When West Point’s fund development program was reorganized in 1973,
one of the services to the Academy and to United States Military Academy
classes which the Association of Graduates reinforced and emphasized was
the maintenance and administration of Class Gift Funds.
Shortly thereafter, the Association initiated a parallel service for classes,
the maintenance and administration of Class Administrative Funds.
These similar yet different vehicles through which graduates could help
the Academy or their classes have become increasingly important to the
Academy and/or our classes.
The Gift Funds and Administrative Funds
are similar in a number of ways. Both funds are designed to assist classes
in their administration of class financial affairs. Designated class officers
are responsible for representing to the Academy and Association their classes’
desires with regard to use of these funds. Both funds are invested professionally under the supervision of the Association of Graduates Investment Committee and both are administered by the Association. Investment income, which accrues from the investment of the funds, is added to the funds.
There are two essential and important differences between the Gift Funds and the Administrative Funds. Gift Funds
are held in trust until each of the classes concerned decides, in consultation with AOG and/or Academy officals, exactly what kind of gift they wish to give. It can be either to the Academy or the Association. Administrative Funds are held in trust for the class to supply the money for class projects and programs. While donations
to the Gift Funds are tax deductible, donations to the Class
Administrative Funds are not.
Funds accruing to Administrative Funds are used for the
administration of class affairs and official class purposes under formal
agreements ( see “ADMIN FUNDS” ) made between the Association of Graduates and
individual classes, represented by class presidents. These agreements provide,
among other things, that one or up to three class members may authorize
use of the class moneys, two of whom must be the designated class leader
and treasurer. The third person may be a class representative in the West
Point area as designated by the class leaders under the terms of the agreements, provided the use is consistent with the objectives of the Association of Graduates and in compliance with New York law. While these latter constraints are essential to protect the legal and tax status of the Association, the Association’s practice is to assist classes in every way possible in providing this service.
Fund balances in either account can be viewed by going to:
Admin Funds: www.aogusma.org/finance/clasadmn.htm
Gift Funds: www.aogusma.org/finance/clasgift.htm
Select your class in each case. Be sure to scroll all the way to the right to get the balance figure in each case.
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