College Class of 1965
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:
Income and Expenses:
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.
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
$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 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.