The Volcker Alliance 2022 Annual Report

2022 ANNUAL REPORT

CELEBRATING OUR 10 TH ANNIVERSARY

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vo lc k er Alliance

Empowering and Inspiring Public Servants

••• 2022 ANNUAL REPORT

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THE VOLCKER ALLIANCE The Volcker Alliance is a nonprofit founded by former Federal Reserve Board Chairman Paul A. Volcker to empower the public sector workforce to solve the challenges facing our nation.

••• We build partnerships with government and universities, promote innovation in public service education, drive research on effective government, and inspire others with the story of Mr. Volcker’s commitment to public service.

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We envision a public sector workforce with the experience, preparation, and commitment to ensure government is accountable and delivers with excellence.

REFLECTION FROM THE CHAIRMAN I am proud of what the Volcker Alliance is accomplishing as we

Senator Bill Bradley

enter our second decade, and I am confident that my good friend, Paul Volcker, would be too.

Paul was the quintessential public servant, blessed with courage, intellect, and an unshakeable integrity. He understood public service as a calling that can change the world for the better. For his entire career, Paul remained true to the George Washington quote his father, a city manager, kept framed behind his desk. It said: “Do not say yes when you ought to say no. Remember, that it is a public not a private cause that is to be injured or benefited by your choice.”

After Paul passed away, I assumed the role of Chair of the Board for the Volcker Alliance. This organization was important to Paul up until his final days. His deep-rooted belief that we must engage

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talented citizens in service to the public good remained the core of Paul’s vision for the Alliance. He was passionately convinced that the future of our democracy depended on the training and education of public servants. The extreme challenges of the past several years make Paul’s observations ever more urgent.

As we celebrate our tenth anniversary, the Volcker Alliance team is advancing Paul’s charge to empower the public sector workforce with focus and creativity. Every day, with deep motivation and gratitude, the team is working to inspire others with Paul’s legacy of service. I am privileged to chair and fully support this organization, this team, and my friend’s vision for a better world. We aim to shape public service. We will go farther and faster with your support and partnership.

REFLECTION FROM THE PRESIDENT At the Volcker Alliance, we are helping create the future

of public service. We are working to empower public servants from diverse backgrounds and support them to reach positions of influence in government. We are deepening collaborations with governments, universities, thought leaders, and philanthropies. We are nimbly pursuing new opportunities and incubating innovative initiatives that promise to further our mission.

We cannot make the future alone. Core to our efforts is the cultivation of powerful partnerships and extraordinary networks of change-makers.

The Deans Summit convenes more than 60 deans and directors of the nation’s schools of public service. Recognizing that broadening the reach of public service education is critical to the future of our democracy, members of this collaborative shed competitive posture in favor of collective action. The Future Leaders of Schools of Public Service program provides networking and mentorship resources to faculty of color who are interested in exploring or pursuing academic leadership positions at schools of public service. The Next Generation

Sara Mogulescu

Service Corps draws diverse, talented young people into public service careers. An influential and growing network of schools and students, this initiative now includes sixteen member universities and more than 600 students enrolled nationally. The Richard Ravitch Public Finance Initiative promotes federal strategies that advance fiscal sustainability at all levels of government as well as educates Congressional and Executive Branch leaders about the need for greater oversight of state and local budgets and finances. Our Talent Initiatives generate innovative, collaborative projects to strengthen the talent pipeline into government. Our cutting-edge series of public sector virtual job fairs connect jobseekers directly to high-need government jobs.

As the Alliance embarks on its second decade, our game plan is to forge and fortify myriad partnerships to propel the future public sector workforce. We will support those partners. We will convene those partners. We will celebrate and champion those partners. Our annual report this year is a tribute to the deep and accomplished Volcker Alliance community. Together we are charting a course to the future of government.

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OUR PROGRAMS

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Educate WE PROMOTE INNOVATION IN PUBLIC SERVICE EDUCATION. The Volcker Alliance has helped define the field of public service education.

Our work with our partners drives innovation in undergraduate and graduate level curricula at schools of public service and expands learning opportunities for active public servants.

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Connect

Inspire

WE CONNECT JOBSEEKERS TO CITY, STATE, AND FEDERAL GOVERNMENT JOBS.

WE INSPIRE OTHERS WITH THE STORY OF MR. VOLCKER’S COMMITMENT TO PUBLIC SERVICE.

