News, Events & More


April 2021 Update: Class of ’72 Plank-Owner Project update

Posted: 4/3/2021

I sent around a memo in January, then followed up with one in February announcing another class project with the opportunity to get our name displayed within the new Alumni Association and Foundation Center (AAFC), which still needs $7 Million (it costs $36 Million) to be completed. We set a $750K goal to see if we could achieve both: (1) A class naming opportunity ($500K) for a conference room inside the AAFC facility AND (2) a $250K class major “plank-owner” plaque that would be displayed with other class plaques in the North Garden Terrace, located on the front of the building

I also gave you a nautical teaser question…and by popular request here’s another one: What’s the history behind the term “touch and go”? (answer below).

Anyway, regarding our status. We’ve raised (through mid-March), $215K, which is short of the $250K needed for the plank-owner plaque, and of course nothing yet for the conference room to bear our name. It’s still early days, so I’m hoping the pledges will pick up this spring. Since our 50th Reunion Class project ends in 2022, my pitch has been to encourage those of you that are interested to consider extending your pledge AFTER 2022, when your 50th Reunion pledge expires. The AAFC building will be outside the USNA gate, and across from the baseball field. Here’s the artist rendering plus a reminder regarding where our conference room and plank-owner plaque would be displayed:

A number of you have written back inquiring more about the QCD (Qualified Charitable Deduction). It turns out that our age (over 70 years) makes this a viable and tax-efficient vehicle for donations to a qualified charity. Let me explain the logic again. At age 72 (for most of us, that’s in 2022), we’re going to be forced to anyway withdraw from our IRAs what’s called a Required Minimum Distribution (RMD), which will be reported as “income” and meaning you’ll need to pay both federal and state taxes on that income at your marginal tax rate. If you don’t make the withdrawal, the IRS will impose a 50% penalty. The ONLY WAY to avoid counting this RMD as income and avoiding the subsequent tax is through a donation to a qualified charity (i.e., The USNA Foundation). There’s a vehicle called the QCD (Qualified Charitable Deduction) that can be used to transfer money directly from your IRA custodian to a qualified charity. The amount transferred is then exempt from being reported as income, meaning you will not have to pay tax on it. Even if you don’t itemize, you’ll be able to take advantage of this tool. The Foundation has come up with a helpful webpage which explains this in further detail, so if you’re interested, type this into your browser to learn more about how it all works: https://usna.planmylegacy.org/ira-qcd-(qualified-charitable-distribution).

My point is, if you are interested in participating in the class project and have an IRA you might as well use the QCD to donate directly from your IRA so that you can avoid the extra income “hit”. HOW DO YOU DO THAT?Here’s a link to our class pledge form: http://www.bit.ly/72AAFpledge.  Call it up on your browser, fill it out online, save the PDF changes, then attach the file in an e-mail to Clay Evans at the Foundation (clay.evans@usna.com).

That’s my pitch. Please consider joining in on this so we can have two additional naming opportunities for our class on display at the new Alumni Association and Foundation Center.

Let me know if you have questions or need further info. Contact me at: jeffreyb72@icloud.com.

Text Box: Here’s the answer to the origins of the term “touch and go”: often used to describe a tricky or delicate situation, this phrase refers to a ship touching bottom with her keel but being able to continue without grounding solidly. It especially highlights those suspenseful few seconds all boat owners experience at some point – that period of alternating curses and prayers between touching bottom and reaching the safety of deeper water.

Thanks, Jeff Beard


Hello vaccine, goodbye pandemic (part two)

Posted: 2/14/2021

So, who’s idea was it anyway to sing “Happy Birthday” while washing your hands? Now every time I go to the bathroom, my grandkids expect me to walk out with a cake…ok, ok, now that I’ve got your attention, I continue to hope 2021 finds you in good health and following safe practices.

Nautical teaser question: What’s the history behind the term “hard up”? (answer below).

Last month I provided an update on our 50th Reunion Legacy Campaign and introduced a new mini campaign for those classmates who would consider extending their pledge or otherwise financially support the funding of the new Alumni Association and Foundation Center (AAFC), which still needs $7 Million to be completed. My pitch is to encourage those of you that are interested to consider extending your pledge AFTER 2022, when your 50thReunion pledge expires.

