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The ABI Endowment Fund:
A History of Growth and Commitment

ABI Vice President Development Anthony H. N. Schnelling

The ABI Endowment Fund was created in 1989 to provide resources for research and education.

Projects eligible for funding include research relating to bankruptcy or insolvency; surveys or other analytical investigation; the education of judges, court personnel, other governmental personnel and the general public; scholarships or other educational grants; and any other projects with a material research or educational benefit to the bankruptcy and insolvency community.

The Endowment Fund is directed by ABI's Vice President–Development Anthony H.N. Schnelling (Bridge Associates LLC, New York), with the assistance of a Development Committee. The Fund has grown significantly and now totals over $2.1 million. Dedicated to never depleting the principal, the Fund only expends interest on program activities. ABI has transferred over $650,000 in general funds to the Endowment, making it the largest single source of support.

Over 5,500 ABI members have made contributions to the Endowment. Contributors are acknowledged in the ABI Journal, Web site and Membership Directory. Recently, the Bayard Firm made the largest single gift ever ($50,000) in conjunction with their 50th Anniversary.

Significant donors are also acknowledged at major ABI meetings. Members who contribute at or above the Benefactor ($5,000 and up) are invited to a special reception hosted by Bridge Associates, LLC. During the 2008 Annual Spring Meeting the event was held at the Smithsonian Institute National Museum of the American Indian.

To make a donation or for further information on the ABI Endowment, please contact ABI at (703) 739-0800 or email Kathy Sheehan.

Tax-deductible gifts may be made at the following levels: Century Council (gifts of $25,000 and higher), Lifetime Member ($10,000 to $24,999), Benefactor ($5,000 to $9,999), Sustaining Member ($2,000 to $4,999) and Donor ($100 to $1,999). Over 5,000 ABI members have also made contributions via a voluntary $45 addition to their annual membership dues.

Neil Glassman of the Bayard Firm accepted a gift in appreciation of his firm's decision to award the Endowment Fund with its largest donation to date: $50,000.

Carl A. Eklund, Martin I. Katz, Keith J. Shapiro, Rebecca A. Roof and ABI President John W. Ames (l-r) were recognized for their donations at the Lifetime Member level.

Norman L. Pernick, Lynnette M. Warman, Jerry Markowitz, Claire Ann Resop, Scott F. Gautier, Josefina Fernandez McEvoy, Robert J. Keach, Rudy J. Cerone and Brian L. Shaw (l-r) were recognized for their donations at the Benefactor level..

Grants from the Fund:
Support for Scholars on Important Research

A Research Grant Committee, chaired by ABI Vice President - Research Hon. Steven W. Rhodes (E.D. Mich.), seeks out proposals and makes decisions on projects for funding. Other committee members include C.R. (Chip) Bowles, Prof. Ralph E. Brubaker, Prof. Margaret Howard, Nancy A. Peterman, Prof. Nancy B. Rapoport and Patricia A. Redmond.

The Endowment's first grant was awarded in 1998 to Prof. Marianne Culhane and Prof. Michaela White of Creighton University School of Law. Culhane and White produced an empirical study of the repayment capacity of chapter 7 debtors under the means test then under consideration by Congress. The widely cited study provided critical guidance to Congress as it considered "needs-based" bankruptcy. The success of the first grant launched the ABI Endowment Fund as a significant source for academic funding on important research topics. Over $ 750,000 has been approved and awarded by the Endowment Fund.

Recent grant awards address both consumer and business bankruptcy issues, such as an award to study serial filing in chapter 13, an empirical study of substantive consolidation in chapter 11 and credit counseling under BAPCPA. Scholars seeking funding should consult the ABI Web site for guidelines and procedures on the grant application process.

Professional Compensation Study

The ABI Endowment Fund awarded $346,000 for a ground-breaking study which revealed that numerous factors, such as the presence of creditors' committees, influenced the total professional costs of chapter 11 bankruptcy cases. Study reporter Stephen J. Lubben, the Daniel J. Moore Professor of Law at Seton Hall University School of Law, looked at more than 1,000 chapter 11 bankruptcy cases that were filed in 2004.

