By Joseph M. Verska ’87, Chief Financial Officer, Alumni Association

As time passes, it’s remarkable to witness how one generation transitions into the next. I remember, as a young man, watching my father, Joseph J. Verska ’55, practice medicine with fortitude, compassion, and skill. Little did I know that I would one day follow in his footsteps—not only as a fellow Loma Linda School of Medicine graduate and surgeon, but also in leadership of the Alumni Association and the Holding Fund, which my father held dear.

The Holding Fund, a lesser-known nonprofit organization within the Alumni Association, was established during my father’s tenure as president of the Alumni Association in 1970. It became apparent to him and the leaders of the time that a long-range plan was needed to support the financial needs of the Alumni Association. Its purpose was to hold and invest the perpetual (life) memberships of the Alumni Association. The income generated from these investments was designed to support the operational costs of a growing organization. This forward-thinking recognized the importance of long-term financial sustainability, from which the Association continues to benefit.

I joined the board of the Holding Fund in March 2020 as part of my role as chief financial officer of the Alumni Association. At that time, donations and investments had grown to an impressive $6.24 million over 50 years—a testament to the vision and dedication of the alumni, Alumni Association, and Holding Fund.

However, in 2020, the market turbulence brought on by the COVID-19 pandemic caused our leadership to make the prudent decision to transfer our assets under the management of Goldman Sachs. The goal was to leverage a broader range of investment vehicles under Goldman Sachs, such as structured notes and ultra-low-cost index funds, to ensure the fund continued to grow during the uncertain economic times. This strategy was successful, and by June 2025, the Holding Fund balance had grown to $9.68 million.

Today, the Holding Fund’s mission is more important than ever: to help transition the Alumni Association into a self-sustaining organization. This goal is increasingly urgent, as younger generations tend not to support organizations through traditional membership models. Additionally, rapid inflation means that our investment portfolio and new contributions must continue to grow to keep pace with rising costs.

Our goal is to grow the Holding Fund to $12 million, which would allow us to fully endow the Alumni Association’s current operational expenses. However, as the Alumni Association expands its services for alumni, even greater funding will be required. Meeting and exceeding this financial objective will be essential to supporting the Alumni Association’s current and future goals.

Looking back, it’s inspiring to see how leaders of my father’s generation had the foresight to build a financial foundation for the future of the Alumni Association through the Holding Fund. As we look ahead, it’s now our responsibility to carry that vision forward, ensuring the Alumni Association and its alumni remain strong, vibrant, and supported for generations to come.