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Page 1: 2016 ANNUAL REPORT · 2020-03-25 · As APA’s new CEO, I am pleased to announce the availability of the 2016 APA Annual Report in a new digital format, which is conveniently accessible

1

2016 ANNUAL REPORT

EXECUTIVE SUMMARY

Page 2: 2016 ANNUAL REPORT · 2020-03-25 · As APA’s new CEO, I am pleased to announce the availability of the 2016 APA Annual Report in a new digital format, which is conveniently accessible

NEED TO CONTACT APA?Answers to many of your questions may be found on APA’s website: www.apa.org.

Here are some frequently requested numbers and websites:

APA’s Service Center.................................................. 800.374.2721

(U.S. only)

(Membership, Subscriptions, Orders) ...................... 202.336.5500

(from anywhere)

202.336.6123 (TDD/TTY)

Division Services.......................................................... 202.336.6013

Education Directorate ............................................... 202.336.5959

www.apa.org/ed

Ethics Office .................................................................. 202.336.5930

www.apa.org/ethics

Monitor on Psychology ................................................. 800.374.2721

Practice Directorate ................................................... 800.374.2723

www.apa.org/practice

PsycINFO ........................................................................ 800.374.2722

www.apa.org/pubs/databases/psycinfo

Public Interest Directorate ..................................... 202.336.6056

www.apa.org/pi

Science Directorate .................................................... 202.336.6000

www.apa.org/science

© 2017 by the American Psychological Association

ON THE COVERTop row (from left)

APA hosted IamPsyched! Museum Day Live 2016, an interactive pop-up exhibit that empowered girls of color to explore careers

in the social and behavioral sciences. During a discussion and Q&A with eminent women of color psychologists, Ramani Durvasula,

PhD, one of the moderators, responds to a question from a local Girl Scout. (Photo: Nick Crettier)

APA and the APA Practice Organization put forth a unified effort the last week in August to mobilize grassroots advocacy networks

to send thousands of action alerts and messages to Congress in support of the Mental Health Reform Act of 2016. Using social media

messages such as the #MentalHealthReform image shown here, email, and video, the activation reached a potential audience of over

600,000 individuals and raised timely awareness of this important legislation.

Bottom row (from left)

Panelists at the 2016 State Leadership Conference field audience questions on how they and their patients can thrive in the chang-

ing health care marketplace. From left: Nancy Breen Ruddy, PhD, McCann Health; Shirley Ann Higuchi, JD, APA and APA Practice

Organization; Arthur C. Evans, PhD, commissioner of Philadelphia’s Department of Behavioral Health and Intellectual disAbility

Services [now APA’s CEO]; and Geoffrey Kanter, PhD, ABN, ABPdN, Comprehensive MedPsych Systems, Inc.

Psychologist David Strayer, PhD (left), is a cognitive neuroscientist who studies how attention functions within multiple research do-

mains. He is shown here with James Coleman, Emily Ortiz and a research participant in his lab at the University of Utah. Dr. Strayer

is one of the psychologists highlighted in “Psychology: Science in Action,” part of APA’s public education campaign to demonstrate

psychology’s contributions to society and its grounding in science. (Photo: Amanda Kowalski)

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Welcome ..............................................................................................................................................2

2016 Board of Directors .................................................................................................................3

Year in Review ....................................................................................................................................4

Program Highlights ...........................................................................................................................6

Treasurer’s Report ............................................................................................................................7

CONTENTS

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Arthur C. Evans, Jr.,

PhD Chief Executive Officer

Welcome to the 2016 APA Annual Report

As a psychologist and valued member of APA, your success depends on factors

that go beyond your own hard work and expertise. You need access to tools

and resources that help you keep pace with the developments in the field.

You also need representation on the critical issues facing all of psychology in this

time of uncertainty and change.

With new leadership and a renewed focus on making your membership more rel-

evant, APA offers what you need and is meeting the promise of our mission—to

advance the creation, communication and application of psychological knowledge to

benefit society and improve people’s lives.

As APA’s new CEO, I am pleased to announce the availability of the 2016 APA Annual

Report in a new digital format, which is conveniently accessible anytime

and anywhere, with interactive features and videos. The shorter executive

summary contains highlights of the digital report, including:

• The year in review, focusing on the many ways APA supported its mission by

educating the public about mental health and psychology’s scientific basis, and

advocating for key federal policies and legislation.

