ANNUAL REPORT 2019 For Fiscal Year Ending December 31, 2019 Taishoff Family Foundation The Taishoff Family Foundation was established by B. Taishoff Center for Inclusive Higher Education the late Lawrence B. Taishoff and his son Rob in at Syracuse University. The Taishoffs also provided honor of their legendary father and grandfather, critical initial funding for the Library of American Sol Taishoff, the founder and editor-in-chiefBroadcasting, now located at the University of of Broadcasting magazine. As journalists and Maryland. Sol Taishoff himself was one of the publishers, Sol and Larry Taishoff played a seminal founders of the Broadcast Pioneers organization role in the development of the radio and television which, as you know, has now become the national industry in America. As champions of a free and charitable endeavor known as the Broadcasters unfettered broadcasting profession, Broadcasting Foundation of America which you and so many of magazine was created as the instrument and our colleagues’ support. manifestation of their devotion to resemble a “sentinel on the Potomac” to warn against The Taishoff Family Foundation is administered government intrusion into the creative processes by the third generation of family members who and activities of radio and television broadcasters. support, among their many worthwhile endeavors, the National Press Foundation which annually The Taishoffs devoted their entire lives to extending presents the Sol Taishoff Award for Excellence in the values and protections of the First Amendment Electronic Journalism. Retired Captain Robert to “The Fifth Estate” which was the designation Taishoff USN, is the chairman of the Taishoff Family bestowed upon the broadcasting fraternity by Foundation. Sol Taishoff so many years ago. The vision and foresight of both Taishoffs often caused them to be The Broadcasters Foundation of America extends allied on many of the great issues of the day with its deep gratitude to the Taishoff family for carrying the work and example of one of our own founding on the legacy of their illustrious forebears by chairman Ward L. Quaal. In 2009, the Taishoff family underwriting “On the Air” magazine and this Annual was honored with a Ward L. Quaal Pioneer Award. Report, which is distributed widely throughout the broadcast industry. In addition to their commitment to journalistic causes and a free press, the Taishoff Family Foundation is also active in improving the lives of people with intellectual disabilities. The Foundation has developed resources to help educate society about the special skills and talents of people with Taishoff Family Foundation Down syndrome, autism and traumatic brain injury, to name a few. Toward this goal, the Taishoff Sol Taishoff Lawrence B. Taishoff Family Foundation has established the Lawrence 1905-1982 1933-2006 2 Letter from the Chair Dan Mason During these challenging times, Broadcasters Our annual events raised needed money to help Foundation of America is here to help our fund our assistance programs and continue to be broadcasting colleagues who have experienced a major source of income to the Foundation. The hardships due to a critical illness, natural disaster, or Golden Mike Award Dinner, Philip J. Lombardo the coronavirus pandemic. Since the on-set of the Charity Golf Tournament, Leadership Awards pandemic, our staff has been working remotely to Breakfast and Celebrity Golf Tournament help ensure there is no disruption to our life-saving grant generate essential revenue and awareness of what programs. we do. Part of our challenge will be to continually renew and revitalize how we fund the Foundation, In our most recent year of service to the and I am excited about the opportunity to create broadcasting industry, I am pleased to report the distinctive new events and fundraising vehicles. Broadcasters Foundation of America was able to give over $1,300,000 of financial assistance to We have many people to thank – high among broadcasters in dire need of our support. Our efforts them the Taishoff Family, whose commitment were once again made possible by the generous to our organization is unique and remarkable, support of industry colleagues whose commitment underwriting our “On the Air” magazine and to helping others contributed to a successful year this Annual Report. Demand for our assistance for the Foundation. Thanks to our numerous industry continues to grow, and it is my great hope that friends old and new, the past year was notable for even broader industry support will enable us to the success that our organization enjoyed. help a growing population of current and former broadcasters who find themselves in need. Over the past year, we have increased our outreach to ensure that all broadcasters know about our I