The new Alumni Center costs $36 Million, and they’re $7 Million short. Dan Quatrini (our guy at the Foundation) is rallying the classes to help support this gap through various class recognition campaigns. After sending around my first e-Gouge, coupled with a separate e-mail to a subset of classmates that have a giving history, I’ve gotten some great feedback and interest from (so far) around 30 of you. Based on your feedback and interest, I now believe we could realistically set a $750K goal that would get us both: (1) A class naming opportunity ($500K) for a major conference room inside the AAFC facility AND (2) a $250K class major “plank-owner” plaque that would be displayed with other class plaques in the North Garden Terrace, located on the front of the building (see both options below):

There are two things going for our class that make this $750K goal feasible: (1) timing and (2) our age. Let me explain.

  1. Timing: This year, 2021, is the fourth year of our 50th Reunion Legacy Campaign, meaning the last of your pledges would be paid out in 2022. We’re not planning on running another “major” campaign, instead we’ll be running more minor or opportunistic campaigns. So, my pitch is, I’m asking if you would extend the same pledge you made for the current campaign (2018=>2022) to this next campaign for four years (2023=>2026) but redirect that extension to the Foundation’s $7 Million campaign goal which expires in 2026.
  2. Age: In my last e-Gouge, and for those of us that have IRA accounts set up, I made you aware that, at age 72 (for most of us, that’s in 2022), we’re going to be forced to withdraw from our IRAs what’s called a Required Minimum Distribution (RMD), which will be reported as “income” and meaning you’ll need to pay both federal and state taxes on that income at your marginal tax rate. If you don’t make the withdrawal, the IRS will impose a 50% penalty. To roughly calculate your RMD, take the value of your IRA today, top it up a bit for some growth until you’re age 72, then divide by 25.6 (from the IRS tables). While you’re allowed to withdraw money today, that calculated number is the amount that MUST be withdrawn at age 72 and beyond. The ONLY WAY to avoid counting this RMD as income and avoiding the subsequent taxes is through a donation to a qualified charity (i.e., The USNA Foundation). Here’s how:
    • There’s a vehicle called the QCD (Qualified Charitable Deduction) that can be used to transfer money directly from your IRA custodian to a qualified charity. The amount transferred is then exempt from being reported as income, meaning you will not have to pay tax on it. Even if you don’t itemize, you’ll be able to take advantage of this tool.
    • Turns out that we can begin using a QCD beginning at age 70.5 (so, many of us today) to draw down our IRAs. Even though you may not be required to make a minimum level of withdrawal this year, you can still use the QCD today to begin drawing down your IRA. In a nutshell, here are the QCD requirements:
  • You must be 70½ or older to be eligible to make a QCD. (Check)
  • QCDs are limited to the amount that would otherwise be taxed as ordinary income. This excludes non-deductible contributions. (this means the RMD from your IRA).
  • The maximum annual amount that can qualify for a QCD tax deduction is $100,000. This applies to the sum of QCDs made to one or more charities in a calendar year. (If, however, you file taxes jointly, your spouse can also make a QCD from her own IRA within the same tax year for up to $100,000.) (if your RMD is above $100,000 per year, I’m impressed).
  • For a QCD to count towards your current year’s RMD, the funds must come out of your IRA by your RMD deadline, generally December 31. (so, you can’t wait until just before you file your taxes on April 15thof the following year).

My point is, if you have an IRA and are anyway going to be donating to a charity or USNA, you might as well use the QCD to donate directly from your IRA so that you can avoid the extra income “hit”. HOW DO I DO THAT? You may ask. I’m including a link to our class pledge form: http://www.bit.ly/72AAFpledge  that I’m asking you to fill out online (save the completed PDF with changes) then attach the file in an e-mail to Clay Evans (clay.evans@usna.com).

That’s my pitch. Please consider joining in on this so we can have two additional naming opportunities for our class on display at the new Alumni Association and Foundation Center.

Let me know if you have questions or need further info. Contact me at: jeffreyb72@icloud.com.

Thanks, Jeff Beard


50th Reunion Legacy Campaign Update & Request

Posted: 1/15/2021

Hello vaccine, goodbye pandemic

I hope 2021 finds you in good health and safe as we all seek to line-up for the “over 70’s” priority lane for our COVID vaccine shots. I’m optimistic that ALL of us will be able to physically get together in the fall of 2022 for our 50th reunion!

