2002 Annual Report

From the Chairman

The year 2002 was a pivotal one for the Aspen Institute. In a world impacted by economic down-
turn, a continuation of the incidence of corporate malfeasance, and ongoing security concerns for
nation and family alike, the Institute responded by challenging leaders to work toward remedying
these collective traumastraumas that have had an effect on all of our lives.

By deliberating over the classic writings of historys best visionaries and philosophers, the
Institutes flagship Executive Seminar continued to reaffirm the basic values that underlie our eco-
nomic and political systems.Two compelling leadership seminars were again offered this
yearChallenges of Global Capitalism, which examines the driving forces of globalization and the
resulting tensions between religion and culture; and Leadership and Character, which explores the
roles character and integrity play in determining effective leadership.The Institute continues to
draw upon its resources of intellectual capital through its seminars to inform and inspire those
who lead and transform organizations and society.

In response to the growing breach between Islam and the West, the Institute convened a weekend-
long roundtable at its Wye River campus, which offered a powerful range of views and insights
about both the complexity of Islam and America's relationship with the Arab world. Moderated by
Bill Moyers, portions of the spirited dialogue were broadcast in July on two special editions of the
PBS program, NOW with Bill Moyers.

The Institute launched a new policy program this year, called the Initiative on Financial Security
(IFS). Founded by Lisa Mensah, formerly of the Ford Foundation, IFS is dedicated to closing
America's wealth gap by engaging the financial services industry in a dialogue on new savings mech-
anisms for low-income individuals.

Concerns over the health of the global economy, corporate governance, and Americas national
security were also the focus of the work of various other Institute policy programs in 2002.The
Program on the World Economy produced a report on its summer conference in which it assesses
current global macroeconomic and financial conditions; the long-term implications of an epidemic
of corporate scandal; the merits of the arguments against globalization; and how to integrate the
Muslim world into the global equation. Participants in this annual meeting included noted interna-
tional economists and leaders of the worlds major financial institutions.The Initiative for Social
Innovation through Business (ISIB) supported pioneering new work on the social responsibility of
business that received extensive exposure in a Harvard Business Review article entitled The Virtue
Matrix: Calculating the Return on Corporate Social Responsibility by Roger L. Martin, dean of the
Rotman School of Management at the University of Toronto.The article expanded upon a model
that was developed at ISIBs 2002 Business Leaders Dialogue.The Aspen Strategy Group (ASG)
released Planning to Win:A Report on Homeland Security, which includes five papers by top home-
land security experts who provide cogent commentary on how to meet the US government's insti-
tutional challenges since September 11.The Congressional Program, under the leadership of its long-
time director, former US Senator Dick Clark, continued to provide valuable expertise on a range of
issues to numerous members of the US Congress through its regularly held breakfast meetings on
Capitol Hill and its multi-day programs on political Islam, US-China relations, US-Russia relations,
and the convergence of US national security and the global environment.

At the annual awards dinner held in New York, the Institute honored two exemplary leaders
former President Jimmy Carter and John Whitehead, chairman of the Lower Manhattan
Development Corporation. Friends and supporters of the Institute were treated to a stimulating
dialogue on world affairs featuring the two honorees, led by CNN news anchor Judy Woodruff.

In January 2003, the board announced as its new president and CEO Walter Isaacson, the chairman
and CEO of the CNN News Group. (Please see Walter Isaacsons biography on the next page.) I am
confident that Walters creativity, breadth of talents, and energy will serve the Institute well in a prom-
ising, albeit challenging, era. Under Walters leadership, and with the efforts of an accomplished staff and
a dedicated board of trustees, I anticipate an ambitious, substantive and impactful period ahead.

William E. Mayer
Chairman
 Walter Isaacson
President and CEO,The Aspen Institute

Walter Isaacson was born on May 20, 1952, in New Orleans. He began his journalism career as a reporter
for The Sunday Times of London and then as a reporter and city hall columnist for the New Orleans States-
Item/Times-Picayune.
Mr. Isaacson joined Time in 1978 as a national affairs writer in New York, then moved to Washington as a
political correspondent. He subsequently became the magazine's Nation editor and an assistant managing
editor. In 1993, he was named the editor of New Media for Time Inc. In that role he helped launch the
Internet service Pathfinder and the cable online service RoadRunner. AdWeek magazine named Isaacson
"Editor of the Year" in 1995.
In December 1995, Mr. Isaacson was named managing editor of Time. In addition to running the weekly
magazine and its international editions, he also oversaw Time for Kids,Time online and other franchises. He
initiated a number of special projects including the Time 100, an end-of-the-century joint project with CBS
involving a bestselling book, six special issues and television shows that looked at the most influential
people of the century. He also continued to write for the magazine; his stories included covers on Bill
Gates,Andrew Grove and Madeleine Albright, as well as the essay on Time's choice of Albert Einstein as its
person of the century. During his tenure, Time won numerous awards, including a National Magazine Award,
and reached the highest profitability in its history.
In July 2001, Mr. Isaacson was named the chairman and CEO of CNN. In that capacity, he has overseen its
numerous networks and services, including CNN US, Headline News, CNN International, CNNfn, CNN en
Espanol, CNN.com, CNN Airport Network, CNN Radio, and CNN Newsource. CNN won four Emmy
Awards for news and documentaries in 2002. In studies by the Pew Research Center, CNN was rated as
the most credible TV or print news source in 2002 and as the network that did the best job of covering
the September 11, 2001, terrorist attacks. In 2001 and 2002, CNN had its highest ratings of any year since
competition began in the cable news business.
Mr. Isaacson was appointed president and CEO of the Aspen Institute in January 2003.
Mr. Isaacson is a graduate of Harvard College and of Pembroke College of Oxford University. He is the co-
author of The Wise Men: Six Friends and the World They Made, (Simon & Schuster, 1986) a book about
American statesmen and the Cold War, and the author of Kissinger:A Biography (Simon & Schuster, 1992).
His latest book, Benjamin Franklin:An American Life (Simon & Schuster) was released in July 2003.
The Aspen Institute
Consolidated Balance Sheet
December 31, 2002
(with comparative totals for 2001)

