Despite a tough year in the stock market and difficult times for the The Eastern Illinois University Foundation’s portfolio, members of the Foundation met in hopeful spirits at their annual meeting as they reviewed their financial status and honored members.

The EIU Foundation is an organization made up of alumni and friends of the university that exists to encourage philanthropic gifts of cash, property, works of art and other materials of educational and artistic value to Eastern.

Elizabeth Monticelli, of Hammond Associates, the Foundation’s financial consultants, said the Foundation’s portfolio dropped 18 percent over the last year, but the group still did very well considering the state of the stock market.

Monticelli said this year has been a hard year for the stock market, which took several downturns and performed rather poorly most of the year.

However, even during the lowest drops in the stock market, the Foundation’s portfolio gain stayed above the stock market. She predicted the Foundation would be able to weather future stock market downturns because they have such a strong, diverse portfolio.

“Volatility is growing in leaps and bounds,” she said.

Richard Edwards, Foundation assistant treasurer, also discussed the financial status of the Foundation with good outlooks despite decreased assets.

“It’s been kind of a rough year for the Foundation,” Edwards said.

Individual gifts to the Foundation totaled more this year than last.

Although individual gifts added up to $1.9 million, the total amount of money given to the Foundation is down $1.8 million.

However, Edwards said the foundation received one donation of $2 million last year and did not receive any donations this year that high.

Even with fewer assets, the Foundation allotted $69,000 more in scholarship money to Eastern students and awarded $578,000 in scholarships, which was up from last year. The Foundation also gave $1.3 million to the university, $690,000 more than last year.

Members of the Foundation were also honored at the annual meeting, the first to be held in the new Neal Welcome Center.

Jack Schultz of Effingham was honored with the Outstanding Volunteer Award after serving for two years as the EIU Foundation President.

The Newton E. Tarble family of Los Angeles also was recognized for giving over $5 million in contributions over the years to help fund the Tarble Arts Center and Doudna Fine Arts Center construction and renovations. Vaughn Jaenike, former dean of the College of Fine Arts, accepted the award for the Tarbles.