b'March 2020Dear Donors,!ank you for you your ongoing belief in Heidelberg University and your commitment to our students, faculty and sta who make our experience transformational for so many. !e resources that you have entrusted to us lead directly to the creation of the big opportunities and lifetime advantages for all of us here. Along with the annual gifts we receive from !e Heidelberg Fund and other commitments, our endowed funds enhance, support and sustain us all. We are deeply grateful for your generosity and for your condence in us.Harkening back to 60s, 70s and early 80s, these endowed funds really are like the old Kodak cameras; they are the gifts that keep on giving. Over the years, thousands of Heidelberg students, faculty and sta have benetted from these thoughtful investments. !ey have produced teachers, CEOs, CFOs, lawyers, doctors, coaches and more. You name a career and Heidelberg likely has an alumna or an alumnus represented in that eld who beneted from a scholarship, a research opportunity, a study-abroad experience or from the encouragement and wisdom of a faculty member supported by an endowed chair. !e impact is incredible and ongoing.!is past year, we experienced a big blip. Even the market was not immune from the pitfalls of COVID-19. We did bounce back nicely. !e last several months have produced several record highs in our endowment value. In March 2020, we surpassed $50 million in investments, while this year we climbed to over $60 million. We continue to achieve success in both new investors and market performance. Our University Advancement team, our Trustee Investment Committee and our trusted advisors are all working diligently to ensure Heidelbergs success and ability to cultivate alumni to lead our communities across the globe.!is report documents our performance last year for the resources that you have entrusted to us. Please remember that you can add to your endowed fund at any time. Because of your vision, generosity and leadership, we continue to learn, grow, develop and so much more. Undoubtedly, it is your investment in Heidelberg that inspires young minds and energizes faculty, coaches and administrators. You have provided the space, equipment and opportunity. You have given the gift that keeps on giving!!ank you,Phil Ness Vice President for University Advancement & Alumni Aairs1'