustees for the Museum
of Contemporary Art, the University of Southern California and
Northwestern University.
William D. Rollnick is a graduate of Ohio State University. He
is a Director and Member of the Executive Committee for Mattel,
Inc., Chairman of Genstar Rental Electronics and Director for
Ayer Inc. William Co-Produced productions of "Man of La Mancha".
He is a Board Member for the Metropolitan Opera Association, a
Board and Executive Committee Member for the American Ballet
Theater, and a Member of the Board for the New World Symphony,
Miami.
Alfred R. Stern is a graduate of the University of North
Carolina. A Partner with Hampton Partners and he is the Chairman
of Business Research Publications. Alfred is a Trustee of the
American Museum of Natural History, the Hospital Association of
New York State, the White House Historical Association and the
Film Society of the Lincoln Center
Jill S. Ruckelshaus is a graduate of the University of Indiana.
She is a member of the Board of Directors for the Sea First
Corporation, the Lincoln National Corporation, UNICEF/US, Alley
Theater, and the Indiana University Foundation. Jill is on the
Advisory Boards for the National Women's Political Caucus, the
National Leadership Commission on Health Care, the Northwest
Women's Law Center and the Hitachi Foundation. She has served on
the Mt. Vernon College Board of Trustees and the White House
Fellows Selection Committee.
Susan P. Thomases joined Willkie Far and Gallagher as an
associate in 1979, and was named partner in the Firm in 1982.
She practices with Corporate Finance and Government Relations
Departments. Ms. Thomases also managed the firm as
Administrative Partner from 1982 to 1991. Prior to entering the
practice of law, Ms. Thomases held numerous consulting positions.
Susan is a member of the board of director of the Children's
Defense Fund and the White House Historical Association. She is
a Trustee of the American Place Theater in New York.