Assets 2002 2001*

Current Assets
Cash $ 1,865,788 $3,441,555
Promises to Give 9,471,517 7,346,038
Receivables, Net 1,798,316 1,353,267
Inventory 86,148 56,613
Prepaid Expenses 275,308 437,500
Deferred taxes - 267,472
Total current assets 13,497,077 12,902,445
Investments 24,893,455 31,426,575
Promises to Give 804,707 1,443,696
Deposits 138,933 143,197
Property & Equipment, net 32,799,467 33,627,568
Investments Held in Trust - 2,564,733
Deferred Taxes - 43,500
$72,133,639 $82,151,714

Liabilities and Net Assets

Current Liabilities
Lines of Credit $ 472,000 $724,782
Accounts payable and accrued expenses 2,589,910 2,359,554
Customer deposits 713,430 1,131,610
Current portion of notes payable 75,000 175,000
Current portion of capital lease obligation 15,237 17,201
Deferred revenue - 9,948
Total current liabilities 3,865,577 4,418,095
Long-term Liabilities
Notes payable 342,573 364,173
Funds held in trust 33,124 2,564,733
Capital lease obligations - 9,204
375,697 2,938,110
Total liabilities 4,241,274 7,356,205
Net Assets:
Unrestricted
Undesignated 94,517 0
Board designated 39,340,553 44,000,520
39,435,070 44,000,520
Temporarily restricted 19,371,495 21,709,189
Permanently restricted 9,085,800 9,085,800

Total net assets 67,892,365 74,795,509

$72,133,639 $82,151,714
* As restated
The Aspen Institute
Consolidated Statement of Activities by Program
Year Ended December 31, 2002
(with comparative totals for 2001)
Unrestricted Restricted Henry
Operating Policy Five Year Crown
Budget Programs Fund Program
Revenues/Resources:
Project Grants 5,000 13,741,664 0 0
Seminar Fees 1,511,667 347,628 22,655 46,082
Net Conference Revenue 924,928 0 0 0
Contributions 3,090,134 3,343,873 293,276 609,418
Net Investment Income 201 205,123 0 0
Real/Unreal Gain(Loss) on Investments 2,210 0 0 0
Rental Revenue 59,254 26,436 0 0
Overhead Transfer 2,051,565 0 0
Contract & Misc Revenue 436,895 1,026,948 83 44
Transfer of Fund Balance 1,790,274 0 (1,723,013) 0
Endowment Spending Revenue 567,775 17,677 0 0
Total Revenue 10,439,901 18,709,348 (1,406,999) 655,544

Expenses:
Seminars 2,087,128 0 0
Campus Activities 894,121 0 0
Policy Program 0 18,338,504 0
Other Restricted Programs 131,167 0 960,267 472,106
Overhead Transfer 15,000 1,940,300 50,000 46,265
Depreciation Expense 0 0 0
Fund Raising & Development 1,248,862 0 0
General Business & Administration 5,837,694 0 0 0
Total Expenses 10,213,971 20,278,804 1,010,267 518,371

NET RESULTS 225,930 (1,569,456) (2,417,266) 137,173

NET ASSET AT BEGINNING OF YEAR (131,413) 20,038,983 2,656,503 (144,053)

NET ASSETS AT END OF YEAR 94,517 18,469,526 239,237 (6,880)

 Other
Restricted Plant Total Total
Programs Fund Endowments 2002 2001

0 0 0 13,746,664 13,785,316
950 0 0 1,928,982 2,533,350
0 0 0 924,928 1,387,404
784,435 85,953 1,496,810 9,703,899 7,358,189
0 1,098 551,065 757,487 966,138
(47,586) 0 (2,804,760) (2,850,136) 19,469
0 0 0 85,690 124,019
0 0 0 2,051,565 1,782,605
0 0 0 1,463,970 743,876
(67,260) 0 0 (0) 0
106,197 0 (691,648) 0 0
776,735 87,051 (1,448,532) 27,813,048 28,700,366

1,034 0 2,088,161 2,278,399

0 0 894,121 748,782
0 0 18,338,504 17,319,639
740,248 264,751 2,568,539 1,455,705
0 0 2,051,565 1,782,605
0 1,688,745 0 1,688,745 1,248,733
0 0 1,248,862 1,163,737
0 0 0 5,837,694 5,682,338
741,282 1,688,745 264,751 34,716,192 31,679,937

35,453 (1,601,694) (1,713,283) (6,903,144) (2,979,571)

718,132 31,223,722 20,433,635 74,795,509 77,775,080

753,585 29,622,028 18,720,352 67,892,365 74,795,509

The Aspen Institute Subsidiary
Consolidated Statement of Activities
Year Ended December 31, 2002
(with comparative totals for 2001)

