What Is the Partnership Foundation?
The Partnership Foundation for Optometric Education is a not-for-profit 501(c)(3) organization established in 1996 by the Association of Schools and Colleges of Optometry (ASCO) and the American Optometric Association (AOA). It is separately incorporated to control its own activities, including finances.
The Partnership was conceived as a direct result of the 1992-1994 Georgetown Summit: A Critical Assessment of Optometric Education, which concluded that, with government funding virtually nonexistent and capital needs then estimated to be $1.6 billion, a new vehicle was critical to ensure the future viability of the optometric education enterprise and recommended that:
All state, regional, and national entities, along with the schools and colleges of optometry, should be strongly urged to contribute to an educational trust an add-on sum of $1 per registrant for each credit hour of continuing education provided.
What Is the Partnership’s Purpose?
The Partnership’s purpose is to provide long-term financial support for the advancement of optometric education and related special needs of the profession. Beneficiaries will receive distributions once the fund reaches $25 million.
Who Will Be the Primary Beneficiaries of the Partnership?
The next generation of practitioners will be the primary beneficiaries through financial support of the professional optometry degree programs (O.D.) and related special needs of the profession.
How Will Partnership Funds Be Used?
Funds will be distributed to the schools and colleges that become Contributing Partners through a fair share capitation approach. Funds will be distributed per FTE students who have been enrolled for at least nine months during the previous academic year. Funds will be distributed according to the following three asset classes: Capitation (i.e., 20-30% of funds available for distribution to assist all institutions); Index of Participation (i.e., 50% of funds available for distribution to reward contributing institutions); and Special Projects (i.e., 20-30% of funds available for distribution to meet related special needs of the profession). Other organizations that become “Contributing Partners” will also be eligible to apply for “Special Project” funding. An example of a related special project might be regular assessments of optometric human resource needs.
Contributing institutions will determine the specific uses of their fair share distribution. Examples are rehabilitation and modernization of physical plants (including teaching laboratories), equipment to enhance the learning environment and enhance patient care, acquisition and integration of advanced technologies into clinical teaching programs and development of teaching materials for both students' and practitioners' lifelong learning.
How Will Partnership Funds Be Invested?
The Board of Directors has adopted a long-term investment policy designed to maximize returns without exposure to undo risk. At least 75 percent of the earned income will be reinvested in the Partnership until a Board-designated threshold is reached. At that time, at least 25 percent will be reinvested to ensure continued growth. A professional investment advisor chosen by the Board of Directors is managing the Partnership’s long-term investments.
What Optometric Organizations Are Eligible to Become Contributing Partners?
Participation is open to all institutions and organizations providing continuing optometric education and other organizations that support the mission and purposes of the Partnership. This includes the schools and colleges of optometry, the AOA and its state affiliates and regional associations, and other optometric organizations and corporations. Contributing Partners agree to add $1 per hour per registrant for each hour of paid continuing education provided. In instances when continuing education is not offered, annual contributions may be made in lieu of the add-on sum. The Partnership also welcomes and encourages industry support.Contributing Partners are eligible for positions on the Board of Directors, which will determine specific policies governing the future disbursement of funds.
What Is the Governance Structure of the Partnership?
A Board of Directors, comprised of equal representation from both the AOA and ASCO (Founding Partners), as well as designees from other Contributing Partners, governs the organization.
