The Sierra Fund

SAVING THE SIERRA

2001-2005 . Organizational Report Our Mission The mission of The Sierra Fund is to protect and preserve the Sierra Nevada. As an innovative community foundation for the environment, we do this by partnering with private donors and public agencies to increase and organize investment in the land, air, water and human resources of the Sierra Nevada.

Our Philosophy The Sierra Fund ~ • Works to develop new sources of individual, foundation and corporate funding to help solve the region’s environmental crises. • Expands the capacity of community-based organizations already hard at work protecting the Sierra Nevada, helping to ensure their success and sustainability. • Supports a full toolbox of conservation solutions aimed at effective action, from community organizing, collaboration and education to litigation and legislative advocacy. • Leverages private financial capital to inspire larger, long-term public conservation investments in the resources of the Sierra Nevada. www.sierrafund.org

Front cover photo of the South Fork American River. The Sierra Fund successfully advocated for $2 million in state funds in partnership with the American River Conservancy to complete acquisition of 2,315 acres and finish the 8-mile trail from Salmon Falls to the Gold Discovery Park. DEAR FRIENDS OF THE SIERRA, The Sierra Nevada, the jeweled crown of California, is a rugged, 400-mile-long mountain range that borders the state’s eastern edge. Dubbed the “Range of Light” by John Muir more than 100 years ago, the Sierra inspires the human imagination and powers the human spirit. This range features the tallest mountains in the continental United States and boasts the singular jewels of Lake Tahoe and Yosemite Valley. It encompasses eight national forests, three national parks, and numerous state parks and wilderness areas. The Sierra represents our last great reservoir of clean water, wilderness, working landscapes and wildlife. Yet the Sierra Nevada faces serious threats to its well-being. The health of watersheds and wildlife habitat are endangered by unsustainable forest and fuels management practices. Working farms and ranches, along with oak woodlands, are threatened by suburban development. And the headwaters of California’s water supplies are seriously contaminated by mercury and other toxic substances. There is one important difference between the Sierra Nevada and many of California’s threatened wild places. Despite the degradation and losses the region has experienced, in many ways the Sierra is still largely intact. We still have vast tracts of land in the public domain. We have pristine lakes and old-growth trees, rivers with the capacity to support native salmon populations, and ecosystems able to sustain healthy wildlife. This organizational report – our first – outlines how The Sierra Fund has worked to achieve this vision of a Sierra Nevada protected and restored for future generations. Among our notable victories, The Sierra Fund has: • Sponsored successful bipartisan legislation that created the Sierra Nevada Conservancy to protect and restore the region’s 25 million acres; • Protected more than 30,000 acres of working ranches, farmlands, critical wildlands and wild rivers by developing over $50 million in new public conservation dollars; • Leveraged more than $30 million in private dollars for land and river acquisition and conservation throughout the Sierra; and • Made targeted grants, loans and programmatic investments of more than $1 million so that organizations working to protect the region could effectively utilize the full toolbox of conservation strategies – community organizing and education, collaboration, regulatory reform, legislative advocacy, and, when necessary, litigation. We invite you to join our effort by becoming a donor to The Sierra Fund today.

For the Sierra ~

Patty Brissenden Elizabeth Martin Board Chair Chief Executive Officer Four short years ago, a small cadre of folks The Sierra Fund concerned about the fate of the Sierra Nevada Founding Board of Directors joined together and created The Sierra Fund. Janet Cohen Surveying the threats that faced the Sierra – declining air and water quality, industrial Sarah Forslund logging, population growth, and the loss Shawn Garvey of wilderness and wildlands that sustain biological diversity – these founders Michael Killigrew recognized that saving the Sierra was going John Regan to require action and institution-building on a scale not previously attempted.

A long-standing drought of public TABLE OF CONTENTS investment to protect and restore the region’s natural resources, combined with The Sierra Fund 3 a dearth of private capital to inspire, build Ways to Give 5 and sustain local and regional efforts to Types of Funds 6 protect the environment, had left the region ill-equipped to meet the ever increasing threats Sarah Forslund Fund 7 to its biological richness and incomparable Grants & Loans 8 beauty. Advocacy 11 The vision was grand and innovative – to create Strategic Campaigns 13 a community foundation for the environment dedicated to permanently and substantially Donors 16 improving public and private funding for Consolidated conservation in the Sierra Nevada. Statement of Since that time not so long ago, The Sierra Financial Position 18 Fund has helped create more than $80 Consolidated million in new public and private monies for Statement of conservation in the region. These resources Activities 19 have been successfully invested to save river 1000 Friends canyons, protect pristine meadows, and of the Sierra 20 preserve high mountain forests. Board & Staff 21 We hope that you will be inspired by the mission we have undertaken and the results we are achieving. If so, please contact us to discuss how we can work together to protect This report is dedicated to the our Range of Light, the Sierra Nevada. memory of Michael Killigrew and Sarah Forslund, with Sincerely, love and gratitude. Founding members of The Sierra Fund’s Board of Directors, Michael and Sarah continue to inspire Shawn Garvey us to act to protect the Sierra Founding Director Nevada for our children. THE SIERRA FUND

An Innovative Community Foundation for the Sierra

The Sierra Fund was established in 2001 as the only community foundation dedicated exclusively to saving the Sierra Nevada. Our mission is to protect and preserve the Sierra for all who love it and all who depend on its abundant resources. We do this by partnering with private donors and public agencies to increase and organize conservation investments in the land, air, water and The Sierra Fund works closely with donors to human resources of the Sierra Nevada. identify their individual conservation interests and The Sierra Fund not only serves priorities, helping them to share as a community foundation that their resources with groups working makes grants throughout the region “The Sierra Fund to save the Sierra in the ways they on behalf of our donors, it also is defining a new care about most. New investors conducts an advocacy program and brand of high impact have targeted their philanthropic supports strategic campaigns to gifts toward efforts to protect and philanthropy just at the restore wildlands, wild rivers and leverage public and private funds for moment in history when Sierra conservation. working landscapes throughout the the Sierra Nevada is Sierra. These private investments PHILANTHROPY most threatened.” help leverage substantial new public investments – a key element of The As the region’s community Drummond Pike, President Tides Foundation Sierra Fund’s philanthropic strategy. foundation for the environment, The Sierra Fund works with The Sierra Fund helps individuals private donors to target their obtain the maximum tax advantages investments and contributions to for their gifts, often freeing up those conservation efforts offering the most strategic more assets for charitable giving than donors had impact on the threatened landscapes of the Sierra. thought possible, while still providing for themselves and their families. As a community foundation, the Fund provides professional fund management The Sierra Fund and its donors have and optimum flexibility regarding the type of made grants, loans and programmatic gifts received and the timing of philanthropic investments of $1.25 million to some distributions. The Foundation can help donors of the most effective, innovative and put a broad variety of assets to work for the Sierra, including cash, stock and real estate. aggressive conservation efforts in the region – restoring rivers, protecting ADVOCACY forests and preserving meadows in precious places throughout the The need for public investment in the human and natural resources of the Sierra Nevada has never Sierra. These contributions have been more pressing. The water, forests and wildlands leveraged more than $50 million of the Sierra are essential to the health and well- in new public funds and nearly $30 being of the entire state of California. The threats million in new private funds to protect to these resources increase daily, even as the region’s the Sierra. population grows at a rate double the state average.

