Leadership and teamwork were key to PPI’s achievements in 2014. 

Theresa Whitmarsh took over the role of chair of the Board of Directors from Gordon Fyfe, whose two year term concluded.  Adrian Orr was named vice chair; Henry Jones as secretary and Wayne Kozun as treasurer. The board's standing committees were chaired by: Jack Wadsworth (Audit), Collette Chilton (Budget & Financial Planning), Richelle Sugiyama (Membership), Melissa Ma (Nominating & Governance), Adrian Orr and Tak Ishikawa (Program).

The year 2014 provided the the board and staff a unique opportunity to forge a new partnership to maintain the high quality of the organization’s key functions: programs, membership, communications, finance and administration. During this period, a search committee of board members working with an executive search firm conducted an exhaustive search for new leadership.  Lionel C. Johnson was selected in July and began his role as president. Kris Greenville, who led PPI in the interim, was promoted to vice president.


Since its beginnings, PPI has always placed emphasis on engaging with individuals and organizations that can provide unique contributions to our programs and add value to membership for all.  

PPI continued its smart growth approach to membership in 2014.  Kris Greenville, working closely with the Membership Committee, sought to expand PPI’s global membership network of pension funds, sovereign funds and endowments by thoughtfully integrating our engagement with prospective organizations into our program development needs.

PPI’s membership at the close of 2014 included 32 plan sponsors and 41 corporate members.  Joining us in 2014 were the New York State Common Retirement Fund; South Dakota Investment Council, Meridiam Infrastructure, Baring Private Equity India, TCW Group, and Olympus Capital.

Good stewardship of the organization’s resources is an important value and a driving force of our administrative and finance staff. 

Gwen Bough keeps PPI’s administrative functions organized and operating efficiently and supports the activities of the board and the executive leadership. 

Sabina Gotuaco works closely with the staff, the Budget and Financial Planning committee and our network of vendors to maintain a budget that is centered on providing member service and program quality.  

PPI demonstrated sound fiscal management and accountability measures in 2014, as demonstrated by the audit completed as of December 31, 2014 by Good & Fowler, LLP.  The Statement of Activities reflects a total Revenue and Support of $1,912,004, or an increase of $23,140 or 1.2% from prior year.  Total Expenses were $1,916,502, or a decrease of $40,834 or 2% from prior year.  The total change in net assets is a difference of $4,498, an improvement of 93% over the prior year.

PPI demonstrated sound fiscal management and accountability measures in 2014, as demonstrated by the audit completed as of December 31, 2014 by Good & Fowler, LLP.  The Statement of Activities reflects a total Revenue and Support of $1,912,004, or an increase of $23,140 or 1.2% from prior year.  Total Expenses were $1,916,502, or a decrease of $40,834 or 2% from prior year.  The total change in net assets is a difference of $4,498, an improvement of 93% over the prior year. 


Chart A: 2014 Revenue Sources

Chart B: 2014 Expense Allocation


Statement of Activities

For the Year Ended December 31, 2014
With Comparative Totals (USD) for the Year Ended December 31, 2013

2014 2013
     Membership Dues 1,496,774 1,537,025
     Roundtable Registration 200,140 182,455
     Asian Development Bank Grant 135,432 69,937
     PPI Executive Seminar Registration 37,550 77,000
     Investment Income 8,457 2,447
     Other Income 1,400 -
Total Revenue 1,879,753 1,868,864
     Contributions 30,220 20,000
     In-Kind Donations 2,031 -
Total Support 32,251 20,000
TOTAL REVENUE & SUPPORT 1,912,004 1,888,864
     Program Services 1,302,292 1,494,253
     Support Services 614,210 463,083
Total Expenses 1,916,502 1,957,336
CHANGE IN NET ASSETS (4,498) (68,472)
NET ASSETS AT END OF YEAR $1,683,219 $1,687,717

Note: The financial information presented is from the audited financial statements. Interested parties can obtain a complete copy of the audited financial statements by contacting our office.

