Bureau of Governmental Research Inc

“Bgr's endowments consist of donor restricted gnof investment pool fund, the janet howard chair in governmental research endowment fund (howard chair), the bgr endowment fund created by bgr, and the zemurray fund. Gnof investment pool fund is maintained and managed by the gnof within their investment pool. The fund is invested by gnof with an attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of these endowment assets over the long-term. Annual distributions of income from the gnof investment pool fund, as determined by the board of trustees of gnof are provided to bgr. Bgr's board of directors then decides to either use the funds for operations of bgr or to invest in one of its endowment funds. Bgr created the bgr endowment fund in 2007. The investment objective of the bgr endowment fund is to emphasize total return. Specifically, the primary objective is to emphasize long-term growth of principal while avoiding excessive risk. The secondary objective is to achieve returns in excess of the rate of inflation plus spending over the investment horizon in order to preserve the purchasing power of the fund's assets. Risk control is an important element in the investment of the fund assets. In 2015, a donor created the howard chair. The investment objective of the bgr endowment fund is to emphasize total return. Specifically, the primary objective is to emphasize long-term growth of principal while avoiding excessive risk. The secondary objective is to achieve returns in excess of the rate of inflation plus spending over the investment horizon in order to preserve the purchasing power of the fund's assets. Such distributable funds shall be used to cover the expenses of a speaker at bgr's annual luncheon, henceforth to be recognized as the janet howard speaker series in governmental research. In 2018, a created the zemurray chair endowment fund with an initial gift of $2,000,000. During 2020, an additional $1,000,000 was contributed to the fund. The investment objectives of the zemurray chair endowment fund are to emphasize total return. Specifically, the primary objective is to emphasize long-term growth of principal while avoiding excessive risk. Short-term volatility will be tolerated in as much as it is consistent with the volatility of comparable capital market benchmarks. The secondary objective is to achieve returns in excess of the rate of inflation plus spending over the investment horizon in order to preserve the purchasing power of the fund's assets. Risk control is an important element in the investment of the fund assets. Such distributable funds shall be used to support the salary for the position of bgr's president and ceo, which position shall hereafter permanently bear the title of the samuel zemurray chair in research leadership in all and every reference to it.”

“Accounting principles generally accepted in the united states of america provide accounting and disclosure guidance about positions taken by an entity in its tax returns that might be uncertain. Bgr believes that it has appropriate support for any tax positions taken, and management has determined that there are no uncertain tax positions that are material to the financial statements. Penalties and interest assessed by income taxing authorities, if any, would be included in income tax expense.”

“Annual luncheon expenses 99,160.”

“Annual luncheon expenses 99,160.”