GEM 2020 Annual Report

OUR VISION

ANNUAL REPORT

We envision a world where all human capital are valued and empowered to achieve their fullest potential through parity of access to the US STEM workforce, driving global innovation and

2019/2020

LINKING EXCEPTIONAL TALENT TO EXTRAORDINARY CAREERS

OUR OUR VISION VISION We We envision a worldawhere all envision world human capital are valued and empowered where all human capital are to achieve their fullest potential through parity valued and empowered to achieve of access to the US STEM workforce, their fullest through drivingpotential global innovation and parity of accesscompetitive to the USadvantage.

STEM workforce,

driving global innovation and competitive advantage.

2019/2020 ANNUAL REPORT Table of Contents INTRODUCTION 3 Letter from the President 3 Letter from the Chief Executive Officer PROGRAMMING 4 5 5 6 8

GEM GRAD Lab Future Faculty and Professionals i4: GEM’s Inclusion in Innovation Initiative 2020 Selection Data - Yearly Outlook Annual Board Meeting & Conference

FINANCIAL STATEMENTS 10 11 12 15 16

Independent Auditors Report Statement of Financial Position Statements of Activities Statements of Cash Flows Notes to the Financial Statements

DONORS & EXECUTIVE COMMITTEE AND STANDING CHAIRS 20 Donor List 21 Executive Committee and Standing Chairs

OUR MISSION Since 1976, the National GEM Consortium has been addressing a critical shortfall in American engineering and scientific talent by increasing the participation of under-represented minorities at the Master’s and Doctoral levels.

Our model is strategic and proven. We provide graduate fellowships to highly qualified individuals from communities where such talent is largely untapped.

Working in partnership with leading corporations, U.S. government laboratories, and many of the nation’s top universities and research institutes, we provide GEM Fellows with the much-needed financial support that is often the deciding factor in pursuing graduate education, as well as practical experience through high-level, paid summer internships.

GEM does more than provide financial support, however.

We work to ensure student success in these competitive academic and professional environments with effective programs that increase the recruitment, retention, and graduation of GEM Fellows. More than 4,000 GEM Fellows have gone on to successful careers.

Letter from the PRESIDENT Dear GEM Stakeholder, We are very pleased to release the 2019 Annual Report for the National GEM Consortium.

We have had another very productive year across the GEM community, and the GEM mission continues to be as important as ever. Brennon Marcano, our GEM Chief Executive Officer, continues to aggressively set and meet goals, and we are looking forward to supporting significantly more students over the next several years.

The GEM Board recently completed a new strategic plan for enhancing GEM’s awareness, impact, and relationships, as well as improving overall operations. We look forward to presenting the latest strategic goals and actions to our broader GEM community. As always, your input on GEM’s direction is critically important.

This year I have completed term as Chair of the GEM Board of Directors. I will be working closely with the new GEM Board Chair to ensure a smooth transition. It has been a privilege for me to be a part of the GEM program, and I have really enjoyed working directly with many from across the GEM community. Intel Corporation and I will continue to strongly support the GEM mission over the coming years.

MICHAEL GREENE

CHAIR, GEM BOARD OF DIRECTORS VICE PRESIDENT, INTEL CORPORATION

Letter from the CHIEF EXECUTIVE OFFICER Dear GEM Stakeholder, The true mark of the character of an organization becomes visible not when things are always going well but when it faces significant adversity. A year ago, nobody heard of the word COVID but then 2020 came around and since then it has dominated our lives. The global pandemic threatened to bring GEM’s core model to a halt as new social distancing norms prevented intern activity from taking place which put a severe strain on many organizations’ ability to support GEM. Yet it was through this adversity that we saw just how strong the GEM consortium truly was. Internships were either deferred or moved to a remote model. GEM conducted weekly meetings to facilitate the sharing of best practices during a time of crisis. But the most important fact was that nobody stopped believing in our vision and mission of creating scientific impact and changing the world. It is that focus that allowed the organization to still grow in the midst of a global pandemic.

While GEM fell short of our aggressive 20% growth in employer fellowships for the first time since setting them, the organization still managed to grow 9%. The move to a virtual model during the pandemic has actually helped GEM to have a much more robust service infrastructure that moving forward will allow us to support our constituents in a variety of ways. While the organization struggled to make our strategic goals, financially we became a much healthier institution as we were able to close out the year in the black on our Operating Budget, a first for the organization and a milestone that actually happened a year ahead of our initial expectations. At the end of the year we welcomed new board members eager to take on the new challenges of the organization but also said goodbye to existing ones that completed their term, including our chairman Michael Greene who I feel so honored to have worked with since joining GEM. This year was a particularly trying year for GEM. We took a hit but got right back up and kept on fighting and still had a good year.

That is a sign of a great organization. We now know who we truly are as well as how determined we are to continue to support the best and brightest talent in the country. We are determined to continue to make scientific impact by creating high powered diverse groups. We are determined to continue changing the world.

We look forward to your continued support and participation

BRENNON MARCANO CHIEF EXECUTIVE OFFICER

THE NATIONAL CONSORTIUM | 2019-2020 ANNUAL REPORT

3

GEM Programming

gradLab

SM

An advanced degree in engineering or science can open doors to even more challenging and responsible careers— especially in the dynamic and sophisticated areas of high technology research. Every year a significant number of underrepresented minorities enter undergraduate engineering and science curricula; however, under-represented minorities represent less than five percent of the recipients of advanced degrees in engineering or science.

NOISIV RUO

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It is GEM’s belief that if highly qualified minority students were exposed to the benefits of a career in research and technology innovation, via presentations from individuals from their communities who have received a graduate engineering or science degree and are currently successful in their careers, and were given resources on how to apply to graduate school, more students would apply and successfully matriculate in graduate engineering and science programs.

GEM conducts two signature programs to promote the participation and successful graduation of underrepresented minorities at the graduate level in science and engineering.

GEM’s signature undergraduate program, called GRAD

4

THE NATIONAL CONSORTIUM | 2019-2020 ANNUAL REPORT

SPONSORED BY:

Lab (Getting Ready for Advanced Degree Laboratory), inspires close to one thousand under-represented STEM undergraduates annually to pursue a graduate degree in engineering or science. The GRAD Lab is currently supported

by The Intel Foundation.

GRAD Lab is GEM’s first programmatic offering for undergraduates! Launched at the 30th Anniversary Conference in June 2006 to outstanding participant reviews, GRAD Lab offers under-represented students exposure to the benefits of research and technology careers in a highly interactive one-day event.

GRAD Lab encourages young people of color to consider graduate engineering or science education and applying for the GEM fellowship. Focusing on the global importance of research and innovation, life-long career benefits, and real world role models the symposium will help each student envision his or her future as a technology leader, successfully apply for a GEM fellowship, and gain entry to a graduate program. GRAD Lab is GEM’s portable and scalable solution for developing diverse technical talent with advanced degrees.

GEM Programming

i4: GEM’s Inclusion in Innovation Initiative (i4) September 12, 2019 – The National Science Foundation (NSF) awarded the National GEM Consortium $3.5 million to develop a national diversity and inclusion infrastructure for the NSF Innovation Corps (I-Corps™) Program.

OUR VISION

GEM’s signature graduate program, FFP Symposium provides comprehensive programming to current graduate students to ensure successful completion of rigorous STEM graduate programs. The goal of the FFP Symposium is to provide graduate students with improved research and career competitiveness, tools and metrics for greater control in career planning, and to gain access to a powerful network of peers and mentors.

GEM’s Inclusion in Innovation Initiative (i4), is a cooperative partnership with the National Science Foundation (NSF) to develop a national diversity and inclusion infrastructure for the Innovation Corps (I-Corps™) Program. This program supports academic researchers in launching successful tech startups through entrepreneurial training providing them with critical skills for translating their research discoveries from the laboratory to the marketplace.

We envision a world where all human capital are valued and empowered

Future Faculty and Professionals

GEMpreneur Workshops, Voices From the Field Panels and PEP (Preparing for Entrepreneurial Pathways) Talks are a part of the i4 programmatic offerings for current GEM Fellows and Alumni. Launched in June 2020, these programs provide underrepresented graduate researchers exposure to entrepreneurial pathways, processes to commercialize their academic research, and access to the GEM network of Founders/Co-Founders who have translated their deep-tech graduate research into successful startup organizations.

SPONSORED BY:

THE NATIONAL CONSORTIUM | 2019-2020 ANNUAL REPORT

5

2020 GEM SELECTION DATA GEM Fellows by Major

Total 2020 GEM Fellows: 177 Average GPA of GEM Fellows

3.49 Master’s Degree

3.50 Ph.D. Degree

Intended Graduate Major

Number of Fellows

Average GPA

Aerospace

8

3.65

4.5%

Applied Science (Other than Chemistry or Physics)

2

3.68

1.1%

Bioengineering

2

2.74

1.1%

Biomedical Engineering

5

3.55

2.8%

Chemical Engineering

12

3.65

6.8%

Chemistry

5

3.36

2.8%

Civil Engineering

4

3.63

2.3%

Computer Engineering

20

3.37

11.3%

Computer Science

45

3.52

25.4%

Data Science

1

3.80

0.6%

Electrical Engineering

21

3.46

11.9%

Industrial Engineering

7

3.32

4.0%

Material Science

12

3.68

6.8%

Mathematics

1

3.66

0.6%

Mechanical Engineering

26

3.57

14.7%

Nuclear Engineering

3

3.20

1.7%

Petroleum Engineering

1

-

0.6%

Physics

2

3.33

1.1%

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% of Total Fellows

2020 GEM SELECTION DATA

GEM Fellows by Gender

GEM Fellows by Program 59% Ph.D. Degrees

58% Male

PROGRAM

GENDER 41% Master’s Degrees

42% Female

GEM Fellows by Ethnicity 52% African-American/ Black

ETHNICITY

39% Latino/Hispanic 5% Other 3% Native American/ American Indian

OUR VISION We envision a world where all human capital are valued and empowered to achieve their fullest potential through parity of access to the US STEM workforce, driving global innovation and competitive advantage.

2020 GEM 44th Annual Board Meeting and Conference September 9-12, 2020 | Virtual

GEM convened its 2020 virtual Annual Board Meeting and Conference on September 09 – 12, 2020. A prestigious forum for stimulating conversations to identify bold solutions to advance graduate education, the National GEM Consortium’s 2020 Virtual Annual Board Meeting & Conference creates a platform to raise nationwide awareness of GEM’s mission, partners, and Fellows. This virtual event advocates who want to transform how the United States educates and prepares engineering and science talent for advanced leadership careers, particularly among our nation’s native born, historically underrepresented ethnic groups. Like GEM, the 2020 Conference offered innumerable opportunities for all of our partners as GEM celebrate 44 years of “Linking Exceptional Talent to Extraordinary Careers”.

GEM OPENING SESSION

Sponsored by:

STUDENT-FOCUSED PROGRAMMING

Sponsored by:

gradLab

SM

Plenary Session I - “Working from Home…When Home is Earth” -- How Aerospace continues to innovate in the midst of a Pandemic

Sponsored by:

Plenary Session II: Chief Diversity Officer Round Table

Free Flow Session (Invite Only)

This year’s theme was “Offense or Defense -- Is the current climate hurting or helping your D&I plans?” (Questions presented to kick things off)

Session: “Why Gradate School”

This session is designed to break some of the common myths about pursuing an advanced degree and set undergraduates STEM students on course of achieving their fullest potential.

Sponsored by:

Session: “FFP: Navigating Graduate SchoolManaging Your Time and Staying Motivated to the Finish Line!”

Sponsored by:

Sponsored by:

Session: “i4 -GEM’s Inclusion in Innovation Initiative” Sponsored by:

Plenary Session III: Adobe’s Diversity and Inclusion Journey Sponsored by:

Session: “GEM i4 Black and Brown Tech Entrepreneur Panel” Sponsored by:

Session: “The GEMpreneur Journey” Sponsored by:

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THE NATIONAL CONSORTIUM | 2019-2020 ANNUAL REPORT

2020 GEM 44th Annual Board Meeting and Conference September 9-12, 2020 | Virtual

GEM ALUMNI ASSOCIATION 2020 ALUMNI VIRTUAL NETWORKING MIXER The opening GEM Alumni session was an amazing opportunity for members of the GEM Alumni Association, GEM Fellows and other conference participants to network with each other, and our sponsor representative. Participants also got to learn about Amazon’s current partnership with GEM and new and exciting plans to come. (Virtual games for the chance to win some Amazon swag!)

Session: “From Scientific to Social Impact” Stories of service from GEM Alums that have shaped public value

2020 GRADUATE RESOURCE, POST DOC AND EMPLOYER FAIR – VIRTUAL GEM hosted a virtual graduate resource, post doc and employer fair that allowed undergraduate and graduate attendees to interact with University and Employer representatives in attendance on post doc and graduate opportunities.

TECHNICAL PRESENTATION COMPETITION Sponsored by National Renewable Energy Laboratory:

The 2020 GEM Technical Presentation Competition was initially developed to showcase the technical and research assignments of prospective and current GEM Fellows during their summer internship/summer research experiences and has been expanded for all students to showcase their skills in technical writing and presentations. Science, Technology, Engineering and Mathematics (STEM) professionals, like all professionals, must possess a well-developed ability to communicate, both orally and in writing. This competition is designed to emphasize the value of an ability to conduct research, engage in a high level of technology and to deliver oral presentations. This year’s winners by category are: 2nd Year PhD and Beyond Level 1st Place - Uchechukwu Agwu, GEM PhD Fellow, Mechanical Engineering, Carnegie Mellon University, The Aerospace Corporation 2nd Place - Katrina Colucci-Chang, PhD Candidate, Biomedical Engineering, Virginia Tech,

Sponsored by:

THE NATIONAL GEM CONSORTIUM POSTER PRESENTATION Sponsored by Brookhaven National Laboratory

The poster was a hybrid between a research paper and an oral presentation. The primary purpose of a poster is to communicate what was done, what data was obtained, the researcher’s conclusions and recommendation for future research. A poster is more concise since the author is present to explain and elaborate on the research work.

Winner of the Poster Session is: Stephanie Fuchs, Biomedical Engineering, Cornell University, 3M

TECHNICAL COMPETITION/ POSTER AWARDS CEREMONY Sponsored by Lam Research

THANK YOU TO OUR 2020 CONFERENCE SPONSORS MOTIVATOR

INNOVATOR

ENCOURAGER

EDUCATOR

3rd Place - Harold Gamarro, GEM PhD Fellow, Mechanical Engineering, The City College of New York Master’s and 1st Year PhD Level 1st Place - Frank Andujar, PhD Candidate, Mechanical Science and Engineering, University of Illinois Urbana Champaign, National Renewable Energy Laboratory 2nd Place - Leonardo Pinero-Perez, Carnegie Mellon University, Lawrence Livermore National Laboratory

HERO

SUPPORTER

3rd Place – Joseph Schmidt, PhD Candidate, Physics, University of Texas at Austin

THE NATIONAL CONSORTIUM | 2019-2020 ANNUAL REPORT

9

FINANCIAL STATEMENTS Years Ended June 30, 2020 and 2019

INDEPENDENT AUDITORS’ REPORT To the Board of Directors National Consortium for Graduate Degrees for Minorities in Engineering and Science, Inc. Alexandria, Virginia We have audited the accompanying financial statements of the National Consortium for Graduate Degrees for Minorities in Engineering and Science, Inc. (GEM), which comprise the statements of financial position as of June 30, 2020 and 2019, and the related statements of activities, statements of functional expenses and cash flows for the years then ended and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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THE NATIONAL CONSORTIUM | 2019-2020 ANNUAL REPORT

Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the National Consortium for Graduate Degrees for Minorities in Engineering and Science, Inc. as of June 30, 2020 and 2019, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Emphasis of a Matter As discussed in Note M, the spread of the COVID-19 coronavirus is affecting the United States and global economies and may have an impact on National Consortium for Graduate Degrees for Minorities in Engineering and Science, Inc.’s operational and financial performance.

At this point, National Consortium for Graduate Degrees for Minorities in Engineering and Science, Inc.’s cannot reasonably estimate the impact on its operations or financial results. Our opinion is not modified with respect to this matter.

Limerick, Pennsylvania January 18, 2022

STATEMENTS OF FINANCIAL POSITION June 30, 2020 and 2019

2020

2019

ASSETS CURRENT ASSETS $2,468,944

$1,438,188

1,157,250

851,005

-

27,139

3,626,194

2,316,332

5,994,851

4,770,647

682,812

710,035

10,303,857

7,797,014

$1,101,448

$877,425

Future event donations

1,000

1,000

Unearned membership fees

5,000

-

257,750

193,800

1,363,303

-

50,319

48,229

2,778,820

1,120,454

189,043

238,969

(174,822)

178,646

Board-designated

1,349,259

1,321,591

Funds functioning as endowment

6,161,557

4,937,354

TOTAL NET ASSETS

7,335,994

6,437,591

TOTAL LIABILITIES AND NET ASSETS

$10,303,857

$7,797,014

Cash and temporary cash investments Membership fees and other receivables Prepaid expenses TOTAL CURRENT ASSETS INVESTMENTS PROPERTY AND EQUIPMENT, net TOTAL ASSETS LIABILITIES AND NET ASSETS CURRENT LIABILITIES Accounts and fellowships payable

Deferred sponsorship and conference revenue Deferred revenue Current portion of long-term debt TOTAL CURRENT LIABILITIES LONG-TERM DEBT NET ASSETS (DEFICIT) Unrestricted Without donor restrictions

See accompanying notes.

THE NATIONAL CONSORTIUM | 2019-2020 ANNUAL REPORT

11

STATEMENT OF ACTIVITIES Year Ended June 30, 2020

Unrestricted Board-Designated Without Donor Restrictions

Funds Functioning as Endowment

Designated Fellowships

Totals

REVENUE $4,612,500

$-

$-

$4,612,500

Events/conferences

431,763

-

-

431,733

Grant revenues

213,070

-

-

213,070

Contributions for fellowship sponsorships

Investment income Membership fees Alumni giving Other revenue and donations TOTAL REVENUE AWARDED FELLOWSHIPS, net

145

-

241,415

241,560

489,800

-

-

489,800

9,435

-

-

9,435

199,647

-

-

199,647

5,956,360

-

241,415

6,197,775

(4,612,500)

4,612,500

-

-

EXPENSES Bank service fees Consulting fees

-

-

8,513

-

-

25,723

27,223

-

-

27,223

352,702

-

-

352,702

-

3,584,832

-

3,584,832

Insurance

8,401

-

-

8,401

Interest expense

6,632

-

-

6,632 17,212

Depreciation Events/conferences Fellowship expenses

Investment fees

-

-

17,212

Miscellaneous

23,224

-

-

23,224

Other benefits

205,176

-

-

205,176

Postage

3,970

-

-

3,970

Printing

3,983

-

-

3,983

113,958

-

-

113,958

Professional fees Real estate taxes Repairs and maintenance

5,026

-

-

5,026

24,699

-

-

24,699

854,418

-

-

854,418

Supplies

9,433

-

-

9,433

Travel

8,478

-

-

8,478

15,769

-

-

15,769

TOTAL EXPENSES

1,697,328

3,584,832

17,212

5,299,372

CHANGE IN NET ASSETS

(353,468)

1,027,668

224,203

898,403

178,646

1,321,591

4,937,354

6,437,591

-

(1,000,000)

(1,000,000)

-

($174,822)

$1,349,259

$6,161,557

$7,335,994

Salaries and wages

Utilities

NET ASSETS AT BEGINNING OF YEAR Board designation of funds functioning as endowment

NET ASSETS AT END OF YEAR

See accompanying notes.

12

8,513 25,723

THE NATIONAL CONSORTIUM | 2019-2020 ANNUAL REPORT

STATEMENT OF ACTIVITIES Year Ended June 30, 2019

Unrestricted Board-Designated Without Donor Restrictions

Funds Functioning as Endowment

Designated Fellowships

Totals

REVENUE Contributions for fellowship sponsorships Events/conferences Grant revenues Investment income Membership fees Alumni giving Other revenue and donations TOTAL REVENUE AWARDED FELLOWSHIPS, net

$3,937,500

$-

$-

$3,937,500

347,185

-

-

347,185

45,549

-

-

45,549

186

-

283,788

283,974

450,675

-

-

450,675

12,055

-

-

12,055

90,546

-

-

90,546

4,883,696

-

283,788

5,167,484

(2,960,000)

2,960,000

-

-

EXPENSES Advertising Bank service fees Consulting fees Depreciation Events/conferences

450

-

-

450

9,158

-

-

9,158

9,383

-

-

9,383

29,288

-

-

29,288

233,588

-

-

233,588

-

2,536,663

-

2,536,663

8,401

-

-

8,401

13,457

-

-

13,457

-

-

15,153

15,153

Miscellaneous

41,909

-

-

41,909

Other benefits

Fellowship expenses Insurance Interest expense Investment fees

188,243

-

-

188,243

Postage

2,588

-

-

2,588

Printing

5,328

-

-

5,328

Professional fees

265,887

-

-

265,887

Real estate taxes

10,052

-

-

10,052

Repairs and maintenance

27,007

-

-

27,007

708,324

-

-

708,324

Salaries and wages

6,375

-

-

6,375

Travel

78,576

-

-

78,576

Utilities

17,761

-

-

17,761

1,655,775

2,536,663

15,153

4,207,591

267,921

423,337

268,635

959,893

590,725

898,254

3,988,719

5,477,698

(680,000)

-

680,000

-

$178,646

$1,321,591

$4,937,354

$6,437,591

Supplies

TOTAL EXPENSES CHANGE IN NET ASSETS NET ASSETS AT BEGINNING OF YEAR Board designation of funds functioning as endowment

NET ASSETS AT END OF YEAR

See accompanying notes.

THE NATIONAL CONSORTIUM | 2019-2020 ANNUAL REPORT

13

STATEMENT OF FUNCTIONAL EXPENSES Years Ended June 30, 2020 and 2019

Program Services Year Ended June 30, 2020

FUNCTIONAL EXPENSES Bank service fees Consulting fees Depreciation Events/conferences Fellowship expenses Insurance Interest expense Investment fees Miscellaneous Other benefits Postage Printing Professional fees Real estate taxes Repairs and maintenance Salaries and wages Supplies Travel Utilities TOTAL FUNCTIONAL EXPENSES

Fellowships

Program Activities

Supporting Services

Totals

FUNCTIONAL EXPENSES Advertising Bank service fees Consulting fees Depreciation Events/conferences Fellowship expenses Insurance Interest expense Investment fees Miscellaneous Other benefits Postage Printing Professional fees Real estate taxes Repairs and maintenance Salaries and wages Supplies Travel Utilities TOTAL FUNCTIONAL EXPENSES

Totals

$20,000 12,359 346,567 3,814 3,011 906 104,024 28,080 2,282 8,237 433,190 8,478 7,159

$20,000 12,359 346,567 3,584,832 3,814 3,011 906 104,024 28,080 2,282 8,237 433,190 8,478 7,159

$8,513 5,723 8,657 6,135 2,672 2,109 17,212 13,379 57,244 3,970 3,983 77,093 1,598 12,325 238,297 9,433 5,015

$6,207 1,915 1,512 8,939 43,908 8,785 1,146 4,137 182,931 3,595

$8,513 5,723 14,864 6,135 4,587 3,621 17,212 22,318 101,152 3,970 3,983 85,878 2,744 16,462 421,228 9,433 8,610

$8,513 25,723 27,223 352,702 3,584,832 6,632 15,359 17,212 23,224 205,176 3,970 3,983 113,958 5,026 24,699 854,418 9,433 8,478 15,769

$3,584,832

$978,107

$4,562,939

$473,358

$263,075

$736,433

$5,299,372

Fellowships

Program Activities

Supporting Services

Totals

Management and General

Fundraising

Totals

Total Program and Supporting Services

$2,536,663 -

$450 5,419 13,297 223,743 3,814 6,109 1,406 95,439 33,377 4,564 12,261 359,819 78,576 8,062

$450 5,419 13,297 223,743 2,536,663 3,814 6,109 1,406 95,439 33,377 4,564 12,261 359,819 78,576 8,062

$9,158 3,964 9,314 9,845 2,672 4,279 15,153 10,448 52,520 2,588 5,328 211,510 3,197 8,588 197,227 6,375 5,648

$6,678 1,915 3,068 30,055 40,284 21,000 2,291 6,158 151,278 4,050

$9,158 3,964 15,992 9,845 4,587 7,348 15,153 40,503 92,804 2,588 5,328 232,510 5,488 14,746 348,505 6,375 9,698

$450 9,158 9,383 29,289 233,588 2,536,663 8,401 13,457 15,153 41,909 188,243 2,588 5,328 265,887 10,052 27,007 708,324 6,375 78,576 17,760

$2,536,663

$846,336

$3,382,999

$557,814

$266,778

$824,592

$4,207,591

See accompanying notes.

14

Fundraising

Total Program and Supporting Services

$3,584,832 -

Program Services Year Ended June 30, 2019

Management and General

THE NATIONAL CONSORTIUM | 2019-2020 ANNUAL REPORT

STATEMENT OF CASH FLOWS

Years Ended June 30, 2020 and 2019

2020

2019

CASH FLOWS FROM OPERATING ACTIVITIES Change in net assets

$898,403

$959,893

27,223

29,288

(102,621)

(166,692)

(306,245)

270,656

27,139

(27,139)

224,023

442,881

5,000

(12,500)

63,950

(179,750)

1,363,303

-

2,200,175

1,316,637

1,017,212

695,153

(2,138,795)

(1,477,096)

(1,121,583)

(781,943)

(47,836)

(45,958)

1,030,756

488,736

1,438,188

949,452

$2,468,944

$1,438,188

$6,632

$13,457

Adjustments to reconcile change in net assets to net cash provided (used) by operating activities Depreciation Unrealized gain on investments (Increase) decrease in Membership fees and other receivables Prepaid expenses Increase (decrease) in Accounts and fellowships payable payable Unearned membership fees Deferred sponsorship and conference revenue Deferred grant revenue NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Sale of investments Purchase of investments NET CASH PROVIDED BY INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES Principal payments on long-term debt NET INCREASE IN CASH AND TEMPORARY CASH INVESTMENTS CASH AND TEMPORARY CASH INVESTMENTS AT BEGINNING OF YEAR CASH AND TEMPORARY CASH INVESTMENTS AT END OF YEAR SUPPLEMENTAL DISCLOSURES Cash paid during the year for interest

See accompanying notes.

THE NATIONAL CONSORTIUM | 2019-2020 ANNUAL REPORT

15

NOTES TO FINANCIAL STATEMENTS June 30, 2020 and 2019 NOTE A ORGANIZATION The National Consortium for Graduate Degrees for Minorities in Engineering and Science, Inc. (GEM) is a separately incorporated notfor-profit organization whose purpose is to provide aid and support to minority students pursuing graduate degrees in the field of engineering and science. Revenue consists of corporate contributions and membership fees from corporate and university members.

NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following is a summary of the accounting policies adopted by GEM, which have a significant effect on the financial statements.

Basis of Accounting The financial statements have been prepared on the accrual basis of accounting, whereby revenues are recognized when earned and expenses when incurred.

Financial Statement Presentation The financial statements of GEM have been prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”), which require GEM to report information regarding its financial position and activities according to the following net asset classifications: Net Assets without Donor Restrictions: Net assets that are not subject to donor imposed restrictions and may be expended for any purpose in performing the primary objectives of GEM. These net assets may be used at the discretion of GEM’s management and the board of directors.

Net Assets with Donor Restrictions: Net assets subject to stipulations imposed by donors, and grantors. Some donor restrictions are temporary in nature; those restrictions will be met by actions of GEM or by the passage of time. Other donor restrictions are perpetual in nature, whereby the donor has stipulated the funds be maintained in perpetuity.

Donor restricted contributions are reported as increased in net assets with donor restrictions. When a restriction expires, net assets are reclassified from net assets with donor restrictions to net assets without donor restrictions in the statement of activities.

Support that is restricted by the donor is reported as an increase in net assets without donor restrictions if the restriction expires in the same reporting period in which the support is received and recognized.

Cash and Temporary Cash Investments Resources invested in money market funds and short-term investments with maturities of three months or less at date of purchase are classified as temporary cash investments.

Accounts Receivable Accounts receivable are stated at the amount management expects to collect from outstanding balances. Management provides for probable uncollectible amounts through a provision for bad debt expense and an adjustment to a valuation allowance based on its assessment of the current status of individual accounts. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. At June 30, 2020 and 2019, there was no valuation allowance.

Investments Investments in marketable securities with readily determinable fair value are reported at their fair values in the statements of financial position.

Unrealized gains (losses) are included in the change in net assets.

16

THE NATIONAL CONSORTIUM | 2019-2020 ANNUAL REPORT

Contributions In accordance with FASB ASC 958-605, unconditional contributions are recognized immediately and classified as either net assets with donor restrictions or net assets without donor restrictions. Conditional contributions received are accounted for as a liability or are unrecognized initially, that is, until the barriers to entitlement are overcome, at which point the transaction is recognized as unconditional and classified as either net assets with restrictions or net assets without restrictions. GEM did not have any conditional contributions for the years ended June 30, 2020 and 2019.

Property and Equipment Property and equipment are stated at cost less accumulated depreciation.

Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The general capitalization policy is that all equipment and other fixed assets costing in excess of $1,000 will be recorded as an asset.

Tax Status GEM is a not-for-profit organization as described in Section 501(c)(3) of the Internal Revenue Code and is exempt from federal income taxes on related income pursuant to Section 501(a) of the Internal Revenue Code.

GEM takes the position that it has no net income derived from unrelated business activities and believes it has appropriate support for any tax positions taken and, as such, does not have any uncertain tax positions that are material to the financial statements.

Functional Allocation of Expenses The cost of providing program services and other activities has been summarized on a functional basis in the statements of activities. Directly identifiable expenses are charged to programs and supporting services.

Costs that constitute an appeal for financial support are charged to fundraising expenses. Expenses related to more than one function are charged to programs and supporting services based on estimates of time/expense incurred in each area. Management and general expenses include those expenses that are not directly identifiable with any other specific function but provide the overall support and direction of GEM. Such costs are expensed as incurred. These expenses are allocated based on a pro-rata share of the total payroll charged to each function.

Membership Fees Membership fees, which are billed in advance, are recognized as revenue when earned. Unearned fee revenue represents membership fees billed for periods extending beyond year-end.

Awarded Fellowships, Net As GEM fellowships are awarded, the amounts associated with each award are transferred to Board-designated net assets. These amounts are net of fellowship offers declined and amounts related to students who have withdrawn from a GEM fellowship program or who have graduated without expending the full designated amounts.

Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

Reclassifications Certain reclassifications have been made to the 2019 financial statement presentation to correspond to the current year’s format.

Date of Management’s Review Management has evaluated subsequent events through January 18, 2022, the date which the financial statements were available to be issued.

NOTES TO FINANCIAL STATEMENTS June 30, 2020 and 2019

NOTE C FINANCIAL INSTRUMENTS AND CONCENTRATIONS OF CREDIT RISK Financial Instruments The carrying values of GEM’s financial instruments approximate their estimated fair values. The following methods and assumptions were used to estimate the fair value of each class of financial instruments: •

C ash and Temporary Cash Investments - The carrying amount approximates fair value due to the short-term maturity of these instruments.

•

M arketable Securities and Investments - The fair value of marketable securities and investments held for investment purposes is based on quoted market prices.

Concentrations of credit risk with respect to trade accounts receivable are generally diversified due to the large number of individuals comprising GEM’s customer base.

NOTE D INVESTMENTS Investments are carried at market. The following summarizes the relationship between cost and carrying values at market value at June 30, 2020 and 2019, and the related investment income included in the statements of activities.

Cost

2019 Market

Cost

Market

Mutual Funds Equity Fixed income

FASB ASC 820-10 establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.

Level 1 inputs are unadjusted quoted prices for identical assets or liabilities in active markets that GEM has the ability to access.

Level 2 inputs are other than quoted market prices that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument.

Concentrations of Credit Risk Financial instruments which potentially subject GEM to concentrations of credit risk consist principally of cash and accounts receivable. GEM places its cash with high credit quality institutions. At times, such amounts may be in excess of the FDIC insurance limits.

2020

NOTE E FAIR VALUE MEASUREMENTS

Level 3 3 inputs are unobservable inputs based on GEM’s assumptions used to measure assets and liabilities at fair value. The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The assets of GEM for which fair values are determined on a recurring basis are summarized as follows: Level 1

2020

2019

$1,334,298

$1,074,264

2,101,202

1,741,554

Short term fixed inome

522,187

273,152

Intermediate term fixed income

378,024

399,786

International bond

908,471

591,453

Domestic bond

750,669

690,438

$5,994,851

$4,770,647

MUTUAL FUNDS International equity Domestic equity

$2,581,484 $3,435,500 $1,978,366 $2,815,818 2,422,992

2,559,351

1,904,528

1,954,829

$5,004,476 $5,994,851 $3,882,894 $4,770,647

Mutual funds are valued at quoted market prices, which represent the fair values of shares held by GEM at year end.

NOTE F PROPERTY AND EQUIPMENT Property and equipment consist of the following:

The composition of investment return consists of:

Interest income, cash and cash equivalents Investment portfolio income Realized gain (loss) Unrealized gain

2020 $145

2019 $186

Fixtures and equipment Website

138,805

117,470

(11)

(374)

102,621

166,692

$241,560

$283,974

It is GEM’s intent to hold investments for long-term purposes.

Phone and security system equipment Buildings

Accumulated depreciation

2020 $101,402

2019 $101,402

172,199

172,199

19,143

19,143

950,983

950,983

1,243,727

1,243,727

(560,915)

(533,692)

$682,812

$710,035

THE NATIONAL CONSORTIUM | 2019-2020 ANNUAL REPORT

17

NOTES TO FINANCIAL STATEMENTS June 30, 2020 and 2019

NOTE G LONG-TERM DEBT

NOTE H NET ASSETS WITHOUT DONOR RESTRICTIONS

Long-term debt is as follows:

The board has committed to the following fellowships:

Mortgage payable, interest at 4.25%, monthly payments of $4,952, payable to maturity in November 2024, secured by building Current portion

2020 $239,362

2019 $287,198

(50,319)

(48,229)

$189,043

$238,969

Future maturities of long-term debt are as follows:

Year Ending June 30,

2021

$50,319

2022

52,500

2023

54,775

2024

57,149

2025

24,619 $239,362

2020

2019

M.S. Engineering Fellowship Program

$2,430,000

$1,680,000

Ph.D. Engineering & Science Fellowship Program

4,365,000

1,680,000

$6,795,000

$3,360,000

GEM FELLOWSHIPS

Net assets of $715,816 and $2,898,945 respectively are designated for operations and fellowship expenses by the board for the years ended June 30, 2020 and 2019.

Endowment GEM classifies as endowment net assets (1) the original value of gifts donated to the endowment, (2) the original value of subsequent gifts to the endowment and (3) enhancements or diminishments of the fund from investment income, loss and spending allowance.

Return Objectives and Risk Parameters GEM has adopted investment and spending policies for endowment assets that attempt to provide a relatively predictable and growing stream of annual distributions in support of the institution while preserving the longterm, real purchasing power of assets.

Strategies Employed for Achieving Objectives To satisfy its long-term rate-of-return objectives, GEM relies on a total return strategy in which investment returns are achieved through both capital appreciation (realized and unrealized) and current yield (interest and dividends). GEM’s current assets allocation for endowment funds is structured to achieve the appropriate level of investment return.

Spending Policy and How the Investment Objectives Relate to Spending Policy As of June 30, 2020, GEM’s net asset endowment is invested in a diversified portfolio of mutual funds and fixed income mutual funds. GEM intends to use endowment net assets to support operations in accordance with donor stipulations. Each year, the investment committee recommends expenditures based on portfolio growth and earnings. Half of the portfolio earnings, up to 3% of the portfolio value, may be distributed to the general operating accounts of GEM. Endowment expenditures totaled $680,000 for the year ended June 30, 2019.

Endowment net assets consist of the following:

BEGINNING BALANCE

2020 $4,937,354

2019 $3,988,719

241,415

283,788

(17,212)

(15,153)

1,000,000

-

Contributions Investment gain Investment expenses Transfer from fellowships Transfer from operating ENDING BALANCE

-

680,000

$6,161,557

$4,937,354

Endowment net assets are designated for the following purposes as of June 30, 2020 and 2019.

Operations

18

THE NATIONAL CONSORTIUM | 2019-2020 ANNUAL REPORT

2020 $6,161,557

2019 $4,937,354

NOTES TO FINANCIAL STATEMENTS June 30, 2020 and 2019

NOTE I PROGRAM INFORMATION

NOTE L LIQUIDITY

GEM presently operates the following programs:

As part of the National Consortium for Graduate Degrees for Minorities’ liquidity management, GEM’s strategy is to structure financial assets to be available to satisfy cash needs for general expenditures and current liabilities with a goal to meet at least 30 days of normal operating expenses, which are on average $11,400 per day. GEM’s financial assets available to meet cash needs for general expenditure include:

GEM M.S. Engineering Fellowship Program - The objective of the master’s program is to increase the pool of minority M.S. engineering graduates.

Each participant is afforded a summer internship experience and a portable academic fellowship of tuition, fees and stipend. Fellows are supported for three semesters or four quarters.

GEM Ph.D. Engineering Fellowship Program - This program’s objective is to offer post-master’s fellowships to under-represented minority students.

Fellowships may be used at any participating GEM member university.

Tuition, fees and an academic year stipend are provided, and the students are afforded a summer internship experience before the start of the first academic year under the program. Fellows may also be required to accept a research or teaching assistantship GEM Ph.D. Science Fellowship Program - The goal of this program is to increase the number of minority students pursuing doctoral degrees in the natural, physical and life sciences (chemistry, physics, mathematics and computer science, as well as the earth, biological and pharmaceutical sciences). Fellowships are portable to any participating GEM member university and include a stipend, tuition and fees, along with an opportunity for a summer internship experience before the start of the first academic year under the program. Fellows may be required to accept a research or teaching assistantship.

For the years ended June 30, 2020 and 2019, a GEM employer or university member pays a non-refundable annual membership fee of $2,500 or $5,000, respectively, to belong to the National GEM Consortium.

Cash Membership fees and other receivables

2020

2019

$2,468,944

$1,438,188

1,157,250

851,005

$3,626,194

$2,289,193

In addition, GEM has investments which may be drawn upon in the event of immediate liquidity need resulting from events outside the typical life cycle of converting financial assets or settling financial liabilities.

NOTE M RISKS AND UNCERTAINTIES On March 11, 2020, the World Health Organization declared the novel coronavirus (“COVID 19”) outbreak a pandemic which has impacted the global economy. Although no significant financial impact has occurred thus far, the COVID-19 pandemic is still on-going and the duration and extent of the related financial impact on the Company’s financial position, operations and cash flows is uncertain and cannot be reasonably estimated at this time.

The membership fees and additional contributions are recorded as revenue for the purpose of funding GEM programs and extensions.

NOTE J FUNCTIONAL CLASSIFICATION OF EXPENSES The functional classification of expenses is as follows:

2020

2019

$3,584,832

$2,536,663

978,107

846,336

FUND-RAISING

263,075

266,778

GENERAL AND ADMINISTRATIVE

473,358

557,814

$5,299,372

$4,207,591

PROGRAM EXPENSES Fellowships Program activities

NOTE K 401(k) PLAN GEM has a defined contribution plan (i.e., Section 401(k) under the Internal Revenue Code). GEM contributions are discretionary and determined annually by management. The plan also allows employee contributions through salary reduction. GEM’s contributions for the years ended June 30, 2020 and 2019, were $15,322 and $12,440, respectively.

THE NATIONAL CONSORTIUM | 2019-2020 ANNUAL REPORT

19

2019-2020 DONOR LIST University Members Arizona State University Auburn University Binghamton University Boston University Brown University California Institute of Technology Carnegie Mellon University Case Western Reserve University Clemson University Colorado School of Mines Columbia University Cornell University Curators of the University of Missouri Drexel University Duke University Emory University Florida International University Florida State University Georgia Institute of Technology Harvard University Howard University Illinois Institute of Technology Indiana University Iowa State University Johns Hopkins University Lehigh University Louisiana State University Massachusetts Institute of Technology Michigan State University Michigan Technological University Mississippi State University Missouri University of Science and Technology Morgan State University Foundation New Jersey Institute of Technology New York University Tandon School of Engineering NMSU College of Engineering Norfolk State University North Carolina A&T State University North Carolina State University Northeastern University Northwestern University Oregon State University Pennsylvania State University Prairie View A&M University Princeton University Purdue University Rensselaer Polytechnic Institute Rice University Rochester Institute of Technology Rutgers University Southern University / A&M College Stanford University Stevens Institute of Technology Stony Brook University Syracuse University Texas A&M University Texas Tech University The City College of New York The Ohio State University Tufts University Tulane University Tuskegee University 20

University of Alabama University of Alabama, Huntsville University of Arizona University of Arkansas University of California, Berkeley University of California, Irvine University of California, Los Angeles University of California, Merced University of California, Riverside University of California, San Diego University of California, Santa Barbara University of California, Santa Cruz University of Central Florida University of Chicago University of Cincinnati University of Colorado Boulder University of Connecticut University of Delaware University of Florida University of Georgia University of Houston University of Illinois at Urbana-Champaign University of Illinois Chicago University of Iowa University of Kansas University of Kentucky University of Maryland, Baltimore County University of Maryland, College Park University of Massachusetts, Amherst University of Michigan University of Minnesota University of New Mexico University of Notre Dame University of Oklahoma University of Pennsylvania University of Pittsburgh University of Puerto Rico, Mayaguez Campus University of Rochester University of South Carolina University of South Florida University of Southern California University of Tennessee, Knoxville University of Texas - Austin University of Texas at Arlington University of Texas at El Paso University of Virginia University of Washington University of Wisconsin, Madison Vanderbilt University Virginia Polytechnic Institute & State University Washington State University Washington University in Saint Louis Worcester Polytechnic Institute Yale University

THE NATIONAL CONSORTIUM | 2019-2020 ANNUAL REPORT

Employer Members 3M Company Adobe Systems Incorporated Aerospace Corporation Amazon Apache Corporation Apple Inc. Brookhaven National Laboratory Commonwealth Edison Company (ComEd) Corning Incorporated Draper Laboratory Eaton ExxonMobil Fermi National Accelerator Laboratory Ford Motor Company Hess Corporation IBM Corporation Idaho National Laboratory Institute for Defense Analyses Intel Corporation InterActive Corp Johns Hopkins University Applied Physics Laboratory

Johnson & Johnson Lam Research Corporation Lawrence Berkeley National Laboratory Lawrence Livermore National Laboratory Lexmark International Incorporated Los Alamos National Laboratory MIT Lincoln Laboratory MITRE Corporation National Renewable Energy Laboratory NOV Corporate Oak Ridge National Laboratory Owens Corning Pacific Northwest National Laboratory Qualcomm Incorporated Sandia National Laboratories SAP America Incorporated Shell Oil Company Space Exploration Corporation United Technologies Research Center

Alumni & General Giving From $1,000 and above Benevity Fund Jorge R. Leis Dr. Araba Lamouse-Smith Bruce Lindvall Enrique Silva Anthony Jackson Dr Eric Evans Sara Perkovic William Albright Bernadette A Carter From $200 - $999 Elizabeth Coon Network for Good Joselyn Torres-Torres Dale Harrigan Dr. Jose Roman Jesse Johnson Enold Pierre-Louis Dale Harrigan Avery Demond Dhana Kumarasamy Gerald T. Charles Jr. Laura D Stubbs Michael Febbraro Michael Vulikh Bin Wen Lisa Seigneur Terita Norton David Alexander

From $1 - $199 Adilson Cardoso, PhD Anthony Ferguson Chandra Pendyala Delores Baker Gerald Smith Jahi Simbaii JP Morgan - Good Works Karie Hoelzer Karl W Reid Ed.D. Kenneth Baker DeWeylan J Harris Delfina A. Dominguez Nashlie Sephus Jasmine D Crenshaw Novella N. Bridges

GEM BOARD OF DIRECTORS 2019-2020 CHAIR

Michael A. Greene Vice President, Software & Services Group General Manager, System Technologies & Optimization Intel Corporation

VICE CHAIR

Johney B. Green, Jr., PhD Associate Laboratory Director of Mechanical and Thermal Engineering Sciences National Renewable Energy Laboratory

VICE CHAIR

Felicia Benton - Johnson, EdD Assistant Dean, College of Engineering Director of Diversity & Engineering, Education Outreach Georgia Institute of Technology

TREASURER

Anthony “TJ” Jackson Senior Engineer, Applied Physics Laboratory/Johns Hopkins University

SECRETARY

GEM STAFF Sheri Depp Director, Global Talent Management Diversity, Community, and Corp Business Partners Lexmark International Percy Gilbert, PhD Vice President, Enterprise Systems Product Engineering and Memory/Flash Development IBM Corporation Jorge Leis, PhD Parnter Bain & Company John “Jack” Lesko, PhD Assoc. Dean of Research & Graduate Studies, College of Engineering Virginia Polytech Inst. & State University Bruce Lindvall, PhD Assistant Dean of Graduate Studies, McCormick School of Engineering Northwestern University

Darryll Pines, PhD Dean, A James Clark School of Engineering University of Maryland

Christine Ortiz, PhD Morris Cohen Professor of Material Science & Engineering Massachusetts Institute of Technology

Greg Anderson Vice President of Corporate Research Lab 3M

Sara Perkovic, PhD Director, Adobe Research Adobe

Sharnnia Artis, PhD Assistant Dean & Director of the Center for Diversity in Engineering University of Virginia

Gregory Singleton Director, Engineering Student Services The University of Alabama

Romayne Botti Vice Chancellor for Finance Rutgers University Terrence Buck Sr. Talent Acquisition Diversity Lead, Human Resources Idaho National Laboratory Avery H. Demond, PhD Professor, Civil and Environmental Engineering University of Michigan

La’Tonia Stiner-Jones, PhD Assistant Dean of Graduate Programs, College of Engineering Ohio State University Mark Vaughn, PhD Technical Talent Pipelining, Manager Lead of Technology Community Office of STEM Corning Incorporated

Brennon Marcano Chief Executive Officer Marcus A. Huggans, PhD Executive Director, Client Relations Michael Smith, D.Eng Deputy Executive Director, Internal Operations Valerie D. Washington Executive Assistant to the CEO Jamie D. Hicks Senior Manager, Accounting Antonio Storey Fellowship Manager Joann Ransom Program Coordinator, Internal Operations Kia Johnson Coordinator, External Relations Marquita M. Qualls, PhD Executive Director, Entrepreneurship Programs, GEM I4 Latane E. Brackett, CEFP, SSH Principal Manager, Innovation Programs, GEM I4 Talmesha Richards, PhD. Principal Manager, Innovation Relationships, GEM I4

1430 Duke Street Alexandria, VA 22314 703-562-3646 gemfellowship.org info@gemfellowship.org

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