PPI communications are designed to support the membership and programming with timely and relevant information for the community, in ways that clearly convey the purpose and values of PPI across all channels. With Mark Mancao's initiative to take advantage of the efficiencies and cost savings of integrated, cloud-based media, PPI adopted new communications technology platforms in 2014. PPI debuted its new mobile app at the Summer Roundtable. By the time of the Singapore Roundtable, the majority of attendees were using the app to deepen their Roundtable experience and to provide feedback that would inform future programs. He also took on the management of two exciting projects conceived by the president.

  • Legacy Video Project: With a deep desire to honor our history while also articulating PPI's value and purpose for today, we launched a video production project funded by donors, that is planned to produce a 10-minute film that will be placed prominently on our website and used for outreach to potential new members. Initial filming took place at the home of PPI's founder, Larry Hull, and a few interviews during the Singapore Roundtable, with plans to do the bulk of the video interviews during the 2015 Winter Roundtable. Attendees of the 2015 San Francisco Roundtable will be treated to an advance screening.

  • Branding Project: Toward the end 2014, it was clear that PPI had arrived at the moment when it needed to hone our mission statement and messaging in light of the competitive environment in which PPI operates. As the year came to a close, the staff had launched a project, engaging the board, members and other stakeholders to refresh PPI's brand and to effectively articulate its value proposition.


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Investing in a Low-Growth World
Can Innovation Alter Our Trajectory?


The Pacific Pension & Investment Institute (PPI) is pleased to return to Los Angeles and Rancho Palos Verdes for the 2016 Winter Roundtable. We thank all of our members, especially those based in the Los Angeles area, who have provided assistance in developing this program.


If one word can describe the state of global financial markets so far in 2016, it would be volatile. Investor unease has already led to bear markets in many countries, including Brazil, Canada, China, France, Germany and Japan. The US could enter bear-market status with the Nasdaq down 17% from recent highs, and the S&P 500 down 13%. Investor nervousness is palatable due to the fall of commodity prices, most notably oil, concerns that another global recession could be on the horizon, and increasing doubts regarding banking institutions’ ability to absorb the impact of these potent forces. China’s slowdown is felt far and wide, particularly in countries reliant on exporting raw materials, such as Brazil and South Africa. Europe, faced with social, economic, and political challenges of its own, seems on the verge of further political and economic turmoil, with both Greece and Great Britain contemplating withdrawal from the EU.

The recent market downturn notwithstanding, opportunities may exist to revitalize floundering economies and to promote long-term sustainable growth. While the availability of cheap capital may be the culprit of the recent slowdown of productivity, innovation could provide a path toward a recovery and sustained economic progress. The computing revolution has repeatedly revolutionized the way that we work and it powered the global economy through much of the past three decades. Have we realized the bulk of the productivity gains, or will innovative thinkers create a second technological renaissance? Similarly, institutional investors have been thinking innovatively for ways to achieve their expected returns. Can new investment strategies help to more effectively navigate the current low-growth environment?

Program Objectives

PPI’s 2016 Winter Roundtable will focus on how institutional investors might invest in this low-growth environment. What strategies can be pursued to meet return targets? How are institutional investors communicating this ‘new normal’ to their beneficiaries and stakeholders? Will long-term investors continue the exodus from Emerging Markets?

The Winter Roundtable will also consider ways in which innovation could alter this narrative. The continued exponential rise in computing power, along with growth in new investment opportunities focused on sustainability and the needs of future generations, may unleash new growth potential in countries and industries. Walter Isaacson, president of the Aspen Institute and author of numerous books related to innovation and great minds throughout history, will provide opening keynote remarks on Wednesday, February 24. The following morning, speakers will consider the current global environment, political and strategic concerns, and potential opportunities for the year ahead.

