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| February 2008 | Issue 2008.1 |
We’ve now been up and running just over two years, and it seems like an appropriate time to do some reckoning for our supporters. I am going to start with a financial review, since we’ve not yet provided one in this forum. Appended to this letter is a timeline of our important activities since our beginning.
The table below shows our summary Operating Statements since inception:
The Maecenas Fund, Inc. Operating Statements (Fiscal Years Ending June 30) |
||||
| 1st Half | Since Inception to |
|||
| F2006 | F2007 | F2008 | 12/31/2007 | |
| Income | ||||
| Contributions | $453,013 | $102,130 | $31,100 | $586,243 |
| Interest Income | $9,074 | $21,954 | $14,523 | $45,550 |
| Total Income | $462,087 | $124,084 | $45,623 | $631,794 |
| Scholarship/ Related Expenses | ||||
| Scholarship Expenses | $0 | $25,171 | $57,843 | $83,014 |
| Computers for Scholars | $0 | $6,847 | $9,107 | $15,954 |
| Total Scholar Funding | $0 | $32,018 | $66,950 | $98,968 |
| Operating Expenses | ||||
| Accounting Fees | $0 | $1,044 | $754 | $1,798 |
| Legal | $0 | $0 | $0 | $0 |
| Copying and Printing | $793 | $0 | $0 | $793 |
| Credit Card and Bank | $523 | $484 | $245 | $1,253 |
| Travel | $346 | $0 | $449 | $795 |
| Web Site | $0 | $0 | $0 | $0 |
| Governmental Fees | $500 | $196 | $180 | $876 |
| Total Operating Expenses | $2,162 | $1,724 | $1,629 | $5,514 |
| Total Expenses | $2,162 | $33,742 | $68,579 | $104,482 |
| Surplus/(Deficit) | $459,926 | $90,342 | ($22,956) | $527,312 |
| Net Funds Available | $459,926 | $550,267 | $527,312 | |
Here is what I think is important about this data in this table, when combined with our key accomplishments;
- We got up and running, including: a. Receiving a full charitable 501(c)3 designation in record time, and without spending any money to do so;
- We accomplished all of this while spending only $5,514 of the Fund’s money, less than one percent of our contributions since inception! This means that 99 cents of every dollar contributed to date has either gone to or is available to support our Mission.
Clearly we have received support of a non-monetary type to enable us to be this efficient. Nonetheless, we have achieved much with a tremendously low overhead factor. Indeed, the Maecenas Fund may well be making the most efficient use of donor contributions of any comparable organization in the country. - We are nowhere near financially-assured of being able to execute fully our mission at Carl Hayden High School, much less able to expand our effort to other high schools.
As matters now stand, we need a minimum of $3 million in the bank, or a combination of interest income and contributions of at least $150,000 per year to be able to continue our work at Carl Hayden. In order to expand beyond Carl Hayden, we need double these amounts.
b.Established substantive relationships at both our initial high school (Carl Hayden High School in west Phoenix) and at Arizona State University;
c.Received and evaluated applications for the graduating classes of 2006 and 2007. As a result, we are now helping support nine students at ASU, all of whom remain on track in school and are doing well;
d. Have begun to play a material part in helping change the attitudes toward higher education at Carl Hayden, one of our primary objectives
All this in just two years!
First, we must and will continue to support our Scholars and do everything we can to get them through college.
Second, we need to be more successful raising money. You can help us. Please do.
Best Regards,
Peter Gaskins
President
| HISTORICAL DEVELOPMENT TIME LINE | ||
| 2005 | March – September | Conceptual work done and initial seed funding ($305,000) pledges received. |
| September | Incorporated as a non-profit corporation in Oregon. | |
| October | Initial seed money pledges fulfilled. 501(c)3 application prepared and filed. Logo design and conceptual work on web site done |
|
| November – December | Received IRS approval of our 501(c)3 application in 28 days from when the IRS received it. Web site finalized and completed. Carl Hayden High School in Phoenix selected as initial school to sponsor, and visited by two Directors, Chuck Bush and Peter Gaskins. Initial scholarship applications prepared and distributed |
|
| 2006 | February – March | First time scholarship applications received and evaluated |
| April – May | Chuck Bush and Peter Gaskins visit Carl Hayden to conduct personal interviews of applicants. Four scholarship awards announced |
|
| December | Scholarship applications for the class of 2007 made available | |
| 2007 | February – March | Scholarship applications received and evaluated |
| April – May | Chuck Bush and Peter Gaskins visit Carl Hayden to conduct personal interviews of applicants. Five scholarship awards announced |
|
| November | Chuck Bush and Peter Gaskins visit the Scholars of 2006 and 2007 on the ASU campus | |
| December | Scholarship applications for the class of 2007 made available | |
| We are currently evaluating the third annual batch of scholarship applications, and preparing to visit Phoenix in April to conduct the personal interviews of our applicants. | ||