We build partnerships between government leaders and universities and propel creative solutions that connect talented, diverse job-seekers with career opportunities in government.

Empower WE DRIVE RESEARCH ON EFFECTIVE GOVERNMENT AND PROMOTE DIVERSITY IN GOVERNMENT. We believe that only through the inclusion and elevation of diverse perspectives can government identify and act on the best solutions to our nation’s most complex challenges. Our signature public finance portfolio works to encourage and enable sound budgeting, transparent financing, and fiscal sustainability at all levels of government.

Mr. Volcker passed away in 2019 after serving almost 30 years in the federal government, culminating in his historic two terms as Chairman of the Federal Reserve. He envisioned this organization as the steward of his legacy and the vehicle for championing his passion for public service in the next generation.

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On our tenth anniversary, we asked our partners and collaborators to reflect on the Volcker Alliance and our founder….

VICTORIA DEFRANCESCO SOTO University of Arkansas

DON KETTL University of Texas at Austin

No one’s legacy casts a bigger silhouette over economic policy, central banking, and public service than Paul Volcker. He was a giant. But I hope we never forget the part of his legacy he was, perhaps, most proud of: he was the biggest advocate for public service there ever was. He wanted us to give workers in the public

At precisely the right historical instant, Paul Volcker recognized the “quiet crisis” of the civil service. He not only crystalized that moment in stirring words.

RAMAYYA KRISHNAN Carnegie Mellon University

He launched a major commission in 1987 to propose sweeping but practical solutions. It’s a truly remarkable legacy that, on retiring from an eminent career in banking, he turned his energy on the need to rebuild the public service: in framing policy to guide it, in inspiring education for the nation’s future public servants, and in creating an enduring alliance to lead the ongoing movement.

The Volcker Alliance has the inspiring vision and commitment to public service of its founder, Paul Volcker. It also has uniquely additive convening power. The convening power translates into the co-creation and diffusion of good ideas. I really like the diversity of voices and opinions I hear at the Alliance.

AUSTAN GOOLSBEE Federal Reserve Bank of Chicago

The Volcker Alliance has created a dynamic community space that brings together the collective strengths of public service institutions across the country.

As individual institutions, we did not have the tools and bandwidth to come together and collectively leverage our resources. Together we are stronger – thank you, Volcker Alliance for your vision, support, and unwavering belief in the future of public service education.

sector the respect and esteem they deserve. He believed that a group of educated, committed citizens willing to serve their country was the most powerful tool of progress yet designed. And he wanted the world to know that.

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CELEBRATING OUR 10 TH ANNIVERSARY

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On our tenth anniversary, we asked our partners and collaborators to reflect on the Volcker Alliance and our founder….

FEATURED INITIATIVE

THE PAUL A. VOLCKER GOVERNMENT INTERNSHIP AWARD opens the door to careers in public service and helps college students gain vital skills to better serve their communities and nation.

SUMMER 2022 AWARDEES

NATHAN JAYANTHAN Student, Arizona State University

MORGAN BEAVEN Student, Arizona State University

(Not Pictured: TYLER HAGGERTY, Student, Arizona State University)

ERYKA WARREN Student, Georgia State University

BRIANNA STINSMAN Alum, Arizona State University

JARED LEWIS Alum, University of Houston

RHEA WUNSCH Student, Georgia State University

FALL 2022 AWARDEES

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MARY DELACY Student, Georgia State University

BRIAN YSLAVA MOLINA Student, Arizona State University

JAIME VELASQUEZ University of Illinois Chicago The most impactful relationship that the Government College Relations Council has had in the last two decades has been our collaboration with the Volcker Alliance. One of our most important goals has been to provide college students with the opportunity to intern within a government agency, learning the value of working at varying agencies providing essential public services. Thanks to our partnership with the Volcker Alliance, we have doubled our student internship connections.

Our collaboration has also grown our network of partners to include government agencies and universities throughout the entire country, not just locally.

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CELEBRATING OUR 10 ANNIVERSARY TH

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On our tenth anniversary, we asked our partners and collaborators to reflect on the Volcker Alliance and our founder….

JIM VOLCKER Dana-Farber Cancer Institute

DAVID WARM Mid-America Regional Council

A central part of my father’s legacy is the value and importance of public service, based on his many decades of work in that sector. For me, that has translated into working toward something bigger than

CHRISTINE HARPER Bloomberg Markets

yourself. In this way, Paul followed in the footsteps of his father, who as a civil engineer built the lock system around Lyons, NY and then went on to become the first city manager of Teaneck, NJ.

