2016 ANNUAL REPORT

LETTER FROM THE CHAIRRoad Scholar Board of Directors

Judith Allen Ferretti, Chair

Ralph Fuccillo, Vice Chair

Sandra Willen, Vice Chair

Sanford Belden, Treasurer

Mary-Linda ArmacostRobert Bowie, Jr.W. William DunnTracy GarlandPeggy JohnstonRobert KrinskyMaria KrokidasVeronique Le MelleGeorge MooseDixie Jo PorterKevin PowersJane ReardonThomas Webber

Our MissionAt not-for-profit Road Scholar, our mission is to inspire adults to learn, discover and travel. Our learning adventures engage expert instructors, provide extraordinary access, and stimulate discourse and friendship among people for whom learning is the journey of a lifetime.

On the CoverRoad Scholar participants on Living and Learning in Florence: Independent Stay and Language Study (program #21743). Photo by Lisa Boomer.

The story behind the photo: We’re always creating innovative ways to connect curious minds to the world. This fiscal year, Road Scholars began embarking on our “Living and Learning” programs. Similar to a university’s study abroad program, these adventures offer the experience of living abroad independently. The Road Scholars pictured are learning to speak Italian during daily classes in Florence. The immersive six-week program includes living in an apartment and getting to know the city like a Florentine — all with the support of a Road Scholar Group Leader.

© 2016 Elderhostel, Inc. 11 Avenue de Lafayette Boston, MA 02111-1746www.roadscholar.org

Dear Friends,

In last year’s Annual Report, we celebrated Road Scholar’s

40th Anniversary and the revolutionary role Road Scholar

has played in re-drawing society’s expectations of what

adults can achieve as they age. In this year’s Annual Report,

I invite you to discover how Road Scholar is continuing its

tradition of innovation and excellence, and redefining the

paradigm of learning for generations to come.

“What do you want to learn?” That is the question that inspires Road Scholar to chart a

course for the next 40 years. And today, with 5,500 learning adventures in all 50 states

and 150 countries worldwide, it is a question with nearly limitless answers.

In Fiscal Year 2016, Road Scholar helped fulfill the educational dreams and needs of more

than 100,000 older adults. For a history teacher from New York, Road Scholar provided

the chance to experience and learn about the landscape of the American Southwest

with an expert naturalist for the first time at age 85. For a recent widow, Road Scholar

provided community and a safe way to travel and to learn about antiquity in Greece.

For a grandparent and grandchild who live on opposite coasts, it offered the chance to

create memories of learning together that will last a lifetime.

Within the pages of this year’s Annual Report, you’ll see that our expertise and our

amazing breadth and depth of learning adventures are unmatched. We continue to create

dynamic new content and evolve as an organization, because we have been trusted to

serve the ever-changing educational needs and dreams of all older adults in our society.

Road Scholar’s unique brand of learning, adventure and camaraderie is thriving because

of donors who believe in and support our mission. Donations to our Annual Fund and

through planned and major gifts make it possible for us to continue the good work we

began more than 40 years ago.

On behalf of Road Scholar’s entire volunteer Board of Directors, thank you for your

generous support and continued belief that learning, in all its varied forms, is one of

life’s greatest gifts.

With warmest wishes,

Judith Allen Ferretti

Chair, Road Scholar Board of Directors

LETTER FROM THE PRESIDENT

Dear Friend,

This year, we were profoundly impacted by the loss

of David Bianco, who co-founded Road Scholar with

Marty Knowlton in 1975. David, 76, passed away on

January 11, 2016, and is deeply missed by all of us.

The last letter I received from David, who was a dear friend

I loved and admired, captured not only the essence of who

he was, but also of what Road Scholar means to so many.

Learning. Adventure. Living life to the fullest at every age.

I know David would have loved that I’m sharing his words with you now. He was

midway through a grand adventure, celebrating Road Scholar’s 40th Anniversary,

taking back-to-back Road Scholar programs across the globe when he wrote to me.

David told me about the thrill of lecturing at Oxford, a “dream come true.” He wrote

about the “brilliant instructors” he met and described one-of-a-kind experiences, like

participating in a tea party to honor the 150th Anniversary of Alice in Wonderland.

“There was actually a food historian on staff who replicated and served the meal Alice

prepared in the novel!” David gushed.

In Greece, David was amazed by not only the view of the Acropolis aglow at night, but

also by his Road Scholar Group Leader: “An exceptional person — bright, articulate,

caring and, above all, patient. Where do you find these people?!” he wrote.

And in Wyoming, David reached new heights by breaking out of his comfort zone.

“Yellowstone was a challenge as I found myself at 6,000 feet elevation hiking and

canoeing. The only reason I survived was a dogged determination not to be embarrassed

by the 70- and 80-year-old participants,” he wrote.

On the last day of his national park program, David tried paragliding for the first time.

“I took my chances and jumped from the 10,000-foot mountain. My screams were

mistaken for eagles. A great experience never to be repeated. I can only marvel at those

Road Scholars whose energy levels are remarkable!” he wrote.

As you can see, David was funny, passionate, determined and curious. David was a man

who recognized the need to create stimulating learning opportunities for older adults

when the very idea of older people learning together was simply unheard of! David was

a man who jumped from a mountain top at age 76. He was an explorer, a risk taker and

an innovator.

David’s sense of fun and adventure continues to influence all of us at Road Scholar.

We are always creating new and exciting ways to challenge and enrich adult learners

with adventures that explore the geniuses of Italy, delve into the Civil Rights Movement

in Birmingham and follow in the footsteps of the Beatles. We seized the opportunity to

show participants why we’re the experts in Cuba by developing new learning experiences

both by land and by sea.

In addition, we have expanded our outreach to those who need not-for-profit Road

Scholar the most with an innovative new program to award Caregiver Grants that allow

family caregivers to find respite and renewal on a Road Scholar program in the U.S.