3 Given the size and scope of the conservation needs STRATEGIC CAMPAIGNS facing the Sierra, and given the cost of the solutions, it is appropriate that public sources supply a In 2003, The Sierra Fund launched the Integrated substantial portion of the funds needed to protect Sierra Investment Strategy – “ISIS” – to develop and the region. implement new campaigns to protect and restore the region’s natural resources. ISIS sits at the confluence The Sierra Fund works in the of advocacy and high-impact following ways to achieve a more “The Sierra Fund is a philanthropy, articulating a strategic sustainable allocation of state and road map for permanently changing federal financial resources directed catalyst for quick and the future of conservation efforts to the Sierra Nevada: effective actions that throughout the region. protect and restore • Educating policy makers and With a focus on creating a long- political leaders about the need the Sierra Nevada – a term commitment from the public for increased state and federal precious asset whose and the state’s political leaders to funding to the region; future is important to all increase conservation investments in • Leveraging private contributions Californians.” the resources of the Sierra Nevada, to increase public conservation Mary Nichols ISIS guides both The Sierra Fund’s investments; and former Secretary strategic advocacy efforts and our of Resources philanthropic investments. • Building broad support for new State of California public investment in the ISIS provides the filter through Sierra Nevada. which The Sierra Fund makes grants, loans and programmatic These efforts are paying huge dividends. The Sierra investments that create and sustain critically needed Fund has created new partnerships with urban, regional conservation capacities, including: business and labor interests around the state, leading a campaign to fundamentally improve the way in • Investment in Sierra Watch’s successful litigation which public investments are made in the Sierra that curtailed badly planned development in the Nevada. Tens of thousands of acres of forests and Martis Valley while generating approximately meadows have been preserved, miles of wild rivers $30 million for conservation land acquisition in have been saved, and beloved places like Mono Lake, the region; Martis Valley, Sequoia forests and the Yuba River • Seed funding for the Sierra Checkerboard Initiative have been protected. to investigate and implement acquisition and conservation alternatives for up to 300,000 acres of The Sierra Fund sponsored historic bipartisan properties held in a checkerboard pattern of public legislation that created a Sierra Nevada and private ownership throughout the central Sierra; Conservancy. Advocacy efforts also helped • Critical start-up and implementation funding target more than $50 million in new state for the Sierra Cascade Land Trust Council - now a conservation dollars to the Sierra. thriving coalition of 18 Sierra and Cascade land trust organizations; and • Seed funding for a multi-organizational effort to work with farmers in the Central Valley and Sierra foothills to develop sustainable farming practices.

4 PHILANTHROPY

Donor Partnerships Leverage Public and Private Investments to Protect the Sierra Nevada

First and foremost, The Sierra Fund is a community foundation for the Sierra. This means that The Sierra Fund works to develop new philanthropy and build permanent sources of capital to invest in the land, air, water and human resources of the entire Sierra Nevada region.

WAYS TO GIVE Foundation Tools Allow Donors to Reduce Taxes While Protecting the Environment The Sierra Fund offers numerous ways for individuals to leave a lasting legacy that will help save the Sierra Nevada for many years to come. Donors can protect their financial needs today while making a significant contribution to the future of the Sierra. When properly structured, these charitable gifts can: • Reduce your income taxes • Reduce or eliminate capital gains taxes Donors who partner with The Sierra Fund find • Reduce gift or estate taxes that we offer the same services as a traditional • Provide life income for you or your family community foundation. The Sierra Fund works • Pass assets on to your heirs with reduced taxation closely with individuals who want to create a donor advised fund, build an endowment, or designate the These are some of the ways to give: beneficiary of a charitable remainder trust. Bequests What makes The Sierra Fund distinctive is our: Name The Sierra Fund in your will or living trust as • Ability to work directly with donors to see that a beneficiary of your estate. their specific conservation objectives are met; Appreciated Assets • On-the-ground knowledge of the key issues, opportunities and players vital to the protection Donate real estate, securities, personal property or and restoration of the Sierra; other appreciated assets and receive a full charitable deduction without capital gains taxes. • Focus on leveraging contributions by identifying additional public and private financial resources Life Insurance and Retirement Plan Gifts for conservation; and Name The Sierra Fund as a beneficiary of your • Ability to support a full toolbox of conservation life insurance policy or retirement plan assets, solutions – from community organizing, including an IRA, SEP-IRA, 401(k) or other qualified collaboration and education to legislative advocacy, retirement plan. regulation, and when necessary, litigation. continued

5 PHILANTHROPY

Charitable Gift Annuities Integrated Sierra Investment Transfer cash or marketable securities to The Sierra Strategy Fund Fund, and receive a fixed amount of annual income When you choose to contribute to the ISIS Fund, for your lifetime. Upon your death the remaining you become one of a circle of donors directly assets will go to The Sierra Fund. participating in The Sierra Fund’s most strategic Charitable Remainder Trusts grantmaking fund. Through the ISIS Fund, The Sierra Fund targets grants and loans to nonprofit Place assets in an irrevocable trust that will provide organizations involved in critical environmental you and your family with lifetime income, after battles throughout the region. which time the assets remaining in the trust will be donated to The Sierra Fund. Designated Funds This is a permanent endowment fund in which you TYPES OF FUNDS specify one or more organizations to receive the Flexible Alternatives Allow Donors to Choose annual income from your fund, whose principal is How to Meet Their Individual Charitable held and invested by The Sierra Fund. Objectives Agency Endowment Funds The Sierra Fund offers a full range of philanthropic Nonprofit organizations can establish their own vehicles that allow donors to design a giving program endowment funds at The Sierra Fund, allowing the that satisfies their specific charitable goals and allows foundation to hold and invest endowed assets for them to be as involved as they want to be in making the benefit of the nonprofit and distribute the fund’s grants. earnings to the organization on an annual basis. Donor Advised Funds Nonprofits receive the benefit of The Sierra Fund’s professional financial expertise and gain increased These funds allow donors to be actively involved visibility for their endowment. in making recommendations for grants to specific nonprofit organizations. The expertise of the Sierra Supporting Organizations Fund is available to help you articulate interest These are separate nonprofit grantmaking areas, develop strategies for effective grantmaking, organizations that are administered by The Sierra and identify appropriate grant recipients. Donor- Fund. When you set up a supporting organization advised funds can be created as expendable funds, with The Sierra Fund, you retain the independent in which you utilize both the principal and income decision-making power and identity of a private for grantmaking, or as permanent endowment funds foundation, but gain the more favorable tax status of managed to express your charitable interests in a public charity. perpetuity. We encourage you to contact The Sierra Fund to discuss which opportunities to participate in saving the Sierra Nevada are most appropriate for you and your family.

