Message from the Chairman

“Most importantly, the strength of this organization is rooted in the loyalty of those who have worked and continue to work for the YMCA.”

As Chairman of the YMCA Retirement Fund’s Board of Trustees, it is my privilege to present the Fiscal Year 2017 Annual Report. The dedication of my fellow Trustees, paired with the outstanding leadership of the Fund’s Management Team, never ceases to amaze me. Working alongside these men and women to better serve YMCA employees nationwide is a true honor.

After a challenging fiscal year 2016, this year was marked by strong investment returns, helping restore our current asset base and our comparative performance over longer time periods. As long-term players in the market, we strive to maintain a diversified portfolio, one that we continuously refine to ensure a secure retirement for all employees within the Y Movement. 

The Board of Trustees

The Fund is governed by a group of thoughtful professionals with high achievements across their respective industries. They are steadfast in their commitment to advancing the Y Movement, taking time out of their personal lives for their volunteer service to the Fund. This year, as part of their fiduciary obligations, they served 11 days with a 97% attendance rate. This does not include the preparation time before meetings or individual consultations they gave to the Fund’s Management Team through the year. They demonstrate the quality of their character, as well as their aptitude for the Fund’s unique plan, with every decision they make.

This year, we were fortunate to welcome one new member to our Board: Sandra J. Morander. Sandy is a dedicated Y professional, having held management positions across the United States before coming into her current role as president and CEO of the YMCA of Greater San Antonio. She is also very involved with the YMCA of the USA, currently serving on the Talent and Knowledge Management Committee and Membership Training Task Force.

All of our Trustees’ biographies can be found in this report, and I invite you to read them.

As we welcomed Sandy, we also said goodbye to our friend and colleague, Carmelita Gallo. After serving 12 years as a Trustee, Carm retired from her role as COO of the Dallas YMCA and Chair of the Benefits & Operations Committee of the Fund. We will miss both the warmth of her personality and the depth of her leadership, and we wish her all the best in this next chapter of her life.

95 Years Strong

This year marks an important milestone for the YMCA Retirement Fund—it has been in existence for 95 years. Since its inception, account balances have never gone down and annuity payments have never been missed, despite the volatility of the investment world over the years. The strength of this organization is a testament to our disciplined investment approach and the unwavering support from all those who have contributed to the Fund since 1922. Most importantly, the strength of this organization is rooted in the loyalty of those who have worked and continue to work for the YMCA. We commend all those who have contributed to the Y Movement – you inspire us to continue enhancing the Fund for the next 95 years.

 William A. Holby Signature

William A. Holby, Chairman


Board of Trustees


Back Row, left to right: Robert T. Lutts, D. Scott Luttrell, Mark Baumgartner, William D. Rueckert, Stephen A. Ives,  Eric K. Mann, David M. Martin, Joseph R. Weist 
Front Row, left to right: 
 William A. Holby, Barbara A. Bettin, Georganne F. Perkins, Jurij Z. Kushner, Sandra J. Morander, Denise L. Day (Not Pictured: Angela Brock-Kyle)

Chairmen of the BoardLeft to Right: Denise L. Day, Vice Chairman; John M. Preis, President and CEO; William A. Holby, Chairman