Over his multi-faceted career, Paul Volcker provided a model of public service. He demonstrated how an educated and dedicated citizen can put training and experience to work for the greater good, improving the quality of government and helping to implement policy effectively. He had the courage that comes with an unwavering commitment to principles—in his case the three verities of stable prices, sound finance, and good government.

He reminded us that government relies on people like him—those who are “keeping at it.”

The Volcker Alliance helped our region organize a structured, sustained network of government institutions and universities to strengthen recruitment for the public workforce. The Alliance continues to provide valuable insight, resources, and national partners that are propelling our progress. Governments at all levels are being confronted with increasingly complex challenges, and the need for public talent has never been greater nor more urgent. Volcker is an essential partner in our capacity to meet this challenge, and its commitment to advancing public service excellence is among our most important assets.

MATT AUER University of Georgia

The Volcker Alliance is the principal nonprofit advocate for public service professionalism in higher education. Its integrity begins with its founder, Paul A. Volcker, who prized scientific logic and impartial reasoning over prevailing opinion and partisanship.

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CELEBRATING OUR 10 TH ANNIVERSARY

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On our tenth anniversary, we asked our partners and collaborators to reflect on the Volcker Alliance and our founder….

PATRIA DE LANCER JULNES University of New Mexico

BRYANNA NYMMONS Student, University of Houston

Today, many young people, like me when I was growing up, want to help their communities but don’t know how or don’t have the appropriate skills to do so.

When I learned about the Next Generation Service Corps, I got

Working with the Volcker Alliance shows that it is indeed possible to advance public administration as a fundamental value of American democracy.

It is particularly gratifying to see the embrace of schools of public affairs that train the next generation of public servants.

Getting to work with Paul Volcker, a literal giant of public service, has been one of the great honors of my career.

MICHAEL ADAMS Texas Southern University

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The collaboration between Texas Southern University and the Next Generation Service Corps is set to revolutionize the way our students approach public service and community involvement. By joining forces, we aim to bolster student retention, persistence, and graduation rates. Our partnership with the Volcker Alliance will provide our students with greater access to resources, opportunities, and support, empowering them to reach their full potential.

very excited and wanted to bring it to campus. I want us to expose as many students as possible to public service values and provide them with the knowledge and skills they can use to pursue careers in public service and help their communities.

JONATHAN KOPPELL Montclair State University

Serving my community on multiple levels and getting real-world experience is exactly what I want in my career and the Next Generation Service Corps embodies that. The kind of changes I want to see in the world are changes from the roots.

Not treating the symptoms of problems but instead tackling underlying causes through history, storytelling, and caring labor.

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On our tenth anniversary, we asked our partners and collaborators to reflect on the Volcker Alliance and our founder….

FEATURED INITIATIVE

THE NEXT GENERATION SERVICE CORPS helps universities design and implement new undergraduate credential programs where students are cultivating the values, nimble thinking, and collaborative leadership skills required for effective public service, regardless of their chosen discipline or major.

NAOMI GARCIA-HECTOR Student, Georgia State University As a student passionate about changemaking and advocacy, finding a program on campus that allowed me to grow as a leader and befriend peers with similar interests was incredible. Becoming a part of the Next Generation Service Corps has benefitted me from both a personal and professional perspective as I have the chance to learn about careers in public service, expand my network, and collaborate with like-minded students.

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CELEBRATING OUR 10 TH ANNIVERSARY

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On our tenth anniversary, we asked our partners and collaborators to reflect on the Volcker Alliance and our founder….

CARISSA SLOTTERBACK University of Pittsburgh

FEATURED INITIATIVE

DAVID WILSON University of California, Berkeley

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The Deans Summit has created a unique space for collaboration and innovation as we craft the future of public service education. Through thoughtful convenings of higher education leaders, skilled facilitation, and nurturing of initiatives on crucial issues such as structural racism, the Deans Summit has revealed common interests, enhanced our imagination of what is possible for the future of public service, and positioned all of us to work together with even greater intention.

The Deans Summit is an innovation in higher education and academic leadership development. The Summit not only brings together appointed leaders of public service-focused schools for networking and shared learning, it also advances strategy that cultivates and promotes their value. I can think of no other academic discipline that has a partnership like the Deans Summit and thus the Volcker Alliance is transforming us today for the kind of people and public we want in the future.