My reason for writing is two-fold: (1) to provide you with an annual progress update on our 50th Reunion Legacy Campaign, now entering its 4th year (it will expire, more or less, at the end of 2022 as we celebrate our 50th); and (2) to check the interest for those classmates that have outstanding pledges for our class campaign if they would consider redirecting and extending their pledge to support funding for the new Alumni Association and Foundation Center, which needs $7 Million in additional funding in order to be completed. I’ll explain all this later in this memo.

Regarding our progress on the campaign-front, through the first three years (2018 => 2020) we continue to inch forward as more classmates have joined in, or otherwise made contributions to the Naval Academy Annual Fund, which count. Bottom line, what’s been either donated or still in the pledge pipeline now totals $ 6.34 Million, crushing our $5 Million goal and remaining the highest amount of money ever raised in Naval Academy class-giving campaign history! Here’s the latest breakdown:

January 2021 Update

  • Exceeded $5 Million goal by $1.34 Million: “matching” challenge of anonymous classmate met
  • Many classmates used 401K & IRA Required Minimum Distribution (RMD) option
  • Participation rate around 46%…highest ever!
  • 50th Legacy Campaign is our last “official” campaign…going forward fundraising will be “opportunity-based”

                                                                                                                             Amount:   % of goal

USNA Annual Fund:                                                                                           $ 1.31M      (175%)   (goal: $.75M)

1972 Athletic Facility & Excellence Fund:                                                       $ 2.50M      (100%)   (goal: $2.5M)

(Class of 1972 name displayed within the Sports & Rehab. Centre – see below)

1972 DMP for Character Development Fund:                                                  $ 1.78M      (178%)    (goal: $1M)

1972 Project-Based Learning Fund:                                                                 $   .75M      (100%)    (goal: $.75)

TOTAL                                                                                                                  $ 6.34M      (127%)    (goal: $5M)

Regarding the $7 Million the Foundation needs to complete the new Alumni Assoc. & Foundation Center, there’s a unique opportunity for us to extend our class’s recognition by becoming a “plank-owner.” In the words of the Foundation: We are pleased to offer a unique opportunity for class recognition as part of the U.S. Naval Academy Alumni Association and Foundation Center project, which will be displayed in perpetuity in the North Garden Terrace located on the front side of the building for all guests to see, in addition to any vehicular traffic on King George Street. This recognition is focused on two levels of class support, $250,000 and $100,000. Enclosed are some wall illustrations regarding how the class plankowners might be recognized.

So how, you may ask, might this work for the Class of 1972?

  • Instead of having your pledge expire at the end of 2022, we ask that you redirect and extend it four more years until 2026 (the Foundation’s five-year goal runs from 2021 => 2026).
  • Example: if the class collectively pledged $25K a year for these four years, that would count as a $100,000 plank. If we pledged approx. $63K for the four years, the class receive a $250,000 plank.
  • Many of you have already been lifelong donors to USNA and might otherwise be seeking some way to continue that pattern for something worthwhile to both the Academy and the Class. I was impressed with the enthusiasm the class demonstrated for the naming opportunity for the Sports & Rehabilitation Center project in which we raised $2.5 Million (see photos). Could we extend this enthusiasm to the new Alumni Association & Foundation Center?
  • Finally, there’s a very real “tax tool” some of you could utilize (for those that already have tax-protected IRAs) by donating a portion of your RMD (Required Minimum Distribution) THAT YOU ARE ANYWAY GOING TO BE FORCED TO BEGIN DRAWING DOWN TO AVOID A 50% PENALTY BEGINNING AT AGE 72! Two examples:
    • Retired Navy Veteran W.T. Door, a graduate of the USNA class of 1972, has $100,000 in his IRA that he so far has been safeguarding and not withdrawing as he has been reluctant to pay the FULL INCOME TAX on his minimum required distribution. He’s 70, and knows the law says that, by age 72, he MUST begin that withdrawal. He consults the IRS tables and finds that the IRS Uniform Lifetime Table gives him a factor of 25.6 (remaining years to live). He does the math ($100,000/25.6) and realizes he must withdraw a minimum of $3906 in 2022. Since he’s in the 24% tax bracket, he will pay the IRS $937, meaning he’ll only pocket $2969. He further realizes that for the four years extending to 2026, he’ll have to withdraw almost $15,624 and pay Uncle Sam $3750 in taxes, leaving him net only $11,874. He’s bitter but “it is what it is” as W.T. Door would often say.
    • Door’s next-door neighbour and former retired Navy Captain, B. T. Crunch (yes, Captain Crunch) was also a ’72 classmate, and has the same problem. Same IRA level ($100,000); same age (age 70 but will be 72 in 2022). Same math (minimum $3906 withdrawal in 2020), but Crunch decides to donate his entire RMD for that year and beyond to 2026 to USNA’s new Alumni Association & Foundation Center He directs his IRA manager to send the USNA Foundation $3906 per year for four years ($15,624) and signs the pledge card. The Foundation sends back an official letter, and B.T. is able to DEDUCT the full $3906 from his federal taxes, saving him $937 per year in reduced federal income taxes, or $3748 over the four-year pledge period. Crunch is pleased with his decision and thinks about it every time he visits the new Alumni Center and sees the ’72 class crest prominently displayed on the front side of the building.
    • So, bottom line, W.T. Door nets $11,874 after paying Uncle Sam $3750 in taxes while Captain Crunch & The Foundation net $15,624 AND Crunch gets an $3750 tax deduction that he gets to apply to his taxes!