6 SARAH FORSLUND FUND FOR ENVIRONMENTAL LEADERSHIP

Memorial Donor Advised Fund

The Sarah Forslund Fund for Environmental Leadership betters the world through furthering the values by which Sarah Forslund lived her life: developing effective environmental leadership, supporting strong communities and preserving our natural resources. The Fund, which is designed and managed as a permanent testament to Sarah’s legacy, makes investments in organizations and campaigns bringing about important environmental change.

Sarah Forslund was a founding board has raised additional funds, and in 2005 a member of The Sierra Fund, and she was generous grant brought closer to reality the an inspired and inspiring advocate for goal of creating a lasting legacy to Sarah. The conservation and community. When Sarah family established an Advisory Board and died suddenly and unexpectedly in 2002, created a formal mission statement to guide The Sierra Fund created The Sarah Forslund the Fund’s future. Fund for Environmental Leadership as a way of ensuring the legacy of her remarkable life. In its first three years of existence, the Fund awarded over $30,000 in grants to The Fund allows those who knew and loved Sarah to continue her life’s work on worthy causes represented by: behalf of the environment. It was originally Dogwood Alliance established as a vehicle to receive memorial donations on Sarah’s behalf, and funds were The Environmental Defense Project contributed at her memorial service in 2002. of Sierra County Contributions were used to make grants to Gifford Pinchot Task Force environmental organizations working to create the kind of change Sarah wanted to Green Corps see happen in the world. Mountain Meadows Conservancy Sarah’s family later adopted the goal of Northern Forest Alliance making the Fund permanent. An annual appeal to friends, family and colleagues South Yuba River Citizens League

7 GRANTS & LOANS

2001~2005

Californians for Safe The Coordinating Council Save Round Valley Alliance: and Reliable Water $50,000 Advocates for Smart Growth $156,500 A grant to support implementation of a $35,000 A series of grants and loans supporting one-year national “Campaign to Label Loans to support Save Round Valley public education for the campaign in Genetically Modified Foods,” educating Alliance’s litigation of Inyo County’s support of California’s Proposition 50, citizens about the effects of genetically approval of the proposed Whitney Portal which made $3 billion available for state engineered foods. Preserve development, which would have water quality and water reliability projects. authorized the construction of 27 large The successful bond initiative included a South Yuba River Citizens homes on the access road to Mount Whitney. historic $30 million in funds targeted for League land and water acquisition in the Sierra $50,000 Animal Save Nevada, along with up to $600 million in $25,000 additional funds for which Sierra projects A grant allowing implementation of could qualify. an aggressive campaign to develop This grant allowed for the development community and statewide support for and construction of a regional animal and Sierra Watch restoration of native wild salmon and wildlife rehabilitation center in the central steelhead to the Yuba River and the Sierra Nevada. $120,000 removal or modification of at least two Loans to support Sierra Watch’s successful dams. Sierra Watch litigation of Placer County’s adoption of $25,000 the Martis Valley Community Plan in Sierra Seeds of Light Two grants supporting Sierra Watch’s Watch et al v. Placer County. The settlement $50,000 included the creation of a conservation ongoing campaign to protect the Martis fund providing up to $30 million for land A grant in support of the Acornhoek Valley between Truckee and Lake Tahoe acquisition in Martis Valley. Sustainable Garden Project, to establish from irresponsible development and gardens, drill wells, and provide ensure effective planning for threatened Californians for training and equipment to members Sierra landscapes. GE-Free Agriculture of the Acornhoek community in South Africa, as well as providing needed Range of Light Award $100,000 student services and equipment to the $18,000 Funjwa Primary School. A grant to support coalition efforts to The Range of Light Award was presented educate farmers in the Sierra foothills, Sierra Nevada Alliance to Michael Killigrew for his innovative the Central Valley and the Coast about and creative pursuit of a solution to the the true costs and effects of genetically $36,750 300,000 acres of public and private forest modified seeds, and to advocate against the A bridge loan making possible the lands in the central Sierra Nevada, where planting of genetically engineered crops in implementation of the Sierra Watershed a “checkerboard” ownership pattern California. Program, which strengthens local threatens wildlife and communities. Organic Center for efforts to implement non-point source controls throughout the Sierra by California Education and Promotion creating citizen-based water quality Wilderness Coalition $100,000 monitoring programs. $15,000 A grant to build organizational capacity of Green Corps A grant supporting the development this new organization dedicated to research $36,000 of a scientific assessment to guide a and communication about the ways in land exchange/acquisition plan in four which organic farming and products Three grants supporting Green Corps’ central Sierra counties in which the benefit society. work to train new organizers in the “checkerboard” ownership pattern strategies and skills they need to solve proliferates. Oregon Concerned tomorrow’s environmental problems, Citizens for Safe Food while providing critical field support $77,000 for today’s environmental battles. A grant in support of the Oregon Campaign to Label Genetically Engineered Food, a ballot initiative to make labeling mandatory for all genetically engineered foods grown or sold in Oregon. 8 GRANTS & LOANS