Temporarily Permanently Total Total

Unrestricted Restricted Restricted 2002 2001
Revenue and Support:
Project Grants - 14,962,047 - $ 14,962,047 14,384,576
Conference Fees 10,445,045 - - 10,445,045 9,841,964
Contributions 4,241,480 4,178,152 - 8,419,632 7,334,191
Seminar Fees 1,870,295 0 - 1,870,295 2,380,421
Investment income (loss) (1,245,437) (983,596) - (2,229,033) 591,273
Gain on sale of asset - - - - 319,107
Rental Income 150,965 0 - 150,965 124,020
Other 139,209 44 - 139,253 297,546
Net assets released
from restrictions 20,494,341 (20,494,341) - - -
Total Revenue 36,132,249 (2,374,045) 0 33,758,204 35,273,098

Expenses:
Program services
Policy Programs 17,284,785 - - 17,284,785 18,232,472
Campus Activities 9,943,029 - - 9,943,029 7,987,723
Five year fund 2,150,797 - - 2,150,797 2,103,506
Seminars 1,868,102 - - 1,868,102 2,055,498
Crown fellowship 421,931 - - 421,931 462,134
Other restricted activities 529,256 - - 529,256 329,392
International activities - - - - 7,217
Supporting services
General and administrative 7,346,224 - - 7,346,224 6,071,765
Fundraising and development 1,117,224 - - 1,117,224 1,002,962
Total Expenses 40,661,348 0 0 40,661,348 38,252,669

Change in Net Assets (4,565,450) (2,337,694) 0 (6,903,144) (2,979,571)

