The USNA Alumni Association (AA) Board of Trustees (BoT) held its semi-annual meeting on 3 May 2013. Most committees met on 2 May to conduct business and complete their reports to the full Board. The GWC trustee is appointed as chairman of the Membership and Alumni Services Committee (MASC) and serves as a member of the Joint (Association and Foundation) Compensation Committee and the AA Executive Committee.
The meeting was routine with the board voting unanimously to approve the following actions:
- Approval of minutes from the December, 2012 meeting.
- Election of officers of the AA.
- Change in the annual management fee for restricted gifts to 1.25% from .85%
- Approval of FY 14/15 Budget for AA and Naval Academy Foundation (NAF).
- Change to the Operating Manual for selection of Council of Class Presidents decade representatives to the Board of Trustees.
Management Fee. The AA and NAF charge an implementation fee of 5% on restricted gifts in the year they are received. An annual administrative fee of .85% is charged on restricted gifts thereafter. Both fees are recorded as restricted gift management fees and the procedure is a commonly accepted practice among non-profits as a means of off-setting operating costs associated with restricted gifts. Donors are notified and acknowledge these fees. A recent survey of non-profits revealed that the median implementation fee charged was 5%, with a range from 1% to 15%. The same survey disclosed that annual administrative fees ranged from less than 1% to more than 1.25%. 58% of survey respondents charge 1.25% or more. The NAF Board of Directors has also approved the annual administrative fee increase to 1.25%.
FY 14/15 Budget. The Board approved a proposed budget that anticipates revenue and expenses of $13.4M in FY 14 and $13.9M in FY 15. The budget fully funds the NAF development staff in anticipation of the capital campaign, provides for sufficient travel and training requirements, cultivation and stewardship, and invests in information technology needs.
Operating Manual. The Council of Class Presidents proposed a change to the Operating Manual to smooth implementation of the once-per-decade consolidation of the senior classes (now the 50s/40s/30s) under one Class Trustee and the simultaneous selection of the first Class Trustee from the most junior decade (now the 2010s).
Other items of note discussed during the meeting included:
- The Treasurer’s report reflecting assets of $208.5M.
- Joint Investment Committee report reflecting an investment portfolio totaling $180.1M.
- ’69 Alumni Mentoring Program. Ten months into a two year project. Alumni are encouraged to sign up as mentors/protégés. Go to www.usna.com, click “Support the Academy”, and then click “Become a Mentor or Protégé.”
- Service Academy Career Conference continues to be a highly successful service to alumni. Next one here in Washington, DC on 24 May. Alumni are encouraged to attend.
- The AA continues to work on expanding outreach to families of alumni lost in combat or other operations. Assistance is needed in locating contacting these families.
The Superintendent, VADM Mike Miller ’74, briefed the board on the state of the Academy. Of particular interest was the effect of sequestration on the Naval Academy civilian faculty and staff which remains unclear. Summer training programs are largely unaffected except for some overseas/exchange programs. Efforts continue to consolidate plans and support for funding a new cyber security building on the Yard. This is to be a public-private enterprise and a likely focus of the upcoming capital campaign.
Alumni interested in volunteering as non-voting trustees to serve on AA committees are encouraged to contact the GWC trustee at [email protected].
Jerry Farrell '70
Secretary
Updated: October 10, 2018
Curator: Ed Moore