2001~2005

Sierra Nevada Forest The Environmental Protection Campaign Defense Project $15,000 of Sierra County A grant supporting the development $5,000 of a scientific assessment to guide a A loan to The Environmental Defense land exchange/acquisition plan in four Project of Sierra County to assist central Sierra counties in which the in filing a lawsuit that resulted in “checkerboard” ownership pattern a negotiated settlement to protect proliferates. sensitive properties in the Sierra Valley, prevent inappropriate subdivision and Save Round Valley Alliance: fund a grantmaking program at The Advocates for Smart Growth Sierra Fund to support information $9,385 gathering and planning crucial to the long-term protection of Sierra Valley. A grant in support of work to protect Mount Whitney from inappropriate The Environmental development and environmental Defense Project of Sierra degradation. County Restore Hetch Hetchy $5,000 $7,000 A grant in support of capacity building Two grants supporting efforts to remove to create and implement a conservation the O’Shaughnessy Dam, restore the Hetch action plan for the Sierra Valley. Hetchy Valley, and protect the Valley’s natural resources. Forest Issues Group $5,000 Tuolumne River Trust A loan to support litigation of the $7,000 United States Forest Service’s approval Two grants supporting efforts to promote of the Cottonwood Fire Vegetation the stewardship of the Tuolumne River and Management Project, which would its tributaries and ensure the health of the have authorized spraying of 650,000 Tuolumne watershed. gallons of herbicide on 13,500 acres in the Tahoe National Forest. Sierra Nevada Alliance Planning & $6,250 Conservation League Sponsorship of the 11th and 12th annual Sierra Nevada Alliance Conferences, $5,000 increasing the Alliance’s capacity to focus This grant supported advocacy and attention on the environmental threats and education throughout California opportunities facing the region, and build directed at increasing and organizing the ability of individuals and organizations conservation investments in the land, to undertake effective action. air and water resources of the Sierra Nevada. The Environmental Defense Project of Sierra County South Yuba River $5,463 Citizens League Three grants supporting work to ensure $4,000 appropriate planning and protection of A grant in support of an internship the natural and historic resources of Sierra program to develop litigation strategies County. for addressing timber harvest plans that include clear-cutting and other inappropriate forest practices.

9 GRANTS & LOANS

2001~2005

Camp Augusta Blue Water Network $2,000 $1,000 A grant to help the Rock Creek/Lake Vera A grant in support of work to Restoration Project secure opportunities champion innovative solutions and to restore Rock Creek and Lake Vera and inspire individuals to protect the earth’s mitigate impacts to the South Yuba River finite and vulnerable ecosystems. watershed. Eastern Sierra Land Trust Environmental Action $1,000 Committee of West Marin This grant helped the Eastern Sierra $2,000 Land Trust develop a strategic plan to Two grants to protect the natural guide its work to protect threatened environment and rural character of West lands in Inyo and Mono counties. Marin County. Friends of the River Northern Forest Alliance $1,000 $2,000 A grant in support of the Mark Dubois A grant supporting the creation of a Award, honoring Alison Harvey for seasonal internship to conduct outreach her extraordinary work on behalf that builds this coalition’s capacity to of Friends of the River and river achieve a sustainable future for New conservation in California. England forests. Gifford Pinchot Task Force Planning and $1,000 Conservation League A grant in support of efforts to $1,750 protect and restore the ecosystems and A grant in support of an event honoring communities of Southwest Washington. Joe Bodovitz and Melvin Lane for their Mountain Meadows lifetime achievements in protecting and conserving the California coastline. Conservancy $1,000 California League of A grant helping to secure lasting Conservation Voters protection for the Sierra Nevada’s $1,500 Mountain Meadows Basin, north of Two grants supporting the annual Byron Plumas National Forest. Sher Environmental Leadership Awards, in recognition of legislative efforts by Senator Sher and others to protect the rivers, forests South Yuba River and other resources of the Sierra Nevada. Citizen’s League American Land Conservancy $1,000 A grant to support the development $1,000 of SYRCL’s annual Wild and Scenic A grant to support work to create effective Environmental Film Festival. conservation solutions for threatened natural resources. League to Save Lake Tahoe Dogwood Alliance $600 $1,000 A grant to support the League’s work A grant supporting work to protect the to advocate and generate resources for hardwood forests of the Southern United the protection and restoration of Lake States. Tahoe.

10 ADVOCACY The Increasing Public Investment in Sierra Conservation Sierra Nevada The Sierra Fund’s advocacy program gives the Sierra Conservancy Nevada powerful and professional representation covers more than in the corridors of California’s State Legislature. 25 million In alignment with The Sierra Fund’s mission, our acres in advocacy program focuses on increasing and 22 counties. organizing public investment in critical conservation efforts throughout the region. Among the highlights:

The Sierra Nevada Conservancy is Born New state agency directs public conservation investments to the Sierra The Sierra Fund sponsored successful and historic legislation creating the Sierra Nevada Conservancy. The bipartisan legislation was signed into law by Governor Schwarzenegger on the banks of the Bear River on September 23, 2004, culminating a 25-year conversation about how best to organize public funds to protect the region’s land and water resources. Modeled on the successful efforts of the Coastal and Tahoe Conservancies, the Sierra Conservancy is the state’s largest, covering more than 25 million acres in 22 counties. The Sierra Fund acknowledges the following As lead sponsor of the legislation, The Sierra Fund worked sponsors of this campaign: to ensure unprecedented bipartisan support that was crucial to the success of the effort. Once the bill passed, The Sierra • KVMR Radio Fund successfully advocated for more than $3 million in • Mad Will’s Food Company first-year operational funding of the Conservancy and $2.2 • NorthStar Printing million in land acquisition funds to preserve the region’s • Sierra Heritage Magazine rivers and streams. • Sierra Nevada Brewing Company • Sorensen’s Resort Your License to Protect The Sierra • SYRCL RiverTeachers & Sierra Citizen New license plate will create up to $2 million annually for conservation and heighten the region’s visibility throughout the state The Sierra Fund is the lead sponsor of legislation to create a California License Plate dedicated to the Sierra Nevada. This bipartisan effort will generate up to $2 million annually in new funds to support the conservation activities of the Sierra Nevada Conservancy.