Throughout this and the next several years we are investing in technology needed

to better connect to the growing population of adults seeking opportunities to pursue

intellectually, physically and socially engaged lives with Road Scholar. We launched our

new and improved website, expanded our social media engagement efforts, introduced

online chat and more.

By focusing on innovation as we look to the future, Road Scholar is poised to reach

greater numbers of retiring Baby Boomers even as we expand program opportunities for

the older old, a growing number of our aging population. Already, at any given moment

of any given day, 2,000 Road Scholars are learning around the world with us.

And to think this all started with one program that attracted just a handful of people on

a small college campus. Once again, I’ll leave it to David to sum it up best.

“We have so much to be proud of,” he wrote in his final email to me.

I couldn’t agree more.

With gratitude for your generosity and steadfast friendship,

James Moses

President

Road Scholar Remembers Co-Founder David Bianco, Innovator and Pioneer

D avid Bianco was peering out of his office window, then at

the University of New Hampshire, when the idea struck.

Outside on the porch sat his longtime friend and colleague

Marty Knowlton.

“All of his white hair is kind of flying all over the place, and he’s

rocking in his rocking chair,” David told a crowd during Road

Scholar’s 40th Anniversary celebration last year. “And I look at

him, and I look at the sign over him

that says ‘youth hostel.’ And I look

at Marty, and I look at the sign, and

I said, ‘You know, there are youth

hostels, why aren’t there elder

hostels?’”

Along with the late Marty Knowlton,

David co-founded Road Scholar as

Elderhostel in 1975, revolutionizing

the world’s view of older Americans

and older Americans’ view of

themselves.

David Bianco passed away on January

11, 2016, at the age of 76, leaving

a lasting legacy of inspiring older

Americans throughout his life and

work. As Road Scholar closes the

books on this year, we pause to reflect on the profound influence

David had on all of us here — and also on generations of adult

learners.

“David is missed by all of us who knew and loved him,” said Road

Scholar President James Moses. “He is remembered as a loyal and

passionate, ironic, creative, funny, articulate and brilliant man. His

legacy continues to impact all of society and each of us who carry

on the mission he and Marty created.”

Born July 15, 1939, David spent his career in the service of

educational institutions throughout New England and helped

popularize the notion that education is a lifelong pursuit. After

graduating from Eastern Michigan University in 1966, he served as

director of the residence hall system at Boston University, where he

was a grad student and where he met co-founder Marty Knowlton.

David worked as dean of freshmen at Brandeis University and as

director of residential life at the University of New Hampshire. It

was there that he and Knowlton hit

upon the idea to start Elderhostel,

which became Road Scholar.

“David’s legacy is Road Scholar

and the movement he and Marty

launched in 1975 that forever

changed the way older people are

viewed not only in this country but

throughout the world,” said Mike

Zoob, Road Scholar’s Senior Advisor

and first employee. “Road Scholar

lifted the veil that prevented the rest

of society from seeing older adults as

an important and vital contributing

sector of society. In time, some other

organization might have played

the same role, but it was David and

Marty’s genius and insight that

brought it to fruition long before it was a glimmer in anyone

else’s eye.”

Upon retirement, David moved from Boston to California, where

he served on the boards of many not-for-profit organizations,

including the Rotary Club of Ventura, the EP Foster Library Fund

and the Ventura College Foundation. He was a past chair of the

Ventura College Foundation Board and served the college in

IN MEMORIAM

various leadership roles. He personally funded multiple endowed

scholarships to assist Ventura College students for many years to

come, and he was a proud Navy veteran who led efforts to support

returning veteran students at Ventura College.

“While people tended to think of Marty as the dreamer and David

as the practical one, David in some respects was as much of a

dreamer as Marty,” Zoob said. “David championed causes big and

small and was always looking out for the little guy.”

Many of our participants got the chance to meet David when

he was the featured speaker on several of our 40th Anniversary

programs during 2015. He charmed participants and staff with

stories from the early days of Road Scholar’s founding and with his

perspective on a life well-lived.

We filmed one of these presentations at a Road Scholar program

in Wyoming’s Grand Tetons this past summer. In the video,

David is seen standing on stage, as vibrant, articulate and

magnetic as ever.

“What is the formula that has made Road Scholar such a success

over the past 40 years?” he rhetorically asks the audience in

Wyoming. “There are three things: First, there’s you, the Road

Scholars. You bring with you your shared interests and you

sincerely enjoy one another’s company. Two, the faculty. Road

Scholar faculty are able to weave together the life experiences you

bring with you to create a rich tapestry. And three, the staff at

Road Scholar. They are committed to the educational proposition

that just because you age, you’re not out of the picture. There’s still

a lot to learn.”

For the first time in the organization’s 40-year history, Road

Scholar moved forward without our founders. We remain steadfast

in our focus on fulfilling their vision and building on their

innovative approach to learning.

Because of David and Marty, Road Scholar today continues to shape

the expectations of generations of older adults, changing society’s

perceptions of aging and promoting the benefits of learning at

every age. We remain committed to providing in-depth educational

experiences that truly change lives — not just for our participants,

but also to make David and Marty proud.

“Marty and David’s vision, passion and commitment still inspire us

today,” Moses said.

While people tended to think of Marty as

the dreamer and David as the practical

one, David in some respects was as

much of a dreamer as Marty. David

championed causes big and small and

was always looking out for the little guy. — Mike Zoob, Road Scholar’s Senior Advisor and first employee

The Road Scholar Founders Fund Helps Those in Need

In 2005, to honor our founders Marty Knowlton and David

Bianco, we established the Founders Fund, which supports

their commitment to ensuring scholarship assistance

to people eager to participate in Road Scholar programs

but lacking the financial resources to do so. The income

we earn from this and other scholarship funds makes

it possible to award scholarships and enrich the lives of

hundreds of adults every year.

“I’m on social security and disability and don’t get the

opportunity to travel. Being awarded this scholarship

allowed me to continue to learn, be active, feel vital and

meet Road Scholars (some in their 90s) whose fitness and

passion for learning are a testament to how good this is

for you. Thank you so much for this!”

