President’s Report
October 24, 2006

A sign in an office that reads, “Great institutions are not built by giant leaps, but rather by small steps taken consistently in the same direction”. As I look back on my first ten months as President of FPRF, I have a sense that there are many things that are still to reach completion. Some good ideas prove difficult to put into practice and some just turn out to be bad ideas.

As the fiscal year ended, the foundation had a balanced administrative operating budget, a positive return on its investment portfolio, and a modest growth of its endowment. Over the next two years (April, 2008) the foundation will spend an additional $150,000 for the completion of the seven ongoing research projects. It is my hope that member support will not erode, and I will redouble my efforts to increase new memberships.

One of my duties as President, and probably the most important, is to administer and supervise the day to day functions of the foundation, including managing and developing a comprehensive research program that will enhance the utilization of animal by-products. On the larger issue of support for basic science, during 2006 the foundation positioned itself for a new and challenging direction with the establishment of the Animal Co-Products Research and Education Center (ACREC). An extensive amount of data has been collected and their “value” will have to be analyzed over the next few months. Outside ACREC, seven ongoing projects remain to be completed and two were concluded over the last month.

I attended and presented at numerous conventions and meetings nationally and abroad. Several publications were completed in 2006, including a new FPRF bi-monthly newsletter.

An initial phase of changes has been made to the FPRF web page, focused around enhanced exchange and distribution of information generated by the FPRF research program. While the web page is not friendlier it is certainly more updated, and the electronic access to all the Director Digest’s stand out. Further changes will include access to all research projects completed since 1994, and a notice board which I hope will make members feel more involved with our work and able to join in with comments and suggestions.

Finally, I would like to take this opportunity to thank FPRF Chairman, Dr. Ross Hamilton whose advice and assistance have been invaluable to me. Thanks also to the members for your continued support and for participating in our activities. I wish you and your families a peaceful and prosperous year throughout 2006 and the forthcoming 2007. Sergio F. Nates, Ph.D. President

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