"The fee study represents the most comprehensive set of data of a large sample of chapter 11 cases ever compiled by an independent empirical study," said Claude "Chip" Bowles Jr. of Greenbaum Doll & McDonald PLLC (Louisville, Ky.), the chairman of ABI's professional fee study advisory board. "It constitutes a vital source of information about both the implications of the compensation of professionals in chapter 11 as well as the practice of chapter 11 cases in general. The high quality and vast quantity of data gathered by the fee study shows that ABI's faith in the project and the reporter was well-placed."

Debt Symposium (University of Illinois College of Law)

The ABI Endowment provided $50,000 in support of a major academic conference on the causes and consequences of debt. An international galaxy of scholars addressed debt from a variety of perspectives such as law, finance, history, psychology, philosophy and neuroscience. The resulting papers will be published in a book by Oxford University press.

(Photo Credit: Terry Neutz Hayden, University of Illinois College of Law)

Other Current Grants on Consumer and Business Bankruptcy Topics

MONTHLY GIVING PROGRAM! A new way to support the ABI Endowment Fund

We are pleased to announce the introduction of a new and exciting way to support the ABI Endowment Fund - our new Monthly Giving Program. Choose from two convenient options - direct debit from checking or recurring credit card transactions. We hope that these affordable options will enable us to expand our donor base to include all of out members.

Our current online system (click the"Donate Now" button below) supports recurring credit card donations when making a donation.

For automatic bank debits or for pledged recurring donations, please download this form.

ABI Endowment Accepts Stock Donation

The ABI Endowment has now accepted its first stock donation. Richard P. Carmody of Adams and Reese LLP in Birmingham, Ala., donated 50 shares of IBM in June & December of 2006. Richard's generous donation of appreciated stock is a milestone in the growth of the ABI Endowment fund. According to Richard, a long-time member of ABI, "using appreciated securities to fulfill my pledge is advantageous for the ABI and me."

Donating a charitable gift of stock or mutual fund shares is a great way to support the ABI Endowment Fund and receive a tax break. Generally, stock or mutual fund donations are particularly attractive if they have increased in value since the beginning of the tax year. In most cases, you will receive a charitable deduction for the value of the donated shares and avoid paying capital gains tax on the increased value of the donated shares. (For additional information regarding the tax implications of your specific donation, please contact your tax advisor.)

To initiate a gift of stock to the American Bankruptcy Institute, please contact the ABI at 703-739-0800 or email Kathy Sheehan. Upon receiving information about the donor and the stock donation, we will arrange for a transfer of funds through our investment advisors.

Law, Business School Competitions

The Endowment financially supports both the ABI Chief Judge Conrad B. Duberstein Memorial National Bankruptcy Moot Court Competition for law schools and the ABI/Houlihan Lokey Howard & Zukin Corporate Restructuring Competition for graduate business schools. These competitions will help form the next generation of skilled professionals.

Special Events for New Supporter

Members who contributed at or above the Benefactor ($5,000 and up) attended a special dinner hosted by Bridge Associates, LLC during the Annual Spring Meeting in DC in April 2008 at the Smithsonian Institute National Museum of the American Indian.

Recent events have been held at venues such as Frank Lloyd Wright's Taliesin West in Scottsdale, Ariz. and the Freer Gallery of Art in Washington, D.C. The 2007 spring event was held at the historic Evermay home in the Georgetown area of Washington.

Second Annual ABI Endowment Golf Tournament

More than 100 golfers and tennis players braved a passing rain shower in northern New Jersey to participate in the Second Annual ABI Endowment fundraiser, co-sponsored with the New York Institute of Credit. The event was help Sept. 10 at Montammy Golf Club in Alpine, N.J., and raised a $500 donation to a 9-11 charity fund. The event included a CLE panel on preferences and reclamation, post-BAPCPA. Speakers included Judge Novalyn Winfield (D. N.J.), Eric Haber (Cooley Godward Kronish LLP), Irving Picard (Gibbons PC), Edward Bond (Bederson & Co.) and Charles Forman (Forman Holt Eliades & Ravin). Chester Salomon (Stevens & Lee PC) made a presentation in support of the ABI Endowment Fund. Next year's event will take place on Sept. 8, 2008.

To make a donation or for further information on the ABI Endowment, please contact ABI at (703) 739-0800 or email Kathy Sheehan. You may also make a donation online by clicking the link below. Thank you for your generous support!