THE JAMES MADISON COUNCIL OF THE LIBRARY OF CONGRESS
Madison Council Bulletin Spring 2008 Annual Report 2007 Head gear and jewelry of the priestess Dimitra, found in her grave [from the Pre-Christian period, before 988 A.D.] THE JAMES MADISON COUNCIL OF THE LIBRARY OF CONGRESS
Madison Council Bulletin Spring 2008
3 Letter from the Librarian
5 Letter from the Chairman
6 World Digital Library Prototype Presented at UNESCO Conference
9 Madison Council Meeting Evening Performance
12 Madison Council Business Meeting
14 The Jay I. Kislak Collection Exhibit Opens with a Celebration
16 The 2007 National Book Festival and Gala
18 William F. May Foreign Policy Lecture
18 Barbara Taylor Bradford Awarded an Order of the British Empire
18 Ed Miller Book Lecture
19 A Warm Welcome to New Members
22 In Memoriam
23 Annual Report for the Year 2007
In 2007, the Junior Fellow Summer Interns, funded in part by the James Madison Council, mined the Library’s rich collections to bring to light previously uncataloged items. The vivid, detailed drawings featured throughout this issue are from a late-19th-century book of four volumes showing accessories used by Russians from the 7th century through the tsarist era. The illustrations allow the viewer to connect in a tangible way with the vast span of Russian history, from objects of national life including jewelry, dress, textiles, weapons, saddles, and architectural details.
A.V. Prokhorov. Materialy po istorii Russkikh odezhd I obstanovki zhini narodnoi. St. Petersburg: 1884. The Library of Congress, European Division
Cover Art: Simple shields Photos: John Harrington (p. 9-13, 17) Scott Henricksen (p. 14-15); Design: Carla Badaracco 2 JAMES MADISON COUNCIL OF THE LIBRARY OF CONGRESS Headgear andother items horses,for for useon various the tsar’s ceremonial occasions We are indebted to Chairman Lenfest and Council members for supporting this critical period in the history of the Library of Congress. We are putting the final touches on the Jefferson Building transformation, designed to make the Library a leading destination for those students, teachers, and lifelong learners visiting the nation’s capital. Through the support of many Council members, Library visitors will now be treated to a stunning array of new exhibitions and innovative displays designed to give them firsthand interaction with priceless primary materials in their original form, and lead them seamlessly onto our massive online Letter from resources for K-12 education. the Librarian John Kluge got us started on this Jefferson Building project and we thank him and Tussi as well as the other key benefactors: Gerry and Marguerite Lenfest, Jay and Jean Kislak, Ray and Phyllis Smith, Peter and Julie Cummings, Marjorie S. Fisher, Marjorie M. Fisher, Nancy Jewell, Bea and Tony Welters, Consuelo Duroc-Danner, David H. Koch, Glenn Jones and Dianne Eddolls, Dennis and Susan Shapiro, and Ed and Joyce Miller. We are also grateful to Gerry Lenfest for his lead benefaction in support of the Library’s long- envisioned goal of establishing a Visiting Scholars Center in Washington, D.C. With his support and that of Marjorie M. Fisher, we are within sight of raising the remaining funds needed to renovate the nearby building. The center will not only have inexpensive accommodations otherwise unattainable in Washington, but it will offer access to the Library’s unparalleled resources to scholars, teachers, and specialists from cultural institutions. Thanks to the generosity of Council member Betsy DeVos, the Library is developing a business plan for a state-of-the-art National Education Center to complement the new interactive educational experience in the Jefferson Building. We are grateful to our Education Committee, ably led by Glenn Jones, whose advice will be invaluable as we move forward with this important undertaking. In December, we were glad to have so many members join us to celebrate the opening of the Early Americas Gallery of the Thomas Jefferson Building, featuring unique treasures from the remarkable collection given to the nation by Jay and Jean Kislak. This exhibition will have a far- reaching impact on the many visitors who will visit the Library or access the collection online, and we are grateful to Jay and Jean for their generosity. Under the leadership of the Acquisitions Committee, the Council has put in place a special acquisitions fund, which will allow the Library to take advantage of time-sensitive opportunities to build the national collection. Special thanks to Bea Welters and Nancy Jewell for leading this effort, and to John Medvekis for his generous inaugural contribution to the fund. We welcome a number of new members to the Council: Sheila Labrecque of New York City, who was introduced to many of you at the 2007 fall meeting by Norma Dana; Geoffrey T. Boisi of New York City, who was recommended by Ray Smith; Caren Prothro of Dallas, who was recommended by Ruth Altshuler; Martha Hamilton Morris, who was recommended by Gerry Lenfest; and Kathryn and Craig Hall of Dallas and Napa Valley, who were recommended by Teresa and John Amend. We look forward to the involvement and counsel of these esteemed new members. Our Membership Committee, led by Ray Smith and Peter Cummings, and our Events Committee, chaired by the indefatigable Mitzi Perdue, are working together on a number of events, building on the success of our “Central Park” program, organized by Norma Dana and Mitzi Perdue this past November. I hope that many of our members will join us as we reach out to prospective members from across the nation and the world. We are deeply grateful for the support and enthusiasm of the Madison Council. The Council is a much-admired model of the way in which the private sector can effect real and constructive change and momentum within a public institution. Thank you for joining with me in making a significant, tangible difference in our nation’s library. MADISON COUNCIL BULLETIN SPRING 2008 BULLETIN COUNCIL MADISON
3 4 JAMES MADISON COUNCIL OF THE LIBRARY OF CONGRESS Hasps, fasteners, and otherdecorations ordinary for cloaks the tsar’s the Letter from Chairman and inspiringgoals. this worthy institution willonlygrow aswe helptheLibrary reach itsambitious library. Ithankyou for allyou have doneandhopethatyour commitment to prospects for Council membership. are presented inthispublication.Iencourage eachofyou to nominate additional membership willcontinue to grow. stepping forward to chairthesecommittees, andhopethatcommittee Peter Cummings,BeaWelters, NancyJewell, GlennJones,andMitziPerdue for important contributions to theCouncil. Iamespeciallygrateful to Ray Smith, the Council, andIthankyou. person orvirtually. This achievement represents thelatest accomplishment for millions ofstudents, teachers, andlifelong learnerswhowillvisit the Library in Library’s efforts to create aunique, interactive educationalexperience for the than $179 million.Most recently, Council supporthasbeeninvaluable to the more to 2007 than $6million,bringingthetotal supportfrom 1990through with you. InFiscalYear 2007, Council me in thefinalsectionofthispublication,butIwould like to share afew highlights a numberofkey Library initiatives. Ouraudited financialstatement ispresented by theauditors. year, theMadisonCouncil Fundhasreceived anunqualifiedfavorable opinion financial resources are soundandmanagedresponsibly. For the14thconsecutive people throughout theworld. Asabusinessman, IamsatisfiedthattheCouncil’s Library hasstayed trueto itsmission to share itsunmatched resources with mean somuchto thenationallibrary. Asacontributor, Iampleasedthat the year, Iamespeciallyproud to bethechairmanofthisgroup thathascome to L ooking backonthemany accomplishments oftheMadisonCouncil thispast The MadisonCouncil is,asJimBillington hassaid,acrown jewel ofthenation’s Please joinmeinwelcoming ouresteemed new members,whosebiographies Our membership, acquisitions, education,andevents committees have made During 2007, theMadisonCouncil continued to provide substantial supportfor mbers madegiftsandpl edges ofmore
