In the continuing effort of the Trustees to regularly communicate with members of the Class, this is the seventh of regular Newsletter communications to all Classmates.

 

 

A SURVEY WILL BE ON THE WAY !

 

A survey is to be mailed to all members within the next 3 weeks. It solicits your opinion on the future direction of the Foundation.

 

To assist in your reply, a few considerations are highlighted herein.

 

HISTORY 

 

The Class Foundation was established in 1974 “to establish a living memorial for those classmates who have fallen in the service of their country.” In keeping with this objective, the focus and intent at the time was to create scholarship funds to assist in the education of the children of classmates killed in the Vietnam Conflict, in USS Scorpion and USS Liberty. The program was expanded later to include the children of all deceased classmates.

 

The memorial concept was to undertake activities other than “bricks and mortar” as we sought to honor deceased classmates.

 

SCHOLARSHIPS

 

We have been very effective in providing the intended educational support, inasmuch as we have raised and distributed over $800,000 in scholarship assistance to 94 children of 47 deceased classmates over the past 30 years.

 

OTHER PROGRAMS

 

The Foundation has also served the Class as fund-raising vehicle for other activities of a charitable character. As you may remember, our Foundation, with support of the Class and in collaboration with the Naval Academy Foundation, raised over $1.2 million to assist with funding of the Class of 1963 Center for Academic Excellence, which was our 40^th reunion gift to USNA. In addition, the Foundation raised from the Class a $50,000 gift to the Academy for our 25^th reunion. The Foundation has also raised and distributed funds to support the Navy Memorial in Washington DC, the Submarine Memorial at USNA, commemorative services at the Vietnam Memorial (for our lost classmates), $25,000 for the Levy Center at USNA, $5,000 for the commissioning of the USS Fitzgerald (named for our lost classmate), $6,300 for the USS Midway Ready Room Memorial, and other special projects from time to time - always with the objective of memorializing our deceased classmates.

 

ADMINISTRATION

 

All Foundation activities have been through the VOLUNTEER services of members of the Class. The Trustees and Officers have all served without any compensation, and, indeed, incur personal expense to attend meetings and otherwise participate in governance. The Foundation does incur some operating costs, such as mailing expenses, meeting support expenses, fidelity bond insurance, printing, etc. Overall, administrative expenses have been about 1% of assets, which is exceptionally low for a non-profit entity.

 

CONSIDERATIONS FOR THE FUTURE

 

The questions addressed by the survey speak to the future of the Foundation as we approach our 50^th reunion.

 

Please watch for the Survey within the next three weeks and take the short time needed to reply. The Trustees seek the widest possible Class input as decisions for the future are taken.

 

 

 FINANCIALS

 

The Class Foundation presently has a net worth, through December 31, 2006, of $553,618, as reflected on the financial statement below. The liabilities are those of funding to completion the scholarship grants to which we are already committed. We operate on a calendar year basis.

 

 

 

 

 

U.S. NAVAL ACADEMY

CLASS OF 1963 FOUNDATION

 

31 Dec. 2006

BALANCE SHEET

                            

 

ASSETS                                                   

Checking Account                           $ 6,307

Pledges Receivable                         28,176*

Schwab (at market)                         568,918

                                                         

TOTAL ASSETS                                      $603,401     

                                                         

LIABILITIES                

Scholarship Commitments:

Brodie, Rory Swinburne $ 6,000

Doughtie, Carl II                        13,783

Garrett, Cheryl                          2,000

Gilroy, Kara                             12,000

Rohrbach, Sarah                          16,000            

                                           $ 49,783

                                                                

TOTAL LIABILITIES                                 (49,783)

 

NET WORTH                           $ 553,618

*Per information supplied by NAF

OPERATING STATEMENT

                                                                       

INCOME

Donations (direct)*                        $ 7,059              

Donations (via NAF)                        20,004

Investment Account/Schwab                  19,841      

Checking Account/Interest                  24                                                                                      

*$3,263 Received for Jack Karson Memorial

 

TOTAL INCOME                                      $ 46,928

 

                                                                

EXPENSES

Scholarships & Memorials    $ 19,463     

 

Administrative Expenses (stationery, bank

charges, printing, postage, mail expenses,

meeting expenses and fidelity bond

insurance)                                7,341

                                                                       

TOTAL EXPENSES                                    (26,804)

             

       NET INCOME (LOSS)                          $ 20,124

 

                                                 

           

 

 

 

GOVERNANCE

 

Three vacancies on the Board of Trustees were filled for three-year terms commencing on 1/1/07. Two seats were filled by election. Elected to the Board were classmates Mario Fiori and Mike Rubel. The third seat is filled by appointment at the discretion of the Class President, and that appointee has been designated as David Puckett.

 

 

 

 

DRESS YOUR BEST – SALE!

 

We continue to have a good stock of four-in-hand ties, bow ties and cummerbunds, as well as lovely silk scarves for your ladies. All are done in the 1963 Class pattern of regimental stripes designed exclusively for our use.

 

Ties (both styles), scarves and the cummerbunds are $63 each, but a discount is offered for orders of more than one article - any three for a price of $163, or all four for $200.

 

Please be specific when ordering.

 

Order by sending a check made payable to Class of 1963 Foundation and mail to:

 

Ms. Dawn Storm

Lowe Enterprises

P.O. Box 12393

Aspen, CO 81612