Employee Ownership Foundation

Charting Your Own Future

"We understand that a well managed employee-owned company is not a destination, it is a journey..."

- J. Michael Keeling,
President of The ESOP Association


Academic Projects/Research - 2013Academic Programs

Projects in 2013:  Below is a rundown of projects funded by the Foundation:

1. Kelso Fellowships:  The success of this program, including case studies, employee ownership research and dissertations, etc. is due to the fact that this Rutgers University program penetrates academic institutions throughout the nation. Case studies, bios, and interviews with Kelso Fellows are available through links on the Foundation's website to the Foundation for Enterprise Development ("FED"), Rutgers University and the Aspen Institute Center for Business Education's ("Aspen") CasePlace.org. Five (5) new Kelso Fellowships were approved, for 2013.

An additional $10K had been budgeted for former Kelso Fellows to allow them funding to continue their research on employee ownership focusing on the ideas and impact of Dr. Kelso's work for a more equitable and just society.

2. 2013 General Social Survey ("GSS"): EOF wants to be sure that when it gets to the payment due for the General Social Survey ("GSS"), in the year 2013, EOF will have the $100,000, more or less in the checking and/or money market account. The people at the University of Chicago are free to say they do not want our money. They are also free to say they do not want our questions. EOF is just assuming that it is going to be the same as it was in '02, '06, and '10, that the year before the survey is done, the GSS will accept questions that are written not by EOF, but by the people at Rutgers; Drs. Blasi and Kruse. President Keeling also thinks that Dr. Richard Freeman at Harvard University helps with the development of the questions. He believes that GSS will accept money for including those questions on the GSS questionnaire. Having said that, given the uncertainty of federal funding and that 90% of the money for the GSS comes from the National Science Foundation which is always an easy target for spending cuts, President Keeling does not know what the future may be for any federal government program.

President Keeling has learned from Dr. Joseph Blasi the payment schedule for the $100K needed for the GSS survey. The GSS staff has approved a plan for a 50/50 split payment of the $100K needed between the years 2013 and 2014. Payment of $50K for 2013 would be due at the beginning of June 2013.

3. Edmunson Scholarships: Twelve (12) scholarships, one being granted to the Employee Owner of the Year, were approved in the budgeted amount of $15K.

4. January 13 – 15, 2013 Mid-Year Kelso Fellows Workshop: This Workshop is underwritten by a $25K contribution to EOF that is a pass-through to Rutgers. Based upon Dr. Joseph Blasi's projections the cost for each attending Fellow is $1100. EOF had 13 Fellows attend this meeting in 2012. Based upon 13 Fellows out of EOF's 20 Kelso Fellows, a budget amount of $14.5K is appropriate. 

5. Promotion/printing of materials for Kelso Fellows Program: The Kelso Fellows Program requires the printing of application forms, materials, etc. in order to promote and market the program to prospective individuals. In year 2012 Dr. Joseph Blasi made a request of $5K to underwrite this portion of the Kelso Fellows Program. It can be assumed that this request will be made again in the latter part of 2013 for promotion of the 2014 Kelso Fellows Program.

6. Academy of Management Employee Participation & Ownership Emerging Scholar Research Award Program: This is an award program initiated by Mary Ann Beyster, President of the Foundation for Enterprise Development ("FED") in 2012. The goal of the award is to attract young scholars for promising research in the field of employee ownership. The year 2012 was the inaugural year for this new award. EOF's contribution to the award was in the amount of $2,500.

7. Beyster Symposium scheduled for July 2013: The last time the Beyster Symposium was conducted was in 2011. At that time EOF contributed $17.6K to this Symposium. Considering rising costs the suggested budget number for this program is $18.5K.

EOF also will be asked to help underwrite a separate dinner being held in order that the Kelso Fellows would have the opportunity for some fellowship and socializing solely among themselves. Based upon EOF previously having underwritten such a dinner, this cost would approximately be $1,500. It is assumed that this same dinner will be held again in 2013 and EOF will be requested to help underwrite it.

8. Contingency Fund: At the EC meeting in Las Vegas it was decided that it would be in the best interest of EOF for budgeting purposes to include a contingency fund line. This fund could cover costs that unexpectedly arise such as additional research, UPenn expense, etc. The EC determined that $24K would be appropriate for this line item.

In sum, the 2013 budget and operations plan will be increased by $50K for the GSS.

Based on what are numbers through December, total revenue available to EOF in 2013 will probably hover around $220K. This number includes $150K in straight contributions, $60K from chapters and chapter year-end transfers, and $10K on EOR meetings.

Operating expenses could be slightly lower in 2013, around $65K.

Additional EOF projects that do not require funding to date are as follows:

ESOP Economic Performance Survey: This annual survey, first conducted 21 years ago by The ESOP Association, but now a Foundation Survey, released in September 2012, once again confirming overwhelmingly that ESOP company members of The ESOP Association having established an ESOP was viewed by approximately 93% of the ESOP company leaders as a "good" business decision. This survey consistently generates more positive media mentions than other TEA press releases.

UPENN/CEO Project: The UPenn/CEO Project offered in 2012 will be offered again on June 15th through 20th, 2014 in Philadelphia, PA. Session 2 is scheduled for October 19th through 22nd, 2014 also in Philadelphia.

Employee Owners' Retreat ("EOR"): The EOR allows for 50 persons maximum. Due to declining attendance there was only one Retreat in 2012. Again in 2013 one Retreat is scheduled for August 16th through 18th in Chicago, Illinois.


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