— Recipient of a Road Scholar Founders Fund scholarship

PROGRAMMING

A Year of Groundbreaking Learning Adventures

From the heights of the Tibetan Plateau to the bottom the

Grand Canyon, Road Scholar participants’ spirit of adventure

and love of learning took them to more than 150 countries

and all 50 United States in FY16. Here’s a look at some of the

groundbreaking Road Scholar experiences from this past fiscal year.

Celebrating Our National Parks’ 100th AnniversaryThe National Park Service celebrated its 100th Anniversary this

summer and Road Scholars were right there with them. From

Acadia to Yosemite, more than 500 Road Scholars were in a

National Park on the day of the Park Service’s centennial and

enjoyed the festivities.

An Innovative Study Abroad ExperienceWe held our first “Living and Learning” programs in FY16. These

multi-week cultural immersion experiences not only helped Road

Scholars improve their foreign language skills, they also helped

form lasting friendships, reminiscent to many of the participants

of their university days. Our first Living and Learning programs

were in Paris, Berlin, Florence, Provence and Sevilla.

“The social events with the group were fun and provided chances

to get to know participants better. I really liked our group! We had

a wonderful time together. The heart of the experience was the

instruction provided by the language teachers. Our teachers were

fabulous.” — Georgia from Austin, Texas

Announcing Our First Around-the-World VoyageFor the first time in Road Scholar’s history, we’ll be going around

the world. In FY16, we announced the creation of an extraordinary

113-night voyage around the world by ship. More than 50 Road

Scholars will join the ranks of history’s legendary explorers, as

they learn about 25 countries on five continents.

“My husband and I had taken many international Road Scholar

programs, so I felt comfortable signing up with this group as a

recent widow. I look forward to meeting many new friends and

having the chance to learn about and experience all the places

on the itinerary, some again, but no doubt from a different

perspective.” — Linda from Aurora, Ohio

What a treat to be in Yosemite on the

100th anniversary of our National Parks!

It made this extraordinar y place even

more poignant and special. And our

group couldn’t have been more excited

about the occasion, which really added

to the atmosphere. — Barbara from Marietta, Georgia

Our Most Popular Grandparent Adventure Appeals to the Nerd in Each of UsOur most popular Intergenerational adventure of FY16 was

“Intergenerational Robotics, Space Exploration and Discovery in St.

Louis.” This learning adventure for grandparents and grandkids

ages 8-11 is our version of the STEM courses (science, technology,

engineering and math) popular in many schools across the country.

We’ll be launching similar experiences in other cities soon.

“This is the first Road Scholar Intergenerational program I’ve seen

for kids with ‘nerdy’ interests! Been looking for several years for

this particular grandson as he is not interested in sports or CSI

stuff, etc. Lego, robotics, rocketry are all right up his alley.” —

Sheila from Sand Springs, Okla.

Road Scholars Help Excavate 4,000-Year-Old Site in IsraelAn intimate group of 10 Road Scholars joined archaeologists from

around the world to help excavate Tel Dor, a 4,000-year-old port

city in Israel that’s been ruled by the Israelites, Phoenicians,

Persians, Greeks and Romans.

“Why I’m so passionate about my work at Road Scholar is that

we offer experiences that no one else does. We do offer popular

programs that hundreds of people enroll in a year, but we also offer

experiences that are designed for a small group of people with

a specific interest. Our new archaeological dig in Israel fits that

category perfectly.” — JoAnn Bell, Senior Vice President of Programs

A Calling to Cuba In FY16, more than 5,000 Road Scholars went to learn about Cuba

— more than any other country. With the re-opening of the U.S.

Embassy in Havana, which was closed for more than 50 years, and

the visit by Pope Francis, Cuba was a prominent topic in the media.

With two dozen different types of learning adventures to Cuba to

choose from, participants were able to satiate their curiosity in

Cuban culture, politics and the arts.

Many Options to Learn at Your PaceWith more than 200 Road Scholar learning adventures that require

little walking and few stairs, there’s much to choose from for those

who are still active in mind but aren’t up for the rigors of a typical

educational travel experience. We created new “At Your Pace”

programs in Costa Rica, Key West and many other destinations.

“I recommend this program for someone like me, age 90,

somewhat unsteady on his feet but otherwise in good health,

and having a curiosity to see something different.” — Stuart from

Pittsburgh, Pa. on “At Your Pace: The Natural Wonders of Costa Rica”

My wife and I agree that our program to

Cuba with Road Scholar was definitely

one of the best travel experiences in

our lifetimes. We thoroughly enjoyed

interacting with our fellow Road Scholars

and came away with a much deeper of

Cuban society and culture. Overall, the

program was like a post-graduate course

served with great food and entertainment. — Robert from Palm Island, Fla.

OUTREACH & COMMUNICATIONS

FY16 was an exciting year for Road Scholar’s outreach and

communications efforts. Through Facebook and face-to-face

meetings, on the radio and in the nation’s most respected

newspapers, Road Scholar was introduced to new friends and

connected with old ones in creative ways. Here are a few of the

highlights of our year. All to serve you better!

Introducing the New Road Scholar WebsiteThe most exciting highlight of the year was the launch of our

new website. In the spring of 2016, when visitors came to

www.roadscholar.org they found a bold, beautiful and useful new

place to learn about Road Scholar and enroll in our educational

adventures. Road Scholars loved how easy it was to navigate and

how well it worked on their smartphones and tablets. Turn the

page to learn more!

An Unprecedented Year for Road Scholar in the MediaThe highlight of our year in the media was the Road Scholar

feature on CNN International’s “Vital Signs with Dr. Sanjay Gupta,”

on a segment focused on healthy aging. This past year, we were

also profiled in the pages of some of the nation’s most prestigious

print and online publications, including the New York Times,

the Wall Street Journal, Huffington Post and hundreds of small,

regional newspapers. We continue to promote our educational

adventures as a sponsor on National Public Radio. In 2016, our

organization earned over 2 billion media impressions, with

coverage on Cuba, Caregiver Grants, Intergenerational travel

and solo female travel.

