CLASS FINANCES
This page provides information regarding the financial affairs of the Class other than those concerning our Chair in Naval Heritage which is managed by the Foundation. Reports of that account are published on a sub-page, “Chair Correspondence Received” , under “Chair in Naval Heritage”. Any questions should be referred to either The Prez or to Bob Crouch who serves as our auditor.
The next is a report from our Veep, Bill Peerenbom.
The below report comes from our Treasurer: Don Regenhardt.
November 20, 2024
Subject: Annual Report on the Status of Class of 1957 Accounts for Fiscal Year 2024
This report is for the Class of 1957 accounts at the Navy Federal Credit Union and for the Alumni Association account we have primarily used for reunions. Bob Crouch has provided annual updates on Alumni Association accounts supporting our Chair in Naval Heritage and has reviewed my annual report on the accounts I manage. This has served as the annual audit of our funds except those related to “The Chair”.
As a result of Bob’s death, I have asked Bill Peerenboom to provide the Class with periodic updates to the “Chair Funds”. In recent years my annual report has served as a vehicle for Bob’s audit. Since Pete Boyne is my backup as treasurer, I have asked him to review this report prior to its dissemination as a replacement for the previous audit process. This report is for our 2024 Fiscal Year which ended June 30, 2024.
To alleviate a recurring problem of maintaining funds above the Navy Federal Credit Union (NFCU) $1,500 threshold required for our two accounts, they have been merged as “Assoc Class USNA 57” account effective September 25, 2024. While both are shown in the box below, next year’s report will contain just one Navy Federal Credit Union account and its associated Savings Account.
This report addresses the five accounts described above with the first four being with the Navy Federal Credit Union and the last with the Alumni Association. Fiscal Year 2024 beginning and ending balances, along with the change for each are shown.
ACCOUNT July 1, 2023 July 1,2024 CHANGE
National Checking $ 1,694.15 $ 1270.90 $ (423.25)
National Saving $ 30.19 $ 30.43 $ 0.24
Wash DC Chapter Checking $ 3,110.45 $ 2104.32 $ (1006.13)
Wash DC Chapter Saving $ 97.27 $ 97.75 $0.48
Alumni Association $ 20,350.51 $ 20,878.26 $ 527.75
Total Assets: $24,381.66
National Checking (NFCU): There were two checks written on this account during FY 24 – $258 to the Wash DC Chapter to reimburse the DC Chapter Account for History Department guests at our April Luncheon, and $149.90 to reimburse Bill Peerenboom for ZOOM services. There were $10 Service Fees charged in May and June due to an account balance below $1,500. The remaining difference is interest of $4.65.
DC Chapter Checking (NFCU): The decrease of $1006.13 is due to expenses for the annual April class lunch at the Naval Academy Club including bus service from the Stadium. Expected April luncheon losses were partially offset by Jerry Smith’s careful management of the Army Navy Country Club luncheons.
National and DC Chapter NFCU Savings: Both are required by NFCU policy with gains due to interest.
Alunni Association Checking: The net increase in this account is from investment income of $527.75. After the close of our 2024 Fiscal Year, $ 4,000 has been paid to the Graduate Hotel in support of our reunion next May. We no longer fund a perimeter site at the Navy Marine Corps Memorial Stadium, and the Class of ’07 has taken over funding of the 22nd Company Wardroom.
Monthly statements from the Navy Federal Credit Union, along with checkbooks and related correspondence are maintained in folders for each fiscal year along with an excel spreadsheet for all NFCU accounts. The status of our Alumni Association account is obtained by requests to the Alumni Association financial staff.
Don Regenhardt
Treasurer