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.
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.
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.
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 40th reunion gift to USNA. In addition, the Foundation raised from the Class a $50,000 gift to the Academy for our 25th 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.
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 50th 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.
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
Checking Account $ 6,307
Pledges Receivable 28,176*
Schwab (at market) 568,918
TOTAL ASSETS $603,401
Brodie, Rory Swinburne $ 6,000
Doughtie, Carl II 13,783
Garrett, Cheryl 2,000
Gilroy, Kara 12,000
Rohrbach, Sarah 16,000
TOTAL LIABILITIES (49,783)
NET WORTH $ 553,618
information supplied by NAF
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
Scholarships & Memorials $ 19,463
Administrative Expenses (stationery, bank
charges, printing, postage, mail expenses,
meeting expenses and fidelity bond
TOTAL EXPENSES (26,804)
NET INCOME (LOSS) $ 20,124
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
P.O. Box 12393
Aspen, CO 81612
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