11 ADVOCACY

The Water Security, Clean Drinking South Fork American River Water, Coastal and Beach Protection Act Acquisition completes eight-mile trail Grants and loans to statewide bond campaign in along South Fork support of historic $30 million Sierra investment The Sierra Fund partnered with the American River The Sierra Fund made grants and loans of over Conservancy and the California Resources Agency $150,000 to support the Proposition 50 ballot to successfully develop more than $2 million needed initiative in California, a statewide bond that made to acquire 2,315 acres on the South Fork American $3 billion available for state water quality and water River between Chili Bar and Folsom Lake – the reliability projects. The successful bond initiative – most popular river for whitewater recreation in the which passed with 56 percent of the vote – included western United States. This acquisition allowed the an historic $30 million in funds targeted for land and completion of an eight-mile trail from Salmon Falls water acquisition in the Sierra Nevada, along with up on Folsom Lake to the Gold Discovery Park. to $600 million in additional funds for which Sierra Dry Creek Preserve projects could qualify. One of the most threatened habitats on Earth The Truckee River protected outside Sequoia National Forest 7 1/2 miles of the Truckee River is cornerstone In partnership with Sequoia Riverlands Trust and for a “Lake to Lake” Trail The Nature Conservancy, The Sierra Fund identified The Sierra Fund partnered with the Truckee Donner more than $2 million in state funds that were Land Trust and The Nature Conservancy to identify directed toward the acquisition of 1,900 acres and $1.5 million for the protection of 7 1/2 miles of the 1.3 river miles of Dry Creek, immediately outside Truckee River – from the Town of Truckee to the Sequoia National Forest. Because of its unusual Nevada border. riparian qualities, this property is considered one of the 20 most threatened habitat types in the world The 4,500 acre acquisition included more than 50 developable parcels in the Truckee River canyon. The Nevada City’s Deer Creek property is one of the cornerstones of a proposed Funds for new trails integrate town and its creek “Lake to Lake” recreation and conservation corridor stretching from Lake Tahoe to Pyramid Lake. The Sierra Fund partnered with Friends of Deer Creek and the City of Nevada City to identify South Yuba River $200,000 for easements and restoration of a new Wild and scenic river to stay that way Deer Creek Parkway trail system running throughout Nevada City. In partnership with the Trust for Public Land and the South Yuba River Citizens League, The Sierra Fund identified $4 million to protect more than 1 1/2 miles of the newly designated wild and scenic South Yuba River. The acquisition nearly doubled the acreage managed by California State Parks along the river, and ended a contentious community conflict over proposed timber harvesting on the property.

12 STRATEGIC CAMPAIGNS

Integrated Sierra Investment Strategy Guides Donor Investments

The Sierra Fund works to leverage small action to large effect by generating new private and public conservation investments in the Sierra Nevada and strategically directing those resources to yield the greatest conservation benefit. The Integrated Sierra Investment Strategy (ISIS) represents a collective vision of how to achieve this. ISIS serves as The Sierra Fund’s blueprint, laying out a detailed set of strategies and priorities essential to securing the vitality of the Sierra Nevada.

ISIS was developed through a series • Fill regional gaps in institutional of “charrettes” held by The Sierra capacity by helping organizations to Fund in 2003. These meetings employ badly needed conservation brought together dozens of key strategies, such as advocacy, litigation, government officials, business community-based organizing, media leaders, conservation leaders, private communications, and regulatory reform. philanthropists and foundation • Promote conceptual projects that solve real representatives to explore in detail problems at the landscape level. the question, “How can public and private conservation investments • Strengthen the Sierra voice in policy be organized to best protect and debates at the state level in both California restore the natural resources of and Nevada. the Sierra Nevada?” The answer is • Create state governance mechanisms to encapsulated in ISIS. organize meaningful public conservation At the heart of ISIS are six key investments in the Sierra Nevada. strategies shown to be essential for In addition to revealing key strategies, the protection and restoration of the ISIS illuminates four criteria on which Sierra Nevada: The Sierra Fund bases its conservation • Build a statewide constituency investment decisions: for a Sierra Nevada conservation • The immediacy of a threat to critical agenda, with particular focus on Sierra resources. urban voters and non-traditional allies. • The chances for success in responding to such threats. • Strengthen regional Sierra conservation organizations by • The significance of success to a larger providing reliable multi-year Sierra conservation agenda. funding. • The capacity to integrate a regional approach to crucial conservation issues.

13 KEY STRATEGIC CAMPAIGNS RESULT IN

A Network of Citizen Water Quality Monitors Sierra Nevada Alliance builds a regional network of monitors Through a low-interest bridge loan of $36,750 from The Sierra Fund, the Sierra Nevada Alliance successfully implemented a 3- year, $300,000 Sierra Watershed Program to train hundreds of citizen water quality monitoring Protecting Truckee teams on rivers and streams in and Lake Tahoe the Sierra Nevada. The program Litigation by Sierra Watch and strengthened local efforts to the League to Save Lake Tahoe implement non-point source creates up to $30 million in new controls throughout the region conservation dollars and stops and extended the reach of the Restoring Wild Salmon unreasonable development Sierra Nevada Alliance, a vital membership group that unites on the Yuba River The Sierra Fund provided $120,000 individuals and organizations Removal of Daguerre Dam, in grants and loans to Sierra Watch, working to protect the Sierra modifications to Englebright the lead plaintiff in successful across the entire 400-mile range. Dam litigation to stop plans to build more than 6,000 new homes, four A $50,000 grant from the Sierra golf courses and a new ski area Fund allowed the implementation between Truckee and Lake Tahoe. of an aggressive educational and The suit was successful when a advocacy campaign to develop Superior Court judge forbade community and statewide support development from moving forward for restoration of native wild and ruled the approval process salmon and steelhead to the Yuba by Placer County illegal. The River. The campaign included settlement included the creation successfully advocating for the of a conservation fund making removal of one dam and the available up to $30 million for land modification of another. In the acquisition in Martis Valley. past five years, more than $110 million in public and private funds have been directed to the lower Yuba River for non-dam flood control and salmon and steelhead restoration efforts.

14 SUCCESSES THROUGHOUT THE REGION

Sierra Cascade Land Trust Council Building capacity of the region’s land trusts; identifying need for $700 million to protect threatened Sierra landscapes The Sierra Fund made a series of investments in the Sierra Cascade Land Trust Council, at the time a fledgling coalition of 18 land trust organizations throughout the Sierra Nevada. In addition Sustainable to a substantial expansion of Farms and Ranches the Council’s organizational Grant allows formation of capacities, a needs assessment partnership to educate Sierra was carried out that articulated and Central Valley farmers a need for approximately $700 million over five years to complete The Sierra Fund provided Protecting the Sierra Valley over $100,000 in grants to identified conservation projects on Litigation helps protect sensitive threatened Sierra landscapes. the Community Alliance properties in the Sierra Valley with Family Farmers and from inappropriate subdivision Sierra Checkerboard the Occidental Arts and Ecology Center to support the The Sierra Fund provided a Grants fund environmental $5,000 loan that allowed The groups to protect Central Sierra implementation of Californians for GE-Free Agriculture: a Environmental Defense Project The Sierra Fund made grants of major, multi-organizational of Sierra County to file a lawsuit $30,000 to allow the California partnership to educate farmers that resulted in a negotiated Wilderness Coalition and in the Sierra foothills and the settlement with property owners Sierra Nevada Forest Protection Central Valley about the true that protected sensitive properties Campaign to participate in costs and effects of genetically in the Sierra Valley, prevented the development of a regional modified seeds, and to inappropriate subdivision and approach to protecting more than advocate against the planting of funded a grantmaking program 300,000 acres of central Sierra genetically engineered crops in at The Sierra Fund to support forestland in mixed public/private California. information gathering and ownership. A legacy of the railroad planning crucial to the long-term age, the checkerboard ownership protection of Sierra Valley. The pattern disrupts habitats and EDP continues its legal challenge watersheds and complicates land to Sierra County, demanding that management programs. public and environmental interests be integrated into future land use decisions.