am privileged and honored to serve as the mission. Through generous support from radio and Chairman of the Broadcasters Foundation of television stations, industry trades and our NASBA America. On behalf of the board of directors, I offer colleagues, we are reaching more broadcasters our heartfelt thanks to everyone who has made our than ever. But we cannot do any of this work without work possible and made such a difference in the your support. The vital help of many parties you will lives of so many. see identified in these pages – Board Members, personal Guardian donors, corporate Angel donors, Legacy Society participants, sponsors, and Broadcasters Foundation of America event Sincerely, participants – allows our organization to provide life-saving assistance to a diverse group of radio Dan Mason and television professionals in critical need. Chair 3 Letter from the Treasurer Leo MacCourtney The Broadcasters Foundation of America relies the financial statements, our financial position has on the continuing support of industry members increased substantially over the prior year, with who in turn look to the Foundation’s Board and assets increasing by 9.9%. The financial statements officers to responsibly manage and judiciously and management reports of the Broadcasters expend all sums entrusted to us. Our 2019 Annual Foundation of America are carefully reviewed by Report documents the Broadcasters Foundation the Executive Committee on a monthly basis and of America’s continuing, diligent stewardship of by the Board of Directors at its quarterly meetings. the assets we manage. It is that essential trust that makes all of our good work possible. While 2020 will be an extraordinarily challenging year for organizations such as ours, I remain The audited financial statements contained within confident that the industry will continue to value the annual report substantiate our success in raising our mission and generously support the cause of money and appropriately disbursing funds to help helping fellow broadcasters in need. fellow radio and television broadcasters who find themselves in acute need. I am pleased to report that our Foundation Sincerely, continues to draw funds from multiple revenue streams, which helps ensure the viability and Leo MacCourtney continuity of our outreach efforts. Our model Treasurer remains effective for the organization. In 2019, the Foundation’s Guardian Fund and Corporate Angel Initiative achieved its budgeted goal for the year. The Foundation also benefits from the diverse but complementary nature of our signature events: The Golden Mike Award, The Philip J. Lombardo Charity Golf Tournament, The Leadership Breakfast and the Celebrity Golf Tournament. I’m also very pleased to report that the Foundation’s investment advisors, as directed by the Investment Committee of the Board of Directors, continue to manage our portfolio with a conservative investment philosophy. The Investment Committee meets with the advisors on a quarterly basis and more frequently as warranted. As you will see in 4 LEGACY SOCIETY The Broadcasters Foundation of America launched the Legacy Society, an initiative to ensure its ability to help broadcast colleagues in the future. As of December 31, 2019, the Foundation board members and supporters committed in excess of $6,300,000 in their estate plans There is no more important group of supporters than the generous members of the Legacy Society. Please consider making a bequest to the Broadcasters Foundation in your will or revocable living trust. Any assets, including cash, securities, real estate or tangible personal property, may be transferred to the Broadcasters Foundation through your estate. A bequest offers many benefits, including: • Retention and full ownership and use of your assets throughout your life • Flexibility: a bequest is not permanent and can be changed if your life circumstances change • Potential reduction in taxes payable by your estate • Ease of arrangement: your attorney can incorporate gift language as part of your will Your bequest can be a specific amount, a specific asset, or a specific percentage of the remainder of your estate after all other obligations have been met. Please consider joining the Broadcasters Foundation of America Legacy Society. For more information contact the Foundation at 212-373-8250 or [email protected]. Board Members and Supporters Listed Below Have Committed In Excess of $6,300,000 In Their Estate Plans Dex Allen Richard Ferguson Mel Karmazin Lawrence Patrick David Barrett Skip Finley N. Scott Knight I. Martin Pompadur Phil Beuth Michael Fiorile Norman Knight Joseph Reilly Joseph Bilotta Richard A. Foreman Jerry Lee Diane Sutter Richard Bodorff Mark Gray Philip J. Lombardo Dennis Swanson Rebecca Campbell Jay & Nancy