USNA Class of 1972 Fund
Posted: 10/18/2020
For many years, the Class of 1972 Class Fund was a designated 501(c)(3) non-profit organization, approved by the IRS, and designated to profile financial support for Naval Academy and Class of 1972 project activities. This allowed any individual, and particularly, USNA Class of 1972 graduates, to make tax-deductible donations to support projects that either supported the US Navy’s or the US Naval Academy mission.
At some point in years past, our non-profit designation lapsed, and in order to avoid tax liability issues for classmate gifts totaling almost $124,900, the Class Board of Directors transferred the funds to the US Naval Academy Foundation, a designated 501(c)(3) non-profit organization and approved by the IRS to provide financial support for the Naval Academy. After consultation with the Foundation it was determined that these “funds” could be applied to any project or area that has already been endorsed or approved as part of the Superintendent’s Strategic Priorities.
While there were numerous opportunities to choose from, the Board of Directors selected those projects that had been discussed at recent class officer meetings, previously endorsed and/or approved by the Class or, have been impacted due to the Coronavirus outbreak and its impact on funding support.
After extensive deliberations the Board of Directors has directed the Foundation to allocate the $124,900 of Class funds as follows:
- USNA Musical Activities Fund $60,000
- The Parachute Team $21,900 ($7000 to procure (1) new rig to be a “Link in the Chain/Class of 2022 rig) and $14,900 “seed money” to support the eventual hiring of a “team coach.”
- The Centre for Experiential Leadership Development (ELD)$43,000
The Class owes a huge thanks to our Treasurer, Dan Weaver who thoroughly researched the options available to us to avoid tax liability issues for Classmates. Also a BZ goes out to Jeff Beard who was our point man working with the Foundation to ensure our efforts were in alignment with the Superintendent’s Strategic Priorities.
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