Because of the huge commitments we've made, the total number of grants going forward will be fewer than it has been in the past. Last year, we only distributed a total of $6.5 million in grants. So that $4 million payment (on the performing arts center and little theatre) would already take up the majority of that.

To grow the endowment, we established our investment parameters and then began incrementally to deploy the foundation's investment capital into stocks and bonds in February 1996. By September, most of the money was invested and by November, the foundation awarded its first grants.

As Dr. (Frank) Lee stated in the most recent annual report, the foundation is heavily moving toward a period of large infrastructure type grants.

We will pick those up and cover them somehow.

It's like any other game. Early on it will be a battle to see which team can get the edge, can impose itself on the other team. They'll enter the game with more optimism, excited about some new talent. But then it's our job, especially at home, to get on top of them in a way that takes that factor out of the picture.

We had 13 players dress tonight, add in my two assistants and I will take one-sixteenth of the credit.