15 DONORS 2001~2005

$5,000 - $9,999 Placer Land Trust William S. and Rose Angela Calvert The Sierra Fund Planning and Conservation League William and Diane L. Calvert, Jr. Armrod Charitable Foundation Sequoia Riverlands Trust Richard S. Camino gratefully acknowledge CROPP Cooperative Shasta Land Trust Dennis L. Campbell H.D. Mooers and Company Shute, Mihaly and Weinberger Robert H. and Yvonne Caplan the foundations, League to Save Lake Tahoe Sierra Los Tulares Land Trust James M. Carney organizations, Pender Educational Trust, El Dorado Sierra Watch Jeff D. Carter Community Foundation South Yuba River Citizens League Julie Carville companies and Tsakopoulos Family Trust Tuolumne County Land Trust Therese and Corey Casper individuals who are Van Vleck Ranching Wild PAC Todd C. and Caterina Chamberlain and Resources, Inc. Mallory Chaone Alexander Aaron Michael and Lisa Herring Diana Winsor Chase joining with us in Marilyn A. Alexander Robert W. and Kay C. Cheatham Susan E. Alland partnership to save the Charles Clark, Jr. and Ann B. McLeod $1,000 - $4,999 Al Anderson Joan M. Clayburgh Sierra Nevada. Their Emily Jane Anderson American River Conservancy Julia P. and Carter Clements Rich and Barb Anderson generous contributions Carville Sierra Inc. Thomas H. and Jan A. Cogbill, M.D. Gail G. Anderson Eastern Sierra Land Trust Janet Cohen and investments in The Mary Kate Anderson Emerald Valley Kitchen, Inc. Stuart and Ronnie Cohen Tina Andolina GloryBee Foods, Inc. Emily Conn Sierra Fund and our Eric Antebi Lassen Land and Trails Trust Beverly Cooper Juliette Anthony partner organizations Mountain Meadows Conservancy Rani Corey and Jeremy Sheaffer Laurie A. Armstrong Nevada County Land Trust James Corpora make possible all of the Robert Ayres Nevada Land Conservancy Janet K. Crain Ace Barash successes described in Sierra Cascade Land Trust Council L. Dale and Sharon Crandall David Bard Sierra Foothill Conservancy Robert E. and Gretchen F. Croake this report. Randy and Karen Barrow Tides Foundation Penelope Curtis Susan and David Bavo Truckee Donner Land Trust Michael A. Cusick and Joyce C. Want Robert and Kristen Beazley Caleb Dardick $150,000 + Gary Bengier Joseph J. Bell Deanna M. and Robert C. Davis Mabel Cabot Ward Bell Funk Family Charitable Trust Laurie Davis John P. and Teresa Comerford Jaly Bendy Resources Legacy Fund Foundation Martha Davis Stevee Duber Michelle Benson David and Kathy Welch Robert Davis Robert and Kathy Forslund Robert A. and Carol A. Berman John Davolio Judith A. Funk Autumn Bernstein Steven Decker $50,000 - $149,000 Brian M. Hart Marilyn Bird Bernadette Del Chiaro Ralph and Dorothy Hitchcock Lucy Blake and Steve Nightingale Richard and Rhoda Goldman Fund Jason Aaron Delborne Cameron Healy Lisa N. Bleed The Nature Conservancy Margaret and Robert Dixon Scott Holcomb Stephanie Bonin The David and Sheila Dixon Scott Laughlin and Cameron Sellers Roy R. and Roberta F. Borgonovo Lucile Packard Foundation James Dodds Kelly Short and Steve Blackmer Thomas and Margaret E. Bowman Sierra Nevada Brewing Co., Inc. Greg Donoven and David Roque Amy J. Luckey and Tom E. Steinbach Matthew J. and Amy Braig Mel Bankoff Kathy Dotson Edith Hall Lufkin Stephen and Edith A. Brandenburger Sean Dowdall and David Landis Judith and Benjamin Marks Jan Brisco Beverly B. Downer $25,000 - $49,999 Douglas and Janet Mooers Charles and Mary Brock Heidi and John Drum Jeffrey and Linda Mooers Carl Bronson Feather River Land Trust Audrey and Don Duerwachter Honorable William A. Newsom Michael Broome Sierra Club Foundation Theresa May Duggan Mary Nichols and John Daum Cory and Nancy Brown Sorensen’s Resort Tina Duong Mari C Omland and Laura Olsen Elisabeth Brown The Trust for Public Land Lowell K. and B. Patricia Dyson Rick and Kathy Lee On Kathleen Brown Alice and Bill Russell-Shapiro Kathleen B. Eagan and James C. Duffy Adam Ruben Krista Karin Brown Joseph Edminston Louis P. Sans W. David and Linda J. Brown Ann Elliott Emerson $10,000 - $24,999 George Sardina, M.D. Leah R. Brumer and Robb A. Scott Julie J. and John T. English, M.D. John Stillman Elizabeth Buchanan and Dorene and Steven B. Enos Lee Butler Family Foundation Anonymous Kevin T. Knobloch Suzanne Evans Mono Lake Committee Daniel J. Buckley III Thomas J. Evers and Erin P Sugrue Pacific Gas and Electric Company $10 - $999 Tom Budlong Phyllis Faber Rose Foundation for Communities Lorraine Jewett Burdick and the Environment Amador Land Trust Joseph and Frances Burgard Anita B. H. Flo Sierra Business Council California League of Harriet Hunt Burgess Amy R. Floyd Conservation Voters Sierra Nevada Alliance Marc R. Burgraff and Rebecca and Sharon Flynn California Nevada Conference of Simone Malboeuf Janice Forbes John and Patty Brissenden Operating Engineers Robert E. and Jeannie M. Bush Barbara Forslund and Phil Klingner John Hellwig and Mary Peterson East Bay Municipal Utility District Marlena A. Byrne David and Roseanne Forslund Alan and Cledith Jennings Eastern Sierra Land Trust Daphne Cagle Natalie Foster Gerald and Barbara Meral GLM Associates Briana Caldwell Harvey M. and Deana K. Freedman Donald S. and Stephanie Mooers Mountain Lion Foundation Cashion Callaway Fred and Shirley Frick Anonymous Northern California William C. Callender Andy Fried Regional Land Trust

