It may seem that the Naval Academy is in a time of great change. You may think, if you focus on the fact that there are a 20 different service assignment options these days, that the Naval Academy is a very different place than it was when you were there. As the Class of 2025 heads out into a complex and volatile world and the Class of 2029 mentally prepares for long hot days, our June message seems like as good a time as any to reflect for a moment on all the things about the Naval Academy that never change. If you were to look at a series of photos of mids walking in front of the chapel for the last 100 years, you may notice a few more trees and some slight uniform variations, but the basic outline of a midshipman would be unmistakable and remarkably familiar to all of us, no matter our vintage. When the plebes arrive in a few weeks, like most of us, most of them will meet someone on the first day that they’ll still be friends with in fifty years. The chapel dome remains the exact same height, Mother B has miles of corridors and there are still the same number of bricks in Stribling (for those who had to count them). But most of all, the place is, as always, full of young men and women who share a commitment to serving their country. It is, in this important way and many more ways, a timeless place. Every one of you, through your service as trustees, is helping to extend that into the next generation.
As you are all well aware, part of our mission is to raise funds in support of the Naval Academy’s physical mission. As chair of the fundraising committee Mike Yeager and his team do an amazing job and as you will see below … we are achieving another record breaking year!
FUNDRAISING COMMITTEE
I am pleased to provide you with an end of year update on our A&SP fiscal year fundraising for The Fund for Athletic Excellence. Just to remind you, this is the unrestricted fund where we raise money to meet the NAAA needs in support of the physical mission. Our fiscal year will officially end on 30 June 2025, and we still have about 20 Trustees that have not contributed, so we will have some additions to the current numbers.
We project to be at $6,000,000 in revenue for FY25, contingent on all outstanding Trustees along with other donors making their annual contribution by 30 June. This will be a great outcome and a new record for our annual fundraising. Last year we raised $5,100,000, so this is an 18 percent increase in total funds raised which reflects the generosity of our Trustees, the effectiveness of our NAAA development team and the impact of new donors from our Letterwinners Association initiative.
These results will give us a projected surplus of around $1,950,000 this year to place into our AE Sustainment Fund, which is our savings account that we use for special requests from NAAA outside of the normal budget. After the end of year closing of the books on 30 June, our AE Sustainment Fund will have a projected new balance of $4,350,000, which gives us a nice cushion for any unexpected items that are urgently needed. In this dynamic time of college sports, our A&SP organization has a sound financial position to deal with the needs of our 36 varsity and 15 club sport teams, the most teams of any university in the country. Many thanks to all of you for making this happen.
Also, I would like to update you on our Athletic Excellence Legacy Fund, which is our endowment to aid in supporting the future physical mission needs in perpetuity. This fund is primarily estate gifts, and when the estate proceeds are realized they will be placed in an account where only the investment income is utilized each year without any impact to the principal. As of today, the Fund has commitments of $16,800,000. Donors that have made these commitments have their names enshrined on our Wall of Honor in the Terwilliger Center and will remain there in perpetuity. We are very grateful for those that have made this long term commitment to Navy sports and encourage all of you to join this effort as you consider your financial planning.
Again, thank you for your commitment to our fundraising effort. Our new budget from NAAA for this new year is larger at $4.6 million, so we will need to keep moving forward. Our dollars ensure we have the best coaches, facilities and equipment for all of our teams to compete in their respective conferences. This is truly the Margin of Excellence that Navy needs, and your commitment makes it happen.
Thanks Mike … great update and fantastic news!
MEMBERSHIP COMMITTEE
We have three potential candidates this month to be considered as Trustees.
Pat O’Mahoney ’99; Sponsor: Tom Knudson ’67
Pat was a three year letterman in rugby earning three Mid-Atlantic All Star recognition and All American status. Upon graduation, he served for 25 years in the U.S. Navy having served and commanded on various ships and also as commander, Destroyer Squadron 23, which was his last tour of duty. Pat received his post graduate degree in organizational leadership from Gonzaga University. Upon entering the civilian sector, Pat took a roll as executive VP for Refined Technologies Inc in Houston, TX. Among a long list of volunteer commitments, Pat serves as the president of the Navy Rugby Alumni Association. He currently resides in Houston, TX.
Chris Cikanovich ’75; Sponsor: Ron Nicol ’75
Chris enlisted in high school and then attended NAPS. He played soccer at USNA and was the head of the HOP committee. Chris graduated and served as a Navy pilot for 12 years and currently continues to fly as a commercial pilot. Chris has served as a BGO for 42 years. He currently is the president of CEI Consulting Services and chairman of American Shipbuilding Suppliers Association. Before that, Chris held numerous roles at companies including Rolls-Royce and Lockhead Martin to mention a few. He is the Class of ’75 president and currently resides in Ocean City, MD.
Dean Flatt ’72; Sponsor: Edward Wallace ’72
Dean played football and was also a proud member of the Rugby Hall of Fame team in 1972. He served his time in the service on submarines as a nuclear power officer. Dean received his MBA from Stanford. His early business career included roles at GE Power Generation and Hill Refrigeration and then at Honeywell. He currently serves on the board of the Curtiss-Wright Corporation where he’s chairman of the Executive Compensation Committee and member of the Audit Committee. Dean currently resides in Montclair, NJ.
Thanks Becky … another great group of potential trustees!
In closing, it was wonderful to see so many of you at our spring meeting and I appreciate everyone making the effort to meet in person. What we do matters, and we continue to make a difference for our Naval Academy and our young scholars. Thank you for all that you do and will continue to do! Mark your calendars with all our upcoming events and if you haven’t talked to that friend you made on I-Day in a while, give them a ring!
Go NAVY!
Bill