The Volcker Alliance 2023 Annual Report

THE VOLCKER ALLIANCE 2023 ANNUAL REPORT

THE VOLCKER ALLIANCE is a nonprofit organization founded by former Federal Reserve Board Chairman Paul A. Volcker dedicated to advancing his vision of an empowered public sector workforce. We promote innovation in public service education, empower leaders to build the democracy of our future, connect talent to city, state, and federal government jobs, and inspire others with the story of Mr. Volcker’s commitment to public service. Our mission is to empower the public sector workforce to solve the challenges facing our nation.

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Volcker Alliance 2023 Annual Report

Reflection from the Chairman and the President

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t a time when division dominates the national narrative, the Volcker Alliance is strengthening democracy by bringing people together.

Our portfolio of work focuses on the people at the core of public service and, by doing so, serves as a steadfast source of optimism.

Senator Bill Bradley, Chairman of the Board of Directors, and Sara Mogulescu, President

The example set by our founder, Paul A. Volcker, anchors our efforts and motivates our team. As a public servant, Chairman Volcker never allowed politics to influence his pursuit of smart policy. He valued partnership over partisanship. He built deep connections with thinkers and leaders of all kinds. As part of his legacy, we uplift the value of working together toward the public good.

Throughout 2023, we deepened our networks—of public servants, students, higher education leaders, philanthropists, and nonprofit peers— to coordinate and amplify our impact on public service. We designed and implemented initiatives to ensure our democracy has leaders at the helm who understand the imperative of service. Through our work, we are building a bench of changemakers who represent the diversity of our country and stand ready to collaboratively shape its future.

Democracy is a project in which we all have a stake. Together we can make it more reflective, responsive, and resilient.

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

Volcker Alliance 2023 Annual Report

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Educate Deans Summit The Deans Summit is a network of over 70 deans and directors of the nation’s schools of public service who shed their competitive posture in favor of collective action and innovation.

Constructive Dialogue Curriculum Initiative (CDCI) The Constructive Dialogue Curriculum Initiative drives the design of innovative curricula that prepare the next generation of public service leaders to bridge divides and work collaboratively across differences.

Connect Conversations for Leaders of Schools of Public Service (CLSPS) Conversations for Leaders of Schools of Public Service is a virtual forum for candid conversation and peer-to-peer exchange among deans and directors of schools of public service.

Future Leaders of Schools of Public Service (FLSPS) Future Leaders of Schools of Public Service is a mentorship program designed to create more racially and ethnically diverse leadership in schools of public service.

University Leadership Council on Diversity and Inclusion in International Affairs University Leadership Council on Diversity and Inclusion in International Affairs helps academic leaders share strategies for fostering diversity, equity, and inclusion at their respective institutions.

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Volcker Alliance 2023 Annual Report

Safety and Justice Challenge Future Leaders Network The Safety and Justice Challenge Future Leaders Network aims to assemble a leadership pipeline of underrepresented criminal justice talent by targeting each stage of the employee life cycle—from entry level to middle management to leadership.

Government to University (G2U) The Government to University Initiative (G2U) is a collaborative network of government, university, and nonprofit partners dedicated to connecting job seekers to government careers.

Virtual Career Fairs Virtual career fairs connect hundreds of diverse, highly skilled job seekers to government employers urgently seeking talent.

Volcker Alliance Initiatives

Empower Special Briefing Series The Special Briefing Series of webinars and podcasts brings federal, state, and local government leaders together with prominent researchers, economists, and investors to reflect on today’s most critical public finance issues.

Richard Ravitch Public Finance Initiative The Richard Ravitch Public Finance Initiative seeks to catalyze intergovernmental collaboration to improve state and local budget practices.

Inspire Next Generation Service Corps Next Generation Service Corps programs introduce undergraduates from all majors to public service values and build practical, collaborative leadership skills.

Paul A. Volcker Government Internship Award The Paul A. Volcker Government Internship Award provides funding to students participating in internships with local, state, or federal government.

State and Local Budgeting in the COVID Era This series of issue papers focuses on the impacts of the COVID-19 pandemic on state and local budgeting and fiscal health.

Volcker Alliance 2023 Annual Report

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Featured Initiative DEANS SUMMIT VALUES

1 Increase the socioeconomic, racial, and ethnic diversity of public service leadership at all levels of government;

2 Empower collaboration across disciplines, sectors,

The Deans Summit provides a space for deans and directors of the nation’s schools of public service to shed their competitive posture in favor of collective action. It is a powerful vehicle to propel innovation in the field of public service education

ideologies, and party lines in pursuit of solutions to the complex challenges of our time;

3 Instill a national culture of service and commitment to advance the common good;

4 Protect the core values upon which a stable democracy is based, including equity, equality, representativeness, accountability, transparency, respect, truth, and just administration of the rule of law;

5 Assist in the implementation of policies that are grounded in evidence and that leverage cutting-edge technology;

6 Expand civic participation; and 7 Ensure that leaders in all sectors meaningfully engage with the communities and citizens they serve.