Beginning Net Assets 44,000,520 21,709,189 9,085,800 74,795,509 77,775,080

Ending Net Assets 39,435,070 19,371,495 9,085,800 67,892,365 74,795,509

Society of Fellows
Lifetime Fellows
Mr. and Mrs. Robert O. Anderson
Mr. Berl Bernhard*
Mr. and Mrs. Alvin I. Brown
Mr. and Mrs.Theodore A. Burtis
The Hon. and Mrs. Henry E. Catto*
Mr. and Mrs. L. M. Cook**
Mr. Ian M. Cumming
Mr. and Mrs. James L. Ferguson*
Dr. and Mrs. Sidney Harman*
Joan W. and Irving B. Harris
Nina Rodale Houghton*
Mrs. Page Lee Hufty
Mr. and Mrs.Viktor Kozeny
Mr. and Mrs. Leonard A. Lauder*
Mr. and Mrs. Christopher Makins
Frances and Paul Martinson
Mr. and Mrs. George P. Mitchell
Mr. and Mrs. Robert Mosbacher**
Mr. and Mrs.William A. Nitze*
Mr. Arthur M. Pappas
Mr. and Mrs. Gregor G. Peterson
Ms. Nina Rosenwald
Mr. and Mrs.Thomas W. Smith
Mr. Frederick B.Whittemore*
Golden Leaf Society
Mr. and Mrs.William Budinger
Mr. and Mrs. Henry Catto*
Mr. and Mrs. Lester Crown*
Mr. and Mrs. David H. Koch*
Mr. and Mrs. Leonard A. Lauder*
Mr. and Mrs.William E. Mayer*
Mr. and Mrs. Phillip Merrill*
Mr. and Mrs. Stewart Resnick*
*Trustee **Trustee Emeritus Deceased
Chairmans Society
Mr. and Mrs. Sid Bass*
Mr. and Mrs. Berl Bernhard*
Mr. Peter Cundill*
The Honorable and Mrs. Joseph
Gildenhorn*
Barbara Goldsmith
Mr. and Mrs. Lloyd Schermer*
Mr. and Mrs. Albert Small*
Mr. Jack Valenti*
President's Society
Madeleine Albright*
Mr. and Mrs. Paul F. Anderson*
Melva Bucksbaum and Raymond Learsy
Andrea Cunningham* and Rand Sigfried
Mr. and Mrs.William L. Davis*
Jane and Michael Eisner
Mr. and Mrs. James L. Ferguson*
Mr. and Mrs. Gerald Greenwald*
Mr. and Mrs. Patrick Gross*
Dr. and Mrs. Sidney Harman*
Nina Rodale Houghton*
Mr. and Mrs. Edward Hudson*
Mr. and Mrs.Yotaro Kobayashi*
Ann McLaughlin Korologos*
and Tom Korologos
Mr. and Mrs.Timothy Krauskopf*
Laura and Gary Lauder
Holly and John Madigan
The Honorable and Mrs. Frederic V. Malek*
Mr. and Mrs. John P. Mascotte*
Clare Munana* and John McCartney
Mr. and Mrs. George Munroe*
Mr. and Mrs.Thomas R. Pickering*
William Charles Powers
Donation in Memory of Manny Papper (as of January 31, 2003)
Linda and Jay Sandrich
Selim K. Zilkha
Aspen Leaf Society
Mr. and Mrs. Michael Bezos
Mr. and Mrs. Richard S. Braddock
Kay and Matthew Bucksbaum
Mr. and Mrs. James Calaway
Mary L. Cornille and John F. Cogan, Jr.
Mr. and Mrs. J. Lester Crain
The Honorable and Mrs. Melvyn J. Estrin
Shannon Fairbanks
Samia and A. Huda Farouki
Mr. and Mrs. Jerry E. Finger
Jessica and John Fullerton
Mr. and Mrs.William Hamm III
Joan W. and Irving B. Harris
Irvine O. Hockaday
Diana Jacobs Kalman and C.A. Kalman
Alex Kaufman
Sylvia and Dick Kaufman
Bicky and George Kellner
Perry and Abbe Lane Leff
Mary Ralph Lowe
Pam and Tom Luce
Nancy and Jeffrey Marcus
Oliver G. McGee III
Mr. and Mrs.Willem Mesdag
Mr. and Mrs. John C. Oxley
Norman Perlmutter
Mr. and Mrs. John B. Philips
Mr. and Mrs. Richard G. Powell
Vickie and Don Pruter
Kelli and Allen Questrom
Arlene and Chester Salomon
Mr. and Mrs.William T. Solomon
Aziz D. Syriani Gail and Richard Elden Robert J. Hurst and Soledad De Leon
Dr. and Mrs.Terry Turkat Judy Estrin and William Carrico Mary Ann Hyde
Leah and Ralph Wanger Izumi Fairbanks Jeanne Jaffee
Mr. and Mrs. Charles Wyly, Jr. The Honorable Dianne Feinstein Jane Jellinek
Merrill Ford Dr. Jane J. Jenkins
Fellows Charlotte Moss and Barry Friedberg Bill Joy
John W. Adams Judith McGregor and Richard Gallun Lisa K. Jung
Carolyn and Mark Ain Gideon Gartner Mr. and Mrs. Gerald Katcher
Rebecca T. Ayres Charles C. Gates Dena Kaye
Thomas H. Baer Norman H. Gershman Donald G. Kempf, Jr.
Marilyn and George L. Baker Gary Gerst Mrs. Ishik A. Kubali-Camoglu
Rita Bass Betty S. Gerstley, M.D. David Kudish
Michael J. Batza, Jr. Lanny and Judy Gertler Katharine and James Kurtz
Jamie and Barney Baxter Barbara and S. Jerry Glauser David H. Langstaff
Mr. and Mrs. Stephen Bellotti H. Lee Godfrey Mr. and Mrs. Garland Lasater
Walter C. Bentson Richard E. Gold Lowell H. Lebermann
Barbara and Bruce Berger Ana and Michael Goldberg Mr. Irving L. Levy
Meta S. and Ronald Berger Richard Goldstein Toby D. Lewis
Mr. and Mrs. Luciano Berti Ann and James Goodman Dianne Light
Elaine and Bob Blatt Leonard Green John S. Lillard
Rita and Irwin Blitt Arthur N. Greenberg Jerry D. Lindauer
Mark A. Bradley Mr. Ronald K. Greenberg Mr. and Mrs. Jim Lowrey
Mr. Eli Broad Diane Troderman and Harold Grinspoon Marianne and Sheldon Lubar
Vicki Brooks Mrs. Paul W. Guenzel Paul and Ann Lux
Mr. and Ms. K. Dane Brooksher Lulie and Gordon Gund Lee R. Lyon
Ruth and Martin Carver Mr. Stephen Gunther Carol Marks
Mr. and Mrs. Richard P. Case Lou and Bill Guthrie Robert H. Matt
Merle C. Chambers and Hugh A. Grant Julia and Edward Hansen Bonnie and Tom McCloskey
David F. Chazen Gordon A. Hardy Peter C. Meinig
Bill Coleman Donna and Robert Harper David B. Meltzer
Mr. and Mrs.Thomas Congdon Mr. and Mrs. James R. Hedges, IV Ellie and Bob Meyers
Bonnie and Paul Copaken Reuben L. Hedlund Pat Morris
Dale Coudert Cynthia Heelan Peter W. Mullin
Carol Craig Lita W. Heller Raymond D. Nasher
Roy E. Davidson Juliane Heyman Mrs. Judith E. Neisser
Roxanne J. Decyk and Lewis Watts Alberta Hogg Jeannette T. Nichols
Lorraine and Alex Dell Phyllis S. Hojel Tricia Nichols
Andy Dolce Ken Hubbard Susan Christine ONeal
Marcia and John Donnell Dr. and Mrs. Richard M. Hunt Linda Pace
Marcy and J. Leo Edelstein Fern Hurst Patricia and Manny Papper
Susan and Paul Penn Victoria L. Smith
James J. and Nancy Phelps William D. Smithburg
Mr. Arnold Porath Vicki and Ronald Simms
Mrs. Charles H. Price II Orli and Bill Staley
Fred Pryor Judith Zee Steinberg and Paul Hoenmans
Kathryn and Richard A. Rabinow Paul and Gayle Stoffel
Ellen Randall Fleur and Curt Strand
Toni and Carl Randolph Barry S. and Evelyn M. Strauch
Nancy and George Records Shelly and Peter Thigpen
Louise Mead Walker-Resor Mr. and Mrs.William R.Tobey, Jr.
Arthur Rock Robert G.Van Dine
Phoebe Massey Ryerson Dennis Vaughn
Yasuhiko Sata Carolyn F. Walton
W.F. Schumann Mr. and Mrs. J. Fred Weintz, Jr.
Carole and Gordon Segal Betty Weiss
Elizabeth Shapkin Ginny L.Williams
Barbara and Robert P. Shook Jacqueline Wogan
Lois Siegel Mr. and Mrs. M. Richard Wyman
Michael Silberberg Dr. and Mrs. David M.Yocum, III
Sandra and Charles Simon Paula Zurcher
Beth K. Smith

Individual Donors
John W. Adams Michael J. Batza Jr. Laura G. Blocker
Maya Ajmera Jay Baxter Mr. and Mrs. Ralph Bloom Jr.
The Honorable Madeleine K. Albright Mr. and Mrs. Reginald R. Baxter Randolph M. Blotky
Daniel Alpert Laurence D. Belfer Lawrence C. and Susan M. Blount
Michael Alter Stephen Bellotti Charles K. Bobrinskoy
Ellen Anderman Walter C. Bentson F. Albert and Mickey Boersma
Mr. and Mrs. Paul F. Anderson Barbara and Bruce Berger Roberta T. Borchers
Rebecca T. Ayres Mr. and Mrs. Berl Bernhard Ann B. Bossert
Marilyn and George L. Baker Mr. and Mrs. Michael Bezos Helen B. Box
Mr. and Mrs. Harry W. Barrick Sandra K. Bishop Mr. and Mrs. Richard S. Braddock
Rita Bass Elaine and Bob Blatt Mark A. Bradley
Mr. and Mrs. Sid R. Bass Rita and Irwin Blitt Titus A.M. Brenninkmeijer

