Andover Economics Society First Club Incorporated As Non-Profit Organization

Last week, the Andover Economics Society (AES) became the first Andover club to incorporate. This action allowed others to legally recognize AES as a business. The club is now capable both of investing money and accumulating income. However, it will be a non-profit corporation: all monetary gains will be reinvested in the system. AES Presidents Conor Sutherland ’06 and James Kelly ’06 founded the society in the spring of 2004. They held meetings for the first time this fall. In addition to Co-Presidents Sutherland and Kelly, AES is led by Chief Financial Officer Ishani Vellodi ’06 and Aggressive Growth Funds Manager / Development Officer John Badman ‘06. The club has attracted over 120 members. Vellodi said, “Some people come in here knowing a whole lot, some know nothing. It is a learning opportunity for everyone. It is preparedness for the globalized world today.” “This club went from being a little vision a couple years ago and has turned into a corporation,” said Badman. The organization began with a discussion about taxes and now covers current events, globalization, stocks, and debates. Each week the members investigate the stock market online, examining stock portfolios to see how and why certain stocks perform better than others. The club’s advisor, Instructor in History and Social Science Christopher Shaw found a lawyer who was willing to execute the legal work of incorporation for reduced fees. The Andover Economics Project, an initiative which aims to create economics education materials for Phillips Academy, covered half of the cost. Club members say that the administration was generally supportive of the students’ goals. Vellodi said, “This really demonstrates how well students and faculty can work together. I think it truly says a good deal about the Phillips Academy campus and what can be accomplished. I believe it is a great incentive for others to go far as well.” The most immediate impact incorporation will have on the club is its newfound ability to invest. With the majority of the club’s funds solicited from AES family members, its bankroll is ready for action. Although they plan to start out small, the AES board members have high hopes for the future. However, the club leaders say that the purpose of the club is much deeper than just learning how to gain a profit. Its goal is to increase student education and awareness through investment, discussion of economics, and attention to global affairs. “We work on broad economic levels,” said Kelly, citing their discussions on the aftermath of Hurricane Katrina and other large-scale issues. He continued, “Years from now we hope to see the club as a dominant force making a difference.” The club plans to make its first investment soon. Members have spent their last couple meetings in the Trustees room debating which stock they should invest in first. They also have plans to sponsor a speaker later this term. “This is a great educational opportunity. We are training Andover students to be good global citizens,” said Sutherland.