Word of Mouth: Building the Road Scholar CommunityRoad Scholar’s Ambassadors, who number more than 280

enthusiastic volunteers nationwide, introduced Road Scholar to a

total of nearly 3,500 people in more than 300 presentations. And

43,000 people were officially introduced to Road Scholar by a friend

through our Refer a Friend program.

You Really “Like” Road Scholar on Facebook More than any other social media platform by far, the Road Scholar

community loves Facebook. In FY16, Road Scholar’s Facebook

community nearly tripled from 35,000 members to almost 100,000!

What’s our secret to creating such a popular place on the Internet?

Sharing news on the topics Road Scholars are passionate about —

healthy living, nature, literature and, of course, learning and travel.

Lights, Camera … Action!If a picture is worth a thousand words, how many words is a video

worth? We aimed to find out and hired our first video producer

in FY16. We created new Road Scholar videos, showcasing unique

experiences such as hiking the Appalachian Trail, journeying

to Israel and Jordan, solo travel, a grandparent adventure in

Washington, D.C. and much more. To see them all, you can visit

www.youtube.com/roadscholarorg.

New Extended Hours are More Convenient and “Chatting” More FunFor Road Scholars on the East Coast who like to stay up late or

those on the West Coast who always wished we stayed open later,

we had some good news to share in FY16. We extended our hours

to 9 p.m. Eastern Time. Visitors to our website could also try

our newest tool — online chat. It’s a fast and convenient way to

correspond in real time with a Road Scholar representative.

“How do I begin to tell the many levels of

wonder and joy and personal understanding

that were given to me? This was an

experience on a mental, spiritual, emotional

and physical plane that was exciting from

the moment I realized I was going to be

able to fulfill a decades-old dream. I am not

sure how to express just how exciting it was

morning, noon and night. This has really

been a program that has changed my life.

I love to learn, be in nature and visit new

places. You have made all this, and much

more, possible.”

— Scholarship Recipient, Susan A., Las Cruces, N.M.,

Hiking in the Unspoiled Beauty of Big Bend (#11958)

OUTREACH & COMMUNICATIONS

“What do you want to learn?” Our New Website Opens the Door for Road ScholarsIn April 2016, we were thrilled to unveil a completely new

and reimagined website. Thanks to feedback from our most

loyal website users and through interviews with prospective

Road Scholars, we built our new website specifically with our

users in mind. It can be accessed on mobile phones and iPads.

What do Road Scholars love most about our new website?“It’s so much easier to read. The new font is larger and easier on

the eyes.” — Nancy from Goleta, Calif.

“I’m new to Road Scholar and the first thing I noticed when I

visited the website for the first time was the photographs. It’s like

seeing a slideshow of the world’s most beautiful places.”

— Margaret from Dallas, Texas.

“With so many trips to choose from, I find the new search tool very

useful. I can narrow my options by state or country and even select

ones that fit my Activity Level.” — Louis from Dover, Delaware

“There’s lots of information in the Frequently Asked Questions

section. And if I need an answer to something I can’t find there,

then I can chat through the website to get an answer right away.”

— Lawrence from Boca Raton, Fla.

“Maps! After all these years, I love to see a map of where we’ll be

going.” — Don from Brewster, N.Y.

“The programs are also a wonderful way

to meet interesting, vibrant people. They

come from varied backgrounds, but they

all have a zest for finding new information.

Participants don’t go on programs thinking

they’re on vacation. They go because they

have a desire to learn.”

— Renee, 86, from Fairfield, Calif.

ADVANCEMENT & ENGAGEMENT

Throughout the pages of this report, you can see how much

Road Scholar has accomplished over the past year. Our

focus on exploration and innovation is made possible by the

generous support of our donors who demonstrate their passion for

learning and adventure with a gift to support Road Scholar.

Founded as a not-for-profit organization in 1975, we have always

depended on contributions to help underwrite the costs of our

emphasis on providing the kind of learning adventures that excite,

delight and inspire.

In Fiscal Year 2016, Road Scholar raised

more than $1.8 million from friends

and supporters who are inspired by our

mission, who are grateful for the unique

educational experiences we have provided,

and who want to invest in our future.

Although our donors may be motivated

to give for many different reasons, they

all share our passion for learning. Every

person who donated to the Annual Fund,

who made a gift to support a scholarship,

or who contributed via a life-income or

estate gift in FY16, helped Road Scholar

participants fulfill dreams, travel

comfortably, form countless friendships

and create lasting memories. On behalf of

the 100,000 individuals we served over the

past year, we say, “Thank you.”

The Annual Fund Donations to our Annual Fund help us develop an amazing array of

programs that allow older adults to open their minds, push their

boundaries, and explore new places and cultures. And, as a not-

for-profit, donor support allows Road Scholar to stay focused on

what matters most: providing high educational value, rather than

worrying about the bottom line.

Since program revenue does not fully cover our annual operating

expenses, unrestricted Annual Fund donations are vital to Road

Scholar’s rich programming and continued growth. Thanks to

the support of more than 31,000 donors, we can continue to offer

outstanding programs, provide financial assistance, and engage

the kind of instructors and experts who represent Road Scholar’s

hallmark. The gap between the true costs of a program and what

we feel is reasonable to charge our participants is covered each

year by Annual Fund gifts.

Major and Planned GiftsIn Fiscal Year 2016, some donors chose to

make a long-term commitment to Road

Scholar’s mission through charitable gift

annuities, which provide regular income

to the donor in addition to supporting

lifelong learning. Other supporters decided

to include bequests and other testamentary

gifts in their estate plans, helping to

ensure that Road Scholar will be around for

generations to come.

Bequests of all sizes help strengthen and

secure Road Scholar’s financial future.

Since 1998, we have received nearly $8

million in bequests from wills and trusts,

individually ranging in size from $5,000

to $1 million. These one-time legacy gifts

serve a variety of important purposes, such

as helping us to navigate through an economic downturn, invest in

new technology, or develop innovative programming — both near

and far.