5 MADISON COUNCIL BULLETIN SPRING 2008 6 JAMES MADISON COUNCIL OF THE LIBRARY OF CONGRESS Senior Advisor, World DigitalLibrary Strategic Initiatives; andJohnVan Oudenaren, Louise Oliver; Laura Campbell,Associate Librarian for General ofUNESCO; U.S. Ambassador to UNESCO Dr. and Mrs.Billington; Koïchiro Matsuura, Director- they don’t come much bigger.” “As ideasgo,
COURTESY UNESCO World Digital Library Prototype Presented at UNESCO Conference
The Washington Post summed up the Library’s In December 2006, Dr. Billington and other prototype of a World Digital Library (WDL), Library staff met with UNESCO and the presented in Paris during the 34th UNESCO International Federation of Library Associations General Conference in mid-October: “As ideas and Institutions (IFLA) representatives and go, they don’t come much bigger.” agreed to present the WDL prototype at this Under the leadership of Dr. Billington, Library year’s UNESCO General Conference. of Congress staff demonstrated the prototype The mission of the World Digital Library is to of the World Digital Library, and the Librarian, make available on the Internet, free of charge along with Abdul Waheed Khan, UNESCO and in multilingual format, significant primary Assistant Director-General for Communication materials from cultures around the world, and Information, signed a memorandum of including manuscripts, maps, rare books, musical understanding pledging UNESCO support for scores, recordings, films, prints, photographs, the World Digital Library. architectural drawings, and other significant UNESCO Director-General Koïchiro Matsuura cultural materials. spoke at an evening reception on October 17 to As the Librarian said, the objectives are to celebrate the presentation of the prototype, promote international and intercultural under- which he said “is a truly remarkable achievement standing, increase the quantity and diversity of and clearly illustrates the project’s enormous cultural materials on the Internet, contribute to potential.” education and scholarship, and build digital Madison Council members present with the conversion capacity in developing nations. The Librarian and Mrs. Billington were Glenn Jones, prototype draws upon the contributions of the Dianne Eddolls, Raja Sidawi, and Monique Library of Congress and five partner institutions — Duroc-Danner. the Bibliotheca Alexandrina of Alexandria, Egypt; Remarking on the long-standing relationship the National Library of Brazil; the National between the Library and UNESCO, Matsuura Library and Archives of Egypt; the National noted that Archibald MacLeish, Librarian of Library of Russia; and the Russian State Library. Congress from 1939 to 1944, was one of the The WDL multilateral partner approach main architects of UNESCO’s constitution. builds on the Library’s long experience with Dr. Billington explained the role of the World bilateral digital conversion partnerships that are Digital Library. “The key objective of the World presented in the Global Gateway portion of the Digital Library ought to be to promote Library’s Web site. international and intercultural understanding and awareness. We can pursue this objective John Van Oudenaren demonstrates the prototype to U.S. by using electronic technologies to give as Secretary of Education Margaret Spellings. many people as possible access to important and interesting primary source materials from and about every country,” he said. The Librarian originally proposed the concept for a World Digital Library in a speech to the U.S. National Commission for UNESCO in June 2005, when he said: “Libraries are inherently islands of freedom and antidotes to fanaticism. They are temples of pluralism where books that contradict one another stand peacefully side by side on the shelves just as intellectual antagonists work peacefully next to each other in reading rooms.” MADISON COUNCIL BULLETIN SPRING 2008 BULLETIN COUNCIL MADISON
7 The Library has significant experience in one more about issues inherent in delivering content important aspect of the World Digital Library— in multiple languages and to test new approaches that of building digital library capabilities in the in digital library development. The site supports developing world. The Library loaned digitization searching and browsing in seven languages: equipment to the Russian State Library and the Arabic, Chinese, English, French, Portuguese, National Library of Russia, the National Library Russian, and Spanish. The interface is designed of Brazil, and more recently the National Library to help users find what they are looking for and and Archives of Egypt. Library staff also provided to encourage exploration. training on how to use the equipment, create These features depend on consistent, high- appropriate metadata, and manage digital quality metadata. Existing metadata records conversion projects in general. were enhanced by Library catalogers to ensure that each item could be fully integrated into the prototype. Each metadata record was then translated into the required languages and integrated into the Web application. Van Oudenaren said that the prototype seeks to create “an equivalent user experience, no matter what language you are using; too many sites are multilingual in a very superficial sense.” Following the signing of the agreement with UNESCO, Billington and representatives of the partner organizations spoke at a well-attended press conference, including TV crews from Russia and Egypt. Van Oudenaren presented the prototype by emphasizing the various ways
John Van Oudenaren, Laura Campbell, Glenn Jones, to discover the spectacular content. In the days Dianne Eddolls, Dr. and Mrs. Billington, Raja Sidawi, after the press event, stories appeared Monique Duroc-Danner, and Jo Ann Jenkins throughout the world, which indicates broad interest in the World Digital Library concept. WDL partners contributed to the successful During UNESCO’s General Conference, launch of the prototype in various ways. They Library staff and World Digital Library partners provided content, language expertise, and were demonstrated the prototype to a steady particularly effective in conducting presentations stream of interested world leaders, including in Paris in Arabic, French, Portuguese, Russian, and U.S. Secretary of Education Margaret Spellings Spanish. The Bibliotheca Alexandrina played a and ambassadors and ministers from around unique role by hosting a mirror site of the proto- the world. type to reinforce the ultimate goal of developing The future of the WDL will certainly involve a network of WDL mirrors around the world. fundraising. A gift of $3 million from Google has The prototype was built by a team from the supported the planning and prototype Office of the Librarian, the Office of Strategic development process. In-kind support was Initiatives, Library Services, contractors, and provided by Apple, Intel, One Laptop per Child, representatives from partner institutions. More and the dotMobi Foundation for the prototype than 100 individuals, some volunteers and some launch. These organizations sent representatives part-time, contributed to the prototype. John to Paris to demonstrate the prototype and Van Oudenaren led these efforts as director of related applications. the World Digital Library. Working groups for content selection, Development of the prototype was completed technical architecture, and digital library in seven months. One of the objectives was to guidelines have been established to assist with create a fully functioning application that moving World Digital Library from a prototype to demonstrated the goals, potential, and required production. The prototype is not available to the technical capabilities of the World Digital Library. public. Present plans are to make a production This experience allowed the WDL team to learn version available in late 2008 or early 2009. JAMES MADISON COUNCIL OF THE LIBRARY OF CONGRESS OF THE LIBRARY COUNCIL JAMES MADISON
8 Evening Performance Madison Council Meeting Fall 2007
From the top:
Yuja Wang;
Joyce Miller, Dr. Billington, Ed Miller, and Marjorie Billington;
Elizabeth Warshawer, Marina Kats, Barbara Guggenheim, George Jewell,
