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The Class of 1957 Legacy Gift Project

Memorandum of Understanding

This Memorandum of Understanding (MOU) between The United States Naval Academy Foundation (hereinafter termed The Foundation) and The Class of 1957 of the United States Naval Academy (hereinafter termed The Class of 1957) shall govern the relationship between The Foundation and The Class of 1957 in matters pertaining to The Class of 1957 Legacy Gift Project by the Foundation and The Class of 1957.
This MOU shall take effect immediately upon signature and shall remain in effect until modified or terminated by the joint action of The Foundation and The Class of 1957. Neither organization shall have the right of abrogating this MOU by unilateral action.
I.
Statement of Intent
A. The intent of both The Class of 1957 and The Foundation is to support the strategic priorities and the mission of the United States Naval Academy.
B. As the principal fund raising organization and as the principal source of privately donated funds supporting the Naval Academy, The Foundation shall take the lead in soliciting funds.
C. The Class of 1957 also desires to support the role and mission of The Foundation, which is to raise private gift support to help meet the strategic needs of the Naval Academy, while, at the same time, reflecting the desire of both The Class of 1957 and individual class members to determine the focus of their support and the manner in which their contributions are solicited, collected and distributed.
D. The Class of 1957 Legacy Gift Project is centered on The Class of 1957 "Class Gift" which will be presented to the United States Naval Academy at the 50th reunion of The Class of 1957. The "Class Gift" will be the establishment of The Class of 1957 Chair in Naval Heritage. Fundraising for this gift will commence in 2002 and extend until the end of 2007. The goal of this fundraising effort is to raise a minimum of $2 million with a stretch goal of $3 million. A copy of the Memorandum of Agreement between The Class of 1957 and the United States Naval Academy Department of History is attached.
E. In order to meet the goals and needs of both organizations, the following Terms of Understanding are agreed to and accepted by both organizations as evidenced by the signatures below.
II.
Terms of Understanding
A. General Provisions
This MOU shall be binding on all members of The Foundation and on the Officers of The Class of 1957 and The Class of 1957's points of contact with The Foundation related to The Class of 1957 Legacy Gift Project.
The Foundation designates the Director of Class Giving to act as The Foundation's representative in managing day-to-day activities of the fund raising activities related to The Class of 1957. The President of The Class of 1957 and The Class of 1957 Fund Raiser will be the points of contact for The Class of 1957 with The Foundation in matters related to fund raising.
The Foundation will seek major donations and gifts from selected individual members of The Class of 1957. The Class of 1957 will support these efforts provided the purpose of the donation or gift is consistent with the intent of the individual donor.
The members of The Foundation Development Staff will inform The Class of 1957 Fund Raiser of any intended solicitations of major donations or gifts from individual members of The Class of 1957. The Class of 1957 Fund Raiser will assist, as requested, in supporting these development efforts.
All funds collected from The Class of 1957 shall count to the credit of The Class of 1957, whether the funds are for Restricted or Unrestricted use. All contributions (gifts and pledges) received from members of The Class of 1957 will be credited to the proper account or accounts, as directed by the donor. Restricted funds collected for the Class of 1957 Chair in Naval Heritage shall be placed in the designated account(s).
The Foundation will provide quarterly reports of the status of all accounts held by The Foundation for The Class of 1957. These reports will be provided to The Class of 1957 President, Treasurer and Fund Raiser. Interim financial and status reports can be provided periodically or when requested by the Class President, Treasurer, or Fund Raiser. Any discrepancies concerning these reports shall be brought to the attention of the Treasurer of the Naval Academy Foundation.
B. Specific Provisions
1. The Class of 1957 Chair in Naval Heritage has been selected as the 50th Reunion Gift. This "Class Gift" will be the key component in the Class Legacy Gift Project. No other gift proposals from members of the class will be given this designation.
2. The "Class Legacy Gift Project" will comprise of all gifts for all purposes from all constituents of the Class including unrestricted gifts during the following time period: 1/1/02 through 12/31/07.
3. The Class of 1957 Chair in Naval Heritage will be administered in accordance with a separate gift agreement.
4. Appropriate recognition shall be accorded The Class of 1957 for its gifts.
5. The Class of 1957 Legacy Gift Project fundraising effort will include the following:
a. The effort will support The Foundation's fundraising goals, including those defined in a formal campaign and specifically including unrestricted gifts for current operations (the "Annual Fund").
b. The Class of 1957 President and 50th Gift Co-Chairmen will assist The Foundation in preparing all solicitations describing the fund raising goals of The Class of 1957 and The Foundation. The Foundation will forward all solicitations signed by a representative of The Class of 1957 to each member of the class at the beginning of the fund drive.
c. The Class of 1957 President, understanding the requirement for unrestricted funds, agrees to the Legacy Gift concept and approves the solicitation of The Class of 1957 for the Annual Fund in the years prior to and following the focused year of solicitation for The Class of 1957 Chair in Naval Heritage.
d. The Foundation, as assisted by The Class of 1957 Fund Raiser, will undertake a special focused effort to solicit, from identified major gift prospects/members of the class, a commitment to contribute to the Class Gift over the period of the project.
e. The Foundation will fund solicitation efforts whether by mail, courier or telephone.
f. The Foundation's Director of Class Giving will periodically provide the 50th Gift Co-Chairmen with an up-to-date Plan of Action, Milestones and Work Breakdown Structure, as they are revised.
g. The Foundation will make facilities and resources available to assist the class in reaching established fund raising goals.
C. Disbursement of Funds and Fees
The cost of fundraising and project support shall be burdened against The Foundation. A 5% fundraising fee shall be charged to restricted gifts and shall be dedicated toward the normal costs associated with fundraising (staff salaries, postage, phonathon and other regular operating expenses). Additionally, the fund is subject to a 1.5% annual administrative fee.
Additional expenses associated with The Class of 1957 fundraising effort may be charged against the restricted accounts. These expenses are typically non-recurring and fall beyond the scope of normal fundraising expenses borne by the Foundation. These expenses may include videos, brochures, special mailings and expenses associated with Class committees. The charges for these expenses shall be limited to $5,000 per event or occurrence and must be approved by the designated Class President and the 50th Gift Co-Chairmen and the Treasurer of the Foundation. Charges in excess of $5,000 require the approval of the Academy's Deputy, Finance & Administration.
 
For: The Association of the................................... For: The United States
Class of 1957, U.S. Naval Academy .....................Naval Academy Foundation
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