Class of ’60 Treasurer’s Report

10 May 2009

Our class has two funds that are managed by the AOG.  I’d like to bring you up to date on their status.

The funds are:

1. Class Gift fund which holds the tax-deductible funds that our classmates donate for the restricted purpose of paying for a designated class gift to the Academy and/or AOG.

2. Class Agency Fund which holds excess funds generated over the years from various class reunions, merchandise sales, and most recently 50^th Anniversary Yearbook advanced sales.  Funds are expended as determined by your class officers.

Class Gift Funds

                Our current gift fund is being held to pay for our 50^th reunion gift: the establishment and enhancements to the Heritage Trail located adjacent to Doolittle Hall.  Monies have already been withdrawn to pay for phase one of this project.   Current funds and pledges will be used to complete phase two prior to our 2010 reunion.

                It is important to note that these funds are held for the class in a non-interest bearing account; they are NOT subject to the variations in the stock market.  With the exception of fees charged against credit card donations, monies are available for expenses in the same amount as they are donated.

                As of the end of April, 2009:

                                We have $63,001 cash on-hand, $7,795 of this has been received since 1 July 2008.

We have $53,226 in outstanding pledges remaining to be paid.  This includes new pledges of $1125.

                Clearly, the sooner those of us with outstanding pledges can pay them off, the sooner we will be able to complete phase two of our 50^th reunion project.

Class Agency Funds

                Class Agency Funds held for all classes by the AOG, by signed agreement, are invested as part of the AOG investment pool and therefore subject to the gains and losses of the total AOG investment portfolio. The last six months of 2008 a major loss was experienced in this portfolio. 

On 1 July 2008 our net assets were $31,221.  $7,639 (25%) of those funds were “lost” in the market decline through the end of December.  We also received $1,900 income in yearbook sales during this six month period and were assessed an $84 fund administration fee.

Since the first of the year, the financial indicators all continued to slide for awhile and more recently have all gone back up to approximately the levels they experienced on 1 January 2009. We have also received an additional $1,000 income in yearbook sales

Very up to date financial data on the investment portfolio is not available from the AOG; certainly not one that would reflect the current market upswing.   However, it is my best guess that as of this date our Class Agency Fund is valued at $26,600.

I, as Class Treasurer, along with the other class officers will continue to watch the status of both class funds. 

Jock Schwank

Treasurer

10 May 2009