The point is, if you are anyway going to be contributing to or donating to USNA, you might as well capitalize on (for those that have them) the IRA savings that you’re anyway going to need to draw down and use…and pay tax on that withdrawal…or you can donate all or part of it to USNA and realize the full tax savings!

So, here’s my request: for those of you that think you might be interested in being part of this new Class of ’72 fundraising effort, could you please drop me an e-mail to indicate your interest as well as the amount per year (2022 => 2026) that you might be willing to sign on for. I’ll tabulate the results and see how that translates into the number of “planks” our class might be able to sponsor. I’ll also provide more detailed information regarding on how to make the pledge. Additionally, I realize the entire RMD thing and the tax issue is a bit complicated to fully understand, but the examples give you an idea, and we’ll be able to provide more specific detail if that’s the road you want to go down.

Please send your response to my e-mail: jeffreyb72@icloud.com.

Thanks

Jeff Beard


Board of Trustees’ Update re: Special Committee on Alumni Culture, Diversity and Inclusion

Posted: 12/11/2020

From: USNA Alumni Association <USNAAlumniAssociation@usna.com>
Sent: Friday, December 11, 2020 12:50 PM
To: Comiskey, Stephen (PWM) <Stephen.Comiskey@morganstanleypwm.com>
Subject: Board of Trustees’ Update re: Special Committee on Alumni Culture, Diversity and Inclusion

 

 

This message was sent to class, chapter and SIG leadership as well as members of the Board of Trustees. It will be sent to all alumni on 18 December.

 

Dear Members of the USNA Alumni Community:

It is my privilege to provide an update to our alumni on the work of the Board of Trustees and the Special Committee on Alumni Culture, Diversity and Inclusion (“Special Committee”).

On Thursday, the Board of Trustees met virtually to conduct regular business of the Board and discuss the Special Committee’s Final Report. I want to take this opportunity to thank the members of the Special Committee. Their work has set the tone and certainly the path to make our Alumni Association a more inclusive and mission-focused organization. They met their tasking and have provided meaningful information and recommendations for the Board to consider and carry forward.

The Board unanimously approved a resolution to create an Ad Hoc Committee on Alumni Culture, Diversity and Inclusion to continue the work of the Special Committee as well as provide a reporting mechanism directly to the Board of Trustees. The Ad Hoc Committee will be comprised of Board and committee members as well as members of the Alumni Association.

The Ad Hoc Committee will work to integrate Special Committee recommendations into current Board processes and structure and Alumni Association programs and policies. As part of this effort, a survey will be launched in late January to gauge interest, support and feedback on the Special Committee recommendations. The report will be posted publicly on or about 18 December to help inform alumni feedback for the upcoming alumni survey. The analysis and review by the Ad Hoc Committee will provide the Board with both qualitative and quantitative data to inform next steps. I thank you in advance for your survey participation. Should you have comments or questions before the survey is sent, please direct them to alumnifeedback@usna.com.

While 2020 was not the year we all envisioned, I am proud of what we were able to accomplish with the Alumni Association, for our community and in support of the Naval Academy. We continued our work as volunteer leaders, reimagined engagement and events with additional reach around the world, shifted meetings to virtual environments without missing a beat, and launched and furthered programs in support of our alumni and the Academy. May you have a safe and happy holiday season.

Go Navy! Beat Army!