PPI programs strike a delicate balance between formal programming and networking opportunities. We firmly believe that the value of a roundtable to our members and other participants does not begin and end with each session.  We encourage you to contribute to the discussion through questions and comments during the Q&A periods. We also urge you to introduce yourself to new colleagues during the breaks and meals. 

Lastly, I take this opportunity to underscore PPI’s longstanding traditions. As with all PPI events, we require our participants to adhere to our no-marketing policy as well as the Chatham House Rule (no attribution of comments made). There are many ways that one might market financial products and services, from subtle to overt. Any list of prohibited marketing behaviors would be incomplete. Simply put, if a participant reports to any member of the PPI staff that their experience at a roundtable was diminished by the marketing behavior of another participant, we will act swiftly to address this violation of PPI policy, including removing the offending individual from the remainder of the program. Accordingly, he or she will not be invited to future PPI programs.

We strive to create an environment that is conducive to peer to peer learning— and in a safe setting. For many members, this is a key reason for attending PPI programs over those of our competitors. It is therefore critically important that PPI uphold the practices that encourage openness and a deeper sharing of information and experiences.

Thank you very much for your continued strong support of PPI and for your active participation in our global network of senior institutional investors.  With best wishes,

Sincerely yours,

Lionel C. Johnson




The 2014 programs in Whistler (British Columbia), San Diego, and Singapore represented PPI's continuing effort to inform members on relevant issues pertaining to investing in the Asia-Pacific region, through high-level dialogues with investment professionals and subject matter experts. Each of the 2014 events is described in greater detail in the next sections of this report.

In addition to the traditional Roundtables, and as a result of considerable member outreach throughout the year, the possibilities for additional programming and services intended to enhance the PPI value proposition and to undergird member service were assessed. Led by Program Director Nick Sramek, with the assistance of program coordinator Evie Fong and the guidance of the Program Committee, more interactive and peer-to-peer experiences were incorporated.

Reaching for Returns:
Investors Test the Marketplace

Roundtable Topics

  • Global risk outlook in 2014
  • Investment assumptions in a post-GFC world
  • Behavioral finance and institutional investors
  • Sustainable investing strategies
  • Regulatory reform
  • Banking trends
  • Tapering and emerging market risk

PPI’s first program of the year took as its theme Reaching for Returns: Investors Test the Marketplace. The discussions focused on the realities of investing in a post-financial crisis “New Normal” environment. The co-chairs of the Whistler Roundtable were Frank Tang, Chief Executive Officer and Managing Partner, FountainVest Partners (Asia), and Bryan Thomson, Senior Vice President, Equities, British Columbia Investment Management Corporation.

The roundtable featured keynote remarks by Ian Bremmer, President and Founder of the Eurasia Group, who outlined key drivers of risk for the year ahead and his thoughts on the emerging economies, the Russia-Ukraine conflict, the China-Japan relationship, and North Korea. The CEO/CIO session brought together a panel of three retired or retiring stalwarts of the Canadian pension industry who shared their wisdom on the global markets: David Denison, former President and Chief Executive Officer, Canada Pension Plan Investment Board; Jim Leech, former President and Chief Executive Officer, Ontario Teachers’ Pension Plan Board; Doug Pearce, Chief Executive Officer and Chief Investment Officer, British Columbia Investment Management Corporation; Member, PPI Advisory Committee. The session was moderated by Facilitated by Gordon Fyfe, President and Chief Executive Officer, PSP Investments.

In Whistler, PPI honored Doug Pearce and the late Joe Dear for their service to the organization, bestowing on them the H. Lawrence Hull, Jr. Leadership Award and PPI Lifetime Membership.