and Dennis Shapiro SPRING 2008 BULLETIN COUNCIL MADISON
9 10 JAMES MADISON COUNCIL OF THE LIBRARY OF CONGRESS aio oni etn Fall 2007 Madison CouncilMeeting Evening Performance Joan Wegner, andGeorge andNancyJewell. John Medveckis andBarbara Guggenheim;Dr. Billington, Row 4:Norma Dana,NormaAsnes,andConsuelo Duroc-Danner; and SheilaLabrecque Mitzi Perdue, Albert Small,andJeffFox; MitziPerdue, Yuja Wang, Dr. Billington, GerryLenfest, andRep. ZachWamp; Nancye Miller, Row 3:George andNancyJewell, Dr. Billington, andNormaDana; Curator, andNancye Miller and AnnMarieFox; Raymond White, MusicSpecialist andGershwin Row 2:Yanique Moore andSteve Perry;JeffFox, SusanShapiro, Yuja Wang andCindyWu; GlennJones Dr. Billington, AlbertSmall,JulieBaskes, andRoger Baskes; Row 1:Trio performing intheGreat Hall;DennisShapiro,
11 MADISON COUNCIL BULLETIN SPRING 2008 12 JAMES MADISON COUNCIL OF THE LIBRARY OF CONGRESS Madison Council Business Grant Hamming,SummerIntern Class of2007; Cartographic Specialist, andGeorge Jewell; Above: Dr. Billington withMarguerite Lenfest Madison Council withLibrary curators and Row 2:BeaWelters andMarkDimunation, Class of2007; Joyce Miller, Joan Wegner, Chief, Rare BookandSpecialCollections; Brian Lamb, Ray Smith,andDr. Billington Jo AnnJenkins,ChiefOperating Officer; Row 3:JanellBlackmon,SummerIntern Dianne Eddolls andMarguerite Lenfest Sheila Labrecque, Ray Smith,and Row 1:Dr. Billington; Pam Van Ee, Meeting Fall 2007 and GerryLenfest; MitziPerdue; Row 4:BrianLamb;Ray Smith; Bea Welters andNancyJewell; Norma Dana;GlennJones collection items. 13 MADISON COUNCIL BULLETIN SPRING 2008 The Jay I. Kislak Collection Exhibit Opens with a Celebration
Top left: Dr. Billington Exploring the Early Americas is a multimedia presentation in the Thomas and Jay Kislak Jefferson Building and features selections from the more than 3,000 rare Bottom left: Sen. Frank maps, documents, paintings, prints, and artifacts that make up the Jay I. Kislak Lautenberg and Prince Collection at the Library of Congress. It provides insight into indigenous Waldburg-Wolfegg cultures, the drama of the encounters between Native Americans and Center: The Conquest European explorers and settlers, and the pivotal changes caused by the of Mexico paintings meeting of the American and European worlds. The exhibition includes two displayed extraordinary maps by Martin Waldseemüller created in 1507 and 1516, which Right: Dr. Billington depict a world enlarged by the presence of the Western Hemisphere. Additionally, the exhibition includes rare and unique items such as the Tortuguero Box, a seventh-century Maya wood artifact; 17th-century murals depicting Cortes’ conquest of Mexico (1519-1522); and Alexandre Exquemelin’s “Buccaneers of America” (1678), an eyewitness account of the daring deeds of French, Dutch, and English pirates raiding Spanish ships and colonies in the Caribbean. “This exhibition is a preview of the type of high-tech experience we plan for visitors to the Library. It is a fascinating and thought-provoking journey through early chapters in our history, using an illuminating variety of formats,” said Dr. Billington. JAMES MADISON COUNCIL OF THE LIBRARY OF CONGRESS OF THE LIBRARY COUNCIL JAMES MADISON
14 The new display, which allows online tours, audiovisual explanations, and Top row: Musicians; interactive exploration, is an example of how the Library will be transforming Rep. Debbie Wasserman Schultz, Jay Kislak, its public spaces to present its resources. It contains a number of precious Rep. Ileana Ros-Lehtinen, artifacts that are made more accessible through the new technology. Rep. Tim Mahoney, and The collection includes Historia Naturae Maxime Peregrinae Libris, a book Rep. Ron Klein; written by Juan Eusebio Nieremberg in 1635. The volume was the first attempt Secretary of Housing and Urban Development to describe and categorize the flora and fauna of North and South America. Alphonso Jackson and After looking at the centuries-old book in a display case, visitors can virtually Jay Kislak turn its pages in an interactive display to view the early words and drawings Bottom row: Marjorie depicting the animals and plants discovered in the New World and learn about Billington, Jay Kislak, the customs and rites of the Aztecs and Incas. With a point of a finger, the Latin and Dr. Billington; Gilbert Griffin, Vice text can be translated into English or Spanish. Interactive displays enable visitors President, Terremark to touch a screen to zoom in or out on specific parts of maps and access insights Worldwide, Jo Ann Jenkins, from curators. and Manuel Medina, Chairman, Terremark The exhibit opened with a memorable celebration on December 12, 2007. Jay Worldwide; Mitzi Perdue Kislak and his family joined Dr. and Mrs. Billington for the evening. Also attending was Prince Waldburg-Wolfegg, whose family owned the Waldseemüller map. Members of Congress present included Rep. Debbie Wasserman Schultz, D-FL, Rep. Ileana Ros-Lehtinen, R-FL, Rep. Ron Klein, D-FL, and Rep. Tim Mahoney, R-FL. Sen. Frank Lautenberg, D-NJ, also participated in the evening activities. MADISON COUNCIL BULLETIN SPRING 2008 BULLETIN COUNCIL MADISON
15 16 JAMES MADISON COUNCIL OF THE LIBRARY OF CONGRESS Jeff Shaara (center) Community Relations, Target; theBushesand theBillingtons; Teresa Amend;JamesL.Swanson; Laysha Ward, Vice President Shelia P. Moses;JohnAmend,Mrs. BushandPresident Bush,and Clockwise from top right:Dr. Billington andMrs.Bush; Top left:The President andMrs. Bush,Dr. andMrs.Billington Opposite Page: pavilion aspartoftheNBA/WNBA’s “Read to Achieve” program. Golden State Warrior AlHarrington reads aloudintheChildren’s money management. Sam Renick and“Sammy, theSaver teach Rabbit” children about
PHOTO BY MICHAELA MCNICHOL Festival T The 2007 National held onSeptember 27. 2008 NationalBookFestival willbe have beenfeatured atthefestival. The Mary PopeOsborne, andMarc Brown Abdul Jabbar, Barbara Taylor Bradford, Andrews, MichaelConnelly, Kareem Terry Pratchett, Geraldine Brooks, Julie Goodwin, KhaledHosseini, SueGrafton, David McCullough,DorisKearns Dee AnnPayne. Madison Council andby Marshalland Support was alsoprovided by the for theirsupportasCharter Sponsors. Jeffersonians Teresa andJohn Amend activities. The Library isgrateful to estimated to have participated inthe crowd ever. More than100,000 were writers andto gettheirbookssigned. Mall to seeandheartheirfavorite thousands ofbooklovers to theNational popular event hasbrought hundreds of poets. Celebrating itseighthyear, this America’s authors, illustrators, and the joy ofreading andthecreativity of he NationalBookFestival celebrates Over theyears suchluminariesas The 2007 Festival drew thelargest Book Festival
PHOTO BY MICHAELA MCNICHOL 17 MADISON COUNCIL BULLETIN SPRING 2008 William F. May Foreign Policy Lecture
William F. May, holder of the Cary and Ann Maguire Chair in American History and Ethics, discussed “Containing Fear in Foreign Policy” at the Library of Congress in November. In his presentation, May discussed the religious apprehensions, such as good versus evil, embedded in American politics. He looked at American foreign PHOTO BY JANE SARGUS policy during the last 60 years, as political anxieties l-r: William May, Cary Maguire, and Dr. Billington in the West shifted from the mind-set during the Cold War (the West vs. tyranny) to the current apprehensions (the West vs. anarchy). May was appointed to the Maguire Chair by Librarian of Congress James H. Billington for a three-month tenure from September to December. He is a leading scholar in the field of medical ethics who has taught at Smith College and at Indiana, Southern Methodist, and Georgetown universities. Upon his retirement at SMU, May also served a year as a visiting professor at the Institute for Social and Policy Studies, Yale University. Through a generous endowment from John W. Kluge, the Library of Congress established the Kluge Center in 2000 to bring together the world’s best thinkers to stimulate, energize, and distill wisdom from the Library’s rich resources and to interact with policymakers in Washington.
