The Security Industry Association (SIA) Board of Directors last year updated the association’s investment policy to establish a quasi-endowment fund.
The SIA quasi-endowment fund is to serve as a long-term spending policy, derived from SIA investments, that would serve as a funding source each year for the following three specific purposes:
- Fund new, unbudgeted initiatives that will provide value to SIA members
- Cover operating losses resulting from extraordinary events not anticipated in the budget
- Return unneeded funds back into SIA reserves to continue to build the endowment
This past fall, the SIA Board approved four initiatives for investment that were submitted during the inaugural application period. These approved projects related to economic and industry market research, NERC/CIP compliance, and workforce development are currently under staff development for implementation as new member benefits in 2024.
From Feb. 1 through March 29, 2024, SIA will accept proposals for new initiatives as part of the second round of the endowment program applications. SIA members and committees are encouraged to submit proposals for funding that will enhance the value of SIA.
The Endowment Fund initiative is guided by the SIA Endowment Committee comprised of individuals with different perspectives through their leadership roles on SIA committees and the Board of Directors. The Endowment Committee is responsible for soliciting, reviewing and approving potential investment opportunities recommended by SIA committees, SIA members and the professional staff. The Endowment Committee will review all qualified submissions and then ultimately make funding recommendations to the SIA Executive Committee and Board of Directors.
SIA encourages a wide range of prospective proposals for Endowment-funded initiatives. SIA members should submit proposals consistent with the SIA Strategic Framework and by using the Endowment Fund template (downloadable here). Proposals should be sent via email by March 29, 2024, to email@example.com.