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Dartmouth College Class of 1965

TREASURERS REPORT

for

Fiscal Year: July 1, 2002

to June 30, 2003

 

 

            I am pleased to report to the Class the financial results of the fiscal year which ended on June 30, 2003.

 

Dues:  Dues were received from 305 classmates.  We sent two mailings through the College, and again decided to skip the optional third mailing.  We made much more use of the revitalized Class website to remind classmates about dues, and placed a copy of the dues payment form on the site.  For comparison sake, the dues experience during the most recent five-year period is as follows:

           

Fiscal Year

1998/99

1999/00

2000/01

2001/02

2002/03

Contributors

308

338

320

311

302

Net Received

$15,375

16,864

$15,815

$18,435

$18,090

 

Income and Expenses: 

 

(a)     The fiscal year Cash Flow Statement showing all income and expenses by category is attached.  The fiscal years activities resulted in a negative cash flow of $19,358.51.  The negative cash flow was anticipated, as the Executive Committee had decided to spend down Class reserves for the following items:

(1)    A contribution to the Class Scholarship Fund sufficient to meet the overall goal of $25,000 for the year;

(2)    Special expenses related to the 20th annual mini reunion in Hanover (approx. $1,500); and

(3)   Absorbing the extra cost of DAM subscriptions without pruning the Class List of inactive Classmates (see below).

(b)    The only material change in the nature or amount of our normal expenses was the dramatic increase in the cost of the Alumni Magazine subscriptions, from $8,280 to $11,494.23.

 

Alumni Magazine:  We were warned last year of a pending increase in the per-subscriber cost of the Dartmouth Alumni Magazine of approximately 40%. This fiscal year we paid for 593 subscriptions (585 Classmates, 8 widows).  The Alumni Council urged all classes to continue funding subscriptions for all classmates for at least this year, regardless of dues participation, despite the financial strain of this increase and we agreed to do so.  In return, the Alumni Council promised to assist classes in increasing dues participation rates.  Although there was a good-faith effort by the Alumni Council, the participation level remained substantially the same.

 

Scholarship Fund:  Two years ago, the Class established the goal of adding $50,000 to the Class of 1965 Scholarship Fund over two years, so as to qualify us to name a second Class Scholar.  As approved by the Class, $20 from each dues payment was allocated to the Scholarship Fund, this year producing $6,040 (302 x $20).  In addition, 58 Classmates (vs. 53 last year) made additional contributions designated for the Scholarship Fund with their dues, totaling $4,400.  Thus, the total of contributions allocated from or paid with dues for the year was $10,440 (vs. $11,165 last year).  The Class Executive Committee authorized the transfer of an additional $14,560 from reserves to the Scholarship Fund, so that the total additions for the year were $25,000, matching last years contribution.  The College has confirmed that we have qualified to name a second Class Scholar. 

 

Other Special Projects:  As voted by the Class, we made the following special project contributions totaling $1,750 to support College programs during the fiscal year:

 

$500 to the Class of 1965 Achievement Award (Native American Awards Program)

$500 to the Dartmouth Sponsors Program (Athletic Scholarship)

$250 to the Friends of Baker Library.

$500 to the Freshman Trip Reserve.

 

Financial Position and Issues: 

 (a)  A Net Worth Statement, showing total financial assets of $27,111.56 and no liabilities, is attached.  This compares with $46,470.07 at the end of the prior fiscal year.

 

(b)  The balance in the Class of 1965 Scholarship Fund at the end of the Fiscal Year was in excess of $100,000 (actual balance not yet reported to us).  

 

(c)  It was voted last year that designated reserves of $5,000 would be established for 40th Reunion projects.

 

(d)  The College has mandated a new lock-box arrangement to process dues payments.  Starting this year, your dues payments will be sent directly to our bank for direct deposit in our account.  On the plus side, we will have immediate availability of and accounting for funds.  On the negative side, the processing costs are increasing and we will no longer be able to use payment forms taken off the web (the payment form must be printed a special machine-readable ink).

 

(e)  We are operating at a substantial deficit, which our reserves will only sustain for about two more years.

 

Filings and Reports:  The Classs Form 990 tax return for the fiscal year just concluded will be filed on a timely basis.  The report to the College of our financial condition for this fiscal year was filed on time in July.

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                                                                        Submitted to the Class

                                                                        July 21, 2003

 

                                                                                   

Stephens M. Fowler, Treasurer

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 Encourage A Class Member To Contribute!

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