Executive Summary:

The Rowe Fund provides highly subsidized, supplementary student loans to individuals from Latin American and Caribbean OAS member states in order to help them finance their studies and achieve their educational and professional goals in universities across the United States.  These loans are made on the understanding that when the recipients have completed their studies, they are to return to their respective home countries to assist in their countries’ economic development and social integration.  It also grants educational and emergency loans to personnel of the OAS General Secretariat and their dependents.

During 2004-2006 period, the Leo S. Rowe Fund has experienced some positive developments but has also encountered situations that will require continued close monitoring.  The net assets of the Fund reached a low of 9.8 millions at the end of 2002 and gradually went up to 13.8 by the end of 2006.  On the other hand, loans granted to students and staff members dropped substantially. Administrative expenses continued increasing in 2004 through 2006 and still remain at a very high level.

Between 1948 (when the Leo S. Rowe Pan American Fund began operation) and December 31, 2006, the Fund awarded 6,060 loans to citizens of Latin American and Caribbean countries to help them pursue studies in the United States, for a total of $13.2 million (equivalent to $27.3 million at 2006 prices).

The Fund also awarded 1,426 loans to staff members –for their own studies, those of their dependents, or for emergencies– for a total of $3.6 million (equivalent to $6.2 million at 2006 prices). 

Through the prudent investment in a portfolio of mutual funds (selected by the Committee on the recommendation of a firm of financial advisors and monitored by the Treasurer of the Rowe Fund), the Rowe Fund has managed to grow, from the initial endowment of $623,605 (equivalent to $4.6 million, at 2006 prices) received in May of 1952, to $13.8 million as of December 31, 2006. 

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