Naval Institute Foundation

Foundation News

Taussig Family Takes the Lead

The idea is simple: Give soon-to-be commissioned ensigns and second lieutenants a professional leg up as they prepare to join the Fleet by granting gratis membership in the Naval Institute for one year.

Betty Carney Taussig and Joe Taussig III, the widow and son of a revered naval leader, have started the ball rolling by making substantial gifts earmarked to benefit the Naval Academy Class of 2007. The Institute's goal is to establish an endowment that will build on the Taussigs' generosity and perpetuate this project for future Academy classes. As the endowment grows, we aspire to expand the scope to benefit all graduating NROTC midshipmen and other officer candidates.

The Taussig family's gifts are made in memory of the late Captain Joseph K. Taussig Jr., who served as head of the Naval Institute in the early 1950s. The highly decorated Pearl Harbor survivor was legendary for his dedication to service men and women and as a tireless advocate for safety at sea.

For more information about this project or to make a tax-deductible gift to help underwrite memberships for midshipmen and other officer candidates, please contact Matt Schatzle at (410) 295-1057 or at mschatzle@usni.org [5] .

Help Us Complete Frank Kelso's Oral History

Work continues on Admiral Frank B. Kelso II's oral history project as contributed funds allow. Several years ago, the former Chief of Naval Operations recounted his life story during 16 interviews conducted by historian Paul Stillwell for the Naval Institute. Donations are needed to underwrite the substantial costs of footnoting, proofreading, indexing, and binding the extensive transcript.

Tax-deductible contributions of all amounts by check or credit card are appreciated, and can be mailed to the Naval Institute Foundation, 291 Wood Road, Annapolis, MD 21402. Those who donate $1,000 or more to the Kelso project will be recognized in the bound volume. If you can help, please contact Sue Sweeney at (410) 295-1054 or at ssweeney@usni.org [6] .

Take Tax Benefits Early and Often

The following is one of dozens of pieces of tax and estate-planning advice available at the Naval Institute's Web site. Click on Donate [7] or Planned Giving [8] for more information.

Charitable giving is not just a year-end event. Since decisions with tax consequences are likely to occur throughout the year, it's important to have a plan in place that you can act upon, regardless of the season.

Now is a perfect time to start a checklist documenting any 2007 activity with tax consequences, so you get full credit for all charitable transactions. Tax advisors say a common pitfall is failure to follow IRS rules for substantiating gifts, resulting in a missed opportunity to claim a contribution.

Here are some points to keep in mind:

Make all of your gifts to qualified charitable organizations-ones that are recognized by the IRS. Do not hesitate to ask an organization for proof of its charitable status prior to making a gift, or check the IRS Web site ( www.irs.gov [9] ) and search for Publication 78. (Both the U.S. Naval Institute and its fundraising arm, the Naval Institute Foundation, are classified by the IRS as 501(c)(3) charitable entities.)

Keep receipts, cancelled checks, and credit card statements as proof of any cash gifts. In addition, if your gift is $250 or more you must have a dated receipt from the organization stating the amount of your gift and whether you received anything of value in return for it. (The Naval Institute Foundation provides written acknowledgment of all gifts, regardless of size.)

Please keep the Naval Institute in mind for your charitable giving. Your tax-deductible gifts strengthen our organization now. By including the Institute in your estate planning, you help keep the Institute viable in the future.

Foundation News Archives

December 2006 [10]
November 2006 [11]
October 2006 [12]
September 2006 [13]
June 2006 [14]
April 2006 [15]
March 2006 [16]
February 2006 [17]
January 2006 [18]
December 2005 [19]
November 2005 [20]
October 2005 [21]
September 2005 [22]
August 2005 [23]
July 2005 [24]
June 2005 [25]
April 2005 [26]
March 2005 [27]
February 2005 [28]
January 2005 [29]
December 2004 [30]
November 2004 [31]
October 2004 [32]
September 2004 [33]
August 2004 [34]
July 2004 [35]
June 2004 [36]
April 2004 [37]
March 2004 [38]
February 2004 [39]
January 2004 [40]