In total, Road Scholar received $500,147 in major and planned

gifts in FY16, including significant bequests from the estates

and trusts.

At this point in my life,

I find joy in supporting

things that matter to me

and education is certainly

one of them. I give

because I want to ensure

that Road Scholar is

here for many generations

to come. — Sarah H. from Pittsburgh, Pennsylvania

“I am a senior woman caretaking for my

102-year-old mother for the past ten years.

Opportunities to experience new things

come rarely to our isolated existence, so

I was thrilled to receive Road Scholar’s

Caregiver Grant. I chose an opera program

in New York, because it gave me a chance to

explore a new art form in a city I love. I am

so grateful for the opportunity to expand my

horizons and to be refreshed and renewed

through the Road Scholar program.”

— Judith B., Caregiver Grant Recipient

FISCAL 2016 OVERVIEW

We served 105,690 participants in FY16 — 4,910 more

than the year before — and realized higher revenue

because of strong enrollment in International and

Adventures Afloat and in itinerary programs in the United States,

which are resonating with a new generation of Road Scholar

participants. Successful internal initiatives across all three

program lines — new program development, improved negotiating

and contracting, and almost 39,000 first-time participants — along

with strong external conditions — a stronger U.S. dollar, a stable

stock market, and lower energy prices — also contributed to FY16’s

strong program revenue results even in the face of terror attacks

that inhibited travel to some regions of the world.

We are grateful for the support provided by more than 31,000

generous Road Scholar donors who provided outright and

testamentary gifts of more than $1.8 million. We are equally

gratified that the number of Road Scholar supporters grew by

2,250 over last year.

We adopted a resource deployment plan for FY16 that focused on

investing in talent, technology and marketing to position the

organization for growth in the coming years. We added positions

throughout the organization with an emphasis on the areas

directly related to participants — participant and travel services,

program development and program field offices. A new website was

launched in March, and new software platforms were selected that

will, when implemented in FY18, replace core systems that have

been in use since 2001. We focused on improving the participant

experience between enrollment and program departure, and

providing higher quality and more detailed program information

on the website. Efforts to increase awareness of Road Scholar and

to grow our community included a nearly year-round campaign of

NPR underwriting and internet marketing that helped fill nearly

every Cuba program offered in FY16.

The level of investment made in FY16, which resulted in a small

deficit, will strengthen Road Scholar for the future. We are

fortunate to have built up prudent reserves over the organization’s

41-year history — thanks to our many loyal donors and the wise

fiscal oversight of our Board of Directors. Without these funds, we

would not have been able to fulfill our mission to serve the many

thousands of participants as vigorously as we have, sometimes

through extraordinarily difficult economic times.

We’re proud that these financial statements show this not-for-

profit organization directs the vast majority of its revenue directly

to serving its constituents, whose love of learning is at the heart of

our mission.

We spent 84% of revenue and support on direct program costs

(Road Scholar’s unique educational experience and participant

accommodations, transportation and meals) and 16% on operating

costs (registering and serving our participants, developing,

marketing and administering programs, and the day-to-day

running of the organization).

DIRECT PROGRAM COSTS VS. OPERATING COSTS

DIRECT PROGRAM COSTS (84%)

OPERATING COSTS (16%)

STATEMENT OF FINANCIAL POSITION June 30, 2016

ASSETS

Cash $45,139,489

Investments 63,204,670

Advances to program providers and vendors 16,926,315

Other assets 2,006,989

Property and equipment 14,455,497

Total assets $141,732,960

LIABILITIES

Accounts payable and accrued expenses $ 6,380,381

Program fees 87,276,000

Other liabilities 3,226,659

Total liabilities 96,883,040

NET ASSETS

Unrestricted

Undesignated 14,066,446

Designated by the Board 28,852,972

Temporarily and permanently restricted 1,927,502

Total net assets 44,846,920

Total liabilities and net assets $141,729,960

STATEMENT OF ACTIVITIES

REVENUE AND SUPPORT

Program revenue $284,614,141

Contributions 1,841,931

Investment and other 8,035,348

Total revenue and support 294,491,420 100%

EXPENSES

Direct program expenses

International, non-Afloat 117,826,216

US & Canada, non-Afloat 94,314,778

Adventures Afloat 34,057,792

Total direct program expenses 246,198,786 84%

Operating expenses

Marketing and catalogs 12,214,313

Program development and administration 10,579,790

Participant services 8,127,007

Systems, administration and finance 16,897,764

Development 682,911

Total operating expenses 48,501,785 16%

Change in net assets $ (209,151) 0%

For the year ended June 30, 2016

Percentage of total revenue and support

ENDOWMENTS & SCHOLARSHIPS

Permanent Endowment FundsRoad Scholar General Endowment We gratefully acknowledge the donors who have contributed to the Road Scholar General

Endowment Fund; income from this Fund supports operating activities.

Named Endowment Funds Named Funds can be established with outright gifts of $10,000 or more, through life-

income gifts or by bequest. Road Scholar gratefully acknowledges the donors who have

generously established Named Endowment Funds, and the donors, families and friends

who have made additional contributions to these funds.

Named Scholarship Funds Income from these endowed funds is awarded as scholarships to older adults who would

not be able to participate in Road Scholar programs without financial support.