Path ForWARD: New East West Investment Dynamics

Roundtable Topics

  • Security challenges in China and Russia
  • Competing investment philosophies and portfolio strategies
  • China’s economic reform process
  • Japanese Prime Minister Shinzo Abe’s “third arrow”
  • Indian Prime Minister Narendra Modi’s plans for economic reform

For the Summer Roundtable PPI members and invited guests were invited to Carlsbad, California, just north of San Diego. This roundtable explored the theme: Path Forward: New East-West Investment Dynamics, as the dialogue focused on the investment ramifications of recent reform strategies in Asia’s three largest economies; China, Japan, and India. Ambassador Chas Freeman, Chair, Projects International and former U.S. Ambassador to Saudi Arabia, offered the opening remarks for the roundtable. He provided the audience with an overview of the current geopolitical challenges around the world, focusing on security challenges in the Asia-Pacific region. The co-chairs of the Carlsbad Roundtable were Richelle Sugiyama, Investment Officer, Public Employee Retirement System of Idaho, and Garrett Walls, Managing Director, Angelo, Gordon & Co.

The roundtable was highlighted by keynote addresses by Ambassador Clark T. ‘Sandy’ Randt, President, Randt & Co LLC and former U.S. Ambassador to China, and General David H. Petraeus, U.S. Army (retired) and Chairman, KKR Global Institute. Ambassador Randt focused on the outlook of the U.S.-China relationship and the internal power struggle within the Chinese Communist Party. General Petraeus discussed security challenges around the world and the role of natural resources in a world of hydraulic fracturing and an energy-independent United States, and the trend of policymakers at the local level driving change.



Roundtable Topics

  • Accessing emerging market opportunities
  • Asia’s rising debt
  • Singapore and the ASEAN community
  • Trends in private equity in Asia
  • Strategic partnerships
  • Central bank strategies

The final event of 2014 was PPI’s annual Asia Roundtable in Singapore, with the theme The New Center: Tracing the Impact of a Global Shift. Discussions focused on the shifting demographic and economic trends in Asia, specifically regarding Southeast Asia’s emerging consumer class, with the aim to provide a deeper understanding of the impact of this growth and the structural changes needed for it to continue. Immediately prior to the roundtable, the annual APEC Summit was held in Beijing. During the roundtable, the East Asia Summit was taking place in Myanmar. The G20 Summit in Brisbane, Australia, immediately followed. As these meetings focused primarily on the trade and economic ties between countries in the region, they created a fascinating backdrop for PPI’s Singapore event. 

The co-chairs of the Singapore Roundtable were Sheila Patel, Chief Executive Officer, Goldman Sachs Asset Management International and Leslie Teo Eng Sipp, Director, Economics and Investment Strategy and Chief Economist, GIC Private Limited. GIC served as our in-country host. At the Thursday evening dinner, PPI honored Takeshi Kadota with the H. Lawrence Hull Leadership Award and PPI Lifetime Membership, for his key role in bringing to PPI the very important participation of today's PPI members in Japan.

The roundtable featured keynote remarks from The Honorable Tharman Shanmugaratnam, Deputy Prime Minister of Singapore and Minister of Finance, on the role of Singapore in ASEAN, economic growth prospects for the region and internal challenges. The roundtable also featured a conversation between Jonathan Slone, Chairman and Chief Executive Officer at CLSA Limited, and the honorable Clay Lowery, Vice President of Rock Creek Global Advisors and former Assistant Secretary for International Affairs at the U.S. Treasury Department. They discussed the recent APEC meeting and the outlook for regional trade and partnerships with the United States and its Asian allies.

Building a Connected Region, Global Hub

Roundtable Topics

  • Singapore’s development model
  • Public-Private Partnerships in Asia
  • The U.S.-Singapore relationship
  • India’s reforms and the role of Singapore
  • Food and Demographics in emerging Asia
  • Healthcare investment in Singapore

PPI offered the Executive Seminar, once again taking place just before the Asia Roundtable. Designed to give a deep dive into the drivers of the Singapore economy, the seminar was attended by a group of institutional investors from the United States, Canada and Europe. The theme of the seminar, Building a Connected Region, Global Hub, gave participants an opportunity to understand Singapore’s role as a financial center of Southeast Asia and its aspirations to become globally competitive. The seminar took a close look at the institutions that have been central to Singapore’s success and the growth sectors that it may be poised to transform. In addition to the support from PPI’s members, the Centre for Asset Management Research & Investments (CAMRI) program at the National University of Singapore (NUS) and its director, professor Joseph Cherian, was instrumental in the development of the program. Additionally, GIC Investments was exceedingly helpful in providing meeting space and logistical support. 