• Links to the top initiatives APA delivered for psychology and psychologists

in science, practice, public interest and education through its publications and

databases, value-added products, and national and international programs.

• The APA treasurer’s report and financial statements.

I hope you’ll delve into the details of the digital Annual Report to learn how APA

made an impact in 2016 in ways that support your career, advance psychology and

improve people’s lives.

Arthur C. Evans, Jr., PhD

Chief Executive Officer

American Psychological Association

WELCOME

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2016 BOARD OF DIRECTORS

OFFICERS

President

Susan H. McDaniel, PhD, ABPP

University of Rochester Medical Center

President-Elect

Antonio E. Puente, PhD

University of North Carolina–Wilmington

Past President

Barry S. Anton, PhD, ABPP

Rainier Behavioral Health, Takoma, WA

Recording Secretary

Jennifer F. Kelly, PhD, ABPP

Independent practice, Atlanta, GA

Treasurer

Bonnie Markham, PhD, PsyD

Independent practice, Metuchen, NJ

INTERIM CEO AND INTERIM

EXECUTIVE VICE PRESIDENT

Cynthia D. Belar, PhD, ABPP

American Psychological Association

MEMBERS-AT-LARGE

Linda F. Campbell, PhD

University of Georgia

Helen L. Coons, PhD, ABPP

Women’s Mental Health Associates, Denver, CO

Richard M. McGraw, PhD

Independent group practice, San Angelo, TX

Diana L. Prescott, PhD

Hampden Psychological Consultation, PLLC, Hampden, ME

Sandra L. Shullman, PhD

Executive Development Group, Columbus, OH

Frank C. Worrell, PhD

University of California–Berkeley

APAGS

Christine M. Jehu, PhD

East Carolina University

Front row, from left: Antonio E. Puente, PhD; Susan H. McDaniel, PhD, ABPP; and Barry S. Anton, PhD, ABPP

Back row, from left: Diana L. Prescott, PhD; Richard M. McGraw, PhD; Christine M. Jehu, PhD; Sandra L. Shullman, PhD;

Linda F. Campbell, PhD; Frank Worrell, PhD; Cynthia D. Belar, PhD, ABPP; Helen L. Coons, PhD, ABPP; Bonnie Markham, PhD, PsyD;

and Jennifer F. Kelly, PhD, ABPP

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It was an honor and a privilege to serve APA and its mission over the past year,

during which I continued to learn and to grow. My passion for APA’s work and

mission has not diminished.

This annual report will describe many achievements. I will not list them here, but

across the organization, we still have work to do to become a true 21st-century orga-

nization. The opportunity is ripe with the incoming CEO, Arthur C. Evans, Jr.

Budget

One of the biggest challenges in 2016 was our move to a new integrated budgeting

model that incorporates the broadest possible view of our operating and special

projects commitments and clearly identifies the point at which we may be exceeding

our resources. Using this methodology, we ended 2016 with a modest surplus be-

cause we controlled expenditures, and we were fortunate to have some unexpected

income from fourth-quarter sales of one of our flagship publications. After making

many difficult spending adjustments, we have budgeted a $4 million deficit for 2017.

We have sustained and recovered from similar situations in the past, and I have con-

fidence in our resilience and our ability to innovate, and I am therefore also confident

about the long-term financial stability of the organization. APA Style CENTRAL®,

released in summer 2016, was the 2017 PROSE award recipient for EProduct/Best

in Social Sciences for 2016 by the Association of American Publishers. We have a

number of new products on the horizon that hold promise.

However, both APA and the Practice Organization must learn to live within their

means. We must develop better methods and skills in priority setting. It is also

important that the setting of those priorities be based on an overall understanding

of where we want to go, and what kind of organization we want to be. Our mission is

very broad and we have voracious appetites for very worthy projects. We also have

the tectonic plates of science, education, professional practice, human rights, and

social justice competing for attention and resources.

YEAR IN REVIEW

Cynthia D. Belar,

PhD, ABPPInterim Chief Executive Officer

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Independent Review

Another major emphasis during 2016 was the follow-up to

the 2015 Independent Review. We have made significant

progress on a number of fronts, but the work is not com-

plete. The findings of the Ethics Commission are pending,

and the Task Force on Human Rights will release a report

in 2017.