Donors Scholarship Funds

Road Scholar Contributors . . . . . . . Founders Fund

Anonymous. . . . . . . . . . . . . . . . . . Gloucester Fund

Evelyn Tonn Baecker . . . . . . . . . . . Mary Claire Adams Memorial Scholarship

Florence Belsky . . . . . . . . . . . . . . . Florence Belsky Scholarship

Phyllis Bock . . . . . . . . . . . . . . . . Jim Bock Memorial Scholarship

Jerry & Gretchen Davis . . . . . . . . . Norcross Fund

Lincoln & Dorothy Deihl . . . . . . . . Lincoln & Dorothy Deihl Scholarship

Elaine Ford . . . . . . . . . . . . . . . . . . Charles R. Ford Scholarship

Wilbur F. Gasner . . . . . . . . . . . . . . Lynn S. Gasner Memorial Scholarship

Samuel Gluck . . . . . . . . . . . . . . . . Ruth C. Gluck Memorial Scholarship

Mary Ann Holser. . . . . . . . . . . . . . Holser Scholarship

Donors Scholarship Funds

Kalish Family . . . . . . . . . . . . . . . . Evelyn Kalish Memorial Scholarship

Rachel J. Ledbetter . . . . . . . . . . . . Franklin Nelson & Harriet Lyon Jewett Scholarship

& Lydia C. Dunlap Scholarship

Shirley & Stanley Madorsky. . . . . . Madorsky Scholarship

Anonymous. . . . . . . . . . . . . . . . . . Richard & Joan Mis Scholarship

Earl & Carol Nelson . . . . . . . . . . . . Earl & Carol Nelson Scholarship

Martha H. Oehler . . . . . . . . . . . . . Easter Scholarship

Al Roffman . . . . . . . . . . . . . . . . . . Roma Roffman Scholarship

Alfred J. Russack. . . . . . . . . . . . . . Anne & Al Russack Scholarship

William B. Shafer . . . . . . . . . . . . . Carol La Pierre & Bill Shafer Scholarship

Dorothy M. Snodgrass. . . . . . . . . . Dorothy M. Snodgrass Scholarship

Mrs. Shirley Sterling . . . . . . . . . . . Leonard & Shirley Sterling Scholarship

Mr. & Mrs. David Stevenson . . . . . Mary Ellen & David Stevenson Scholarship

Toporeck Family Trust . . . . . . . . . Edward R. & Dorothy Holmes Toporeck Scholarship

Susan Weber . . . . . . . . . . . . . . . . . Susan & Seward Weber Scholarship

Other Funds

Norma Kershaw, . . . . . . . . . . . . . . Kershaw Endowed Fund

in memory of Reuben L. Kershaw

Jane & Carroll Rikert . . . . . . . . . . . Elderhostel Archives Permanent Endowment Fund

Dave & Carol Stahl . . . . . . . . . . . . Dave & Carol Stahl Fund

Robert D. Stewart . . . . . . . . . . . . . Helen M. Stewart Elderhostel Assistance Fund

OUR DONORS

Founders’ CircleThe Founders’ Circle honors David Bianco and Marty Knowlton, Road Scholar’s visionary

founders. This giving society honors those who have made an outstanding commitment to

Road Scholar’s educational mission through contributions totaling $100,000 or more.

We gratefully recognize these individuals, foundations, corporations and organizations

who have supported Road Scholar through grants, outright gifts, life-income gifts and

bequests since its founding in 1975.

American Color Graphics

American Express

Arthur Vining Davis Foundation

Atlantic Richfield Foundation

S.D. Bechtel, Jr. Foundation

Rose Marie Battey

Evelyn Tonn Baecker

Estate of Virginia K. Bartlett

Mabel Clark

Estate of Ernest Braxton Cosper

K. Patricia Cross

Culpeper Foundation

Jim & Mindi Elliot

Ford Foundation

Gabilan Foundation

Horace W. Goldsmith Foundation

Denison & Louise Hatch

Heinz Endowment

Estate GiftsRoad Scholar is honored to be remembered in supporters’ estate plans. In Fiscal Year 2016, Road Scholar received distributions from the following estates and trusts:

Virginia K. Bartlett

Mabel W. Clark

Arthur K. & Norma M. Dunlop

Lillian K. Hansen

Margaret A. Hukill

Norma B. Kahn

Hilda Kraus

Elizabeth P. Lent

Elizabeth C. Lindsay

Melba McKeen

Norman E. Moyer

George S. Splittgerber

Five Anonymous Estates

Jewish Healthcare Foundation

Estate of Robert S. Herman

Giovanna Holbrook

Helen M. Johnston

Phyllis & Joseph Judge

Keck Foundation

Kellogg Foundation

Kresge Foundation

Mr. & Mrs. Robert Krinsky

Estate of Juliette Krome

Rachel J. Ledbetter

Estate of William I. Mallek

Trust of Norman E. Moyer

George M. Muldrow & Robert G. Bragg

Myrtle Nord

Trust of Pauline Onyx

Pew Memorial Trust

Elsa Raven

Trust of Catherine J. Ravenel

Eleanor K. Sampson

Scandinavian Seminar

Trust of George Spatz

Dave & Carol Stahl

Robert D. & Helen M. Stewart

Anne C. Wood Trust

Estate of Leslie Zeigler

Estate of Albert G. Znidarsic

Nine Anonymous Donors

OUR DONORS

Road Scholar is grateful to more than 31,000 donors for their gifts between July 1, 2015 and June 30, 2016. Their generosity provides

valuable support to Road Scholar as we fulfill our mission to provide lifelong educational opportunities for older adults. With deepest

gratitude we give special recognition to the following donors whose support had a significant impact on the organization this year.

President’s CirclePresident’s Circle members made generous gifts of $10,000 and more to Road Scholar during Fiscal Year 2016.

Sanford & Elizabeth Belden

Judith Allen Ferretti

The Helen M. Johnston

Foundation, Mike & Pat Green

Mr. & Mrs. Robert Krinsky

Eileen Lueder

James Moses

Lowell Partridge

The Reynolds R. & Pamela M.

Smith Foundation

Robert D. Stewart*

Susan Weber

David & Betsy Wice

Jon & Sandra Willen

Two Anonymous Donors

*Deceased

Lifelong Learning SocietyThe Lifelong Learning Society recognizes donors who have made gifts to the Annual Fund at leadership levels.

We are pleased to honor the 2016 class of Society members.

