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1. What is the difference between the Class Fund with the AOG, and the Class
Answer: There is NO relationship between the Class Endowment and the Class AOG fund. All funds in the AOG account revert to the AOG general fund when the last member of a class dies. The Class Endowment, on the other hand, is
designed to outlive the class, and to provide for large gifts to the Academy after we are no longer around. For how this is done, please read our Bylaws on the class web site. (If you can't reach them, get back to me and I'll provide specific instructions).
What is the goal of the Endowment? To provide a substantial flow of gifts to the Academy in the FUTURE. How do we plan to do this? By letting our money grow tax free over time. Recall that if a 20 year old invests $2k annually in the market @ around 9 percent, he will have a million at age 65. We hope to use the same technique, and are off to a good start. The Endowment will make a gift to the Academy at our 50th, and NOT make any additional gifts until our 100th. After that, the Endowment provides 25 percent to the Academy every ten years. Over time, the amount donated is truly staggering!
This is what we are trying to do in a nutshell. The Academy does not have a large alumni fund as do the colleges in the Ivy league. Our alumni are not rich businessmen, but rather guys who stayed in the trenches and served their country. Therefore, we decided to do something different to help the Academy in the out years -- long after we are gone - - but by doing so, we should be remembered as a class who provided a truly unique gift to the Academy.
2. Can I make a donation in honor of a deceased room mate or classmate?
Answer: Yes. Many (including myself) have made a modest contribution in this manner in memory of a fellow 58ers.
3. How do donations to a deceased 58er affect the company percentages?
Answer. Assume there are 20 living members of a company. If 10 living members have donated, the percentage donating is 50 percent. If however, a contribution is made in honor of a deceased classmate, the divisor changes to 21, and the new calculation is 11/21 or 52 percent.
4. Can I donate stock?
Yes? We have already received stock donations to our Endowment Account, and another transfer is in process. If you are interested, contact me, and I will send you the necessary instructions.
5. Can I include the Perpetual Endowment in my will or my trust?
Answer. Yes. Contact me for details. Several class mates have indicated they have already taken such action.
6. How often will there be fund drives?
Answer: As often as the class wants them. Lee Miller will address this issue with the Class at the next mini reunion to determine the desires of the class. As a general rule, we want to give classmates who desire to donate to the Endowment, the opportunity to do so.
7. Why can't I contribute anytime I want to?
Answer. We have a problem which we haven't been able to solve, without a complicated and expensive solution. We can only add to our tax deductible charitable gift account if we have $1,000 or more. Fidelity imposes this restriction on all Charitable Gift Accounts to hold their (and our) costs down. We (eg, the Class and the Endowment Board) do not have another TAX FREE account established to hold contributions until they total the $1000.00 required by Fidelity. Of course we could establish a checking or savings account elsewhere, but additions/deposits to these accounts would NOT qualify as a charitable deduction by the donor. To qualify such an account as a tax deductible account under IRS regulations gets rather complicated, can be expensive, requires annual reporting, and is an option we avoided to ease our workload and the burden of those who will take our place. That is our problem in a nutshell. Pete Brintnall is exploring our options in this area, as we recognize it is a problem, but as yet we have no good solution. Obviously, donations of $1k or more can be accepted at any time.
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