*Trustee **Trustee Emeritus Deceased Donation in Memory of Manny Papper (as of January 31, 2003)
Sally Breul C. R. Davidson Jessica and John Fullerton
Evelyn and Claude Brice Sally J. Davis Mr. and Mrs. John D. Furst
Robert A. Brod Mr. and Mrs.William L. Davis Judith McGregor and Richard Gallun
Laurene B. Brooks Marian Lyeth Davis Robert W. Galvin
Vicki Brooks Mark Davis Charles C. Gates
Mr. and Mrs. K. Dane Brooksher Ms. Roxanne J. Decyk and Dr. Neil L.Watts Mr. and Mrs. David R. Gergen
Ruth Brown Lorraine and Alex Dell Norman H. Gershman
Joan Budd John DiBiaggio Betty S. Gerstley, M.D.
Cindy and Drew Buniski Andy Dolce Judy and Lanny Gertler
Connie and Jim Calaway William H. Donaldson and The Honorable and
Diego Calderon Jane P. Donaldson Mrs. Joseph B. Gildenhorn
Professor and Mrs. Stephen L. Carter Marcia and John Donnell Jerome Ginsberg
Robert S. Carter Martin P. Dowling Mr. and Mrs. S. Jerry Glauser
Clayton C. Carter James Dubin Carol Gluck
Ruth and Martin Carver Theodore R. Eck H. Lee Godfrey
Edward M. Caswall Marcy and J. Leo Edelstein Richard E. Gold
William H. Cathers Gail and Richard Elden Ana and Michael Goldberg
The Honorable and Mrs. Henry Catto Patrick M. Elliott Peter C. Goldmark
Ms. Merle C. Chambers and Mr. Hugh A. Grant Mr. and Dr. Charles E. Ennis Richard Goldstein
Micki Chen Ms. Judith L. Estrin and Mr.William N. Carrico Christine and Sheldon Gordon
C. D. Clemente The Honorable and Mrs. Melvyn J. Estrin George Gradow and Barbie Benton
Cathleen A. Clinton Mr. and Mrs. Floyd R. Evans Jr. Leonard Green
David F. Clossey Shannon Fairbanks David T. Green
Ms. Mary L. Cornille and Mr. John F. Cogan Samia and A. Huda Farouki Jan Greenberg
William Coleman Charlotte Farr Mr. and Mrs. Gerald Greenwald
Mr. and Mrs.Thomas Congdon Mr. and Mrs. Randall J. Fein Ms. Diane Troderman and
Bunni and Paul Copaken The Honorable Dianne Feinstein Mr. Harold Grinspoon
William R. Cottle Martin S. Feldstein Mr. and Mrs. Patrick W. Gross
Dale Coudert Mr. and Mrs. James L. Ferguson Richard L. Grubman
Carol Craig Mr. and Mrs. Jerry E. Finger Mrs. Paul W. Guenzel
Mr. and Mrs. Robert J. Craig Dr. John E. Fish Jr. Mr. Stephen Gunther
Mr. and Mrs. J. Lester Crain Merrill Ford Lou and Bill Guthrie
Toby Ann Cronin The Honorable Henrietta Holsman Fore Mr. and Mrs. Najeeb E. Halaby
Mr. and Mrs. Lester Crown and Mr. Richard Fore Robert L. Hall
Gary T. Crum Colonel and Mrs. James B. Foster, (Ret.) Gordon A. Hardy
Mr. Peter Cundill Owen O. Freeman Idit Harel
Ms. Andrea L. Cunningham and William M. Freestate Donna and Robert Harper
Mr. Rand Siegfried Golda and Sheldon Friedstein Joan W. and Irving B. Harris
Robert D'Alessio Janet P. Froetscher Mr. and Mrs. James R. Hedges IV
Roy E. Davidson William Fulkerson Reuben L. Hedlund
Mr. and Mrs.Warner Heineman Karen Kribs J. Alec Merriam
Harry E. Herchert Ms. Ishik A. Kubali-Camoglu Mr. and Mrs. Philip Merrill
Scott A. Hicks David J. Kudish Donna W. Messix
Michael Higgins Katharine and James Kurtz Bruno J. Meyenhofer
Mr. and Mrs. Gerald D. Hines Sheila S. Lanahan Ellie and Robert Meyers
Anneliese Hoffmann Leslie Lancaster Bruce Michelson
Alberta D. Hogg Mr. and Mrs. Garland M. Lasater Jr. Jean C. Miller
Phyllis S. Hojel Mr. and Mrs. Leonard A. Lauder Patricia E. Mitchell
Colonel and Mrs. Robert A. Holden, (Ret.) Lowell H. Lebermann Jr. Pat Morris
Gail Holstein Mr. and Mrs. Robert LeBuhn Peter W. Mullin
Benjamin L. Hooks Mr. and Mrs. Henry M. Lederer Jr. Ms. Clare Munana and Mr. John McCartney
Nina Rodale Houghton Gerald M. Levin Mr. and Mrs. George Munroe
Heidi Houston Pamela Levy Raymond D. Nasher
Kenneth Hubbard Jerry D. Lindauer Marc B. Nathanson
Mr. and Mrs. Edward R. Hudson Paul M. and Mary A. Long Pascal A. Nazareth
Mr. and Mrs. Seth Hufstedler Robert Loubier Virginia Newton
Mary Ann Hyde Mary Ralph Lowe Mr. and Mrs.William A. Nitze
Charles and Sandy Israel Jean and Jim Lowrey Mr. and Mrs. Barry J. Noonan
Jeanne Jaffee Li Lu Thomas O'Gara
Jane Jellinek Robert E. Lupo Susan Christine O'Neal
Mr. and Mrs. Elmer W. Johnson Fairleigh Lussky Margaret D. Orem
Suzanne M. Johnson Lee R. Lyon Olara A. Otunnu
Mr. and Mrs. Alexander G. Jones Elizabeth K. MacGlashan Linda Pace
Mr. and Mrs. John J. Jubin Mr. and Mrs. John W. Madigan Mr. and Mrs. Kent Greenawalt
Lisa K. Jung Marsha Madigan Carol Parks
Diana Jacobs Kalman and C. A. Kalman Vincent Mai Mary M. Patton
Andrew R. Kassoy Marie and James Malaro Mr. and Mrs. Charles E. Peck
Alex Kaufman Mr. and Mrs. Frederic V. Malek Susan and Paul Penn
Bicky and George Kellner Mr. and Mrs. Robert H. Malott James J. and Nancy Phelps
Mr. and Mrs. Melvin L. Kelly Kai and Jay Marchant Mr. and Mrs. John B. Phillips
Donald G. Kempf Jr. Mr. and Mrs. John P. Mascotte Ambassador and Mrs.Thomas Pickering
Freia and Warren Kershow Robert H. Matt William H. Pope
D. Brooke Kinney Arline G. Mayer Edward T. Popper
Dr. and Mrs. Henry A. Kissinger Mr. and Mrs.William E. Mayer Mr. Arnold Porath
Catherine Kitchen Mr. and Mrs. Homer W. Maynard Mr. and Mrs. Richard G. Powell
Mr. and Mrs.Thomas R. Knowlton Oliver G. McGee III Lord Charles and Lady Carla Powell
Mr. and Mrs. David H. Koch Mr. and Mrs. David T. McLaughlin William Charles Powers
Mr. and Mrs.Tom Korologos Elizabeth H. McMillan Mrs. Charles H. Price II
Mr. and Mrs.W. Mark Kram David B. Meltzer Vickie and Don Pruter
Mr. and Mrs.Timothy K. Krauskopf Patricia S. Mercer Kelli and Allen Questrom