MASTERS (Gifts of $5,000-$9,999)

Lois Bastian

Phyllis Bock

Jerry & Gretchen Davis

In Memory of Juanita

Dougherty

Margaret Healy

Peggy C. Johnston

Maria Krokidas

& Bruce Bullen

W. Thomas & Dixie Jo Porter

One Anonymous Donor

SCHOLARS(Gifts of $2,500-$4,999)

Robert R. Bowie, Jr.

Steve & Gayle Brugler

Bill Dunn & Nancy Albertson

Ralph Fuccillo

Tracy Garland

Tony & Carol Jurewicz

Russell & Joan Kirsch

Hon. George Moose

& Judith Kaufmann

Kevin Powers

Thomas Webber

& Keith MacDonald

Mike Zoob

FELLOWS (Gifts of $1,000-$2,499)

Mary-Linda Armacost

John & Nancy Aufderheide

Carol & Jon Avent

Leslie B. Baker

Allen & Sue Baker

Samuel Banks

in honor of Helen Millson

Jonathan Baumbach

& Annette Grant

JoAnn Bell

Anita Bradley

Norma B. Braver

Marco & Jan Casazza

Ming-Hung & Tsui Sun Chen

Steve & Amy Coyer

Ellen Davis

Omar & Susanne DeWitt

Nancy Ehlen Fund of the

Central Minnesota Community

Foundation

Mrs. Elaine Ford

The Gumpertz Charitable Gift

Fund of Donors Trust

Torrance Hammond

& Virginia Birch

Jerre & Nancy Hitz

Mrs. Georgia Kearney

EP & RL Kirschner Foundation

Jerry & Cindy Larson

Rachel J. Ledbetter

Janice MacCaskill

Don & Claire Mittelstaedt

Edward A. Montgomery, Jr.

Kristin Moore

The Dorothy Strelsin

Foundation & Corinne Nemy

Paula O’Keeffe

Madelon Palma

David & Ruth Rinker

Rick & Joanne Scheffel

Allen & Anna Slaterpryce

Barbara Faye Smith

Thomas & Sharon Stoffel

Cynthia Swanson

Karen Tell

Nenon Ujiki

Bruce & Lillian Venner

Lenore von Berg

Kay Wagner

Virginia Ward

Esther Warner

Gretchen Wilson

Five Anonymous Donors

THE SCHOLARS CIRCLE(Gifts of $500-$999)

Weston &

Jeannette Anderson

Karl & Sandy Ayers

Denny Barnes

Robert Becker

Sharon Black

Lucy Blakeley

Winnie Bloom

Karen Brunette

Kelly and Stuart Burke

Maggie Butler

Mr. & Mrs. George Carruthers

Rudolph & Camilla Cesarini

Charlene Clark

Ron Daley

Martha Darling

O. C. & Manita Dean

Jean Hays & Phyllis Demark

Jitendra & Saryu Desai

Jane Dickson

James & Sara Donnell

Carl & Barbara Drake

Steve Dykes

Mr. John &

Mrs. Judy Edinger

The Ehelebe Family Fund

of the California Community

Foundation

Jack & Karen Ellett

Alexandra Estey

Anne Forsyth

Robert & Victoria Freeman

Susan Fuller

Marion Goldenfeld

Mrs. Roberta Goorno

Alison & Chad Graham

Mary Greco

& Diana Thomas

Larry & Margaret Griffin

Mary Hannigan

Maeve Hartney

James & Diane Hastings

J. Michael & Marcia Hittle

Janet Hunter

Barbara Jackson

Bob Jakubiak

Joseph & Carol Jankowski

Dixie Johnson

James & Mary Ann Kalla

Nancy Kasler

Jan & Claire Kennedy

Thomas & Barbara Lasinski

Veronique Le Melle

Phil & Jill Lighty

Dr. Max & Eileen Listgarten

Sue Marquardt

Julia Marsden

Kalman and Goldie Marshak

Special Purpose Endowment

Fund

Louise McColgin

Anne H. McCormick

Donald & Nancy McKay

Richard Miller &

Judith Stoikov

Frederick & Lucy Morris

Drs. Robert & Marsha Mrtek

Carolie Mullan

James M. Newman

Marjorie Nieh

Shirley Nielsen

Charlotte Nixon

Richard & Judith Ottman

Audrey Patterson

Signa Read

Jane Reardon

Ron & Margaret Redmond

John & Katherine Reid

Phil Reiss

Don & June Reynolds

Daryl Russell

Charles &

Maryanna Sarazine

Thomas Sasser

Mrs. Delia W. Schmedding

Dr. Steve & Ellen Scholly

Charles Shields

Linda Sienkiewicz

Ms. Ann Slocum

Barbara Sloop

Robert Slyker & Peggy Wall

Nancy Smith

The Clifford C. and

Virginia G. Sorensen

Charitable Trust of

The Saint Paul Foundation

Nancy Steinmann

Jon & Lynn Stevens

Suzanne Sweeney

William Taylor

Mary Tucker

Gerard & Nancy Van Wesep

Dr. Earle & Tommie West

David & Ina Woolman

Ms. Carol Worthy

Seven Anonymous Donors

THE SCHOLARS CIRCLE(Gifts of $500-$999)

— Continued —

OUR DONORS

Great care has been taken to ensure the accuracy of this listing of contributors. Please accept our apologies if we have listed your name incorrectly.

Some donors have requested that their names not appear in this publication. We respect their desire to remain anonymous and thank them again

for their generous support.

“I am the first person ever hired at

Road Scholar. After nearly 40 years with

the organization, these days I am semi-

retired and serve as Senior Advisor

to our President. One of the benefits

of my position is that I now have the

time to go on a good many of our

programs, my favorite of which are our

Intergenerational adventures. I have

taken each of my three grandchildren

when they turned nine years old.

It is no exaggeration to say these are

among the most fulfilling experiences

of my life. It gladdens me to think my

grandkids will remember these times

for the rest of their lives.”

— Mike Z., age 81, from Scituate, Mass.

