Class of 1955 Foundation Inc.
July 12, 2017 Progress Report
For the fiscal year just ended, 121 or 38% of active classmates contributed $14,403 to the Class foundation. In the same period, the foundation provided $12,651 assistance to classmates or families. We are currently assisting three classmates.
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.
The Princeton University Class of 1955 Foundation, Inc. was incorporated in 1987 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 Meetings of the foundation board are held periodically.
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 Charles F. Mapes, ’55, Treasurer, 4544 Province Line Road, Princeton NJ 08540-2212. Donations may also be made by check or credit card using the annual Class dues notice or online via the class web site.
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 now exceed $170,000. To date the Foundation has been of help to 15 classmates, wives, and widows. We are currently helping three classmates
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 will distribute all remaining assets to Princeton AlumniCorps for the Princeton Project 55 Intern/Fellows program, the signature success of our class. We trust that the Foundation’s efforts and activities will have enriched our experiences as classmates and alumni and strengthened the University