*Trustee **Trustee Emeritus Deceased Donation in Memory of Manny Papper (as of January 31, 2003)
Kathryn and Richard Rabinow Michael C. Silberberg Margaret K. and Derek J.Weatherley
Mr. and Mrs. Frank Ramondo Jr. Sandra and Charles Simon Betty Weiss
Ellen B. Randall David J. Singer Mr. and Mrs. Leslie H.Wexner
Toni and Carl Randolph Robert Skare Wendalin Whitman
Nancy and George Records Mr. and Mrs. Albert H. Small Mr. and Mrs. Frederick B.Whittemore
Lynda and Stewart Resnick Victoria L. Smith Ginny L.Williams
Mr. and Mrs.Thomas L. Reynolds William D. Smithburg Jonathan P. Wolman
Harry C. Rhodes Melvin Spira Mr. and Mrs.Walter E.Woodford Jr.
Cindy,Tom and Heather Rhodes Mrs. Richard A. Springs Jr. Dr. and Mrs.William H.Wroten Jr.
Mr. Robert S. Rich Orli and William Staley Thomas H.Wyman
Ann W. Richards Hoff Stauffer Dr. and Mrs. David M.Yocum III
Roz R. Roberts Judith Zee Steinberg and Paul Hoenmans Alice Young and Mr.Thomas Shortall
Mary A. and Sylvester V. Roberts Mr. and Mrs. Andrew L. Stern Selim K. Zilkha
Aviva Robinson Bruce Stevens Carl Zillig
Toni R. Rock Benjamin F. Stewart Dorothy S. Zinberg
Peggy R. Rogers Jack Stievelman Paula Zurcher
Felix G. Rohatyn Lewis F. Stilson
Marvin Rosenberg Vernon Stotts
Henry A. Rosenberg Fleur and Curt Strand
Arthur Rosenstein Barry S. and Evelyn M. Strauch
The Honorable and Mrs.Warren B. Rudman Washington Sycip
Georgina Rumsey Mr. and Mrs. James E. Sylvanus
D. D. Ryerse Mr. and Mrs.William E. Sylvester
Phoebe Massey Ryerson Aziz D. Syriani
Arlene and Chester Salomon Shelly and Pete Thigpen
Linda and Jay Sandrich Mary D.Thompson
The Honorable and Mrs. John W. Sause Jr. James E.Thompson Jr.
James P. Schadt Joel I.Tirschwell
Rudi Scheidt Mr. and Mrs.William R.Tobey Jr.
Mr. and Mrs. Lloyd G. Schermer Mr. and Mrs. Alexander B.Trowbridge
Dr. and Mrs. Richard J. Schoeb Dr. and Mrs.Teviah Turkat
Raymond Schucker Stanley A.Twardy
Mr. and Mrs. Robert J. Schuerholz Mr. and Mrs. Jack Valenti
Carole and Gordon Segal Robert G.Van Dine
Elizabeth Shapkin Ann Varela
Daniel A. Sharp Dennis Vaughn
Charles Shenk Michael D. Walden
Joyce Sher Lynne W.Waldera
James A. Shirk Mr. and Mrs. Donald R.Walls
Lois Siegel Carolyn F. Walton