Barbara Taylor Bradford Awarded an Ed Miller Book Lecture Order of the British Empire
On Tuesday, January 15, in the Council member Barbara Taylor Whittall Pavilion in the Thomas Bradford was awarded her OBE Jefferson Building, Council (the Order of the British Empire) member Edward S. Miller by Queen Elizabeth II on June 10, discussed his recent book 2007. The official Investiture took Bankrupting the Enemy: The U.S. place at Buckingham Palace in Financial Siege of Japan Before London. This award recognizes Mrs. Bradford for Pearl Harbor. Sponsored by the her services to Literature. Her husband, Robert Humanities and Social Sciences Bradford, accompanied her to the Investiture. Division, the event drew a Barbara Taylor Bradford was born in Leeds, capacity audience. A webcast Yorkshire, and started her professional writing career of Ed’s lecture can be found on on the Yorkshire Evening Post. She is the author of the Library’s Web site at twenty-two international bestsellers. Her twenty- www.loc.gov/today/cyberlc/ third novel, The Heir, was published by St. Martin’s Press on October 30th in North America. More than 81 million copies of her books have been sold worldwide in 90 countries and over 40 languages. “I am thrilled and excited, as well as very honored to receive the OBE from the Queen,” said Mrs. Bradford. “Going to Buckingham Palace and accepting this award from Queen Elizabeth was a very special occasion.” JAMES MADISON COUNCIL OF THE LIBRARY OF CONGRESS OF THE LIBRARY COUNCIL JAMES MADISON
18 A Warm Welcome to New Members
Geoffrey T. Boisi is chairman and chief serves Boston College as a trustee, executive officer of Roundtable member of the academic affairs Investment Partners LLC, a private committee and founding sponsor of the investment firm with interests in various Center for Religion and American Public private equity, money management, real Life; trustee of the Carnegie Corporation estate and corporate advisory organiza- of New York where he is chairman of tions including Carleon Capital Partners the investment management committee; LLC, a leading wealth management firm. trustee of The Brookings Institution; director of Mr. Boisi is a member of the board of directors Joseph P. Kennedy Enterprises; advisory director of Freddie Mac serving on its governance, of Oxford Analytica; director of America’s nominating and risk oversight committee, Promise; and serves the Catholic Church as mission, sourcing & technology committee as chairman and founding board member of the well as chairman of the compensation and National Leadership Roundtable on Church human resources committee. Management (NLRCM); trustee of the Saint In May 2002, Mr. Boisi retired as vice chairman Thomas More Chapel & Center at Yale of JPMorgan Chase, where he served as co-CEO University; trustee of the Papal Foundation; of JPMorgan, the firm’s investment bank, and a director of FADICA; and a Knight of Malta. member of the JPMorgan Chase’s executive Mr. Boisi has served as chairman of the board and management committees. of trustees, Boston College, co-chair of the Prior to joining JPMorgan Chase, Mr. Boisi University’s capital campaign and chair emeritus was founding chairman and senior partner of of the Boston College Wall Street Council; The Beacon Group, a premier merger and chairman of the graduate executive board, acquisition advisory and private investment The Wharton School and co-chair of its capital firm, which was acquired by Chase in July 2000. campaign; member of the international advisory Prior to the formation of The Beacon Group, Mr. board of Grupo Santander (Spain); member of Boisi was a senior general partner of Goldman, the investment banking committee, American Sachs & Co. where he served as a member of Stock Exchange; member of the Trilateral the firm’s management committee and head of Commission; director of Communities in Schools; the global investment banking business, which and a trustee of Friends Academy. included worldwide mergers and acquisitions, Mr. Boisi has been the recipient of numerous real estate, corporate finance, capital markets awards, including the Wharton School’s Joseph and principal investment activities. In addition, Wharton Award; the American Red Cross of Mr. Boisi held numerous other positions during Greater New York’s Humanitarian Award; the his 22 years at Goldman Sachs, including: Cancer Research Institute’s Oliver R. Grace chairman of strategic planning, co-chair of the Award for Distinguished Service in Advancing international management committee, partner Cancer Research; the National Catholic in charge of global finance, head of investment Educational Association’s Elizabeth Seton Award banking services, and partner in charge of and honored by Pope John Paul II as a Steward mergers and acquisitions. of St. Peter. He is also the recipient of an Mr. Boisi is chairman and co-founder of honorary Doctor of Humane Letters degree MENTOR/National Mentoring Partnership. from Sacred Heart University as well as the Founded in 1989, MENTOR ranks as one of the 2006 Lewis Hine Distinguished Service Award top 100 charities in the U.S. and is leading the for outstanding service on behalf of children. movement to connect America’s young people Mr. Boisi is a graduate of The Wharton School with caring adult mentors. of the University of Pennsylvania (M.B.A.) and He is an overseer of The Wharton School; Boston College (B.A.). MADISON COUNCIL BULLETIN SPRING 2008 BULLETIN COUNCIL MADISON
19 20 JAMES MADISON COUNCIL OF THE LIBRARY OF CONGRESS inner citydevelopm as president of W as anattorney inprivate practice and programs. Subsequentlysheworked first andlargest affirmative action administering oneofthenation’s responsible for developing and Safeway Stores, where shewas Berkeley, California, thenjoined career asassistant cityattorney in Kathryn Walt Hall two stepchildren. Hall andisthemotheroftwo children and Columbia University. She ismarriedto Craig from theUniversity ofCalifornia, Berkeley and from theUniversity ofCalifornia, andanMBA Northern California World Affairs Council. Berkeley Foundation andadirector ofthe is trustee oftheUniversity ofCalifornia, International Center for Scholars.Currently, she and asatrustee oftheWoodrow Wilson Advisory Council for Violence Against Women Committee. Shehasserved ontheNational U.S. HouseofRepresentatives HungerAdvisory the NorthTexas Food Bankandserved onthe profit andinstitutional boards. Sheco-founded operating inAustria. opportunities for Americanbusinesses She alsoledasuccessful effort to enhance resolutions relating to holocaust restitution. she ledtheEmbassy team inthenegotiationof United States Ambassador to Austria where company inNapa,California. of HALLWines, apremier vineyard andwinery is currently, withhusbandCraig Hall,co-owner purchased avineyard thirty-five years agoand California wineindustry since herfamily first She holdsanA.B.inEconomics andaJ.D Ambassador Hallhasserved onnumerous non- From 1997 to July2001,sheserved asthe Ambassador Hallhasbeeninvolved inthe alt Management,an began herpublic n company. ent who have overcome adversity to achieve success. Distinguished Americans,whichhonorsthose into theHoratio Alger Association of University inBulgaria.In2007, hewas inducted Investment Committee for theAmerican He alsoserved asDirector and Chair ofthe Studies from theDiplomaticAcademy, Vienna. Americans to obtainadegree inInternational State Departmentandbecameoneofthefirst He was alsoaconsultant to theUnited States Austrian-American Educational Commission. Mr. Hallserved ontheboard oftheFulbright branch inDallas,Texas. Foundation for Teaching Entrepreneurship Eastern Europe andfounded theNational Entrepreneurship to teach entrepreneurship in and Craig HallDistinguished Chairfor He andhiswife fundedtheFulbright–Kathryn of encouraging entrepreneurship worldwide. and often speakspubliclyabouttheimportance artists, thelargest ofitskindopento thepublic. 