Annual Report - 2001
From the Chairman and the President

The year that ended December 31, 2001 was one of noteworthy progress for Permian Basin Area Foundation.

The Foundation received over $2.5 million in gifts and contributions to permanent funds and charitable holding accounts. Many of these contributions made possible the creation of 25 new component funds – more than in any previous year. Among these are the permanent funds of seven arts and history organizations forming the Odessa Endowment for the Arts & History, the City of Midland Aquatics Endowment, and a number of college scholarship funds honoring loved ones.

For the first time in the Foundation’s history, more than $1 million dollars were distributed for charitable purposes from the Foundation’s funds during the year. These distributions included grants from unrestricted and field of interest funds, donor advised grants, distributions from agency and designated endowments, and scholarships for higher education.

Our strategic aim is to continue to strengthen the charitable capacity of our region by growing in number and in value the resources with which dutiful, nonprofit organizations may serve the communities of our region. As a publicly supported community foundation, we believe Permian Basin Area Foundation is uniquely suited and equipped to serve our region in this role.

On behalf of the Board of Governors and those who are already part of the Foundation Family, we invite you to join us in this mission of philanthropy.

The stories that we share in this annual report are but a few examples of how Legacies may be created through Permian Basin Area Foundation. We would welcome the opportunity to visit with you about how we can help you leave your Legacy.

K. Michael Conaway Chairman	Jack Swallow President & Chief Executive Officer