*Trustee **Trustee Emeritus Deceased Donation in Memory of Manny Papper (as of January 31, 2003)
Corporate Support
Abbott Laboratories
ABN AMRO Bank N.V.
Accenture LLP
Aetna Inc.
Aetos Capital LLC
Afro American Newspapers
Alabama Power Company
Alice-Sidney Oil Company
Allfirst
American Electric Power Service
Corporation
American Express Company
American Petroleum Institute
AOL Time Warner Inc.
Aramco Services Company
Areva Enterprises, Inc.
Ariel Capital Management
Aspen Earthmoving L.L.C.
AT&T
AT&T The Northern Trust Company
Automatic Data Processing, Inc.
Bank for International Settlements
BellSouth Corporation
Boeing Company
Booz Allen & Hamilton
BP International Limited
Bristol-Myers Squibb Company
C T Corporation System
Carnegie Corporation of New York
Catenas, Inc
Champion Industries, Inc.
Charles River Associates Incorporated
Christopher Walling Inc.
Chubb Corporation
Cinergy Services, Inc.
Cisco Systems, Inc.
Citigate Cunningham, Inc.
Citigroup, Inc.
City of Aspen
Cleary, Gottlieb, Steen & Hamilton
CNA Insurance Companies
The College Board
Colorado Mountain College
Comcast Corporation
Commerce Capital Markets
Conoco, Inc.
Consumers Energy
Cornerstone Research, Inc.
Corporation for Enterprise Development
Cox Enterprises, Inc.
Credit Suisse First Boston Corporation
CSC Holdings, Inc.
Darby Overseas Investments, Ltd
Department of the Army
Dolce International
The Dun & Bradstreet Corporation
Eastman Kodak Company
EPRI
Exxon Corporation
Fidelity Investments Charitable Gift Fund
Foster, Braden,Thompson & Palmer, LLP
Fuji Xerox Co., Ltd.
Fundacion Auna
General Motors Corporation
GF Energy, LLC
Globe Capital Partners
Goldman, Sachs & Co.
Gordon Management, Inc.
Harriman Construction, Inc.
Hatco Corporation
Heidrick and Struggles, Inc.
Hewlett-Packard Company
Holland & Hart
Host Marriott
Human Service Group, Inc.
T/A Estrin International
Institute for International Monetary
Affairs
Institute of Gas Technology
Intel Corporation
J.W. Light Investment Account
Janss & Mac Caskill Corporation
Jones, Day, Reavis & Pogue
Kronos Incorporated
Lane Engineering Inc.
Lee Enterprises
Legg Mason Wood Walker, Incorporated
Macromedia
Mapleton Communications
McKinsey & Company, Inc.
Merrill Lynch Europe Limited
Microsoft Corporation
National Academy of Television Arts
& Sciences
National Governor's Association
NBC
New York Life Insurance Company
New York Stock Exchange, Inc.
Nuclear Threat Initiative
Paul D'Amato Builder, Inc.
People for Ireland
Perlmutter Investment Company, LLC
Philip Morris
Piper Rudnick LLP
Pitkin County
Potomac Electric Power Company
Premier, Inc.
Prudential Corporation, Asia Ltd.
Public Strategies Incorporated
Qualcomm Ventures, Qualcomm Incorporated
Rotary Club of Snowmass Village
Ryan Beck & Company
Schwab Fund for Charitable Giving
SEIU General Fund
Sempra Energy
Service Employees International Union
Small Business Administration
Soldner Enterprises
Spraying Systems Co.
Start Up
Sullivan & Worcester LLP
Sunrise Medical Inc.
TCS America
TDS Telecom
Textron
TGW Limited Partnership
The Thrift Shop
TIAA-CREF
Foundation Support
Acorn Foundation
Adler Schermer Foundation
Albert & Tricia Nichols Foundation
Ann and Gordon Getty Foundation
Annie E. Casey Foundation
Arie and Ida Crown Memorial
Asia Foundation
Aspen Valley Community Foundation
Aspen Valley Medical Foundation
The Atlantic Philanthropies
Auld Family Charitable Gift Fund
The Ayco Charitable Foundation
Barbara Ingalls Shook Foundation
Barbara Lubin Goldsmith Foundation
The Barry Friedberg and Charlotte Moss
Family Foundation
Beth K. Smith Revocable Family Trust
Bill and Melinda Gates Foundation
Blum-Kovler Foundation
The Brandt Foundation
C Gary and Virginia Gerst Foundation
California Community Foundation
Caserve Foundation
Castaways Foundation
Catto Charitable Foundation
Charles A. Dana Foundation
Charles B. Israel Foundation
Charles Stewart Mott Foundation
The Chase Manhattan Foundation
TishmanSpeyer Properties
TKB International, Inc.
Toyota Motor North America Inc.
TXU Energy
U. S. Department of Interior - National
Business Center
Urban Design Group Inc
US Department of Commerce
Chazen Foundation
Christopher Reynolds Foundation
Citigroup Foundation
Comcast Foundation
Communities Foundation of Texas, Inc.
Copaken Family Foundation
The Corrigan Foundation II
The Cundill Foundation
Dallas Foundation
Danny & Sylvia Fine Kaye Foundation
The David and Lucile Packard Foundation
Dayton Foundation Depository, Inc.
The Dreman Foundation, Inc.
Edna McConnell Clark Foundation
Edward & Julia Hansen Foundation, Inc.
The Eisner Foundation Inc.
Eli & Edythe L. Broad Foundation
Ewing Marion Kauffman Foundation
F.B. Heron Foundation
Fannie Mae Foundation
Fern Karesh Hurst Foundation
Ford Foundation
The Franklin Mint Foundation for the Arts
Friedman Family Foundation
Friel Foundation, Inc.
