04/11/2019 CHAPTER 7: The Foundation
Mission To support, promote, and advance the mission of the Naval Academy by working in conjunction with Academy leadership to identify strategic institutional priorities, and by raising, managing, and disbursing private gift funds that provide a margin of excellence in support of the nation’s premier leadership institution. Purpose The Foundation’s role in support of the Academy is broad-based, as reflected in its major responsibilities: Develop, promote, and enhance the programs and facilities of the Naval Academy and its Alumni. Solicit and provide private gifts and grants in support of the Academy’s highest priorities within its Centers of Excellence – Leadership & Character, Academic, Athletic, and Admissions. Receive, manage, distribute and invest private contributions exclusively for the benefit of the Brigade of Midshipmen, the Naval Academy and its alumni. Advance the admission of highly qualified candidates to the Naval Academy by providing scholarship opportunities so that aspiring young men and women might attend private preparatory schools. By carrying out these responsibilities, the Foundation provides the essential support and advancement of a broad range of mission enhancing activities, many of which would otherwise not be appropriate for government funding or full government funding. History and Background The United States Naval Academy Foundation (the “Foundation”), a registered nonprofit corporation in the State of Maryland, was formed on 1 January 2000. Back in 1944, the original U.S. Naval Academy Foundation was formed to support athletic excellence at the Naval Academy through scholarships, grants and award programs. This original Foundation united with what was then known as the Naval Academy Endowment Trust in 1999 to form the current fundraising entity for the Naval Academy. The present Naval Academy Foundation is the sole fundraising entity authorized by the Naval Academy to solicit gifts for the benefit of the Academy. The Foundation coordinates and oversees all fundraising for private, voluntary gifts that benefit the Academy and the Brigade of Midshipmen. The organization also serves as “agent” for 32