The challenges facing orthodontic education and faculty as well as new orthodontists have been identified many times, but solutions have been far less frequent. Here is one story that I was fortunate enough to have witnessed at its genesis and the results are so impressive that I continue to find myself in awe.
In 1998, in the twilight of my time at Virginia Commonwealth University I was approached by Henry “Putt” Browning, an about to graduate orthodontic student, who told me of a plan he had to create a fund to help the Department faculty. His plan was basically to get all of his classmates to pledge the contribution of a case a year (minimum fee of at least $4000) for five years. These funds would not be spent on current expenses, but be used create an endowment fund for the on-going benefit of the Department. His dream was to get each of the succeeding classes to follow suit. The plan was that new graduates would see the benefit they had received from a program and would be the most willing to support the program's future. Frankly, I viewed the plan skeptically. Events have proved me very wrong.
With a foresight that would benefit any stock broker, Putt proceeded to develop a program that covered how the funds would be collected, invested, and distributed. He did this with awareness of the details involved beyond his years. He got expert help where needed. He became aware of Universities' propensity to use donated money to replace other monies and essentially just cost shift orthodontic donations to other uses than were intended. He did it with an awareness of the IRS requirements both for the donor and the fund. And he did it with an enthusiasm that was confident and infectious.
Putt's report to the Foundation members last year showed 62 members. This total comes from 10 years of classes of four per class and he wisely created a collection point completely outside the university. As you do the math it is obvious that the Foundation has gained members from more that the graduating classes. Even more of the earlier alumni wanted to help the program and have been welcomed as Foundation members.
The bottom line — Pledges to the Foundation, as reported nearly a year ago, were over $1.3 million which closely matches the $4000 per year times 5 years times 62 members.
Currently only the interest is used and this is to help the department faculty with travel expenses etc. Modest payouts started in 2007 and to date the endowment has distributed $120,432 to the department to help with faculty retention. The endowment itself is allowed to grow. It takes little imagination to see one day when such a fund will be able to be self sustaining and continuing to grow while still contributing in a meaningful way to the Department year after year!
The more fiscally savvy will say those pledges are great, but how much cash has he collected in these tougher economic times? Obviously, all of the pledges are not yet due, but orthodontists have followed through on their commitments. Collections are on schedule and accumulating as an endowment in appropriate bond and equity accounts.
Now it is true that a number of other orthodontic programs at other schools have established donor programs, but these are often of the onetime variety. Others have worked to establish endowment programs with various degrees of success. Putt's program is the first one I know of with a grass roots origin (the residents themselves) and with the residents themselves keeping it enthusiastically going forward with success and follow through.
One person can make a difference!