The seminar was highlighted by a post-dinner discussion with two special guests, Muthukrishnan Ramaswami, President of the Singapore Exchange and Lim Siong Guan, Group President of GIC Private Limited, who gave remarks on their outlook for Singapore’s development as a financial hub of Southeast Asia, competition with Hong Kong, and the special role of the government in Singapore’s affairs. Another highlight of the seminar was a visit to the Sembcorp Marine Integrated Shipyard at Tuas, soon to become the largest shipyard in Singapore. David Chin, Executive Director of the Singapore Maritime Foundation, led this tour and provided a thorough history of the city-state’s maritime industry and the important role that it plays as an entrepôt economy.


Alberta Investment Management Corporation
British Columbia Investment Management Corporation
California Public Employees’ Retirement System
California State Teachers’ Retirement System
Canada Pension Plan Investment Board
City and County of San Francisco Employees’ Retirement System
CN Investment Division
Colorado Public Employees’ Retirement Association
Employees Retirement System of Texas
GIC Private Limited
Government Pension Fund, Thailand
Kaiser Permanente
Los Angeles City Employees’ Retirement System
Los Angeles County Employees Retirement Association
Municipal Employees’ Retirement System of Michigan
National Council for Social Security Fund, China
National Pension and Provident Fund, Bhutan
National Railroad Retirement Investment Trust
New York State Common Retirement Fund
New Zealand Superannuation Fund
Ontario Teachers’ Pension Plan Board
Oregon State Treasury
Public Employee Retirement System of Idaho
Queensland Investment Corporation
Second Swedish National Pension Fund – AP2
South Dakota Investment Council
University of Southern California Endowment
Virginia Retirement System
Williams College Investment Office
Washington State Investment Board

Hermes Fund Managers


Affinity Equity Partners
Albright Capital Management
Angelo, Gordon & Co.
Asia Alternatives Management
Baring Private Equity Partners
Campbell Lutyens & Co.
Capital International/Capital Guardian Trust
Cartica Capital
CDH Investments
Commonfund Capital
Corston-Smith Asset Management
Dimensional Fund Advisors
FLAG Squadron Asia
FountainVest Partners (Asia)
Global Environment Fund
Global Strategic Associates
Goldman Sachs Asia
Grove Street Advisors
H&Q Asia Pacific
Hamilton Lane Advisors
HarbourVest Partners
Institutional Real Estate, Inc.
Jasper Ridge Partners
JP Morgan Asset Management
Kohlberg Kravis Roberts Asia
Loomis Sayles & Company
Macquarie Infrastructure and Real Assets
Meridiam Infrastructure
Mitsubishi Corporation
Morgan Stanley
Olympus Capital Asia
MBK Partners
Perella Weinberg Partners
Primavera Capital Group
Quantum Advisors/Primary Real Estate Advisors
Siguler Guff & Company
Sit Investment Associates
Sumitomo Mitsui Trust Bank
Tata Group
The TCW Group
Tokio Marine Asset Management Co./Tokio Marine Capital Co.