THE DEANS SUMMIT provides a space for innovation and collaboration among deans and directors of the nation’s schools of public service. Through working groups, collaborative efforts and successful pilots evolve into freestanding spin-off programs.

DAVID VAN SLYKE Syracuse University The Maxwell School and I have benefited in significant ways from the tremendous staff and leadership of the Volcker Alliance. They have become the bridge that connects many disparate groups with a mission orientation to public service.

They are developing mutually beneficial collaborations that are greater in their totality than any one organization’s individual contributions.

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On our tenth anniversary, we asked our partners and collaborators to reflect on the Volcker Alliance and our founder….

PAUL LIGHT New York University

I am honored to have the Volcker Alliance as the home of the Richard Ravitch Public Finance Initiative. Since its founding, the Alliance has built upon the work of the State Budget Crisis Task Force, chaired by my dear friend Paul Volcker and me, in its publication of exhaustive research and advocacy for sustainable and transparent fiscal practices.

SUSAN WACHTER Penn Institute for Urban Research The partnership between the Penn Institute for Urban Research (Penn IUR) and the Volcker Alliance on the monthly Special Briefing webinar and podcast series has immensely expanded the scope and influence of both organizations in the field of public finance.

RICHARD RAVITCH Volcker Alliance

Mr. Volcker was a tireless supporter of the kind of rigorous research on good government that our nation desperately needs to this day. He was also a tough taskmaster in his own writing and research and always managed to muster a smile when his team needed a boost. As for his impact on the world around him, Mr. Volcker never gave up.

His hope was unshakable and its effect is a treasure that touches us to this day.

FEATURED INITIATIVE

THE RICHARD RAVITCH PUBLIC FINANCE INITIATIVE encourages implementation of effective federal actions to promote sound government finance and aims to educate Congressional and Executive Branch leaders about the imperative of heightened oversight of state and local budgets and finances.

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CELEBRATING OUR 10 TH ANNIVERSARY A look back at some of our favorite report covers...

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BOARD OF DIRECTORS BILL BRADLEY Chairman

THOMAS W. ROSS Vice Chairman SHEILA C. BAIR THOMAS M. DAVIS WILLIAM H. DONALDSON Emeritus T. ELOISE FOSTER ANTHONY FOXX SHIRLEY CLARKE FRANKLIN FRANCIS FUKUYAMA STEPHANIE MINER NORMAN J. ORNSTEIN MICHAEL PIWOWAR

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INTRODUCING OUR NEW BOARD MEMBER

SARA MOGULESCU President ANTHONY J. DOWD Treasurer

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MICHAEL PIWOWAR joined the Volcker Alliance Board of Directors in September 2022. Dr. Piwowar currently serves as executive vice president of the Milken Institute Center for Financial Markets and has previously held roles as a commissioner of the US Securities and Exchange Commission under President Barack Obama and acting chairman of the commission under President Donald Trump. Prior to those roles, he was chief economist for the US Senate Committee on Banking, Housing, and Urban Affairs; senior economist at the President’s Council of Economic Advisers; and the senior economist for the financial regulatory working group of the President’s Economic and Recovery Advisory Board led by Paul Volcker.

RICHARD RAVITCH WILLIAM RHODES JAMES P. VOLCKER ANTONIO WEISS

REMEMBERING CHARLES BOWSHER

CHARLES BOWSHER , a legendary public servant, a kind and gentle man, and a founding board member of the Volcker Alliance, died on September 30, 2022, at the age of 91. He was highly esteemed by our founder, Paul Volcker, and our team. Bowsher served as comptroller general of the United States and head of GAO from 1981 to 1996 and chair of the Public Oversight Board from 1999 to 2002. He was a partner at the accounting firm Arthur Andersen & Co. prior to his time as comptroller general.

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STAFF

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SARA MOGULESCU President MELISSA AUSTIN HAMELIN BATISTA CAMILO EMILY S. BOLTON MAYA CORRIN GRAHAM DOWD WILLIAM FABIAN IDALIS FOSTER RANDI GAMBLE NAOMI GARCIA-HECTOR WILLIAM GLASGALL TAMMIE GREEN BRETT HUNT NAOMI MAJOR YESENIA MARTINEZ MAGGIE MELLO BRIAN YSLAVA MOLINA PETER MORRISSEY KATE NICOLETTI ANNA WALLMAN NOAH A. WINN-RITZENBERG

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OUR SUPPORTERS

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PAUL A. VOLCKER Founder

Founder’s Circle In 2021, the Volcker Alliance established the Founder’s Circle to recognize, in perpetuity, all donors who have contributed $25,000 and more to the Alliance. These donors have been essential to sustaining and building the Alliance from its launch in 2013 through December 31, 2022.