We have also made significant progress in examining

conflict-of-interest policies. Changes have already been

made for staff, and new policies for members of gover-

nance are forthcoming. However, I remain concerned

about continued misinterpretations of the findings of the

Independent Review. I continue to implore us to practice

what we preach — to engage in critical thinking, to read

primary sources, to distinguish fact from opinion, and to

respect that opinions may differ given the same facts.

Mission

Another issue brought to our attention by the Indepen-

dent Review was the perception of our mission. I know

that confusion still exists; I still hear the words “trade

association” or “guild” in describing APA — or the per-

spective from members that our primary goal should be

the self-interest of psychologists. I hope that I have made

some progress with respect to reaffirming APA’s core

mission.

APA is a charitable scientific and educational organization.

Our mission is to advance the creation, communication

and application of psychological knowledge to benefit

society and improve people’s lives. We focus on

psychology and the public welfare, not psychologists —

although it is absolutely true that individual psychologists

do often benefit from APA’s public welfare focus.

To protect the interests of practicing psychologists, we

have a companion organization, the Practice Organiza-

tion, whose mission is to address pocketbook issues and

enhance our business interests.

However, I firmly believe ALL psychologists need a strong

guild, not just practitioners. Psychologists in all career

paths have individual interests that require attention

and support. We need to develop these member-centric

programs in an integrated, coordinated fashion in close

collaboration with the content expertise found in our four

directorates of Science, Practice, Education and Public

Interest. I trust that we will make progress in examining

new models for a companion organization that can meet

the needs of all our members.

Whatever the priorities become for APA, it is my great-

est hope that the Council of Representatives and Board

of Directors will demonstrate the leadership required to

stay the course of the APA mission while respecting and

appreciating the needs of our members for participation

in groups with different missions and cultures.

In Closing

APA needs to move ahead as a learning organization. We

will make mistakes and then learn from those mistakes.

But psychology will not be held back. We are going to go

to the next level, and I feel privileged to have been a small

part of that progress.

Dr. Belar and attendees of the 2016 State Leadership Conference

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For full details on APA’s accomplishments in 2016, please review the

new digital annual report. Here are some links to highlights:

• What were seven of APA’s high-impact achievements in

2016?

• What were five of APA’s top initiatives?

• How did President Susan H. McDaniel, PhD, represent APA

on the national and international stage?

• How did APA’s publications and databases and core programs

in Ed ucation, Science, Practice, and Public Interest move the

discipline forward? See each program’s “Top 10” list of

achievements.

• Which are the key offices that help run APA — from manag-

ing day-to-day functions to serving members and providing the

communications and business services that further the mission

of APA?

PROGRAM HIGHLIGHTS

6

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In 2016, APA implemented the integrated budget model, a vastly revised approach

developed in 2015 to more clearly define APA’s sources of income and expense.

The new model revealed that if APA continued to do business as usual, there

would be increasing and eventually devastating deficits. Acting CEO Cynthia Belar,

PhD, and the Board of Directors, in partnership with the Finance Committee, de-

veloped and approved an austere budget with cost savings in both governance and

programs. APA’s largest expense is personnel. Staffing reorganizations and, in some

cases, staffing reductions, were necessary to increase efficiency.

APA’s significant publishing business, two buildings and valuable long-term invest-

ment portfolio continue to provide the resources needed for operations and are

being managed creatively to assure the revenue growth needed for APA’s success.

Attention to membership declines and decreases in print journal sales as well as

careful review of both new and ongoing programs will strengthen annual operating

revenues and expenses and maintain stability of the balance sheet and public credit

rating.

Integrated Budget

Total revenues remained strong, with growth of 3.8 percent in 2016. The two larg-

est contributors to this growth were electronic licensing revenues, increasing 4.6

percent from 2015, and publication sales, increasing by 17.1 percent from 2015. This

growth in publication sales was related to a rebound in sales of the APA Publication

Manual. Member dues and print journal subscription revenues continued to experi-

ence declines: 7 percent and 4 percent, respectively.

Expenses in 2016 were relatively comparable to those of 2015, with a very small

increase of 0.7 percent and no significant changes in any specific expense category.

The majority of those savings were reflected in consulting (10.3 percent decline) and

office expenses (16.5 percent decline), where staff were able to make reductions.

Nonoperating Activity

These activities, which include the long-term investment portfolio, real estate,

income tax expense, and other nonoperating revenue and expenses, had a net gain

of $14 million in 2016 (see Table 1). Investment gains, less investment management

TREASURER’S REPORT & FINANCIAL HIGHLIGHTS

Bonnie Markham,

PhD, PsyDTreasurer

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fees, were $6.9 million; gains from real estate activities

were $7.5 million; and income tax expense was $0.8 mil-

lion. Other miscellaneous revenue and expenses netted

$0.4 million.