16 DONORS 2001~2005

$10 - $999 (continued) Julie Kummel Paul H. and Dawn W. Nylin Amy Skewes-Cox R. Duff and Carol Kurland Paul Okamoto Gregg and Pam Small Ted and Bonnie Gaebler Andrea Lawrence Stefanie E. Olivieri Susan J. and Thomas F. Smegal, Jr. Raymond R. Garcia and Julie W. Jurs Frances Leary Derik Olson Heather Smith Lynelle Garfield David M. Leavitt James Oskick Michael and Lanyll Smith Shawn Garvey Lisa and Jonathon Levy David Palley Philip Smith Arnon and Anita Gat Marcus Libkind Donald G. and Mary Ann Parachini Sharon Sprowls Ken and Jann Gaustad Lillian K. Light Kathryn W. Parish Marshalle Genevieve Peter C. and Nicole Lindstrom Terri Pencovic Robert and Virginia Stahl Marcia B. Gest Doug Linney J. Ronald and Margaret Ann Pengilly Brian Steen Kathleen K. and Michael D. Giese Jesse Littlewood Marcee H. Peplinski Joanne M. and Patrick J. Stephens Roger Goldman Nancy and Kurt Lorenz Senate President Pro Tem Don Perata Bruce E. and Irena C. Stern Richard G. and Faye G. Goldsmith Terry Lowe and Mary Kelley Robert T. Perschel Elizabeth Adams Sterner Katherine Golobic W. M. Eugine Maher and Dale Peterson Frank Stewart Cynthia P. Gorman Peter D. Sayer Doug Phelps Stephen K. Struebing Barbara Graves Kristi Makarawicz and Bonnie J. Pickett Jeffrey D. Stump Barbara Green Howard J. Hirsch Richard Pier Elizabeth Susman Christopher and Julia Grimsrud Mike Mallen Larry J. and Marilyn E. Pitzner David Sutton Gustavo Grunbaum Sean and Molly Maloney Emily K. Platt Peter C. and Diane E. Swanhuyser Charles H. and Marella R. Guigou Elene Z. Manolis Andrea D. Poehling Daniel Hall Rocio M. and George P. Manolis Paul M. and Patricia M. Poehling Lisa Swarthout Edward Halstead Richard Mark and Ellis Robinson Leal and Lloyd Portis Richard S. Taylor and Tracy Grubbs Jessica Hamilton William R. and Marilyn T. Marken Chauncey and Teresa Poston Dale H. Teubert Paul and Rhonda Hardy Hedy A. and Joshua D. Marks Ruthmary Priebe Kerri and John Timmer C. Neera Harmon Amy and Jason Markus Robert Protass Michael E. and Erica L. Tomlinson Alex Harris Glenda Marsh Rita Purpora Holly Tornheim Robert V. Hawn Elizabeth “Izzy” Martin Sydney Quinn Alice and John Trinkl Kenneth and Janet Gray Hayes Gregory and Patricia Martin Jason J. Rainey and Tania L. Carlone Clark Trowell John S. and Tamara C. Hege, M.D. Kayle Martin John and Yvonne Ramsden Gail G. Uilkema Anne C. and Lawrence C. Heilman Sharon Maser Linda Ranzenberger and Larry Arentz Steve Van Landingham and Mary Henneberry Melanie J. Mayer Tim and Karen Rice Matthew O’Grady Roger Hicks and Linda J. Rachmel Pete and Nancy Maysmith C.D. Ritter Susan F. Hill Scott W. and Wendy W. McArdle David and Emily Rivenes Judith Voet Barbra Hodgin and Howard Weaver Clovis McClulskey Don and Barb Rivenes John Wagner William F. and M. Karen Hoefs Tim and Carol Mccollum Jeff and Kristil Robarts Dave and Lugena Wahlquist Robert Hoffman Sandy and John McGee William J. Roberts Lisa and Jeff Wallace Carlyle Holmes Kelley McGrath Susan Rogers Bryan S. Ward Judith Hofrichter Cheryl McKinney Sally S. Rolbhe Denise Waterbury Bronwyn Hogan Sylvia C. McLaughlin Patricia H. Ronald Terrell Watt Mary and Michael Hogan Clarence McProud Naomi Roth John C. Weaver Jr. Marika A. Holmgren Sally J. McReynolds Stephen H. Rovno Paul A. and Janelle Wegner Rachel Hooper Maureen Meikle Brian R. Rosendahl and Wendy Wendlandt Daphne Hougard Jennifer K. Melville and Cindy R. Rubin Ellen Hughes Alexander O. Abbott Charles A. and Shirley A. Rosendahl Mary C. Wente Fritzi N. Huntington Jeanne R. Merrill Robert J. Rosoff Erik Wessler Glenn Hurowitz Mark and Lynda Miller Leslie Samuelrich and Nori Whisenand Louis Jaffe and Katharine L. Whitman Michael and Jeanne Monahan Richard J. Hannigan Pamela and David Wiggert Sarah B. Jaynes and Aaron Ostrom Fred L. and Maureen T. Monk Lawrence D. Sanders Mark and Pauline Wilder Merlin L. and Mary A. Johnson Jim Mooers Philip V. and Barbara C. Sarkisian Barbara T. Williams Robert E. Johnson Thomas Mooers Kay C. Sasse Elizabeth Wilson Degen M. and David C. Sayer Patrick Johnston Keith M. and Nancy L. Moore Matthew L. Wilson and Joey and Bill Jordan Victoria Moore James Sayer and Wendy Calvert Lorraine S. Hodin Noel Jordan James E. and Patricia Murray Ulrich Schmid-Maybach William W. Wilson and Chris Joseph Rochelle Nason Keith H. and Pam L. Schneider Sandra K. Davison Kathleen and Paul Joseph Karen Nathan Charles J. and Diana R. Schuman Edward R. and Sharon R. Winga Tanja Christina Kampe Hilary Naylor Nancy O. and Peter Scott Cynthia Kang Andrew D. and Michelle M. Nechaev Nancy R. and Eldon Sellers John C. Wise Brad and Tracy Kearns Stephen Neuburger Jr. Gloria and James Servais Frances and Cameron Wolfe, Jr. Assemblymember Fred Keeley Pamela E. Nicholls and Grant Shaffer Donald J. Wood Daniel Kelliher Robin Woodland Susan Sharfman Gary and Janice Zimmerman Kathryn Kerrigan Jack G. Nixon Kristin and Nye Sherwood Anonymous Darlene and Fredrick Kerska Cynthia Noble Robert Shibatani Tom and Edi Klingner Andrew L. Norell and Kathleen Bain Winnifred W. Siegel In-Kind Contributors Len Klonowski Stephen K. and Sandra C. Norris Daniel Silver, M.D. Michelle and Rodney C. Komis Jessie Notch Harold and Pamela Singer Stephan R. Wattenberg, Philip Krohn Jocelyne Noveral Jean M. and Samuel J. Skemp, Sr. Attorney At Law

