This past year we humbly believe was a good one. The Foundation built on its recently received bequest, investing it appropriately to achieve a return to date of approximately 10%. This is well above our projections due to a surge in stock prices. We hope that this endowment will grow to the point that its annual return might be used as needed to cover operating expenses. At any rate, the financial security of the Foundation has been established for many years to come.
Contrary to our previous experience, the Foundation split up its awards presentation process into multiple events. The Doolittle Award was presented in our usual fall timeframe, with the 100th Air Refueling Wing as the recipient. Vice Chief of Staff General Stephen "Seve" Wilson made the presentation, and a goodly number of 100th veterans were in attendance.
In November, the Foundation traveled to the Air Force Academy for the presentation of our Spaatz Award to former Secretary of the Air Force Donald Rice. This was our first "outside the beltway" event in a good many years. The setting was spectacular, and the dinner and festivities were enjoyed by all. This success insures there will no doubt be more events of this type "on the road" in our future.
In January at the Ft Myer Officer Club we presented our Holley Award to Dr. Mark Clodfelter of the National War College staff, a man who has spent his life writing the history of the United States Air Force. We were graced by the Chief of Staff David Goldfein acting as our presenting official. The Foundation presented him a picture of P-38 "White 33" on behalf of the National Museum of World War II Aviation. The artwork will hang in the Chief's office through his tenure and beyond.
The success of these events has emboldened our Board to sustain this diversity going forward. We intend to increase our visibility via these, and at other award presentation venues.
The other major initiative this year was to improve our dated website. After a search for capable companies to conduct this, we chose Appnet to complete the process. As this is being written, this process is complete save the full upgrade of our digital archive of Air Power History issues. We hope that will be completed shortly.
If this portion of the report seems like a repeat of earlier years, this is due to our conditions remaining largely unchanged. While our newly established investment portfolio provides us the ability to...