Source: RMC Research & Education Foundation, Silver Spring, Md.
To cover 2013 and 2014 program funding without dipping into principal, and offset commitments to the Massachusetts Institute of Technology-hosted Concrete Sustainability Hub (CSH), the RMC Foundation has launched “Bridge the Gap.” In a quiet phase before formally announcing the campaign, it has raised $940,000 toward a roughly $2.3 million goal, with 17 companies contributing at the leadership level of $50,000 over two years (primarily 2013 and 2014).
When it partnered with Portland Cement Association in 2009 to establish the CSH, RMC Foundation leadership opted to use the endowment. “The value proposition with the MIT Concrete Sustainability Hub is enormous, so it was right for the Board to approve use of principal funds to take advantage of this landmark opportunity,” says Chairman Michael Harlan. “However, we have now been gradually eroding the endowment for three years to fund the MIT CSH and other programs. It is important to protect it as a lasting resource for industry research and education.”
Although Foundation Trustees recognize that the industry’s return to health is just beginning, and the time is not yet right for initiating a major capital campaign to replenish the endowment, they believe it is necessary to stop eroding it, thus fulfilling CSH and other 2013 and 2014 program commitments without using principal funds. “The objective of this initiative is to do exactly as its name notes, to ‘Bridge the Gap’, so that this important work can continue without jeopardizing the future of the endowment,” says Foundation Executive Director Julie Garbini. “The groundbreaking work taking place at MIT and the other programs the Foundation continues to fund are providing vital resources to the concrete industry. This modest fundraising initiative will ensure industry needs continue to be met in the near-term.”