CHARLESTON, W.Va. -- While the downturn in the economy wreaks havoc on foundation investments across the country, the Clay Center's financial picture remains positive.

The board's treasurer, Charles Avampato, reported the center's portfolio is only down 16 percent since June 30, which prompted others at Thursday's board meeting to ask, "Who's your adviser?"

"We're so lucky, because we had approximately $1 million in cash," Avampato said, explaining why Wall Street's problems haven't trickled down to the Clay Center. The organization is streamlining three different endowment accounts into one investment pool, thus the assets were not invested throughout the recent market fall, he said.

BB&T manages the Clay Center fund, and Avampato said his investment committee is pleased with how they handle the account.

Rebecca Gillispie, the center's chief financial officer, and Avampato both stressed that the careful spending of Center President Judy Wellington and staff allowed them to run a tight budget. The budget remains balanced for now, but Avampato pointed out it is "getting tighter all the time."

Country singer LeAnn Rimes' cancellation of a concert did not significantly affect the bottom line, Gillispie said. "The sponsor for that event decided to switch to a later event, so that helped us," she said.

Sponsorships are at 49 percent of the fiscal year goal, according to development committee chairman Kelly Castleberry. "We're halfway through the fiscal year, so we're right on track," he said.

Memberships are slightly down, but Castleberry reported that donors have told him they realize expenses go on, so the giving is continuing. The Clay Center staff has secured several grants and chief development officer Ron Huiatt has several pending, Castleberry said.

CHARLESTON, W.Va. -- While the downturn in the economy wreaks havoc on foundation investments across the country, the Clay Center's financial picture remains positive.

The board's treasurer, Charles Avampato, reported the center's portfolio is only down 16 percent since June 30, which prompted others at Thursday's board meeting to ask, "Who's your adviser?"

"We're so lucky, because we had approximately $1 million in cash," Avampato said, explaining why Wall Street's problems haven't trickled down to the Clay Center. The organization is streamlining three different endowment accounts into one investment pool, thus the assets were not invested throughout the recent market fall, he said.

BB&T manages the Clay Center fund, and Avampato said his investment committee is pleased with how they handle the account.

Rebecca Gillispie, the center's chief financial officer, and Avampato both stressed that the careful spending of Center President Judy Wellington and staff allowed them to run a tight budget. The budget remains balanced for now, but Avampato pointed out it is "getting tighter all the time."

Country singer LeAnn Rimes' cancellation of a concert did not significantly affect the bottom line, Gillispie said. "The sponsor for that event decided to switch to a later event, so that helped us," she said.

Sponsorships are at 49 percent of the fiscal year goal, according to development committee chairman Kelly Castleberry. "We're halfway through the fiscal year, so we're right on track," he said.

Memberships are slightly down, but Castleberry reported that donors have told him they realize expenses go on, so the giving is continuing. The Clay Center staff has secured several grants and chief development officer Ron Huiatt has several pending, Castleberry said.

Also Thursday, Charles Ryan, dean of the University of Charleston's Graduate School of Business, talked to the board about the mission and progress at the new program. He pointed out that Wellington is mentoring a student as part of the business school curriculum.

Board President Andrew Teeter said the center is meeting his goals of the "three E's: education, entertainment and economic stimulus. We're delivering the goods." He said Wellington, whose three-year contract is ending, is working with board executive vice chairman Melvin Jones and secretary Ellen Cappellanti on an extension.

Despite earlier fears that school trips would be curtailed, school bookings for the center are up in December. Wellington showed a promotional video featuring first lady Gayle Manchin, students, teachers and board member Lloyd Jackson, and said she is showing the video to groups across the state as part of the center's outreach. She said they have done three outreach programs via satellite recently, reaching students in Lincoln, Calhoun and Ritchie counties.

In other business, Wellington discussed statewide science clubs for students and "Science Cafés" for adults.

"We'll take science to the coffee shops, in a laid back, informal setting," she said. "This originated in Boston at their museum of science, and it's very successful." The first one, "Green by Design," is planned at Taylor Books this spring. 

The meeting ended with a presentation from Pat Bond, president of the West Virginia Symphony Orchestra. He said the symphony's interim executive director, David Hyslop, is assisting the search committee lead by board member John Elliot. They are conducting a nationwide search for a new executive director to replace Paul Helfrich who left recently, and hope to have someone in place by the end of the first quarter. He said the Symphony has until the end of the year to raise $480,000 to match a challenge by the Clay Foundation for their endowment fund.

Reach Sara Busse at 348-1249 or sara.bu...@wvgazette.com.