Balance Sheet

During 2016, APA’s net assets increased $7.8 million (see

Tables 2 and 3). Net assets are crucial for meeting debt

covenants, supporting overall financial health, establish-

ing credit agency ratings and maintaining flexibility in

addressing our mission. This net asset increase was the

result of $14 million in gains from nonoperating activity, a

$6.4 million loss from APA operations, and a $0.13 mil-

lion gain from the Practice Organization. The gains from

nonoperating activity were the result of gains from APA’s

long-term investment portfolio and interest rate swaps

associated with the building loans (an interest rate swap

agreement is designed to exchange a variable interest rate

for a fixed rate for a term loan) and gains from real estate

activity. The value of the long-term investment portfolio

decreased 2 percent, to end the year with a market value

of $55.8 million (see Table 4).

APA’s Public Credit Rating

In August 2016, Standard and Poor’s (S&P) affirmed APA’s

BBB+ rating but revised the outlook from stable to neg-

ative. In their view, our operations have been weakened

by increases in strategic spending, operating deficits and

nonoperating legal costs. Other factors include declines in

membership dues, decreasing demand for print products,

a decrease in financial resources combined with a high

long-term debt load, and significant turnover in senior

management. S&P believes there is a one-in-three chance

that sustained pressures could result in a downgrade of

APA’s BBB+ rating.

Buildings

APA owns two buildings near Capitol Hill in Washington,

D.C. The 750 First Street building has 351,000 square feet

of leasable space, approximately 55 percent of which APA

occupies and 10 percent of which the National Associa-

tion of Social Workers occupies. The 10 G Street building

has 254,000 square feet of leasable space; over two thirds

of that space is occupied by Amtrak and the World Re-

sources Institute. Our property management team suc-

cessfully renegotiated several leases with smaller tenants

in both buildings in 2016 (and early 2017), resulting in the

maintenance of an occupancy rate in excess of 90 percent.

These properties generated a combined total of $7.4

million of net income after distributing $5.5 million to APA

in 2016.

The 750 First Street and the 10 G Street buildings have

been certified as LEED Gold and LEED Platinum, respec-

tively, by the U.S. Green Building Council, reflecting many

years of APA’s continuing commitment as an environmen-

tally responsible owner.

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Acknowledgments

I would like to acknowledge the extraordinary commit-

ment made by the members of the Finance Committee.

Implementing the integrated budget took many hours of

analysis, assessment and thorough review of proposed

budgets and solutions to projected deficits. The role of

the Finance Committee as an oversight group was vastly

expanded in 2016 to assure that its primary mission of

providing checks and balances was fulfilled. This involved

ongoing collaboration with the Interim CEO, APA manage-

ment, Finance staff and governance members. Decisions

crucial to APA’s effective financial management were

made in 2016 concerning the budget and the delegation of

certain financial duties to the Board of Directors.

The Finance Committee carefully analyzed the informa-

tion needed and provided several webinars to the Council

of Representatives to support their work. The committee,

with the active participation of its outside expert advisors

in the investment and audit areas and with the increased

involvement of liaisons from a number of governance

groups, assured transparency in the process and offered

opportunities for discussion and debate.

The members of the 2016 Finance Committee, the Audit

Committee and the Investment Committee are listed

here. We are especially grateful to Robert McGrath, PhD,

and Jean Carter, PhD, who ably led most of the webinars

offered to council, Additionally, Jean Carter’s contribu-

tions as vice chair of the Finance Committee have been

substantial.

2016 Finance Committee

MEMBERS

Bonnie Markham, PhD,

PsyD (Chair)

Jean A. Carter, PhD

(Vice Chair)

Rosie Philips Bingham, PhD

Y. Barry Chung, PhD

Lisa R. Grossman, JD, PhD

Robert E. McGrath, PhD

Beth N. Rom-Rymer, PhD

INVESTMENT

SUBCOMMITTEE

Stephen C. Howell

John J. McCormack Jr.