40 contemporary sculptures by livingTexas assembled theTexas Sculpture Garden featuring European art. Healsorecently developed and Paris aspartofashow onCentral andEastern was loanedto theJeudePaume Museumin European countries. Aportionofhiscollection former communist Central andEastern collection includescontemporary artfrom The ResponsibleEntrepreneur Craig Hallistheauthoroffive books,including While livinginVienna from 1997 to 2001, Mr. Hallactively supports new entrepreneurs An avid lifelong artcollector, Mr. Hall’s and hotels intheU.S. andEurope. the vineyard andwinerybusiness, real estate, venture capital,software, professional interests today include entrepreneur andinvestor, his begun atage10. Alife-long money saved from smallventures which heformed atage18with of Dallas-basedHallFinancialGroup, Craig Hall is chairmanandfounder . community. Tom was alsoaforerunner in in thelives ofChaseemployees andthe Bottom Line. Hefelt hecould make adifference those inneedrather thansolelyfocusing onthe scholarship andmentoring programs to help Corporation hewas instrumental inestablishing As theChairmanofChaseManhattan on theBoards oftheirrespective colleges. back to thecommunity andbothhave served Both have always felt strongly aboutgiving while hewas astudent atVillanova University. she metherhusbandThomas G.Labrecque and graduated from Rosemont College, where and development oftheisland. Association whichoversees thepreservation IslandConservationjoining theGasparililla Clinic andinAprilwillaccept thechallengeof was ontheboard oftheBocaGrande Health Board MemberofClassroom, Inc.InFloridashe Council ofVillanova University, andanAdvisory Foundation, amemberofthePresident’s member oftheBreast Cancer Research the United Nations.SheilaisanAdvisory Board Peace Foundation, whichisthePapal Office at her work for peace asatrustee ofthePath to Refugee Women andChildren. Shecontinues trustee oftheWomen’s Commission for Park Conservancy, sherecently retired asa and theCentral Park Conservancy Board. committees ofboththeWomen’s Committee 1995 to 1997 andhasserved onnumerous President oftheWomen’s Committee from 2 milliondollarsfor thePark. Sheserved as 1 milliondollarsandsomeyears closeto Committee whichhasannuallyraised over Adopt-a-Bench program oftheWomen’s Women’s Committee. Sheisalsochairofthe Sheila grew upinArdmore, Pennsylvania, In additionto herdedicationto theCentral Sheila Labrecque member oftheBoard ofthe Conservancy andisalsoa Trustee oftheCentral Park York City. Currently, sheis education, peace andNew dedicated to women’s issues, has been Advisory Board andis apast chairman. Ms. Prothro isamemberoftheSalvation Army Board ofGovernors oftheDallasFoundation. Foundation, andwas apast chairmanofthe Foundation andSouthwestern Medical Community Service Award. Medical Foundation CharlesCameron Sprague 2006 LinzAward, andtheSouthwestern Robert H.DedmanAward for Philanthropy, the awards, includingthe2007 Boys andGirlsClub College Executive Board. Committee andisamemberoftheDedman co-chair ofSMU’s Centennial Campaign chairs theAcademic Affairs Committee. Sheis and parklocated intheDallasArtsDistrict. design andconstruct anew opera hall, theater, charged withraising over $300millionto she chairstheDevelopment Committee addressing correspondence, andplaying golf. with hergrandchildren, attending meetings, grandchildren. Shespendshertimeplaying and hasfour marriedchildren andnine accomplish thedualgoalsofFoundation. events inNew York andWashington, D.C. that awareness ofthedisease. There are two annual to raise money for lungcancer research and founded theThomas G.Labrecque Foundation Central Park Conservancy. He alsoserved ontheBoard ofTrustees ofthe promoting women through that“glass ceiling.” She received aB.A.degree from MillsCollege. She currently serves ontheHoblitzelle Ms. Prothro hasbeentherecipient ofmany She alsoserves asatrustee ofSMUand Sheila resides inNew Jersey andinFlorida Following hisdeathin2000, thefamily Performing ArtsFoundation of theDallasCenter for the Currently serving ontheBoard and highereducation. active supporter ofthearts Dallas, Texas, where sheisan Caren Prothro is aresident of
21 MADISON COUNCIL BULLETIN SPRING 2008 22 JAMES MADISON COUNCIL OF THE LIBRARY OF CONGRESS Center for ScholarsinWashington, D.C. Award for Corporate Citizenship from theWoodrow Wilson International Association, andtheOpera/Omaha Guild. Omaha Symphony Guild,FriendsofChildren’s Hospital,JoslynWomen’s Meyer Children’s Rehabilitation Institute, FriendsofBrownell-Talbot School, Community Playhouse, University ofNebraska Foundation, CampFire USA, Omaha, HenryDoorlyZoo, ClarksonHospitalService League, Omaha Committee, andtheAkSar-BenWomen’s BallCommittee. Harmony ChildProtection Center, the(Omaha) Preserve OurSchools civic organizations includingtheNebraska Community Foundation, theProject passed away onJanuary14,2008,after battlingcancer since 1999. Kimball Lauritzen two brothers. University. Shewas a 1995graduate ofGeorgetown University’s law school. received amaster’s degree inearlychildhoodeducationfrom Columbia was a1976 cumlaude graduate oftheUniversity ofPennsylvania. In1980, she photograph, andtheNorthFrench Hebrew Miscellany (c. 1280),amongothers. photographic albums,Longchamps Restaurant drawings, arare MartinLutherKing made itpossible for theLibrary to acquire suchtreasures asfour SamuelGottscho curator’s efforts to enrichthecollections. Onapersonallevel, Diane’s generosity She served akey role ontheArtandArchitecture Committee championingthe and ourcurators.” many strong andenduringfriendshipsamongotherCouncil members,ourstaff, Bar Association’s Capitol Hillchapter. worked for theredesign ofU.S. coins. Shewas aformer president oftheFederal Art, andThe Rockefeller University Council, amongmany other organizations. Collection andFrickArtReference Library, theWhitney MuseumofAmerican York, shewas abenefactor oftheMetropolitan MuseumofArt,theFrick Opera, theNationalSymphony Orchestra, Radio. andNationalPublic InNew On November 5,2007, Bruce andKimballLaurtizen received theOmaha Among othergroups inwhichsheheldoffice orassisted: JuniorLeague of Lauritzen was actively involved inanumberofNebraska philanthropic and The Lauritzens were membersoftheMadisonCouncil from 1998to 2004. Survivors includeherparents, ErvingandJoyce Wolf ofNew York City, and Diane was borninCheyenne, Wyoming, andraised inDenver, Colorado. She Diane mademany importantcontributions during hertimeattheLibrary. Dr. Billington said,“Dianewas avery specialfriendoftheLibrary. Shemade Additionally, sheserved ontheU.S. Commission ofFineArtsandactively Diane Wolf Smithsonian Council ofAmericanArt,theWashington National Kennedy Center for Performing Arts,theNationalArchives, the and civiccausesinWashington, D.C. They includetheJohnF. D.C., passed away onJanuary10, 2008,inNew York City. activist, andpatron oftheartsinNew York andWashington, Diane was actively involved inanumberofphilanthropic , alongtimeOmahavolunteer andwife ofBruce Lauritzen, , 53,alawyer, fund-raiser for politicalcauses, In Memoriam Korovniki Chrysostom in Church ofSt.John by thealtarof Yaroslavl. Window Annual Report2007 23 ANUAL REPORT 2007 Founding Membership
CHAIRMAN Mr. Paul A. Allaire* Mr. Lloyd E. Cotsen The Honorable J. Richard H. F. Gerry Lenfest * Former Chairman and CEO President Fredericks President & CEO Xerox Corporation Cotsen Management Main Management LLC The Lenfest Group Stamford, Connecticut Corporation San Francisco, California West Conshohocken, Los Angeles, California Pennsylvania Mrs. Ruth S. Altshuler Mr. and Mrs. Jack M. Friedland Dallas, Texas Mr. Peter D. Cummings * Jupiter, Florida TREASURER Chairman Mr. Leonard L. Silverstein Mr. and Mrs. John T. Amend * Ram Realty Services Mrs. Gay Hart Gaines Buchanan Ingersoll & President and CEO Palm Beach Gardens, Florida Palm Beach, Florida Rooney PC The Amend Group Mr. John K. Garvey Washington, DC Dallas, Texas Mrs. Charles A. Dana New York, New York President and CEO FOUNDING CHAIRMAN Mrs. Norma K. Asnes Petroleum, Inc. EMERITUS New York, New York Mrs. Gina H. Despres Wichita, Kansas Mr. John W. Kluge* Senior Vice President Mr. and Mrs. Roger S. Baskes Mrs. Nancy Glanville Jewell * Chairman and President Capital Research and General Partner Glanville Family Interests Metromedia Company Management Company The Baskes Office Houston, Texas New York, New York Washington, DC Chicago, Illinois Mr. Thomas H. Glocer * CHAIRMAN EMERITUS Mr. and Mrs. Richard DeVos Mr. Geoffrey T. Boisi Reuters Group PLC Mr. Edwin L. Cox * The Windquest Group Chairman and CEO Cannary Wharf, England Chairman Grand Rapids, Michigan Roundtable Investment Edwin L. Cox Company Partners LLC Mrs. Diane Duggin Dr. Barbara Guggenheim Dallas, Texas New York, New York Malvern, Pennsylvania and Mr. Bertram H. Fields Los Angeles, California FOUNDING MEMBER Mrs. Barbara Taylor Bradford Mr. Charles W. Durham * EMERITUS Director Chairman of the Board Mr. Stein Erik Hagen Mr. Robert P. Gwinn Bradford Enterprises Durham Resources LLC Canica AS Encyclopaedia Britannica New York, New York Omaha, Nebraska Oslo, Norway Riverside, Illinois Mrs. William N. Cafritz Ms. Consuelo Duroc-Danner Ambassador Kathryn Hall FOUNDING MEMBER Bethesda, Maryland Houston, Texas and Mr. Craig Hall EMERITUS Hall Financial Group Mrs. Julienne Krasnoff * Ms. Nancy Cain Marcus Mr. and Mrs. Donald G. Fisher Frisco, Texas Glen Cove, New York Dallas, Texas Chairman Emeritus The Gap, Inc. Mrs. Martha Hamilton Morris Mrs. D. Wayne Calloway San Francisco, California Villanova, Pennsylvania Greenwich, Connecticut Dr. Marjorie M. Fisher * Mrs. Sally Harris Mr. and Mrs. Francois J. Bloomfield, Michigan New York, New York Castaing Bloomfield Hills, Michigan Mrs. Marjorie S. Fisher* Mr. John S. Hendricks* Palm Beach, Florida Chairman and Founder Mr. James H. Clement, Jr. Discovery Communications Dallas, Texas Mrs. Richard W. Fisher Silver Spring, Maryland Dallas, Texas Mr. Leo Hindery, Jr.* Mr. and Mrs. J. Jeffrey Fox Chairman Annapolis, Maryland InterMedia Partners, L.P. New York, New York