Oliver Bolitho
Ronald E. Bornstein 
Howard Chao
Paul Costello
Roy Doumani
Nancy C. Everett
Geoffrey A. Hirt
Howard L. Hull III
JETRO, New York
Ambassador Clark T. Randt
Kazuo Seki
Shelley I. Smith
Peter H. Sullivan
James Timmins
Yuelin T. Yang


Asian Development Bank
European Bank for Reconstruction and Development
Ambassador Kihwan Kim
Lawrence J. Lau
National Council on Teacher Retirement
RAND Center for Asia Pacific Policy
The World Bank Group/International Finance Corporation


Joseph A. Dear
Ambassador Chas W. Freeman Jr.
H. Lawrence Hull, Jr.
Takeshi Kadota
Doug Pearce
Ambassador Linda Tsao Yang


Theresa J. Whitmarsh (Chair, PPI)
Executive Director
Washington State Investment Board

Gordon J. Fyfe (Immediate Past Chair, PPI)
British Columbia Investment Management Corporation

Adrian Orr (Vice Chair, PPI)
Chief Executive Officer
New Zealand Superannuation Fund

Henry Jones (Secretary, PPI)
Board Member
California Public Employees' Retirement System

Oliver Bolitho
Former Advisory Director
Goldman Sachs Asset Management

Else Bos
Chief Executive Officer

Susan J. Carter
Senior Advisor
Commonfund Capital, Inc.

Howard Chao
Of Counsel
O’Melveny & Myers

Collette Chilton
Chief Investment Officer
Williams College Investment Office

Ajit Dayal
Founder and Director
Quantum Advisory Private Limited


Takajiro Ishikawa
SVP and Division COO 
Asset Management Business Division 
Mitsubishi Corporation

Melissa J. Ma
Co-Founder and Managing Partner
Asia Alternatives Management

Lisa Mazzocco
Chief Investment Officer
University of Southern California

Shelley I. Smith
President & General Counsel 
GrayShell Consulting

Paul W. Speltz
Chairman and CEO 
Global Strategic Associates

Richelle A. Sugiyama
Investment Officer
Public Employee Retirement System of Idaho

Frank K. Tang
Chief Executive Officer 
FountainVest Partners (Asia) Limited

Dr. Leslie Teo
Chief Economist
GIC Private Limited

Bryan Thomson
Senior Vice President, Equity Investments
British Columbia Investment Management Corporation

John S. Wadsworth, Jr.
Advisory Director 
Morgan Stanley


Doug Pearce (Advisory Council Chair)
Teresa C. Barger
Christopher K. B. Brotchie
Paul Costello
Roy Doumani
Larry Hull
Takeshi Kadota
Herb Meiberger
James R. Timmins
Amb. Linda Tsao Yang


Larry Hull


Lionel C. Johnson (President)
Gwen Bough
Evie Fong
Kris Greenville
Sabina Ong Gotuaco
Mark Mancao
Nicholas Sramek


465 California Street, Suite 610
San Francisco, California 94104

Phone: +1 415.576.1187
Fax: +1 415.576.1189 




Pre-audit December 2014 Highlights on Financial Statements


2014 Statement of Activities (Revenue and Expense)

Year-end financial statements (pre-audit) reflect total revenue of $1,886,737 and total expense of $1,916,501. PPI completes the year with an overall unfavorable variance of $29,765.

Key factors related to overall unfavorable variance are the less than planned membership revenue of $166,750, offset by the favorable variances in roundtable registration ($17,148) and expenses ($98,718), and the management of expense savings in the areas of subscriptions ($16,429), printing ($5,833), supplies ($3,996), conference fees ($3,917), telephone and internet ($3,559) .

Our revenue when compared to budget was $147,529 less than budget due to the shortfall in membership revenue. Expenses when compared to budget were $114,985 favorable to budget mostly due to conservative program management of expenses.

2014 Statement of Financial Position (Balance Sheet)

Total assets in 2014 are $2,164,481. This is inclusive of $312,525 in accounts receivable, the majority of which represent the first-quarter 2015 billings. Accounts receivable are 17% of membership dues.

Total assets are $2.164 million compared to total assets of $2.104 million in 2013, a year-over-year increase of $60,655 or 3%. Net assets of $25,267 were reclassified to the Temporary Restricted Net Assets Legacy Project. Total equity at the end of 2014 was $1.658 million compared to $1.688 million in 2013, a year-over-year decrease of $29,765.