OUR DONORS

Legacy SocietyThe Legacy Society was established to recognize donors, during their lifetimes, for the contributions they make via bequests or other

planned gifts. We are grateful to the many friends who have chosen to support Road Scholar through a variety of gifts including bequests,

charitable gift annuities, the Elderhostel Pooled Income Fund, charitable remainder trusts and retirement plans. Road Scholar is grateful

to these supporters for their generosity.

Ralph & Birdie Albers

Mary-Linda Armacost

Marilyn Baker

Mr. & Mrs. Vernon Barker

Patricia Bartlett

Rose Marie Battey

Barbara L. Beard

Joan Benson

Melvin & Laura Bernstein

Sharon Black

Louis and Jeanette Block

Mary Lou Boice

Billy C. & Marcia G. Booth

Ethel Greenfield Booth

Norma B. Braver

Geraldine P. Brillhart

Daniel Brooks

W. John & Betty E. Broscious

Natalea G. Brown

Steve & Gayle Brugler

Patricia Ann Cairns

Gloria M. Cessna

Patricia R. Christensen

Owen & Lenore Cooper

Roberta “Cookie” Cox

Florence Coyne-McDonald

Barbara N. Critchlow

K. Patricia Cross

Ralph & Marion Daub

Carol Davis

Nancy A. Davis

Dorothy Dawson

Ms. Elaine Derby

Philip H. De Turk

Freda Dunn

William & Mary S. Dyrkacz

David W. & Marion S. Ellis

Peggy Ferris

Jill and Larry Fine

Ruth H. Fitzgerald

Portia N. Flewellen

Jean Fliess

Anne Forsyth

Dr. Forris Frick & Joana Frick

Wilbur F. Gasner

& Lurlene M. Kyles

Jesse C. & Audrey M. Gatlin

Peter & Thelma Gerdine

Martin & Bodil Gerotwol

Dorothy H. Gettier

Dorothy Gray

Ruth S. Gresham

Dorothy Hamilton

Nancy Harlan

K. Harland

Margaret M. Healy

Lillian Heissenbuttel

John & Ruth L. Henderson

Dale & Marilyn Henline

Gale Hill

Lois A. Hindhede

Helen Bequaert Holmes

Mary Ann Holser

David & Laura Holstrom

Laurence G. & Mary R. Holt

Ralph & Hope Horst

Vern & Margo Imes

Mrs. Marjean A. Ingalls

Jessie Johanson

Adelyn M. Johnson

Marilyn Johnson

Peggy Chauvin Johnston

Peter & Marion Katz

Georgia Kearney

Dr. Robert D.

& Mrs. LuBell G. Kendall

Norma Kershaw

Carol S. La Pierre

Erling Lagerholm

Ellen B. Lahlum

Roy J. Larsen

Jerry & Cynthia Larson

Rachel J. Ledbetter

Karen Holmstrom Lesch

Ms. Emily M. Leslie

Roger & Thea Leslie

Faith M. Levitt

Ms. Toni Lohman

Madeleine Long, M.D.

Melba LeGrand Long

Barbara J. Madden

Shirley & Stanley Madorsky

Robert & Jean Major

Robert J. Manners

Albert & Jorie Mark

Lucille McCabe

Jack & Patricia McClure

Richard & Irene Micka

Ms. Anne C. Miller

Nancy L. Mills, Ph.D

Helen Millson

Ed & Joanne Moot

Albertine K. Moran

George M. Muldrow

& Robert G. Bragg

Caroline K. Nelson

Earl & Carol Nelson

Donna J. Newton

Martha Oehler

Diane Ostrand

Bob & Mary Lou Parrish

Lowell Partridge

Sanborn Partridge & Sarah

Coulter Danner

Susan C. Penny

S. Robert Pfaff

& Grete L. Galsgaard-Pfaff

Betty Phifer

Doris & Ray Poffenberger

Anita Powers

Betty F. Price

Janette Rainwater

Elsa Raven

Marcia Damon Reinke

Richard H. & Gloria L.

Reitmann

Ms. Yova V. Remsen

Albert L. Roy

Renee Rubin

Linda Russell

Gerald & Jean Christine St.

Leger-Barter

June & Richard Saxe

Rick & Joanne Scheffel

Judith Ann Schilling

Margaret Schilling

Helen L. Schneider

Evelyn D. Schroedl

Susan Swift Seidensticker

Glynda Severson

Beverly Shaver

Walter Sheppe

Louise Marie Sherman

Mr. & Mrs. William H. Shopp

Dorothy M. Snodgrass

Homer & Sue Spencer

Dave & Carol Stahl

Robert D. & Helen M. Stewart

Joanne A. Stohl

Gerald W. Streib

Barbara Sullivan

Betty Armstrong Taylor

Patricia Telfer

Mary M. Tharp

Fran Trowbridge

Jim & Pat Tubach

Dr. Antonio Vlahakos

Yvonne Von Steen

Stephen Walker

William & Patricia Ward

Klaus W. Werner

Marjorie Wightman

Jim & Donna Willard

Sandy and Jon Willen

George & Marilyn Winard

Jean C. Wirsig

Michael Zoob

Sidney B. Zwick

Seventy-three anonymous

donors

Road Scholar educational adventures are created by Elderhostel, the not-for-profit world leader in lifelong learning since 1975.

Elderhostel, Inc.11 Avenue de LafayetteBoston, MA 02111-1746www.roadscholar.org

Non-profit Org.

U.S. Postage

PAID

Elderhostel

What is the impact of Road Scholar programs? Whether educating or helping to fulfill lifelong dreams, Road Scholar programs have a profound

impact on the lives of thousands of older adults every year. Here are some of the benefits that Road Scholar participants reported in 2016 …

21%fulfilled a lifelong dream

28%stepped outside their comfort zone

33%had their perspective on the world changed

44%were revitalized by their program experience

92%of participants learned something new

“Road Scholar opened up

the world for me. It’s not just

the places I’ve seen, it’s the

wonderful people I’ve met

along the way.”

— Dorothy, 94, from Las Vegas, Nevada