1. If you need a signatory, I’ll volunteer only due to frequent proximity to
campus
2. I nominate we hang the plaque in the Band Room
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On Jan 13, 2021, at 21:14, David Pointon <david.pointon@xxxxxxxxx> wrote:
I find an “Axis of Signatories” quite inline with this group.
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On Jan 13, 2021, at 21:06, Michael Brown <dmarc-noreply@xxxxxxxxxxxxx>
wrote:
Greetings all:
Here's the latest info, according to my what I've gleaned from the Texas A&M
Foundation (TAMF) website, personal knowledge, my never to be humble
opinion, and my niece who works for the TAMF.
First, thanks to everyone for their enthusiasm and generosity. My count at
this time is $14,500 pledged, with many others on board, but not sharing
their amount. Please maintain that enthusiasm, as it will take at least a
week or two to set things in motion, legally.
As said, under the TAMF, $25,000 is the magic number before money begins to
flow to a scholarship. We have five years to hit that goal And yes, TAMF
will charge a one-time fee of 5%, deducted from the gains on the donation.
They DO NOT take from the principal.
The fee is taken from the gains before money starts flowing to the
scholarship, so it takes about a year after hitting the $25,000 mark before
a scholarship is actually awarded. So some patience will be required to see
the result.
In the out years, 4% is given each year to the recipient, 1% goes to the
TAMF for management. If there is excess growth, it is returned to principal.
So say there is a fund with $100 in it, and the growth that year is 8%.
Four percent, $4, goes to the recipient, one percent, $1, to the TAMF, and
three percent, $3, goes into the principal of the fund, raising it to $103.
So the next year, the recipient gets $4.12.
Not a big increase, but over time, it could really grow.
Regarding the recipient, IRS rules say that we, as donors, can not pick the
recipient. Yes, we can set the parameters, such as BQ with a 3.0, need vs.
merit, etc. but we cannot be personally involved in picking the individual.
She said there is a contact person in the Commandant's Office who handles
the Corps Scholarships. With General Ramirez, I'm sure they will take good
care of us.
As far as the actual gifts, again going through TAMF, there are a few hoops
to go through. First, we need to designate a point of contact. That person
needs to sign the donation agreement, and this can be done online. Once
that is in place an account can be opened to legally accept donations.
Personal opinion, we need more than one contact, perhaps a group of three.
We are old farts, after all.
If we go with TAMF, I think we need three of you to volunteer to be
contacts. Keith Glazner has been doing some research, and I know that Steve
Wright has volunteered to sign the papers. Those two and/or anyone else are
good for me.
Once the agreement is signed, the point of contact will be the one who gets
the plaque, the notice of the recipient, the thank-you letter from the
recipient, chance to go to awards ceremonies, etc. etc. And they should be
the one to pass the word to the rest of us. I don't care who gets the
job(s), and maybe we can rotate it around, depending on who is in College
Station at the right time.
Speaking of the thank-you notes, current Corps Policy is for the note to be
written before funds are disbursed.
Once we hit $25,000, additional gifts can be made of any size, at any time.
So if you want to honor someone's memory, celebrate some milestone, or
simply make an annual or monthly gift, feel free. A recurring gift can be
set up as an automatic deduction, or as a pledge where they send you
reminders.
Regarding the mechanics of your gift, Cindy suggests writing an
old-fashioned check. You can use a credit card, but the card processing fee
is 3%, so your $1000 gift becomes $970.
As far as using the Texas Aggie Band Association, or the Corps of Cadets
Association, both great groups, I don't have objections. However, it is my
understanding that most of their endowed scholarships are handled by...The
Texas A&M Foundation. So we'd just be adding a step.
The other problem is that they are fairly small groups with a lot of balls
they're juggling at once. Sometimes their effectiveness ebbs and flows with
the number, enthusiasm, and health of whoever has retired in College Station
recently.
If any of you would like to ask more question, I'd be happy to pass them on,
or you may certainly contact Cindy, as well.
She is also willing to do a Zoom call, if anyone would like to have that set
up.
Opinion
Mine alone. I understand and sympathize with the heartburn some folks have
about the TAMF. But I also understand they're the Big Dog on the block. It
takes a lot of staff to account for the donations, send out cards and
notices, develop new donors, administer scholarship, etc. etc.
Sure we could do this ourselves with a 301(c) or equivalent.
I can also do 90% of the mechanic work on my car. I've got the tools, the
facility, and the knowledge. I also know that sometimes I'm just too damn
old for this $%*! and it's time to let the experts handle it, even if it
costs a little more.
I'm also trying to look to the future. If we run our own fund, at some
point, we'll be like the pilot who runs out of altitude, airspeed, and ideas
at the same time. I don't want this to be some short term thing that
fizzles out when we all hit the nursing home. I want it to last and grow
and be something our great-grandkids can look at with pride.
Of course, I defer to the group opinion. Up to and including backing out of
the process and handing it off, if my personal connections to the Foundation
are causing problems.
This is about sharing our Brotherhood, our love for the Aggie Band, and
helping future BQs have some of what we have with each other.
Dean
CC: Facebook Group