2014 Revenue

Membership Dues

PPI ends the year with 31 plan sponsors compared to budget of 36, or membership revenue of $282,900 compared to budget of $338,100, resulting in a shortfall of $55,200. Two new plan sponsors were added and four members departed as reflected in the chart on page two.

Membership in the plan sponsor category includes seven in Asia, five in Canada, two in Europe and 17 in the United States. All are dues paying except for Bhutan.

On the corporate side, PPI ends the year with 41 members compared to budget of 45, or membership revenue of $1,198,875 compared to budget of $1,313,875, resulting in a shortfall of $115,000. Two new corporates were added and four members departed as reflected in the chart on page two.

On the friends of PPI, PPI ends the year with 15 members compared to budget of 12, or membership revenue of $15,000 compared to budget of $11,550, resulting in a favorable variance of $3,450.

Net of all the membership categories is a shortfall of $166,750 when compared to budget.

2014 2013
     Membership Dues 1,496,774 1,537,025
     Roundtable Registration 200,140 182,455
     Asian Development Bank Grant 135,432 69,937
     PPI Executive Seminar Registration 37,550 77,000
     Investment Income 8,457 2,447
     Other Income 1,400 -
Total Revenue 1,879,753 1,868,864
     Contributions 30,220 20,000
     In-Kind Donations 2,031 -
Total Support 32,251 20,000
TOTAL REVENUE & SUPPORT 1,912,004 1,888,864
     Program Services 1,912,004 1,494,253
     Support Services 614,210 463,083
Total Expenses 1,916,502 1,957,336
CHANGE IN NET ASSETS (4,498) (68,472)
NET ASSETS AT END OF YEAR $1,683,219 $1,687,717

Roundtable Fees

Combined revenue from Winter, Summer and Asia roundtable registration fees is $200,139 compared to budget of $182,991, or a favorable variance of $17,148. Total registration fee underwrites 45% of the total direct roundtable expenses.

PPI Executive Seminar (PES)

Total revenue realized from PES is $37,550, reflecting eleven attendees. Total expense was $42,347, resulting in a net unfavorable variance of $4,797.

Asian Development Bank (ADB) Grant

The final payment of $135,432 was received from ADB for Grant II. Total expenses paid was $25,318.


Investment income from PPI’s investment fund and its operating accounts totaled $8,456.

Legacy Project

The Legacy project is classified as a “Temporarily Restricted Project based on Purpose.” The funds released from deferred liability and posted as revenue was $4,952 based on expenses paid in 2014 for the project.

2014 Expense


Total expenses for Winter, Summer and Asia roundtables were $445,726, compared to budget of $544,444, or $98,718 under budget. Program management, lower than anticipated food and beverage, and speaker expenses contributed to the favorable variance.


Total expense was at 100% of budget and reflects seven full time staff as of August 1, 2014. The unfavorable variance in salaries was offset by the favorable expenses in benefits and staff development.

Professional Services

Total expense was $201,588 and $39,978 unfavorable to budget. The unfavorable variance is the result of payments to Boyden Global Executive Search and legal governance consulting fees.

Printing and Postage

Total expense was $4,867 and $5,833 favorable to budget. The favorable variance is the result of the use of online and digital programs and limited mail deliveries.


Total expense was $13,921 and $16,429 favorable to budget. The favorable variance is the result of the non-renewals on subscriptions that could be accessed digitally (instead of hardcopy) or from other publicly available internet sources.


Total expense was $96,084 and $6,336 favorable to budget. Building management’s operating and property tax expenses were not available as of the close and the amount was an estimated accrual at year-end.

Staff, Executive and Board Travel

Total expense was $91,242 and slightly over budget by $902. The Board of Directors unfavorable travel expenses of $5,927 incurred due to the CEO transition were offset by the favorable variances in Executive and Staff expenses.

Review each section of the plan and budget: