2021 Annual Report
MISSION
LETTER FROM THE PRESIDENT
their predecessors constructed. Through our Government to University initiative, universities and government representatives across the country are generating innovative, collaborative projects to strengthen the talent pipeline into government. And the public finance team is empowering public servants with cutting-edge, data-driven budgeting guidance and raising awareness about the imperative of federal oversight in state and local finance. As Mr. Volcker’s example reminds us, it takes time to shift norms and amplify values. Results don’t come overnight, but we keep at it. Three determined, visionary women now lead the Alliance team. We ensure that diversity is front and center in our own hiring and across our programmatic portfolio. With profound motivation and gratitude, we inspire others with Mr. Volcker’s legacy of service and work to advance his vision in ways that would make him proud.
REFLECTING ON THE PAST YEAR, I CONSIDER
The Volcker Alliance empowers the public sector workforce to solve the challenges facing our nation.
PAUL A. VOLCKER
Founder and former chairman
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how a beleaguered nation found resilience in the face of unrelenting challenges. Some were jarring and new—an evolving pandemic, more frequent and extreme weather events, a violent attack on the centerpiece of our democracy. Others were all too familiar— the death of Black men at the hands of police, political toxicity, and inflation hitting our bank balances and sense of financial security. Through it all, our team at the Volcker Alliance, and others around us, drew inspiration from our founder, Paul A. Volcker. Mr. Volcker was a courageous leader who never backed away from doing the right thing because it might be difficult or politically damaging. He was an inimitable player of the long game. At the Volcker Alliance, we are also playing a critical long game. We are doubling down on our conviction that our democracy’s vitality depends on the education and training of a diverse pool of public servants. With the Alliance’s partners at schools of public service, the Next Generation Service Corps is helping rising leaders with fresh perspectives build on the foundations
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Sara Mogulescu
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WHAT WE DO
Our programs are focused on educating, connecting, empowering, and inspiring public servants.
EDUCATE
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CONNECT
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EMPOWER
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INSPIRE
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2021 ANNUAL REPORT
WHAT WE DO: EDUCATE
and reinforce democratic values on campus. The Deans Summit continued to work to address structural racism in participating schools. As a first step to being more intentional in ensuring that people of color pursue and secure leadership positions in schools of public service, the deans piloted a survey to collect information about the demographics and career pathways of current leaders of those schools. Throughout 2021, the Alliance also hosted
WE PROMOTE INNOVATION IN PUBLIC SERVICE EDUCATION The DEANS SUMMIT provides opportunities for innovation and collaboration among deans and directors of the nation’s comprehensive schools of public service. In 2021, a central priority was developing strategies for the schools to strengthen democratic institutions. In partnership with the American Academy of Arts and Sciences, we brought together students from ten schools of public service for a conversation on the academy’s bipartisan Commission on the Practice of Democratic Citizenship report Our Common Purpose: Reinventing American Democracy for the 21st Century. Students engaged with their peers to identify student-led action to proliferate
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The NEXT GENERATION SERVICE CORPS (NextGen Service) continued to expand in 2021. Thirteen schools in eleven states are launching public service programs for undergraduates in all majors. As more students enroll in NextGen
Service programs, the Alliance is planning and hosting cross-school activities and networking opportunities. We are curating a virtual space for students to connect with one another and find exciting public service internships and job openings.
OUR NETWORK TODAY
CONVERSATIONS FOR LEADERS OF SCHOOLS OF PUBLIC SERVICE, a virtual forum to explore
common challenges and areas for impact.
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WHAT WE DO: CONNECT
WHAT WE DO: EMPOWER
opportunities nationwide. It drew 1,300-plus potential candidates. We have held additional virtual fairs in 2022 and will continue to partner on events segmented by geography, occupation, and level of government.
WE BUILD PARTNERSHIPS BETWEEN GOVERNMENT LEADERS AND UNIVERSITIES The public sector workforce is in crisis. Between aging workers on the verge of retirement—a figure expected to double over the next five years—and a shortage of applications from talented young people, our government institutions are struggling to recruit qualified candidates and keep up with the rapid pace of change. That’s where the GOVERNMENT TO UNIVERSITY initiative (G2U) comes in. G2U is a national program to connect job seekers to public service positions.
With support from the Volcker Alliance, G2U partners at the Southern California Association of Governments and the RAND Corporation implemented a study to explore why many graduates of colleges and universities do not consider working in the public sector and whether government agencies are doing all they can to attract the next generation of employees. The resulting recommendations are helping bridge these In late 2021, the G2U team launched an gaps by identifying the most promising effort to connect students and job seekers strategies that public sector agencies, with employment openings via colleges and universities, and virtual job fairs. Our pilot event community organizations featured federal agencies— can pursue to increase the including the FBI, the State number of talented people from Department, and the Internal An initiative to link job seekers underrepresented groups in Revenue Service—showcasing government careers. to government jobs
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monthly events, which focus on the fiscal impact of COVID-19 on states and municipalities. With funding from the Century Foundation in 2021, we are developing a podcast series based on the webinars. With support from the Alfred P. Sloan Foundation, the INCREASING DIVERSITY IN GOVERNMENT initiative generated new research to improve state government recruitment and hiring practices to attract early-career professionals and underrepresented applicants. A joint effort of the Volcker Alliance, the Behavioral Insights Team, and state government partners, the program leveraged behavioral science insights to increase diversity in state government. It produced a paper, Strategies to Improve Workforce Diversity in the Public Sector, with practical implementation approaches for state agency recruiters and hiring managers to improve hiring practices and policies.
WE DRIVE RESEARCH ON EFFECTIVE GOVERNMENT The Volcker Alliance published Truth and Integrity in State Budgeting: Preparing for the Storm, the culmination of six years of research assessing the fiscal sustainability and transparency of budgeting practices in all fifty states from fiscal 2015 to 2019. In conjunction, we launched an updated and expanded interactive data laboratory. The report, which garnered national and local media coverage, was presented at the Association for Budgeting and Financial Management 2021 Annual Conference. The SPECIAL BRIEFING webinar series, introduced in 2020 in partnership with the University of Pennsylvania Institute for Urban Research, continued to attract top government officials and other influencers as panelists and audience members. More than 8,000 attendees have joined the
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2021 ANNUAL REPORT
WHAT WE DO: INSPIRE
BOARD OF DIRECTORS
WE INSPIRE OTHERS WITH THE STORY OF MR. VOLCKER’S COMMITMENT TO PUBLIC SERVICE Paul A. Volcker’s (1927–2019) legacy as a dedicated public servant drives our work and our values. The PAUL A. VOLCKER CAREER ACHIEVEMENT MEDAL, supported by Ray and Barbara Dalio, was established in 2019 in honor of the chairman and founder of the Volcker Alliance. The 2021 recipient was Evan Kwerel, who has spent more than three decades as an economist at the Federal Communications Commission. Mr. Kwerel pioneered the use of competitive spectrum auctions to allocate the public airwaves for sound, data, and video transmissions, helping fuel the digital revolution while adding over $200 billion to the government’s coffers. On October 16, 2021, Mr. Volcker was inducted into the New Jersey Hall of Fame. At the ceremony, former Governor Thomas H. Keane
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described him as “one of the greatest economists we’ve ever had.” Mr. Volcker’s accomplishments were celebrated alongside those of other inductees, including founding father Alexander Hamilton, late Supreme Court associate justice Antonin Scalia, and retired four-star Army General Gustave Perna. In December, the Alliance launched the JUSTINE RODRIGUEZ KILPATRICK LEGACY SOCIETY in honor of Ms. Kilpatrick’s life of
public service and her generous bequest of her estate to the Volcker Alliance. Ms. Kilpatrick worked for over thirty years at the federal Office of Management and Budget and was passionate about government accountability and budgeting for results. For the Volcker Alliance, a small organization with a big mission, Ms. Kilpatrick’s gift was transformative. The Legacy Society welcomes like-minded benefactors whose gifts ensure a bright future for the Volcker Alliance.
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BILL BRADLEY Chairman SARA MOGULESCU President
ANTHONY J. DOWD Treasurer THOMAS W. ROSS Senior Adviser
SHEILA BAIR
STEPHANIE MINER
CHARLES BOWSHER*
NORMAN J. ORNSTEIN
THOMAS M. DAVIS
RICHARD RAVITCH
WILLIAM H. DONALDSON*
WILLIAM RHODES
T. ELOISE FOSTER
JAMES P. VOLCKER
ANTHONY FOXX
ANTONIO WEISS
SHIRLEY CLARKE FRANKLIN *Emeritus
FRANCIS FUKUYAMA
JAMES VOLCKER joined the board of directors of the Volcker Alliance
in January 2022. Mr. Volcker is a grants management specialist in data science at the Dana-Farber Cancer Institute in Boston. Senator Bill Bradley, chairman of the board of directors, said, “The board of the Volcker Alliance is delighted to have James join us in leading this great organization, dedicated to advancing his father’s vision of an empowered public sector workforce. James not only has keen insight into his father’s passion for this issue but also brings his own training and expertise in public administration.”
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2021 ANNUAL REPORT
STAFF OF THE VOLCKER ALLIANCE
FINANCIALS
SARA MOGULESCU President
SARA MOGULESCU
MELISSA AUSTIN
YESENIA MARTINEZ
EMILY S. BOLTON
ANDREW MEKHAIL
ADAM CIAMPAGLIO
MAGGIE MELLO
MAYA CORRIN
SARAH MORNINGRED
GRAHAM DOWD
PETER MORRISSEY
EMILY EATON
KATE NICOLETTI
WILLIAM GLASGALL
ADAOBI OGUAGHA
BRETT HUNT
ANNA WALLMAN
NAOMI MAJOR
NOAH A. WINN-RITZENBERG
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was appointed president of the Alliance in January 2022. Ms. Mogulescu had been serving as the executive vice president. Emily Bolton, previously chief strategy officer, was promoted to the role of executive vice president. Melissa Austin, former director of operations, has been elevated to chief operating officer. Our team is stronger than ever, advancing the Alliance’s mission with intellect, dedication, vigor, and creativity.
2021 ANNUAL REPORT
Statements of Financial Position
Statements of Activities
December 31, 2021, and 2020
December 31, 2021, and 2020
2021
2020
$1,531,870
$2,617,219
20,980,302
16,289,552
2021
ASSETS
2020
REVENUE, GAINS, AND OTHER SUPPORT
Cash and cash equivalents Investments
Grants and contributions
29,000
32,847
With donor restrictions
450,000
—
208,276
96,083
Prepaid expenses
50,947
29,841
Security deposits
84,736
155,063
Total Assets
1,707,651
1,414,737
45,084
66,268
309,400
—
—
—
$8,921,062
$8,576,122
$3,319,547
$3,619,586 887,646
Other income
Fiscal sponsor receivable
Property and equipment, at cost, net of accumulated depreciation and amortization
$7,095,117
Net investment income
Grants and contributions receivable Without donor restrictions
$6,858,927
Loan forgiveness Net assets released from restrictions Total Revenue, Gains, and Other Support EXPENSES
326,563
233,749
$23,661,694
$19,454,354
Program services Supporting services Management and general
714,069
LIABILITIES
Development
370,693
395,516
Accounts payable and accrued expenses
Total supporting services
1,084,762
1,283,162
$4,404,309
$4,902,748
Grants payable Loan payable Deferred rent Total Liabilities
132,296
65,875
200,000
311,702
—
309,400
45,268
—
$377,564
$686,977
21,286,059
17,662,060
Total Expenses Change in net assets
4,516,753
3,673,374
18,767,377
15,094,003
$23,284,130
$18,767,377
Net assets, beginning of year Net Assets, End of Year
NET ASSETS Without donor restrictions With donor restrictions
1,998,071
1,105,317
Total Net Assets
$23,284,130
$18,767,377
Total Liabilities and Net Assets
$23,661,694
$19,454,354
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Published May 2022 Don Besom, art director; Michele Arboit, copy editor. Robert Neubecker, cover illustrator.
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2021 ANNUAL REPORT
OUR SUPPORTERS
PAUL A. VOLCKER
Founder
FOUNDER’S CIRCLE
The Volcker Alliance established the Founder’s Circle to recognize, in perpetuity, all donors who have contributed $25,000 or more to the Alliance. These donors have been essential to building and sustaining the Alliance since its launch in 2013. VISIONARY
CHAMPION
PARTNER
2021 DONORS
The Volcker Alliance also wishes to thank our donors from January 1 to December 31, 2021 for their generosity and commitment to the mission of the Volcker Alliance.
ALLY
SUPPORTER
FRIEND
($5 million and above)
($100,000–$1 million)
($25,000–$99,999)
($10,000–$24,999)
($1,000–$9,999)
(Less than $1,000)
Ray and Barbara Dalio
Anonymous
Anonymous
Stephen and Patricia Oxman
Anonymous
Anonymous
Justine Rodriguez Kilpatrick
The Challenger Foundation
The Century Foundation
Sheila C. Bair and Scott P. Cooper
Anonymous
Thomas Chan-Soo Kang
First Dollar Foundation
William Lovatt
The Volcker Family Foundation
William and Jane Donaldson
Mark H. Dalzell
T. Eloise Foster
Robert Morris
The Debs Foundation
Shirley Clarke Franklin
Edwin and Tracy Truman
STEWARD
The New York Community Trust Lise Strickler and Mark Gallogly Charitable Fund
Anthony J. Dowd
Philip Weintraub
The William and Flora Hewlett Foundation
The Lee and Juliet Folger Fund
Francis Fukuyama and Laura Holmgren
($1 million–$5 million)
Laura and John Arnold Foundation
The Samuel Freeman Charitable Trust
Anonymous
Richard Ravitch Foundation
Carnegie Corporation of New York
William Rhodes
Henry and Elaine Kaufman Foundation
Alfred P. Sloan Foundation
Cheryl and Glen Lewy
Peter G. Peterson Foundation
Anke Volcker
The Mallinckrodt Foundation Robertson Foundation for Government Thomas W. Ross
J. Patterson Lawson Charitable Fund Bevis and Clara Longstreth Norman Ornstein The John and Barbara Vogelstein Foundation David and Irene Waddill Denham Wolf Real Estate Services
The Sedoric Family James and Martha Volcker Antonio Weiss
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2021 ANNUAL REPORT
The Volcker Alliance 39 Broadway, Suite 1930 New York, NY 10006 (646) 343-0155 info@volckeralliance.org | volckeralliance.org
@VolckerAlliance