Regards,

ADM Samuel J. Locklear ’77, USN (Ret.)
Chair, U.S. Naval Academy Alumni Association Board of Trustees

U.S. Naval Academy Alumni Association
247 King George Street, Annapolis, MD 21402
(410) 295-4000 | www.usna.com

 

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Class Legacy Gift – Rehab Center

Posted: 10/22/2020

Attaching photos that shows our part of the results from Class Legacy Gift to USNA.  Got to admit, pretty proud of what 1972 has stepped up to sponsor!!! – Bob Leib, Class President

 

 


Bonds of Gold Ceremony

Posted: 10/18/2020

The Bonds of Gold Ceremony for the Class of 2022 which was postponed from this past Spring due to the Coronavirus outbreak, was held in Memorial Hall on October 5, 2020.

Bob Leib, Tal Manval, Gary Coyle, and Skip Kohler were honored and proud to attend the ceremony and present the Class Rings from our Classmates to be melted down and joined in the bonds of gold with the Class of 2022.

 

 

 

 

 

Classmates and families donating Class Rings for this momentous bonding were:

  • Robert Byrd                                        3rd Company
  • Richard (Rick) Gutekunst                   29th Company
  • Terrence S. Kennedy                           3rd Company
  • Daniel G. Hawthorne                            7th Company
  • Douglas (DK) Rush                             25th Company
  • Edward Sievers                                   19th Company
  • John D. Blosser                                   21st Company
  • Gary Coyle                                           27th Company

GO NAVY!  GO CLASS OF 2022!

 

 

 

 

 

 

 

 


USNA Class of 1972 Fund

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:

  1. USNA Musical Activities Fund                $60,000
  2. 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.”
  3. 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.


Well Turned Pens – update

Posted: 7/29/2020
“Thanks to those classmates who have purchased pens, we just received our first “royalty” check for $330.  These funds go directly into our class treasury.  An $825 contribution was also made to NMCRS.   John Muncie has 12 blanks engraved and ready to go, so if you haven’t yet ordered your pen; or need a quick turn on a gift pen, you can place your order at http://www.wellturnedpens.com.”

USNA 72 – Well Turned Pens

Posted: 7/8/2020

Classmates,

For the past year John Muncie (USNA ’71) has been making commemorative pens for his class’s upcoming 50 year reunion.  All proceeds have been donated to his class and most recently toward COVID relief.

He has made us an offer we can hardly refuse.  John has been making and selling ballpoint, rollerball, and fountain pens since 2011, and has offered to make pens for us, engraved with our class crest.  But here is the best part of the deal!  For every pen you buy, John will make a $10 donation to our class fund and a $20 donation to the Navy-Marine Corps Relief Society.  The funds John keeps will go to cover his expenses.

John is offering two styles of ballpoints: a Gatsby with either rhodium or titanium gold accents, and a more upscale Sierra Elegant Beauty with either platinum/black titanium or black and gold titanium accents.   You can see samples of his pens at, www.wellturnedpens.com.

The Gatsby normally retails for $60 and up, and the Sierra Elegant Beauties for $70 and up.  Your cost for one of these pens is just $55 or $65 respectively, plus shipping.   Each pen is individually hand crafted, carries an unconditional lifetime warrantee for workmanship, and comes with a top of the line Parker-compatible refill and a protective felt sleeve.

Bob Leib, Bill Boniface, and I have seen samples of John’s work and can attest to its quality.

You can order your pen today at www.wellturnedpens.com.  Click on the USNA Class of 1972 menu option at the top.  In anticipation of our 50th reunion celebration, John suggests engraving the pen with our class crest and the inscription, 50th REUNION 1972 – 2022.

Once John has your order and payment, his goal is to have your pen in the mail within two weeks.   However, note that he is a one-man operation (no mass production capability) and is already making pens for his classmates and their own 50th class reunion.  With your order you should stipulate whether you would prefer blue or black ink and if the intended user of the pen is a right or left-handed writer.

If you have any questions, John’s email is jcmuncie71@epbfi.com. You can also view his work at www.wellturnedpens.com.

Tried and True with ’72!


Chapel Heirlooms

Posted: 5/17/2020

Classmates – The chapel dome is undergoing much needed refurbishment and USNA is making pieces of the old dome available through a unique offer.  Please see the attached flyer for further information.  This is an opportunity to own a piece of our history.  Go Navy!

See this flyer, USNACustomizedFlyer

or go to www.USNAChapelDome.com

 


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