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Volcker Alliance 2023 Annual Report

INITIATIVE SPOTLIGHT

Constructive Dialogue Curriculum Initiative

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n the face of an alarming growth of political polarization on campuses and around the nation, the Constructive Dialogue Curriculum Initiative, launched by the Deans Summit, helps schools of public service implement innovative curricula that prepare the next generation of public service leaders to bridge divides and work collaboratively across differences.

In partnership with the Constructive Dialogue Institute (CDI), fourteen schools of public service are developing new courses or adapting existing ones to teach skills that enable working across difference, embedding CDI’s signature Perspectives program within their larger curricula.

The Volcker Alliance expects to release a white paper in summer 2025 that will share qualitative and quantitative data on the outcomes of the project and implications for public service education.

PARTICIPANTS Carnegie Mellon University Cornell University Indiana University Tulane University University of Arkansas University of California, Berkeley University of Illinois Chicago University of Michigan University of Minnesota University of Missouri University of Pittsburgh University of Texas at Dallas University of Virginia University of Wisconsin– Madison

Volcker Alliance 2023 Annual Report

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Featured Initiative The Next Generation Service Corps (NextGen Service) is a network of programs at universities across the country that inspire and prepare students to serve their communities and nation.

NextGen Service was inspired by the Public Service Academy at Arizona State University Watts College of Public Service and Community Solutions. Each participating NextGen Service school has adopted aspects of the academy’s pioneering model while customizing its approach to leverage the unique assets of its community. Some schools have designed entirely new programs; others have enhanced existing courses, credentials, or resources.

Many continue to add new elements as their programs mature.

The Volcker Alliance offers schools a range of support to propel design and implementation of NextGen Service programs, including seed funding, coaching, and structured opportunities to share progress and lessons learned.

NATIONAL STUDENT NETWORK NextGen Service students are committed to serving their communities and charting the future of our democracy.

The NextGen Service National Student Network program brings students together on campus, across campuses, and virtually to provide networking and servicelearning opportunities.

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Volcker Alliance 2023 Annual Report

NORTHEAST

WEST

NEW YORK Baruch College City College of New York Syracuse University

ARIZONA Arizona State University NEW MEXICO University of New Mexico

PENNSYLVANIA Pennsylvania State University University of Pittsburgh

WASHINGTON University of Washington

NEW JERSEY Montclair State University MARYLAND University of Baltimore

MIDWEST INDIANA Indiana University NEBRASKA University of Nebraska Omaha TEXAS Texas Southern University University of Houston WISCONSIN University of Wisconsin–Madison

SOUTHEAST GEORGIA Albany State University Clark Atlanta University Georgia State University FLORIDA Florida International University

NORTH CAROLINA North Carolina Central University VIRGINIA

James Madison University

Volcker Alliance 2023 Annual Report

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Featured Initiative Virtual Career Fairs Through partnerships with the Presidential Management Fellows Program, the Partnership for Public Service, the Tech Talent Project, and the State of North Carolina, the Volcker Alliance’s virtual career fairs have connected over 6,000 job seekers with representatives from more than 300 government agencies, fellowship programs, and nonprofits.

CAREER FAIR LOBBY

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Volcker Alliance 2023 Annual Report

State and Local Budgeting in the COVID Era Issue Paper Series The State and Local Budgeting in the COVID Era issue paper series focuses on the impact of the pandemic and resulting recession on states and localities. The series explores how states’ prepandemic budgeting policies affected how well they handled the crisis. It also identifies risks and opportunities that will contribute to states’ ability to successfully recover from the financial implications of COVID-19. Last, it recommends concrete policy improvements.

Volcker Alliance 2023 Annual Report

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Featured Initiative Paul A. Volcker Government Internship Award The Paul A. Volcker Government Internship Award opens the door to careers in public service by providing funding to students participating in an internship with local, state, or federal government.

2023 RECIPIENTS

Omayma Jabara Montclair State University (MSU)

Ethan Fragoso

MSU College of Education and Human Services, Human Rights Education

Indiana University Koumudi Thanda

Lake Station, Indiana City Hall

University of Washington Washington State Department of Health, Adolescent and Young Adults Health Unit Efren Trejo Pantaleon Arizona State University Office of the Governor of California Sabrina Pereira University of Baltimore Comptroller of Maryland Hearing and Appeals Division

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Ava Lemke

Alexia Aguilar

Jordan Madden

Arizona State University

University of Houston

Georgia State University

Wisconsin Department of Health Services, Division of Care and Treatment Services

City of Houston, Office of Council Member Edward Pollard

Georgia State Senate, Office of Senator Halpern

Volcker Alliance 2023 Annual Report

2023 VOLCKER ALLIANCE BOARD OF DIRECTORS

In Memoriam: Richard Ravitch

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ichard Ravitch, a founding board member of the Volcker Alliance and longtime friend and ally of Paul A. Volcker, died on June 25, 2023, at the age of 89. Ravitch was a dynamic and deeply committed public servant, with an illustrious career that included New York lieutenant governor and chairman of the Metropolitan Transit Authority. From 2011 to 2014, Ravitch and Volcker cochaired the State Budget Crisis Task Force which examined the financial condition of six of the nation’s most-populous states in the aftermath of the financial crisis. The work of the Task Force and Ravitch’s passion for it inspired the Volcker Alliance’s public finance portfolio, which has continued, under Ravitch’s incisive guidance, to improve budget transparency and fiscal sustainability in states and localities nationwide.

