Thank you, Mr. Chairman. I appreciate very much the chance to provide the Council board and guests a Foundation update.
The Cotton Foundation was created in 1955 as a 501(c)3 organization to give U.S. cotton’s agribusiness allies opportunities to support the industry beyond the products and services they provide.
Beginning with only a handful of members, the Foundation's ranks now include more than 70 firms - all of which share a common concern for U.S. cotton’s viable future. Total annual support, which includes member dues, now exceeds $1,750,000. Those funds are channeled by the Foundation exclusively to support cotton research and education. That, in turn, helps strengthen cotton's position in the highly competitive fiber market.
The Cotton Foundation vigorously carries out its mission of encouraging, facilitating and conducting cotton research and education. However, the Foundation yields its support to projects that can help the National Cotton Council carry out its mission of providing U.S. cotton industry members a world marketplace advantage. That edge is new technology - in the form of new products, systems or techniques. All Foundation-supported projects are aimed at developing these tools to help industry members reduce their fiber production, processing and handling costs. Projects seek solutions in the areas of market development, profitability and regulatory.
For 2003-2004, the Foundation was able to direct more than $420,000 in support of 33 general research and education efforts.
Non-dues grants from some members have enabled the Foundation to sustain 12 special projects. In addition, individual Foundation member firms continued to provide direct support for some of the Council’s communications vehicles, the Cotton’s Week newsletter and the AgDay Cotton’s Week program. Such partnerships are invaluable and can benefit the Council immeasurably in sustaining its mission and propelling U.S. cotton’s success in the world marketplace.
For the past several years, the Foundation consistently has retained 70-plus members. This level of commitment from agribusiness demonstrates a willingness to help meet the challenges necessary for ensuring a viable U.S. cotton industry. I believe this partnership will continue to be of mutual benefit for both the industry and its supplier firms as U.S. cotton seeks to strengthen its presence in a marketplace becoming ever more global.
Mr. Chairman, this concludes my report.
