American College of Surgeons - Yearbook (Chicago, IL)

Page 25 text:

The Endowment Fund THE ENDOWMENT FUND A genuine test of the loyalty of the Fellows of the College to their program was made during the years 1914-15. Funds were needed for the very existence of the College. To meet this need an Endow- ment Fund amounting to $526,000 was by December, 1915, sub- scribed. A brief review of the financial side of the College is here given. In order to provide means for the organization of the College an initial Fellowship fee of fifty dollars from each Fellow was voted at the first meeting of the College. This sum was payable, twenty- five dollars on admission, and five dollars annually thereafter for five years. Realizing that the income to be derived in this way was but temporary, and desiring to place the College on a safe, inde- pendent, and financially adequate basis, the Fellows in June, 1914, voted to raise an Endowment for the College of one million dollars. This plan provided that the Endowment should be invested in perpetuity, the income only to be used for the budget of the College. It provided, further, that each Fellow be asked for a subscription of five hundred dollars. It was understood that all subscriptions should be contingent on the raising of five hundred thousand dollars by December i, 1914, the first payment on the subscription to be made January i, 1915. Subscriptions to the amount of $113,000 were pledged at the first meeting, and it was the intention to push the plan among those Fellows who were absent from that meeting after the summer vacations. But because of the European war, the Regents de- cided to ask those who had made subscriptions to give their consent to extend the time for obtaining the subscription one year. This extension was, with few exceptions, agreed to. As already stated, the first half million dollars in due time were more than subscribed. Those who subscribed five hundred dol- lars to this fund are life members of the CoUege and are not sub- ject to the payment of any further dues whatsoever. But, in the meantime, the work of the College called for expenditures beyond the income provided by the interest of the Endowment Fund, and the Fellows of the College, in annual meeting held in Phil- adelphia on October 27, 19 16, voted that those who had not sub- scribed five hundred dollars to the Endowment should be assessed by annual dues of twenty-five dollars each. The resolution pro-

Page 24 text:

2 American College of Surgeons so be held in Washington on May 5, 1913. About five hundred turgeons were invited to this meeting. At the meeting in Washington almost five hundred surgeons were present. The College was legally organized. By-laws, rules, and regulations were adopted after due consideration, and the Board of Governors, the Board of Regents, and the officers of the College were elected. Details of these matters are pubhshed in the Year Book and in other bulletins of the College. But the signifi- cance of the Washington meeting lies in the sincerity with which those surgeons present pledged their active support. The College became to them a vision for the advancement of surgery without precedent in history. The note of sincerity struck at the Washington meeting has in the three and one-half years now elapsed not only spread far among the profession and the general pubUc, but it has also increased in intensity. Progress of this sort is possible only because the im- petus of the College springs from within its own membership. Necessarily that impetus implies reform. But there is a vast dif- ference between reform preached at men and reform innate in the hearts of men which finds expression at their own initiative. Whatever impetus the College possesses, it originates among the surgeons themselves. It is not an upHft movement. But, rather, out of the widely divergent views on many subjects among the Fellows, the aims of the College rise as those time-tried aspira- tions which are inherently the basis of all that is valuable in the vocation of surgery. The purposes of the College are concerned directly with matters of character and of training, with the better- ment of hospitals and of the teaching facilities of medical schools, with laws which relate to medical practice and privilege, and with an unselfish protection of the public from incompetent ser- vice; in a word, they embody those ideals which have stood the test of centuries. Upon these the Fellows are united. These are the ideals which each Fellow, single-handed, has endeavored to foster, and the expression of them to-day through the College comes as a sort of mass-consciousness of the whole body of Fellows. The fact is that the Fellows have grasped in an instant the mean- ing of the College by a process of fusion, and they have gladly made sacrifices for its success.

Page 26 text:

4 American College of Surgeons vides, however, that the total payments assessed against any- Fellow shall not exceed five hundred dollars. Further, dues are not asked of those who have retired from the active practice of surgery, or who have reached the age of sixty-five, or who, in the judgment of the Regents, would find payment of such dues a hardship. At any time a Fellow of the College may become a life member by subscribing five hundred dollars to the permanent Endow- ment Fund of the College. Subscription cards used for this purpose are of the form given below, — In case of death all unpaid balances are canceled. ENDOWMENT FUND hereby subscribe Five Hundred ($soo) Dollars to the Endowment Fund of the American College of Surgeons, the amount to be paid in installments as follows: Date Amount Date Amount Date Amount $ $ $ » $ $ further agree to pay interest on unpaid balances of this pledge at the rate of 5 per cent per annum. Siened Date The Regents propose to bring the Endowment Fund up to one million dollars as rapidly as may be. To this end they earnestly request Fellows of the College who have not already done so, and who can do so without hardship to themselves, to subscribe to the fund rather than to pay annual dues. From time to time unexpended balances in the treasury of the College will be transferred by the Regents to this fund. Subscription cards may be had on application from the General Secretary of the College. INVESTIGATION OF HOSPITAL CONDITIONS The admission of Fellows to the College made necessary at once that the Regents adopt a genuine standard of surgical train- ing. From this fact it followed that the Regents must necessarily