MUSEUM ENDOWMENT BY THE CLASS OF 1950
United
StatesNaval Academy Class of 1950 Museum Endowment
Captain
J. Richard Powell, Jr., U.S.Navy (Retired)
8123
Dunsinane Court,
Suite B, McLean,
Virginia 22102-2719
Home:
703-893-4584 Beach: 757-721-3452 Cell:
703-615-5660
2
June 2009—or, would you believe, 59 Years Later?
Dear
Classmates:
With
a short year till our 60th I owe a brief how-goz-it on our
fundraising but more importantly want to keep a monkey off my back. Also—surprise—surprise:
this is not a fund-raising plea! Honest—on the other hand…
We
finished 2008 with our endowment investments down 19% and thus far this year
have regained better than 5% back. Not bad when you consider that
the NYSE took a 30% bath in 2008. Our museum endowment is well above water not
only as a consequence of conservative and well hedged discipline as well as an
exceptional testamentary benefit from the heirs of another (super ancient)
Class that had been well served by the foresight of a Classmate. True
gratitude for which we can all be thankful.
You
can view the daily fiscal year statement at the alumni Association’s web
site at: http://www.usna.com/Page.aspx?pid=745.
The
real purpose of this letter is as an advisory. It is expected that by
August themuseum will be back in operation in all its new full-blown glory. Almost
fifty percent of the effort has been supported by private subscription through
the e1even Classes of the Syndicate which we started
when the cold water of reality dictated that one Class couldn’t support the
seven million needed for display work in addition to the eight plus million
Preble Hall needed for temperature, lighting, humidity control it never had. In
total, over the years ‘Fifty’s generosity will
have contributed some $2.5 million to the project. And, another $ 9+
million to other Academy non-appr0priated needs.
Now,
the monkey on my back. If I didn’t let you know I would be remiss. Also
there’s no telling how much moaning and crocodile tears I’d get with
after-the-fact, “If I’d only known!” Over
70% of the Class has generously participated in this effort. Widow
“Classmates” have participated meaningfully as well. In recognition
of those who have contributed $25,000 or more, a plaque will be mounted in the
new conference room—named the Syndicate Room --inscribed
with the donor’s name.
Only
contributions for the museum project will count toward the $25K. These
are the same ground rules used for the football stadium. A number of
loyal, generous donors are very close to qualifying for this recognition. So,
if you want your name inscribed so the grandkids can point to “gran’pa”
I’ve let you know. If
you want
to know how much is accredited in your name call me. I have such a
listing and a number are very close to such recognition. Also, a number
have split donations over the years and miss qualifying which is truly
regretted but the line has to be drawn somewhere. Any make up
contribution must be made by 30 June.
My
apologies for the last minute notice but I’m at the beach cottage now and
this is competing with neat things like painting, carpet cleaning, “gotta
have” flat screen TVs etc. Plus the new liner on the swimming pool has
a wrinkle and shingles need replacing on the “boat house” (aka tool shed,
“goat house”, etc.). The A/C’s getting ready to die—thank
goodness for east winds off the Atlantic. I’m getting too old for all
this particularly since our six weeks down here this spring were
interrupted by a week in Branson, MO (of all places--different) for a squadron
reunion which in view of having commanded it in two full deployments to
Yankee Station and environs in a different life ago I felt strongly beholden. Good
kids and they all came back—not at the same time but six years later. I’d
do it again
Fran
and I will be leaving here in two cars on Saturday, 5 June and will be home in
Mclean at the 703 telno no later than Sunday. Any questions let me hear
from you.
Sincerely,
Dick