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Foundation President M. David Campbell called the Interim Meeting to order with a near perfect attendance. Dr. James Long gave the Invocation.

Foundation Treasurer William Kort gave the Report of the Budget and Finance Committee. Everything is in order with our finances to pay the least allowable IRS tax of 1%. Since the Foundation is prohibited from spending any of the corpus of their funds, the amount has stayed at about $7 million. The only amount able to fund scholarships and grants is the earnings off the investments of those funds. Hence, that is why proper investing for the maximum yield is so important to generate enough funds to provide scholarships and dental service grants.

Foundation Board Meeting in session

Vice President Larry Barrett is trying to augment those funds by asking for large contributions from the membership to build the corpus to a higher level. In doing this, more money will be available to earn a yield to offset the dropping interest rates that have limited Foundation income in having the funds to offer in grants.

Investment of the corpus funds becomes the paramount responsibility of the Foundation Board. In the years when yields were up to over 7%, there was a regular expected income that could be dispersed. Now that interest rates have dropped, the Board has had to make some tough decisions to diversify the corpus to produce the same level of income. This has not been an easy task in such a recent volatile market where fortunes are made and lost overnight. You may note that trend in your own portfolios.

The Foundation was restricted to invest in “safe” instruments to produce the needed yield but not jeopardize the Foundation corpus funds. Now the situation has changed in the last few years, and the Board must face those prospects of juggling investments between safe and growth required.

All avenues of protecting the corpus and keeping a decent amount to fund grants and scholarships are being explored. Dr. Barrett’s fund-raising drive seems to be the most effective, after the Board has committed its investment portfolio. Board Officers have also cooperated in this by donating to the seed money for the fund-raising effort and importantly by reducing the overhead of running the Foundation by 26% this year.

INVESTMENTS

The Foundation has enlisted the services of Frank Buchholz, Senior Vice President of the Bank of America Investment Services, Inc., to guide the Board along this treacherous path. But no one person, operation, or organization is infallible. Every Board member receives a monthly update on the Foundation investments, their trends, and rates.

For several hours, Frank Buchholz went over the Foundation investments, described the positive side and the pitfalls, and his company’s expectations for the future. That is what this is all about—gambling and guessing on the rise and fall of tomorrow. Mr. Buchholz distributed a special Foundation Investment manual that contained our investments, their direction, and suggestions for the future—walking a fine line between safe investments and necessary growth. Then he proceeded to go over the manual to bring everyone up to speed on where the Foundation was, where it was going, and what paths can be taken to cut any loses and reinvest.

The prediction for tomorrow’s growth is not guaranteed. Only by employing the finest minds in the trade can the Foundation be somewhat assured in dispensing their responsibilities. Bank of America Investment Services is one of those top companies in the marketplace whose track record has demonstrated this ability. It does not come inexpensively, but it is absolutely necessary. No one person could possibly follow all the market trends or investments. And, after all the experts in their fields report in, someone at the top needs to co-relate all that information into a sound financial investment plan.

Bank of America’s Frank Buchholz addresses the Board

After a lengthy description of the world market and trends, Frank Buchholz offered some suggestions that the Board discussed and accepted.

Some comments have been made by those uninformed that holding an Interim Meeting adds to the Foundation expense. But as Mr. Buchholz pointed out, the market and our investments along with it are driven daily, change within minutes. That is the nature of the market. We need someone with such expertise as his to sit on the watchtower for us. If a major change is building up, he notifies the Officers for any possible action. The semi-annual meetings of the Foundation Board are essential to be briefed on the situation and possibly agree to investment plan changes, rather than have all the risk of such a decision rest in the hands of a few. The Interim Meeting allows the Foundation to dispense with its other business to free itself up for the consequential Autumn reports and spend adequate time going over the grant applications.

AGENDA

After dispensing with the most important part of the Foundation business, Dr. Campbell went back to the adopted agenda.

The Minutes of the Annual Meeting last October were discussed and accepted. Some debate ensued about taping the meetings, as Shig did, but various opinions prevailed, and taping was narrowly voted down.

In the President’s Report, Dr. Campbell noted that last year we provided 87 scholarships and funded 31 grants. The grant applications from our PFA Sections are up from last year, which is an encouraging sign.

The 2006 Budget was presented and accepted

The Foundation Executive Director Fred Halik discussed the fact that since the improvement of the Web site, the Grant Applications are coming in sooner and more complete than before. Those rejected on technicalities have the time before the deadline to adjust their application and resubmit it for this year.