Welcome: Jennifer Pahlka

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ennifer Pahlka has joined the Volcker Alliance Board of Directors.

Pahlka is the author of Recoding America: Why Government Is Failing in the Digital Age and How We Can Do Better and a senior fellow at the Niskanen Center and the Federation of American Scientists. She founded Code for America in 2010 and led the organization for ten years. In 2013, Pahlka took a leave of absence from Code for America to serve as US deputy chief technology officer under President Barack Obama and helped found the United States Digital Service. She served on the Defense Innovation Board under both Presidents Obama and Donald Trump. At the start of the pandemic, she cofounded United States Digital Response, which helps the government meet the needs of the public with volunteer tech support.

Bill Bradley, Chairman Sara Mogulescu, President Thomas W. Ross, Vice Chairman Anthony J. Dowd, Treasurer Sheila Bair Thomas M. Davis T. Eloise Foster Anthony Foxx Shirley Clarke Franklin Francis Fukuyama Stephanie Miner Norman J. Ornstein Jennifer Pahlka Michael Piwowar William Rhodes James P. Volcker Antonio Weiss

STAFF Sara Mogulescu, President Melissa Austin Hamelin Batista Camilo Veryl Clark Maya Corrin Graham Dowd William Fabian Idalis Foster Randi Gamble William Glasgall Brett Hunt Yesenia Martinez Maggie Mello Peter Morrissey Kate Nicoletti Luis Enrique Ruiz Claudia Tjong Anna Wallman Noah A. Winn-Ritzenberg

Volcker Alliance 2023 Annual Report

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2023 VOLCKER ALLIANCE

Supporters

Statement of Financial Position AS OF DEC. 31, 2023 AND DEC. 31, 2022

Anonymous Mitchell Baer The Blinder Family Fund from Vanguard Charitable

ASSETS

2023

2022

William Bradley

Cash and cash equivalents

$1,175,671

$770,299

Ray and Barbara Dalio

Investments

17,918,940

17,196,170

1,162

60,000

Charles and Peixin Dallara Tom Davis The Debs Foundation William Donaldson Anthony J. Dowd First Dollar Foundation

Refunds receivable

Grants and contributions receivable Without donor restrictions With donor restrictions

36,186

150,000

2,097,368

450,000

T. Eloise Foster

Prepaid expenses

82,251

84,374

Anthony Foxx

Security deposits

84,736

84,736

Operating lease right-of-use asset

966,503

1,181,161

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

$243,265

$316,278

$22,606,082

$20,293,018

Shirley Clarke Franklin Francis Fukuyama and Laura Holmgren New Hampshire Charitable Foundation’s HBA Fund The William and Flora Hewlett Foundation

Total Assets

Thomas Chan-Soo Kang Henry and Elaine Kaufman Foundation Dr. Robert Kavesh and Dr. Danielle Nisivoccia J. Patterson Lawson Charitable Fund Lumina Foundation John D. and Catherine T. MacArthur Foundation Stephanie Miner

LIABILITIES Accounts payable and accrued expenses

$99,099

$66,037

7,500

140,000

Operating lease liability

1,049,833

1,248,071

Total Liabilities

$1,156,432

$1,454,108

Grants payable

James and Wendy Perry Peter G. Peterson Foundation Pew Charitable Trusts William Rhodes

Without donor restrictions

$16,359,660

$16,244,755

Thomas W. Ross

With donor restrictions

5,089,990

2,594,155

Total Net Assets

$21,449,650

$18,838,910

Total Liabilities and Net Assets

$22,606,082

$20,293,018

The Samuel Freeman Charitable Trust Victor and Marion Schoenbach Ted and Tracy Truman Anke Volcker James and Martha Volcker The Volcker Family Foundation, Inc. Antonio Weiss Donna Zilkha Stephen Zimmermann and Susan Zimmermann 12

NET ASSETS

Volcker Alliance 2023 Annual Report

Statement of Activities

YEARS ENDED DEC. 31, 2023 AND DEC. 31, 2022

CHANGES IN NET ASSETS 2023 Revenue, Gains, and Other Support Grants and contributions

2022

$5,076,200

$2,693,450

Net investment income (loss)

2,513,105

(2,412,202)

Other income

106,086

92,954

$7,695,391

$374,202

Total Revenue, Gains, and Other Support

EXPENSES Program Services

3,987,313

3,723,890

Supporting Services Management and general

806,131

803,546

Development

291,207

291,986

Total Supporting Services

1,097,338

1,095,532

Total Expenses

$5,084,651

$4,819,422

Increase (decrease) in net assets

2,610,740

(4,445,220)

Net assets, beginning of year

18,838,910

23,284,130

$21,449,650

$18,838,910

Net assets, End of Year

CREDITS Copy Editor: Michele Arboit Designer: Sarah Fey | Philofect Cover Illustrator: Robert Neubecker Volcker Alliance 2023 Annual Report

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Volcker Alliance 2023 Annual Report