17 CONSOLIDATED STATEMENT OF FINANCIAL POSITION

December 31, 2005 (with comparative totals for 2004, 2003 & 2002)

2002 2003 2004 2005 ASSETS Cash and Cash Equivalents 10,358 16,303 12,093 121,694 Investments 786,856 586,250 351,628 314,297 Other Receivables 235 568 7,930 (445) Fixed Assets 0 1,086 7,599 7,599 Land 0 40,000 40,000 40,000 Program Related Investments 50,000 18,375 120,000 160,000 TOTAL ASSETS 847,449 662,582 539,250 643,145

LIABILITIES & NET ASSETS Liabilities: Accounts Payable 0 0 5,384 3,282 Funds Held as Agency Endowments 0 10,000 41,656 43,571

TOTAL LIABILITIES 0 10,000 47,040 46,853 Net Assets: Unrestricted 847,449 641,010 487,400 567,107 Temporarily Restricted 0 11,573 4,810 29,185 TOTAL NET ASSETS 847,449 652,582 492,210 596,292

TOTAL LIABILITIES & NET ASSETS 847,449 662,582 539,250 643,145

18 CONSOLIDATED STATEMENT OF ACTIVITIES

December 31, 2005 (with comparative totals for 2004, 2003 & 2002)

2002 2003 2004 2005 2002-05 CUMULATIVE SUPPORT AND REVENUES Contributions 1,210,321 134,082 369,234 559,177 2,272,814 Investment Income 30,204 18,833 7,713 14,208 70,958 Net Realized and Unrealized Gains –Ω(Losses) on Investments 23,366 86,470 36,245 (1,392) 144,689 Events 0 0 15,799 0 15,799 Other Income 0 40,000 8,522 13,164 61,686 Total Support and Revenues 1,263,891 279,385 437,513 585,157 2,565,946

EXPENSES Grants and Programs Grants Awarded 255,535 204,592 214,078 115,993 790,198 Programs 151,049 233,647 288,469 270,276 943,441 Total Grants and Programs 406,584 438,239 502,547 386,269 1,733,639 Management and General 13,791 36,013 55,571 50,818 156,193 Fundraising 0 0 39,767 43,988 83,755 Total Expenses 420,375 474,252 597,885 481,075 1,973,587

CHANGE IN NET ASSETS 843,516 (194,867) (160,372) 104,082 592,359 Net Assets, Beginning of Year 3,933 847,449 652,582 492,210 3,933 Net Assets, End of Year 847,449 652,582 492,210 596,292 596,292

19 JOIN US IN OUR CAMPAIGN TO SAVE THE SIERRA NEVADA

The Sierra Fund is offering individuals with What Your Investment the desire and commitment to permanently Can Do for the Sierra change the future of conservation efforts in the Sierra Nevada the opportunity to join The funds generated by the 1,000 Friends the 1,000 Friends of the Sierra campaign. We keep our advocacy program growing, are seeking people who are ready to make an through which we have created a Sierra annual contribution of at least $1,000 per Nevada Conservancy and secured more than year to help implement our Integrated Sierra $52 million in public funds for restoration, Investment Strategy conservation and acquisition in throughout the range. the Sierra Nevada. Our goal is to identify “The Sierra Fund has Contributions from the 1,000 such people emerged as the crucial 1,000 Friends of the Sierra initially, and eventually, and innovative new capitalize the Integrated Sierra many more. leader in the historic Investment Strategy (ISIS) Just think of it: 1,000 fight to save the Sierra Fund, which allows us to act people contributing Nevada.” quickly to seize opportunities $1,000 per year to save or respond to needs as they Carl Pope arise. By making grants, the Sierra. That’s $1 President, Sierra Club million each year. Each loans and programmatic $1,000 contribution investments, the ISIS Fund we receive helps to can support activities that leverage the other 999, so the value of your are essential to saving the Sierra, even if gift becomes much higher than its simple they have not yet gained widespread public monetary worth. support. This includes the full toolbox of conservation strategies, including education, When you choose to become one of the collaboration, community organizing, 1,000 Friends of the Sierra, you become a legislative advocacy and litigation. partner in a $1 million dollar investment in the Sierra. As an investor in this pooled The only way we will save the Sierra is by fund, you can watch your contributions acting together, and acting now. The future have an impact far beyond what they might of the Sierra – and of California, for that otherwise achieve. matter – depends on it.

BECOME A FRIEND OF THE SIERRA TODAY

20 The Sierra Fund Board of Directors Patty Brissenden, Chair David Welch, Treasurer John Regan, Secretary Martha Davis Greg Francis, CPA Michael Funk, Past Chair (2003-05) John Hellwig Gerald Meral, Ph.D.

Past Directors Janet Cohen Sarah Forslund Michael Killigrew The Honorable William Newsom Drummond Pike

The Sierra Fund Organizational Staff Elizabeth “Izzy” Martin Chief Executive Officer Terry Lowe, Ph.D. Director of Philanthropic Services Emily Rivenes Operations Manager Past Staff Shawn Garvey Founding CEO Director of Marketing and Communications Joey Jordan Director of Development

www.sierrafund.org

Graphic Design by Spiral Studios, Nevada City Photography by David McKay, Nevada City “Range after range of mountains, Year after year after year, I am still in love.”

FROM On Climbing the Sierra Matterhorn Again After Thirty-One Years

BY GARY SNYDER

The Sierra Fund . 409 Spring Street . Nevada City . California 95959

E-MAIL [email protected] VISIT US ONLINE AT www.sierrafund.org

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