Fullerton Family Charitable Trust
George Mead Jr. Foundation
Georgia-Pacific Foundation, Inc.
The Glaser Foundation
Verizon Communications, Inc.
Verizon Services Corporation
Wallace Global Fund, Grants
Warburg, Pincus,Ventures, Inc.
Weil, Gotshal & Manges
Worldcom International Limited
Wyeth
The Gordon and Llura Gund Foundation
Greater Houston Community Foundation
Greater Kansas City Community Foundation
Green Foundation
Greenberg Van Doren Gallery
The Greenwald Foundation
Hall Family Foundation
Hallmark Corporate Foundation
The Hedges Family Charitable Foundation
Henry and Gladys Crown Charitable
Trust Fund
Henry Luce Foundation
Hitachi Foundation
The Ithaka Foundation
J.P. Morgan Chase Foundation
The J.P. Morgan Chase Foundation
Matching Gift Program
James Irvine Foundation
Jerry and Nanette Finger Foundation
Jewish Communal Fund
Jewish Community Endowment Fund
Jewish Community Federation of Cleveland
Jewish Community Foundation
Jewish Federation of Metropolitan Chicago
Jewish Federation of St. Louis
The John D. and Catherine T. MacArthur
Foundation
John S. and James L. Knight Foundation
Jones, Day, Reavis & Pogue Foundation
Joy Family Foundation, Inc.
Juliane Heyman Gift Fund of Fidelity
Charitable Gift Fund
The Julienne M. Michel Amended and
Restated Revocable Trust
The Katcher Family Foundation, Inc
Kaufman Foundation
Kinder Morgan Foundation
Kirkland & Ellis Foundation
Lauder Foundation
Laura and Gary Lauder Philanthropic Fund
Laurence D. Belfer Family Foundation
Lee Foundation
Leslie & Walter Burlock Foundation
Levi Strauss Foundation
Levin Charitable Trust
Lita & Morton Heller Foundation
The Lubar Family Foundation, Inc.
Lucille S.Thompson Family Foundation
Lux Family Foundation
Madigan Family Foundation
Malott Family Foundation
Markle Foundation
Martin Bucksbaum Family Foundation
Matthew and Carolyn Bucksbaum
Family Foundation
Inkind Gifts
Anonymous
Estee Lauder Co., Inc.
Franklin Mint, Inc.
Macromedia
McCloskey Family Charitable Trust
OfficePlease Foundation
Soloman, Zauderer, Ellenhorn, Frischer &
Sharp
Start Up
Judith Zee Steinberg and Paul Hoenmans
McCloskey Family Charitable Trust
MCJ Foundation
McNamara Foundation
The Meinig Family Foundation
Merlin Foundation
Meta S. & Ronald Berger Family
Foundation
Meyerson Family Foundation
Miller and Jeanette Nichols Foundation
Milton H. Dresner Charitable Foundation
Minneapolis Jewish Federation
Moses Family Foundation Inc.
Motorola Foundation
Mr. and Mrs. Robert Ingersoll Foundation
Nancy C. & Jeffrey A. Marcus Foundation, Inc.
Neisser Family Fund
The New York Community Trust
New York Times Company Foundation
Northern Star Foundation
OfficePlease Foundation
Oxley Foundation
Pajwell Foundation
Pamela Levy and Rick Crandall Foundation
Ploughshares Fund
The Polsky Foundation
Red Bird Hollow Foundation
Richard C. Goldstein Investments
Robert and Donna Harper Foundation
The Robert J. Hurst Foundation
The Robert Wood Johnson Foundation
Rockefeller Brothers Fund
Rockefeller Foundation
Rodel Charitable Foundation
The Rose Foundation
Roy A. Hunt Foundation
Scheuer Associates Foundation, Inc.
Schwab Fund for Charitable Giving
SEIU General Fund
Selim K. Zilkha Foundation
Simms Foundation
Stoffel Foundation
Thomas A. & Mary S. James Foundation
UN Foundation
Victoria Lea Smith Foundation
The Volcker Family Foundation, Inc.
W. Ford Schumann Foundation
W.K. Kellogg Foundation
The Wight Foundation
Willard Johnston Foundation, Inc.
William and Flora Hewlett Foundation
William T. Grant Foundation
Enduring Our Mission
of Leadership Development
Every year a group of exceptionally qualified emerging leaders receive scholarships to attend the
Executive and Leadership seminars of the Aspen Institute. These scholarships are awarded to individuals
in the public and civic sectors who, without this vital support, would be unable to attend.

Special endowments continue to provide funding for a significant number of these outstanding individuals.
These wonderful endowments, combined with the annual support of individuals and corporations, ensure
that the mission of leadership development benefits a broad spectrum of people, both here and abroad.

We are extremely indebted to these individuals and organizations for their support.

Endowments
Mortimer J. Adler Endowment
Robert B. McKay Endowment
David T. McLauglin Leadership Endowment
Nakasome Endowment
Rose Associates Endowment
Betty and Lloyd G. Schermer Endowment
Stradivarious Endowment
Gus and Marie Tyler Endowment

Annual Scholarship Support

Allfirst Nina Rodale Houghton
Paul F. Anderson Elmer W. Johnson
Lloyd G. Balfour Foundation Kirkland & Ellis Foundation
Berl Bernhard Leonard A. Lauder
Justice Harry A. Blackmun Fund Mr. and Mrs. John P. Mascotte
Peter Cundill Mr. and Mrs.William E. Mayer
Eastman Kodak Company Wyeth
Host Marriott Corporation David M.Yocum