Under Mr. Huntington's skillful guidance, the value of the endowment rose from $297 million in 1989 to $590 million at the end of 2004, while at the same time the Fund spent $313 million to advance its goals. His leadership was especially crucial in steering the foundation through the burst of the technology stock market bubble in 2000: in contrast with many foundations, the Fund has not had to reduce its spending substantially in recent years.

Mr. Huntington's influence on the Fund's work went well beyond the management of the endowment. His firsthand experience in the challenges that academic health care systems face in achieving their multiple missions contributed to the Board's decision to launch the Task Force on Academic Health Centers in 1995. He encouraged the foundation to undertake as much action-oriented work as its resources allow, and was particularly insightful in the vetting of proposals for backing health care delivery innovations. At the same time, Mr. Huntington never took his eye off the policy compass, encouraging the Fund to undertake work that would improve public and private policies affecting insurance coverage, access to care, and incentives for health care providers to deliver high-quality care.

Mr. Huntington took a particularly keen interest in the foundation's efforts to improve health care and quality of life in New York City. He also paid close attention to the governance and management of the Fund and encouraged assessment of the foundation's performance—not only the performance of the endowment, but also that of the foundations' grants. Altogether, his is a record of exemplary board service to a private foundation, and his mark on the Fund's goals, strategies, and performance will be enduring.

William Y. Yun became a member of the Fund's Board of Directors and chairman of the Investment Committee on November 9, 2004. As president of Fiduciary Trust, a subsidiary of Franklin Templeton Investments, he has overall responsibility for all investment management and research activities and oversees Fiduciary's international offices. He is a member of the Board of Directors of Fiduciary Trust, serving on the company's Management, Global Investment, and Investment Policy Committees. Prior to his election as Fiduciary president in 2000, Mr. Yun served as an executive vice president and oversaw the firm's global equity division. Before joining Fiduciary in 1992, he had both asset management and investment banking experience at Blyth Eastman Paine Webber, First Boston, and CB Commercial Holdings. Mr. Yun serves as chair of the Christ Church Day School in New York and is a trustee of the city's South Street Seaport Museum. He brings experience and expertise that will help advance the Fund's commitment to improving health care access and quality, as well as ensure the availability of the resources needed for achieving the foundation's objectives.