Mr. and Mrs. John G. Hoeschler St. Paul, Minnesota JAMES MADISON COUNCIL OF THE LIBRARY OF CONGRESS OF THE LIBRARY COUNCIL JAMES MADISON
24 Ms. Caroline Rose Hunt Mr. Ira A. Lipman Mrs. Shirley E. Phillips Mr. Raja W. Sidawi * The Rosewood Corporation Owner and CEO Co-Owner Chief Executive Officer Dallas, Texas Guardsmark Phillips Seafood and RWS Energy Services, Inc. New York, New York Restaurants New York, New York Mr. Glenn R. Jones* Ocean City, Maryland Chairman and Chancellor Mr. and Mrs. Jon B. Lovelace* Mr. Albert H. Small Jones International Ecalevol, Inc. Mrs. Charles H. Price, II President University Santa Barbara, California Indian Wells, California Southern Engineering Englewood, Colorado Corporation Mr. Thomas Luce III Mr. Frederick H. Prince Bethesda, Maryland Mr. Jerral W. Jones * Dallas, Texas Chairman Owner and General Manager F. H. Prince and Company Mrs. Elizabeth W. Smith Dallas Cowboys Football Club Mr. Cary M. Maguire* Washington, DC New York, New York Irving, Texas President Maguire Oil Company Mrs. Caren H. Prothro Mr. Frederick W. Smith * Mrs. Earle M. Jorgensen Dallas, Texas Dallas, Texas Chairman and CEO Los Angeles, California Federal Express Corporation Mr. and Mrs. Thomas B. Martin Mr. Bernard Rapoport * Memphis, Tennessee Mr. and Mrs. John W. Kessler Leawood, Kansas Chairman Emeritus and New Albany, Ohio Founder Mr. and Mrs. Henry J. Smith Mr. Aubrey K. McClendon American Income Life Bud Smith Organization, Inc. Mr. James V. Kimsey Oklahoma City, Oklahoma Insurance Company Dallas, Texas Founding CEO & Chairman Waco, Texas Emeritus Mr. John J. Medveckis Mr. Raymond W. Smith* America Online, Inc. Partner and Director Mrs. Catherine B. Reynolds Chairman Washington, DC Cooke & Bieler, Inc. Chairman and CEO Rothschild, Inc. Philadelphia, Pennsylvania Catherine B. Reynolds New York, New York Mr. Jay I. Kislak * Foundation Mr. and Mrs. Edward S. Miller Chairman McLean, Virginia Mr. John A. Thain J. I. Kislak, Inc. Washington, DC Chief Executive Officer Miami, Florida Mr. and Mrs. Elihu Rose Merrill Lynch Mr. Donald E. Newhouse Partner New York, New York President Mr. David H. Koch* Rose Associates, Inc. Advance Publications, Inc. Executive Vice President New York, New York Ms. Thorunn Wathne Koch Industries, Inc. Newark, New Jersey Wathne Ltd. – Polo Handbag New York, New York Mr. David M. Rubenstein New York, New York Dr. Erik D. Olsen* Managing Director President Mr. H. Fred Krimendahl II Carlyle Group Ms. Joan M. Wegner AARP Chairman Washington, DC Chairman Emerita Petrus Partners Ltd. Washington, DC Jel-Sert Corporation New York, New York Lady Susie Sainsbury of West Chicago, Illinois Mr. Arthur Ortenberg Turville New York, New York Mrs. Sheila Labrecque London, England Mrs. Beatrice W. Welters Boca Grande, Florida President Mr. Marshall B. Payne Mr. B. Francis Saul II An-Bryce Foundation Managing Partner Mr. Sidney Lapidus Chairman and CEO McLean, Virginia CIC Partners L.P. Partner Chevy Chase Bank, F.S.B. Dallas, Texas Warburg Pincus, LLC Bethesda, Maryland The Honorable John C. New York, New York Whitehead Mrs. Mitzi Perdue Mr. and Mrs. Walter Scott, Jr.* New York, New York New York, New York Mr. Bruce Lauritzen Chairman President Mr. Michael B. Yanney Mrs. Margot Perot Level 3 Communications, Inc. First National Bank of Omaha Chairman Dallas, Texas Omaha, Nebraska Omaha, Nebraska America First Companies Mr. Stephen C. Perry, II Mr. and Mrs. L. Dennis Shapiro Omaha, Nebraska Mr. and Mrs. Irvin L. Levy President and CEO President President Claritage Capital, LP Arzak Corporation * Names of Jeffersonians, Madison NCH Corporation New York, New York Chestnut Hill, Massachusetts Council members who have given Irving, Texas 1 million dollars or more ANNUAL REPORT 2007 ANNUAL REPORT
25 26 JAMES MADISON COUNCIL OF THE LIBRARY OF CONGRESS ah$24,751 $ Cash ASSETS SEPTEMBER 30, 2007 Statement of JAMES MADISONNATIONAL COUNCIL FUND 2007 oa iblte n e ses$ 5,522,291 $ the accompanying notes to financialstatements. These financialstatements should beread onlyinconnection with Total liabilitiesandnetassets Total netassets 277,661 $ 5,522,291 48,578 $ 887,446 Net assets (Note 4) Total liabilities Accrued payroll andannualleave 4,610,094 Accounts payable LIABILITIES ANDNETASSETS 925,011 Total assets Total receivables Receivables: Total investments Growth andIncome Pool Investments: (Note 2) o rjcs2,955,507 180,441 2,060,104 for projects Temporarily donorrestricted for projects Unrestricted-Council designated Unrestricted-Undesignated 6,706 880,740 3,685,083 Accrued interest Pledges (Note 3) Securities U.S. Treasury Market Based Financial Financial Position Statements 5,196,052 326,239 iied 13,452 31,921 191,783 131,295 36,185 Dividends 79,000 (Note 5) Imputed financingfor cost subsidies 1,130,950 on investments (Note 2) $ Net unrealized gainandrealized gain Interest Temporarily restricted donations Miscellaneous gifts Membership contributions Revenues CHANGES INUNRESTRICTED NETASSETS FOR THEFISCALYEARENDEDSEPTEMBER30, 2007 Statement of JAMES MADISONNATIONAL COUNCIL FUND e sesa n fya $5,196,052 268,168 the accompanying notes to financialstatements. These financialstatements shouldberead onlyinconnection with Net assets atendofyear Net assets atbeginningofyear Increase innetassets net assets Increase intemporarily restricted (185,851) Net assets released from restrictions Contributions 66,451 RESTRICTED NET ASSETS CHANGES INTEMPORARILY 17,244 198,637 81,100 Decrease inunrestricted netassets 683,654 Total expenses 52,211 Office supplies,printingandmaterials 752,906 Contractual andpersonnelservices and MadisonCouncil meetings Exhibit openingevents, receptions, Books andlibrary materials Other services subsistence/support persons Travel andtransportation and Personnel costs 185,851 Expenses (see ScheduleB) Total revenues Net assets released from restrictions Activities 1,800,437 1,852,203 5,165,501 (51,766) 30,551 82,317 FOR THEFISCALYEARENDEDSEPTEMBER30, 2007 Statement of JAMES MADISONNATIONAL COUNCIL FUND prtn ciiis$(373,134) (403,685) $ (17,465) statements. connection withtheaccompanying notes to financial (62,474) 135 These financialstatements shouldberead onlyin Operating Activities Net Cashprovided by (usedby) Total Adjustments (183,165)Decrease in accounts payable 5,821 Decrease inaccounts receivable (15,242) annual leave Decrease in accrued payroll and Increase inaccrued interest receivables Decrease in pledgesreceivable (131,295) Decrease in investment discount 24,751 Non-cash gainonmutualfundinvestments $ operating activities 30,551 net assets to net cashprovided from $ 102,968 Adjustments to reconcile changesin Change inNetAssets to NetCashFrom Operating Activities Reconciliation ofChangesinNet Assets Cash atendofyear Cash atbeginningofyear (78,217) Net Increase (decrease) inCash Cash flows from investing activities: Cash flows from operating activities: netn ciiis$294,917 $ 0 0 investing activities Net cashprovided by (usedby) U.S. Treasury PermanentLoan (2,543,520) $ Redemption ofInvestment in 2,838,437 U.S. Treasury Market BasedSecurities Redemption ofInvestment in (373,134) $ Permanent Loan Investment inU.S. Treasury 182,362 (669,198) (1,230,888) Market BasedSecurities Investment inU.S. Treasury 1,344,590 $ operating activities Net cashprovided by (usedby) Cash paidto employees Cash paidto others Interest Received Donations Received Cash Flows Cornice oftheentryway oftheChurch ofSt.Nicholas the Wonderworker inYaroslavl. 27 ANNUAL REPORT 2007 JAMES MADISON NATIONAL COUNCIL FUND Notes to Financial Statements SEPTEMBER 30, 2007