VISIONARY

CHAMPION

($5 million and above) • Ray and Barbara Dalio • Justine Rodriguez Kilpatrick • The Volcker Family Foundation, Inc.

($100,000-$1 million) • Anonymous • The Challenger Foundation • William and Jane Donaldson • The William and Flora Hewlett Foundation • The New York Community Trust - Lise Strickler and Mark Gallogly Charitable Fund • Richard Ravitch Foundation • William Rhodes • The Samuel Freeman Charitable Trust

STEWARD ($1 million-$5 million) • Anonymous • Arnold Ventures • Carnegie Corporation of New York • Peter G. Peterson Foundation

2022 Donors The Volcker Alliance also wishes to thank our additional donors from January 1 to December 31, 2022 for their generosity and commitment to the mission of the Volcker Alliance.

• Schmidt Futures • Alfred P. Sloan Foundation • Anke Volcker

INNOVATOR ($25,000-$99,999) • The Achelis and Bodman Foundation • Anonymous • The Century Foundation • Thomas Chan-Soo Kang • Mark H. Dalzell • The Debs Foundation • Anthony J. Dowd

• First Dollar Foundation • The Lee and Juliet Folger Fund • Henry and Elaine Kaufman • Cheryl and Glen Lewy • The Mallinckrodt Foundation • Robertson Foundation for Government • Thomas W. Ross • The Sedoric Family • James and Martha Volcker • Antonio Weiss • The Zima Family

SUPPORTER

FRIEND

($1,000-$9,999) • Bill Bradley • T. Eloise Foster • Shirley Clarke Franklin • J. Patterson Lawson Charitable Fund • Stephanie Miner

(Less than $1,000) • Anonymous • Anonymous • Anonymous • Sheila C. Bair and Scott P. Cooper • Victor and Marion Schoenbach • Edwin and Tracy Truman

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FINANCIALS

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Statements of Financial Position

Statements of Activities

December 31, 2022, and 2021

Years Ended December 31, 2022, and 2021 2022

2021

2022

ASSETS

CHANGES IN NET ASSETS

Cash and cash equivalents

$770,299

$1,531,870

Revenue, Gains and Other Support

Investments

17,196,170

20,980,302

Grants and contributions

60,000

—

Without donor restrictions

150,000

29,000

Other income

With donor restrictions

450,000

450,000

Fiscal sponsor receivable

—

208,276

Loan forgiveness - Paycheck Protection Program

Prepaid expenses

84,374

50,947

Security deposits

84,736

84,736

Operating lease right-of-use asset

1,181,161

—

$316,278

$326,563

$20,293,018

$23,661,694

Refunds receivable Grants and contributions receivable

Property and equipment, at cost, net of accumulated depreciation and amortization Total Assets

2021

$2,693,450

$6,858,927

62,954

—

(2,412,202)

1,707,651

30,000

45,084

—

309,400

$374,202

$8,921,062

3,723,890

3,319,547

Management and general

803,546

714,069

Development

291,986

370,693

Total Supporting Services

1,095,532

1,084,762

Virtual job fair hosting Net investment income (loss)

LIABILITIES

Total Revenue, Gains and Other Support Expenses Program Services Supporting Services

Accounts payable and accrued expenses

$66,037

$132,296

Total Expenses

$4,819,422

$4,404,309

Grants payable

140,000

200,000

Deferred rent

—

45,268

Increase (decrease) in net assets

(4,445,220)

4,516,753

1,248,071

—

Net assets, beginning of year

23,284,130

18,767,377

$ 1,454,108

$377,564

Net Assets, End of Year

$18,838,910

$23,284,130

Without donor restrictions

$ 16,244,755

21,286,059

With donor restrictions

2,594,155

1,998,071

Total Net Assets

$ 18,838,910

$23,284,130

Total Liabilities and Net Assets

$20,293,018

$23,661,694

Operating lease liability Total Liabilities NET ASSETS

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CREDITS Don Besom, art director. Robert Neubecker, cover illustration.

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