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Class of 1955 Foundation
Update on Class of 1955 Foundation - May 2009
Over the past two years we have been encouraged by the
spontaneous generosity our classmates, widows, and honorary classmates have
shown in responding to classmates in need.
Their contributions have lifted the assets of the Class of 1955
Foundation to over $156,000 as of the end of March, 2009.
We have been assisting two classmates. One had a stroke last June that affected the
right side of his body, slurred his speech, and prevented his continuing to
work. Sadly, but hopefully, his wife has
ovarian cancer that is being treated through a homeopathic approach that has
reduced the cancer cells by 20% in the past month.
The other classmate had a recurrence of prostrate
cancer. He, too, was broke, and the
Class assisted with his rent for a year.
His cancer in the spine and pelvis had not changed, and he continues on
chemo, but thanks to the long-term health care his old company “almost forced
me to take out 20 years ago,” he was eligible for assisted living, and John Hancock
is paying up to $200 a day. So he does
not need our help now except for encouragement.
Both men have been uncommonly cheerful, considering the
circumstances, and profoundly grateful for critical aid in a time of need.
As we grow older, and the economic realities of these times
touch us all, we may anticipate that some of us may hurt physically or
financially or both.
When Annual Giving calls are made, each of us should be
attuned to possibly tough situations that may not be easy to talk about. Please advise any of the five of us on the
Foundation board promptly of anyone in possible need.
While the pot of money now available is small, we are
confident that our classmates will rally to meet the needs of classmates that
will emerge.
-- Scott McVay, Alan Willemsen, Mike Robbins, Charlie Mapes, Rogers Woolston
Purposes
The purposes of The Class of 1955 Foundation, Inc. are exclusively charitable and educational. The activities of the Foundation shall include extending financial assistance to members of the Class of 1955 and their widows who are in need, and to provide educational scholarships and fellowships to qualified individuals.
Incorporation
The Princeton University Class of 1955 Foundation, Inc. was incorporated in 1986 in New Jersey under Title 150-2-1a of the New Jersey Nonprofit Corporation Act.
Status
The Foundation has been determined to be exempt from Federal Income Tax under Section 501(c)(3) of the Internal Revenue Code. An advance ruling has been made by the IRS that indicates the Foundation is a publicly supported organization under Section 509(a)(1) and 170(b)(1)(a)(vi).
Meetings
The annual meeting of the Foundation will be held on the Saturday in June of Reunions.
Funding
The Foundation is funded by charitable gifts of cash, securities, real estate or other property made to it by classmates, their families, other Princetonians and members of the general public. Gifts should be sent to Scott McVay ’55, President, 4566 Province Line Road, Princeton, N. J. 08540-2212 or Michael D. Robbins ’55, Treasurer, 40 East 88th Street, New York, N. Y. 10128-1176. Donations may also be made by check or credit card using the annual Class dues notice.
Guiding Principles
Several Princeton classes have established foundations like The Class of 1955 Foundation, Inc. We are not the first to fear that ever advancing life expectancy and the spiraling cost of health care might cause many classmates and their widows to outlive their resources. Nevertheless, the idea of a Class of 1955 Foundation was approached very carefully, both legally and in terms of the experience of other classes. We are still grateful to members of the Class of 1922 for their helpfulness.
What makes an enterprise like a class foundation successful? Why have some class foundations been active and others dormant? The answers to these questions go to the heart of the reasons for which The Class of 1955 Foundation was established.
The Class of 1955 is today, more than ever, a family, “a big tent with room for all.” To the elation and despair we felt together during those late adolescent years on campus has been added a deep appreciation of the peaks and valleys brought inexorably by over half a century of adult life experience. No one of us has journeyed so far unaware of disappointment, bad luck and tragedy. No one of us confuses any longer, if he ever did, material possessions with success, happiness or worthiness. No one of us will fail to rejoice at the prospect of assisting a classmate or his widow, for any reason, in serious need. These are some of the reasons why The Class of 1955 Foundation is important and useful.
We intend to continue to conduct the Foundation’s affairs with the utmost tact, diplomacy and discretion, while seeking to be of assistance to classmates and their widows in need.
We understand that often those who need a hand find it awkward to ask for assistance. We hope such requests to be so natural and acceptable that any ‘55er, acting out of the concern old friends have for each other, will ask for them. That’s the kind of Class we are.
The Class of 1955 Foundation was structured specifically with these considerations of pride and privacy in mind. Though requests for assistance will be received from any source, we ask every classmate and widow to be “the eyes and ears” of the officers who will handle requests and ensure that the Foundation’s work is accomplished in a caring and personal way.
All requests for assistance will be acknowledged promptly and acted upon in a timely manner though it should be understood that every request for assistance will not necessarily produce a grant. Our assets are invested with J. P. Morgan Money Market Fund and now exceed $130,000, thanks to generous classmates who send a donation along with their class dues. To date the Foundation has been of help on three occasions.
Lastly, in dissolution, when the last member and widow of The Class of 1955 has died and every obligation of The Class of 1955 Foundation, Inc. has been fulfilled, the Trustees, our sons and daughters in all probability, will distribute all remaining assets to Princeton University. We trust that the Foundation’s efforts and activities will have enriched our experiences as classmates and alumni and strengthened the University.
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