Peter M. Ramsey

Sheila T. Roberts

AUDIT SUBCOMMITTEE

Stephen C. Howell

Gregory L. Mitchell

Steven F. Stanton

The 2016 APA financial data have been certified by Archie L. Turner, Chief Operating

Officer and Chief Financial Officer, American Psychological Association.*

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OPERATING ACTIVITY 2014 2015 2016

REVENUE

Dues And Fees $10,451 $9,962 $9,302

Journal Subscriptions 11,633 10,378 9,599

Licensing 64,515 67,584 70,713

Publication Sales 13,662 11,726 13,727

Other 12,146 11,646 12,147

TOTAL REVENUE $112,407 $111,296 $115,488

EXPENSES

Salaries And Benefits $62,300 $62,875 $62,615

Publication Production Costs 17,129 17,197 17,218

Space Costs 8,254 8,306 8,442

Boards/Committees/Other Meetings 4,756 4,369 4,739

Consulting/Contractual/Temporary 10,027 9,245 8,376

Printing/Postage/Office 3,752 3,738 2,245

Equipment/Maintenance/Depreciation 1,931 1,333 2,110

Stipends/Tuition/Grants/Honoraria/Contributions 4,940 5,283 5,083

Other 7,972 8,667 11,059

TOTAL EXPENSES $121,061 $121,013 $121,887

NET LOSS FROM OPERATIONS $(8,654) $(9,717) $(6,399)

COMPOSITION OF NET FROM APA OPERATIONS:

Gain/(Loss) From Undesignated Activities $279 $(687) $3,108

Cash Flow From Buildings Used For Operations (3,500) (4,100) (5,000)

Cash Flow From Buildings Used For Designations (500) (500) (500)

Loss From Designated Activities (4,933) (4,430) (4,007)

NET LOSS FROM TOTAL APA OPERATIONS $(8,654) $(9,717) $(6,399)

NONOPERATING ACTIVITY 2014 2015 2016

LONG-TERM INVESTMENT ACTIVITY

Realized Gain/(Loss) On Sale Of Long-Term Investments $9,594 $(1,344) $2,718

Investment Management Fees (614) (522) (388)

Unrealized Gains/(Losses) (6,665) (6,227) 4,617

NET LONG-TERM INVESTMENT ACTIVITY $2,315 $(8,093) $6,947

REAL ESTATE ACTIVITY

Ten G Street Operations $3,113 $3,705 $3,357

750 First Street Operations 5,597 4,191 2,836

Unrealized Gain/(Loss) On Interest Rate Swap (Llc) (1,207) 568 1,270

Unrealized Gain/(Loss) On Interest Rate Swap (Apa) (802) 254 684

Interest On 750 First Street Term Loan (Bank Of America) (1,171) (1,136) (1,087)

Deferred Rent 458 474 466

NET REAL ESTATE ACTIVITY $5,989 $8,056 $7,526

OTHER NONOPERATING ACTIVITY

Other Income - - $1,300

Loss On Disposal Of Property And Equipment (308) (1) -

Legal Settlement Reserve (4,215) - -

Miscellaneous Expense - (6,918) (945)

Income Tax Expense/Provision (909) (919) (800)

NET OTHER NONOPERATING ACTIVITY $(5,432) $(7,838) $(445)

TOTAL NONOPERATING ACTIVITY $2,872 $(7,875) $14,028

Table 1 APA Revenue and Expenses

Note. All figures shown in thousands.

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2014 2015 2016

ASSETS

Cash and short-term Investments $44,349a $48,879 a $54,608

Long-term investment portfolio 93,587a 59,311a 57,849

Real estate/equipment 80,862 83,990 81,908

Other 46,113 41,646 40,615

Total Assets $264,911 a $233,826 a $234,980

LIABILITIES

Divisions/other groups $10,312 $10,069 $10,439

Long-term debt/swap liability 107,099 a 102,583 a 96,873

Accounts payable/accrued expenses/other 31,627 22,968 21,947

Deferred revenues 54,369 54,127 53,882

Total Liabilities $203,407a $189,747 a $183,141

Net Assets 61,504 44,079 51,839

Total Liabilities and Net Assets $264,911a $233,826a $234,980

Table 2 Balance Sheet (Consolidated)

Note. All figures shown in thousands.

a 2014 and 2015 numbers were changed to conform to 2016 financial report presentation.

