Since its founding in 1957, the Foundation has leveraged Fannie and John Hertz’s gifts of $31M to more than $200M (present value) in support for 1,200 Fellows as they have pursued and received their PhDs. As donors and friends, many of you are partnering with us to continue our tradition of excellence in the selection and mentoring of young talented scientists and engineers and expanding the reach of this prestigious national fellowship program.
Presently, the Foundation pays up to $53K a year per Fellow which includes the tuition, stipend, and program services expenditures. The Foundation is able to continue supporting approximately 70 Fellows in graduate school each year, while awarding 10 new Fellowships annually
As government funding for the sciences and engineering declines, along with support for university R&D and graduate education, private support for fellowships in STEM is more important than ever before. Therefore, the Foundation’s board has set an important goal—to award a Hertz Fellowship to EVERY worthy candidate identified in our national fellowship competition ANNUALLY. Given the extraordinary pool of applications the Foundation receives annually, it is expected that as this goal is reached, 20-30 MORE fellowships will be awarded each year.
To achieve this goal, the Foundation had to grow its financial resources beyond the endowment established by our generous founders. In 2010, the IRS approved a reclassification of the Hertz Foundation to “public charity status” from that of “private foundation,” thereby enabling the Hertz board and staff to actively raise money in support of its mission. We have raised more than $30 million in gifts and pledges have been committed from individuals, companies and other foundations. Currently, the Foundation has a special fundraising initiative underway, known as the “60 Fellowship Initiative.” To date, support for 34 Fellowships has been committed.
Expenditures Fiscal Year 2017
The pie charts below illustrate actual expenses of $4,436,000 for fiscal year ending June 30, 2017. It shows that support for Fellows makes up 67% of all expenses (Fellowship Stipend and Tuition, 43%; Fellowship Selection, 12%; and Community, Workshops, Retreats, 12%). Management and General Operations (16%) and Development (17%) make up the remainder of expenses. Nearly 75% of total expenses are funded through restricted and unrestricted gifts. The growth in development expenses is being funded through donor gifts restricted for that purpose.