D. CONTRIBUTIONS AND REVENUE RECOGNITION Note 1 – Reporting Entity and Summary of The Fund records as contribution revenue amounts received in Significant Accounting Principles the form of cash, promises or pledges to give. Unconditional promises or pledges to give are recognized as a contribution A. DESCRIPTION OF FUND receivable. Multi-year pledges or promises due over a period of The James Madison National Council Fund (JMNC Fund) was time are discounted to their present value, based upon prevailing initiated by the Librarian of Congress, accepted through a poll interest rates, and recognized in the period of initial pledge. vote by the Library of Congress Trust Fund Board in July 1989 and reaffirmed October 7, 1989. A gift of $100,000 from Robert E. INCOME TAX Gwinn, Chairman of the Board of Encyclopedia Britannica, The JMNC Fund operates for the benefit of the Library of established the Fund. The JMNC Fund is reported in the Library Congress, which is an instrument of the United States and, as of Congress gift and trust funds. such, is not subject to income tax. The James Madison National Council is an advisory board of business people and philanthropists that contribute ideas, F. INVESTMENT POLICY expertise, and financial backing to support the Library’s The Library of Congress Trust Fund Board determines the collections and programs. The Council is open to persons from investment policy for the Library’s trust funds. The policy the private sector interested in advancing the Library’s outreach provides three options for investment of the JMNC Fund funds: mission. There are 94 members of the Council. Significant accounting policies followed by the JMNC Fund ■ a permanent loan with the U.S. Treasury are presented below. ■ a pool of U.S. Treasury market-based securities ■ a private investment pool consisting of five stock funds and B. BASIS OF ACCOUNTING AND PRESENTATION one money market fund. The funds recommended by the The Fund’s financial statements have been prepared on the Library of Congress Trust Fund Board’s investment accrual basis in accordance with generally accepted committee and approved by the Board are: accounting principles. • Vanguard Institutional Index Fund The Fund adopted financial reporting standards applicable • Vanguard Capital Opportunity Fund to not-for-profit organizations. The financial statements are • Fidelity Blue Chip Growth Fund prepared in accordance with Financial Accounting Standards • Fidelity Capitol Appreciation Fund No. 117, and recognizes net assets based on the existence of • Fidelity Growth Company Fund applicable restrictions limiting their use. • Fidelity Dividend Growth Fund Temporarily restricted net assets result from donor-imposed restrictions that permit the Fund to use or expend the assets Investments in U.S. market-based securities are stated at after the restriction has been satisfied. When a donor-imposed cost net of any unamortized premium or discount, which restriction is satisfied, that is, when a stipulated time restriction approximates market value at September 30, 2007. The ends or the purpose of the restriction is accomplished, permanent loan is an interest bearing par value investment temporarily restricted net assets are reclassified to unrestricted which equals the market value. Stock and money market net assets and reported in the Statement of Activities as net mutual funds are stated at current market value. assets released from restrictions. Unrestricted net assets result from the receipt of unrestricted contributions, the expiration of donor-imposed restrictions on contributions, and changes in other assets and liabilities. These Note 2 – Investments assets are available to the Fund for use in support of current and future operations. The Library of Congress provides support A. U. S. TREASURY services to the James Madison National Council. The cost of An act of Congress approved March 3, 1925, and subsequently these services are, by their nature, indirect, difficult to quantify, amended, permits up to $10 million of trust funds to be invested and financed with appropriated funds of the Library. To the with the United States Treasury as a perpetual loan, at a floating extent that these services are provided, they are not considered interest rate, adjusted monthly, but no less than four percent per operating expenses of the James Madison National Council. annum. Other investments with U.S. Treasury were as follows:
C. USE OF ESTIMATES Investment Non-Marketable, Market Based The preparation of the Fund’s financial statements in Government Securities conformity with generally accepted accounting principles Par $ 3,706,371 requires management to make estimates and assumptions Unamortized Premium $ 0 that affect the amounts reported in the financial statements Unamortized Discount $ (21,288) and accompanying notes. Actual results could differ from Amortized Cost $ 3,685,083 these estimates. JAMES MADISON COUNCIL OF THE LIBRARY OF CONGRESS OF THE LIBRARY COUNCIL JAMES MADISON
28 B. MUTUAL FUNDS The JMNC Fund invested $500,000 in the growth and income Note 5 – Imputed Financing for Cost Subsidies pool (non-Treasury mutual fund investments) in 1996. Market value of the growth and income pool as of September 30, 2007, An adjustment of $31,921 was recorded as an imputed totaled $925,011. financing source and a corresponding expense in the The net gain on investments of $131,295 consists of the accompanying financial statements. This adjustment following: $12,153 realized gain of mutual fund capital gains recognizes the full cost of pensions and other health and life distributions and $119,142 unrealized gain on the growth and insurance benefits incurred by the Office of Personnel income pool. Management during the employees’ active years of service.
Note 6 – Expenses by Functional Classification Note 3 – Pledges As permitted by SFAS No. 117, the Library has elected to Contributions of unconditional promises to give (pledges) to present its operating expenses by natural classification in its the JMNC Fund are recognized as temporarily restricted Statements of Activities for the period ending September 30, revenue in the period received. They are recorded at their 2007. The functional breakdown of these expenses is as present value using a market discount rate. Accretion of the follows (see Schedule B): discount in subsequent years is also recorded as contribution revenue. Outstanding pledges of $1,271,693 at September 30, Fiscal Year 2007 Expenses by Functional Classification Amount 2007, were discounted through fiscal year 2017 at a market JMNC Fund Projects and Programs $ 182,450 discount rate and are included in the statement of financial Members’ Specific Projects 181,329 position at their discounted present value of $880,740. The Supporting Activities – Fundraising 1,488,424 amounts due in future years at their current discounted value Total Expenses $ 1,852,203 are: $89,357 in fiscal year 2008; $41,347 in 2009; $39,698 in 2010; $38,000 in 2011; $36,338 in 2012; and $636,000 in fiscal year 2017. The Library regularly monitors the status of all pledges and adjusts accordingly; therefore no allowance for uncollectible pledges has been established. Note 7 – Retirement Plans
Employees of JMNC Fund participate in two different retirement plans. Civil Service employees participate in the Note 4 – Net Assets Civil Service Retirement System (CSRS) or the Federal Employees’ Retirement System (FERS). FERS is the system in The JMNC Net Assets of $5,196,052 are classified as Unrestricted- effect for most employees hired after December 31, 1983. Undesignated, Unrestricted-Council Designated for Projects or In fiscal year 2007, the JMNC Fund paid approximately Temporarily Donor Restricted for Projects. Of this total amount, $57,096 to fund retirement benefits, excluding FICA taxes. $2,060,104 is classified as Unrestricted-Undesignated. The balance of $3,135,948 consisting of $180,441 (Unrestricted- Council Designated for Projects) and $2,955,507 (Temporarily This information is an integral part of the accompanying financial statements. Donor Restricted for Projects) is earmarked for initiatives such as the rebuilding of Jefferson’s library, the purchase of overseas rare publications and other rare publications that may become available, international digitization of the Library’s collections, a summer internship program, funds to make copies of films for donors who give the original version to the Library, and an amount that is restricted to be used at the discretion of the Librarian of Congress for projects that arise that do not have funding or the time horizon to raise money for the project. Ending Net Assets includes undelivered orders of $325,743 which are funds that have been obligated for budgetary purposes for goods and services not yet received for JMNC Fund operations and designated projects. ANNUAL REPORT 2007 ANNUAL REPORT
