Good News on ’54’s Memorial Hall and Preservation Fund Gift

Good News on ’54’s Memorial Hall and Preservation Fund Gift

Here’s a brief update on the progress we have made toward our Legacy gift goals.

There is much good news to report on the Memorial Hall renovation project and the establishment of the Memorial Hall Preservation Fund:

· The $294,000 cash advance we needed to complete the renovation of Mem Hall by our 50th Reunion is now paid in full. That means that all of your new cash donations and pledge payments are now going to the Preservation fund.

· The Preservation Fund, as of December 13, 2006, has $79,000 of invested capital. These funds are invested with the Foundation’s professionally managed diversified portfolio. The income received over the next 12 months should be adequate for the anticipated cost of the annual addition of names to the Operational Memorial without invading the Fund’s capital.

· The Class’s outstanding pledge balance is now $108,000. As these pledges are honored, this amount will become part of the Preservation Fund. That will increase the Fund’s investment income and put us in a position to handle more ambitious maintenance projects that inevitably will be needed to keep Memorial Hall in its present impressive condition.

· The Class’s honoring of pledge commitments has been remarkable. The number of pledges that a few Classmates have canceled for personal reasons is significantly lower than the Foundation’s historical experience. You all deserve much praise for being so steadfast in honoring your commitments.

· An increasing number of Classmates have decided to make planned giving arrangements to benefit the Memorial Hall effort. These Planned giving commitments total about $117,000. We now have 12 Classmates honored with membership in the Robert Means Thompson Society.

· All of this means that the Memorial Hall Preservation Fund has present or anticipated resources that total $304,000, well on the way to our Preservation Fund target of $400,000.

· Overall Legacy Gift contributions, including an estimate for Planned Giving, are at $1,460,000. That is 75% of our $1,954,000 goal. We still have a way to go, but I think all will agree that this is a very impressive accomplishment.

There is still time to make a donation to help fill the gap to reach the Preservation Fund target of $400,000 before the year end and have your gift count toward our overall Class Legacy Gift goal.

To make a donation, write a check to The Naval Academy Foundation and indicate “Class of 1954 Legacy Gift” on the memo line. Mail the check to:

United States Naval Academy Foundation P.O. Box 64740 Baltimore, MD 21264-4740
If you need information on how to make or increase a pledge, please contact Tim Wolf at the USNA Foundation. His telephone is (410) 295-4187; E-mail address is tim.wolf@usna.com.

You do not need to complete a new pledge or an increase to an existing one by December 31, 2006 – the end of the Legacy Gift drive – just make the commitment. You can work out a schedule with Tim Wolf that fits your situation

For Planned giving information, contact Melodie Turish at (410) 295- 4185; Melodie’s e-mail address is melodie.turish@usna.com. Make a planned giving commitment and become a member of The Robert Means Thompson Society.

Many, many thanks to those who have made new pledges or cash donations, extended your existing pledges, or created planned giving vehicles. Your generosity has made this positive report possible.

To the over 80% of the Class who have been so generous in supporting the Legacy Gift drive over the last 5 years, a hearty Well Done!. We have all made the Class of ‘54’s Legacy Gift a lasting addition to the Academy’s tradition that will continue for generations to come.

-- Bill Montgomery

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