Class Foundation
USNA Class of 1963

Class of 1963 Living Legacy

1. What is the target amount for the campaign?

Answer:  The goal is to raise $1.5 million by the date of our 40th reunion in October, 2003.  This money, together with the current base of over $300,000 and current pledges for an additional $150,000, will provide a $2 million endowment that will allow the Class to meet the challenges described in the Objective Statement.  It is hoped that most of our classmates will be in the position to pledge at least $500 per year over the next 5 years.

2. For what will the funds be used?

Answer:  Some ideas have already been identified.  Continuing our highly successful college educational assistance program, helping widows as needed, another academic chair at the Academy, support for a chair at the Academy like the one already funded, academic grants for descendents of classmates.  We plan on establishing an Advisory Board of classmates who will work closely with the Class/Foundation leaders to select suitable projects.

3. Will you continue to provide educational grants for the children of deceased classmates?

Answer:  Those children who have not reached college age, or who are just reaching college age, have been identified by us and we have set aside funds for their educational assistance.  We will review the cases for need, if any other classmates subsequently die with minor children.

4. Why do this now?

Answer:  We are the only Academy class that has had success in building an enduring, meaningful class philanthropic organization dedicated to "taking care of our own."  This record has been fostered and nurtured by a small number of dedicated and committed classmates.  The time between our 35th and 40th anniversaries of our graduation is the ideal time to build on this record due to the number of classmates who now have time to devote to a more concentrated effort and those who have it in their power to be more generous in their giving.  At the 35th Anniversary Class Meeting, it was decided the Class wanted to do more and we have targeted the 40th anniversary for the culmination of a 5-year Legacy '63 drive.

5. Won't our efforts compete with the Alumni Association's fund-raising efforts?

Answer:  We do not believe so.  In fact, the Class fund-raising campaign may well complement the Alumni Association's efforts by stimulating a greater number of contributions.  Even with the Class's separate fund-raising in the past, our Class has been generous in our support of the Alumni Association's programs.  In addition to the $70,000 which the Class contributed to the construction of Alumni Hall, we have funded an endowment for the faculty's professional development.  Our Class has been responsive, collectively and individually, to the Alumni Association's needs.  In 1997, the Class of 1963 led all classes in gifts to the Alumni Association.  Although this was due primarily to the generous endowment of the chair for the Ethics Center by one classmate, 143 other classmates contributed to the Alumni's Fund Drive.  We will continue to work closely with the Alumni Association to ensure that our gifts compliment the visions of both the Class and the Association.  As always, classmates can contribute directly to the Alumni Association if they feel the Association's drive is more inclusive of their wishes.

6. My stock portfolio has risen substantially and I don't want to cash it in to contribute to your efforts and then have to pay 20-28 percent capital gains tax.  What do you suggest?

Answer:  If you make a gift of the stock and not cash, you can avoid the capital gains' tax and take a tax deduction for the full amount of the stock's value at the time of your donation.  Let's say you have some GE stock that has risen from $10 purchase price to $100 a share now and you want to make a donation of $5,000.  Ask your stockbroker to issue 50 shares of the GE stock in certificate form and send the certificate directly to you.  You then endorse the certificate to the USNA Class of 1963 Foundation and send it to the Foundation's Treasurer, Jim DeFrancia.  When he deposits the shares, you will receive a note stating the price of the shares at the date of deposit.  Let's say the price has risen to $105 a hare.  You can declare a tax deduction for the full $5,500 donation (50 shares times $105 a share) and not be liable for capital gains tax on the appreciated value.  Your financial advisor or stockbroker can possibly recommend other tax-saving strategies which will permit you to make a more significant gift than you originally imagined.

7. I have already made a pledge to the Class.  What do I do now?

 Answer:  Fulfill your earlier pledge and consider making a new pledge.

8. Who do I contact if I have further questions and how do I start contributing?

Answer:  Contact Steve Duncan or Jim Ring if you have questions.  When you receive a pledge card in our next mailing, complete it and mail it with your donation in the enclosed envelope.  Your checks should be made payable to "USNA Class of 1963 Foundation."

Class Foundation
Legacy FAQs 

   20 Nov 2000 
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