2014 2015 2016

NET ASSETS BEGINNING BALANCE (CONSOLIDATED) $67,219 $61,504 $44,079

APA operations (see also Table 1) (8,654) (9,717) (6,399)

APA nonoperating activity (see also Table 1) 2,872 (7,875) 14,028

Practice Organization operations (45) 174 (20)

Practice Organization nonoperating activity 112 (7) 151

Total Change in Net Assets $(5,715) $(17,425) $7,760

Net Assets Ending Balance (Consolidated) $61,504 $44,079 $51,839

COMPOSITION OF ENDING UNRESTRICTED NET ASSETS

APA unrestricted/undesignated net assets $39,244 $22,568 $31,646

Practice Organization net assets 1,823 1,990 2,121

APA designated activities

Investment in APA 5,656 4,062 3,164

The Trust business agreement 6,144 5,899 4,845

Investment in APA 2.0 2,400 3,727 5,152

Special Purpose Fund (drawn from long-term portfolio) 2,002 3,946 4,067

Strategic Plan Initiatives 1,965 - -

Internship Stimulus Plan 1,167 602 88

Accreditation 636 773 756

Convention 207 350 -

APA Centralized Application Service for Grad. Ed. in Psychology 260 162 -

GGP Implementation Workgroup - - -

Web Relaunch - - -

Publications and Databases R&D - - -

Ending Unrestricted Net Assets $61,504 $44,079 $51,839

Table 3 Net Assets Summary (Consolidated)

Note. All figures shown in thousands. GGP = Good Governance Project; R&D = research and development.

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12Table 5 Grant and Contract Activity in 2016

Note. Most grants include multiyear funding. Only active externally funded grants in excess of $1,500 are listed.

a New award for 2016.

Title Grant or sponsor Total award ($)

Cyber Mentors: Minority HIV Researchers National Institute of Mental Health 1,315,610

International Psychology Network for LGBTI Issues Arcus Foundation 300,000

APA Best Practices Dissemination Network Agency for Healthcare Research and Quality 294,900

Capacity Building Assistance to State and Territorial Education Agencies Centers for Disease Control and Prevention 1,200,000

Education Development Center, Inc. - Mental Health Care Provider Education in HIV/AIDS and Mental Health

Substance Abuse and Mental Health Services Administration

249,173

Minority Fellowship Program Transition Age Youth Fellowship Substance Abuse and Mental Health Services Administration

2,182,655

Center for Health Professions Leadership on Tobacco Cessation The Regents of the University of California 24,050

Committee on Children, Youth & Families Practitioner Reference Guide William T. Grant Foundation 15,219

Group Travel to 31st ICP Yokohama, Japan 2016 National Science Foundation 45,000

2016 APA Summit on National Assessment of Psychology National Science Foundationa 29,100

Center for Mathematical Talent NYU (Sloan Foundation)a 10,000

Transforming Clinical Practice Initiative, Support and Alignment Networks 2.0 Centers for Medicare & Medicaid Servicesa 2,040,161

Minority Fellowship Program in Mental Health and Substance Abuse Services Substance Abuse and Mental Health Services Administration

4,906,916

Total $12,612,784

Table 4 Performance Returns/Market Value

a In millions. b Returns are net of fees.

2016 Long-Term Investment Portfolio Market Valuea % of 2016 YTD

12/31/2016 Market Value Returns (%)b

Southeastern Asset Management Large Cap Equity $11.0 19.7% 19.9%

Vulcan Value Partners Large Cap Equity 10.9 19.5% 12.0%

Schafer Cullen Large Cap Equity 8.0 14.3% 12.6%

Bahl & Gaynor Large Cap Equity 7.9 14.2% 12.9%

Fuller & Thaler Small Cap Equity 3.8 6.8% 21.3%

Russell 2000 Growth ETF Small Cap Equity 3.3 5.9% 0.0%

Russell Mid Cap Growth ETF Mid Cap Equity 3.3 5.9% 0.0%

First Eagle Overseas Developed Non-US 3.8 6.8% 5.9%

Cap Group International Developed Non-US 3.8 6.8% 0.0%

$55.8 99.9%

2016 Annual Return 12.7%

Return Since Inception 10.2%

Large Cap Equity 67.7%

Small/Mid Cap Equity 18.6%

Developed Non-US 13.6%

Cash 0.1%

Total 100.0%

2016 LONG-TERM PORTFOLIO COMPOSITION

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APA ON THE WEB

2016 Annual Report http://ar2016.apa.org

Home Page www.apa.org

Member Login Page https://my.apa.org

Journals www.apa.org/pubs/journals

Careers www.psyccareers.com

PHONE

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Local 202.336.5500

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