29 30 JAMES MADISON COUNCIL OF THE LIBRARY OF CONGRESS government auditingstandards. did notmaterially comply withU.S. generally accepted disclosed noinstances inwhichKearney &Company review control, orcompliance withlaws andregulations. Our the Fund’s financialstatements, conclusions oninternal us to express, andwe donotexpress, anopinionon documentation. Ourreview was notintended to enable We reviewed Kearney &Company’s report andrelated expressed inthatreport. auditor’s report andtheopinionconclusions statements. The firmisresponsible for theattached firm ofKearney &Company to audittheFund’s financial We contracted withtheindependentpublicaccounting James MadisonNationalCouncil Fund To theSteering Committee on thesefinancialstatements basedonouraudit. management. Ourresponsibility isto express anopinion financial statements are theresponsibility oftheFund’s of activitiesandcashflows for theyear thenended.These Fund) asofSeptember 30, 2007, andtherelated statements position oftheJamesMadisonNationalCouncil Fund(the We have audited theaccompanying statement offinancial NATIONAL COUNCIL FUND TO THESTEERING COMMITTEE JAMES MADISON Independent OFFICE OFTHEINSPECTOR GENERAL Auditor’s Report Inspector General Karl W. Schornagel March 14,2008 regulations, andmanagement’s andourresponsibilities. compliance withcertain provisions ofapplicablelaws and control over financialreporting, ourtests oftheFund’s financial statements, ourconsideration oftheFund’s internal United States. Auditing Standards that are required to bereported herein under of laws andregulations disclosednoinstances ofnoncompliance weaknesses. (including safeguarding ofassets) disclosednomaterial accepted intheUnited States ofAmerica. respects, inconformity withaccounting principlesgenerally ended September 30, 2007, are presented fairly, inallmaterial concluded thattheFund’s financialstatements for theyear As stated inouropiniononthefinancialstatements, we have Summary States ofAmerica. with accounting principlesgenerally accepted intheUnited assets andcashflows for the year thenended,inconformity the FundasofSeptember 30, 2007, andthechangesinitsnet present fairly, inallmaterial respects, thefinancialposition of provides areasonable basisfor ouropinion. financial statement presentation. We believe that ouraudit by management,aswell asanevaluation oftheoverall the accounting principlesusedandsignificantestimates made financial statements. Anauditalso includesanassessment of evidence supporting theamountsanddisclosures inthe misstatement. Anauditincludesexamining, onatest basis, about whetherthefinancialstatements are free ofmaterial we planandperform theauditto obtainreasonable assurance Federal FinancialStatements Budget (OMB) BulletinNo. 07-04, General oftheUnited States; andOffice ofManagementand Government Auditing Standards the standards applicableto financialauditscontained in standards generally accepted intheUnited States ofAmerica; these financialstatements basedonouraudit. management. Ourresponsibility isto express anopinionon These financialstatements are theresponsibility oftheFund’s statements ofactivitiesandcashflows for theyear then ended. position oftheFundasSeptember 30, 2007, andtherelated We have audited theaccompanying statement offinancial Statements Opinion onFinancial The following sections discuss ouropinionontheFund’s The results ofourtests ofcompliance withcertain provisions Our consideration of internal control over financialreporting In ouropinion,thefinancialstatements referred to above We conducted ourauditinaccordance withauditing issued by theComptroller General ofthe . Those standards require that , issued by theComptroller Audit Requirementsfor Government Fund’s internal control. than inconsequential willnotbeprevented ordetected by the misstatement oftheFund’s financialstatements thatismore such thatthere ismore thanaremote likelihood that a accordance withgenerally accepted accounting principles authorize, record, process, orreport financialdatareliably, in deficiencies, thatadversely affects theFunds’s abilityto initiate, deficiency isacontrol deficiency, orcombination ofcontrol prevent ordetect misstatements onatimelybasis.Asignificant normal course ofperforming theirassigned functions,to a control doesnotallow managementoremployees, inthe by theFederal Managers’FinancialIntegrity Act of1982. controls relevant to theoperating objectives broadly defined criteria stated by management.We didnottest all internal preparation ofperformance information inaccordance with properly recorded, processed, andsummarized to allow the other datathatsupportreported performance measures are effect onthefinancialstatements; and(3)transactions and laws andregulations thatcould have adirect andmaterial identified inAppendixEofOMBBulletinNo. 07-04, andother budget authority, government-wide policies andlaws are executed incompliance withlaws governing theuseof unauthorized acquisition, use, ordisposition; (2)transactions of America,andassets are safeguarded against loss from accounting principlesgenerally accepted intheUnited States the preparation ofthefinancialstatements inaccordance with are properly recorded, processed, andsummarized to allow reasonable, butnotabsolute assurance, that:(1)transactions to achieve thefollowing OMBcontrol objectives thatprovide control over financialreporting. express anopinionontheeffectiveness oftheFund’s internal opinion ontheinternal controls. Accordingly, we donot opinion onthefinancialstatements andnotto provide an our auditingprocedures for thepurposeofexpressing an performing tests oftheFund’s controls inorder to determine been placed inoperation, assessing control risk,and internal control, determining whetherinternal controls had an understanding ofthedesigneffectiveness oftheFund’s Fund’s internal control over financialreporting by obtaining In planningandperforming ouraudit,we considered the Internal Control over FinancialReporting statements taken asawhole. stated, inallmaterial respects, inrelation to thebasicfinancial financial statements. Inouropinion,thisinformation isfairly the auditingprocedures appliedintheauditofbasic financial statements. Suchinformation has been subjected to of additionalanalysis, andisnotarequired partofthebasic contained inSchedulesAandBispresented for thepurpose paragraph. The accompanying supplementalinformation opinion onthefinancialstatements referred to inthefirst A control deficiencyexists whenthedesignoroperation of We limited ourcontrol testing to thosecontrols necessary Our auditwas conducted for thepurposeofforming an Bulletin No. 07-04. reported under instances ofnoncomplianceno thatare required to be regulations describedinthepreceding paragraph disclosed audit and,accordingly, we donotexpress suchanopinion. provisions oflaws andregulations was notanobjective ofour However, providing anopiniononcompliance withcertain compliance withalllaws andregulations applicable to theFund. tests ofcompliance to theseprovisions, anddidnottest determination offinancialstatement amounts.We limited our which could have adirect andmaterial effect onthe OMB BulletinNo. 07-04, andotherlaws, noncompliance with and government-wide policiesidentifiedinAppendixEof governing theuseofbudgetaryauthority, laws, regulations, tests ofitscompliance withlaws andregulations, includinglaws statements are free ofmaterial misstatement, we performed reasonable assurance aboutwhethertheFund’s financial laws andregulations applicableto theFund.Aspartofobtaining The managementoftheFundisresponsible for complying with Compliance andOtherMatters to bematerial weaknesses. involving internal control anditsoperations thatwe consider deficiencies ormaterial weaknesses. We noted nomatters deficiencies ininternal control thatmightbesignificant paragraph ofthisreport andwould notnecessarily identifyall was for thelimited purposedescribedinthesecond Fund’s internal control. Ourconsideration ofinternal control financial statements willnotbeprevented ordetected by the than aremote likelihood thatamaterial misstatement ofthe combination ofsignificantdeficiencies,thatresults inmore Alexandria, Virginia February 27, 2008 other thanthesespecifiedparties. and isnotintended to beandshouldnotusedby anyone Steering Committee, managementoftheFund,andCongress, This report isintended solelyfor theinformation anduseofthe The results ofourtests ofcompliance withthelaws and A material weakness isasignificantdeficiency, or Government Auditing Standards and OMB
31 ANNUAL REPORT 2007 JAMES MADISON NATIONAL COUNCIL FUND Supplemental Information
SCHEDULE A Schedule of Net Assets Available for Designation
Total Net Assets $ 5,196,052
Net assets restricted by donors for projects (2,955,507)
Net assets designated by the Council for projects (180,441)
Total restricted or designated net assets (3,135,948)
Net Assets Available for Designation $ 2,060,104
SCHEDULE B Schedule of Expenditures Fund Members’ Supporting Projects and Specific Activities — Programs Projects Fundraising Total
Personnel costs $ 81,324 $ (234,293) $ 836,623 $ 683,654
Travel and transportation and subsistence/support persons 198 0 52,013 52,211
Other services 946 2,920 62,585 66,451
Books and library materials 0 80,064 1,036 81,100
Exhibit Opening Events, Receptions, and Madison Council Meetings 3,096 61,245 134,296 198,637
Contractual and personnel services 96,349 271,393 385,164 752,906
Office supplies, printing and materials 537 0 16,707 17,244
Totals $ 182,450 $ 181,329 $ 1,488,424 $ 1,852,203 JAMES MADISON COUNCIL OF THE LIBRARY OF CONGRESS OF THE LIBRARY COUNCIL JAMES MADISON
32 Old smaller carriage; old carriage for the tsar 16th century head gear
1,2,3: Goblets of Grand Duke Ivan Vasil’evich III; Embroidered gloves, boot 4: goblet of tsar Mikhail Feodorovich; 5: silver wine bowl of Peter Alakseevich Tret’iakov; 6: Basin goblet The James Madison Council of the Library of Congress Washington, DC 20540