The Disaster Relief Fund has become an ongoing discussion between those heartfelt Trustees for the recent disasters and those Trustees who point out that the logistics of implementing such a plan are enormous. Dr. James Long was selected as Chairman of the Fund. All the paperwork has not been “fleshed out” yet, and the comments given have expressed how open-ended any generic disaster relief may be to the Foundation, while a selected disaster may appear to be parochial. More drafting work is going on to iron out these problems.

The Executive Committee holds quarterly teleconference calls when not in actual session. One such point discussed was the suggested Constitutional amendment for term limitations. This was not recommended and returned to Committee.

The Constitution and ByLaws Committee discussed points over succession to the Board from the Academy if the Foundation Board were at capacity (12 voting members).

Dr. Barrett’s Fund Raising Program was presented with three parts. The first is the Memorial and Tribute Fund, which has already collected several thousand dollars with nine having achieved Robert Shira Fellowship status with over a $1000 contribution. The second form of donation is to the Scholarship Fund. And the third form of contribution is to the Legacy Program, which asks for members to include the Foundation in their wills. Dr. Barrett was given the green light to initiate his Fund Raising Plan.

The Awards Committee and the Academy Board of Trustees has approved the selection of Professor Dr. Pierre Machtou of Paris to receive the prestigious Elmer S. Best Memorial 2006 Award. The presentation was made in June in Paris by past PFA President Michael Perpich, International Trustee Hubert Ouvrard, and the Section Chair for France Dean Marie-Laure Boy-Lefevre.

Dr. Machtou is an internationally known endodontist and comes highly recommended by International Trustee Hubert Ouvrard and International Trustee-emeritus Pierre Marois. Dr. Machtou was born in Algiers during the war, of French nationality. At the age of 20, he earned his Certificate of Medical Studies in Paris and his DDS degree four years later at the Paris Faculty of Medicine, the same year he received his Certificate of Faculty of Odontology of Paris. The next year he earned his Certificate in Biology from the Faculty of Medicine of Paris. In 1971, he received his Certificate in Endodontics from the Rene Descartes, Paris 5 University. In 1973, he completed his undergraduate thesis on “The dentin-pulp complex—pulp tissue repair potential” at the Paris #7 University. By 1980, he had earned his Masters in Endodontics from Paris #7 University. He completed his PhD thesis at Paris #7 University in 1997.

Dr. Machtou began his teaching career as Lecturer on the Faculty of Dental Surgeons in endodontics at Paris #7 University in 1976, where he became Senior Lecturer in 1984, then First Class Senior Lecturer in 1990, Professor in 1998, and First Class Professor in 2005 In his dedication and rise through

teaching, Dr. Machtou has become Chairman of the Endodontics Department at Paris 7, where he also serves as co-Director of the Multicentric Residency academic program for Paris 7 University, for Paris 5 University, and for Clermont-Ferrand UFR. He is also Vice Dean in charge of the undergraduate curriculum and training program as well as Director of the Emergency and Diagnosis Department UFR Garanciere-Paris 7.

Dr. Machtou is the French Representative to the European Society of Endodontogy of which he is a member. He serves on the Editorial Boards for The International Endodontic Journal and The Practical Procedures of Aesthetic Dentistry. He is also Associate Editor for Endodontic Practice.

Dr. Machtou is a visiting Professor for the University of Belgrade and maintains status as International Expert Referee for the Hebrew University–Hassah Faculty of Dental Medicine in Jerusalem, for the University of Birmingham in the United Kingdom, for the University of Toronto Faculty of Dentistry in Canada, and for the University College of London.

Pierre Machtou has served as Scientific Director and as General Secretary of the French Endodontic Society, Charter President of the Parisian Study Club of Endodontology. And member in the American Association of Endodontists, the European Society of Endodontology, PFA, ICD, Alpha Omega Fraternity, the National Committee of the H. Schilder Chair in Endodontics, and the French College of Teachers in Restorative Dentistry and Endodontics.

Dr. Machtou has embraced research activities all over the world—in France, at the University of Lebanon, and at the University of Toronto. His international publications, lectures, and writings cover six pages; his inventions another page.

Following in the footsteps of his vaunted predecessor Pierre Fauchard, Pierre Machtou has moved his profession forward many steps. To quote his nominator, our PFA International Trustee Hubert Ouvrard, “He is a very brilliant colleague, one of the best endodontists in the world, and a very charming fellow.”