While the annual basic and premium dues go to operating the Class, the earnings on the Perpetual Fund are specifically dedicated to promoting the Class in the USA and assisting its junior sailors in participation in international events. Examples of initiatives supported in the past from Perpetual Fund income include:
- $500 grants to five junior teams at the 2013 Snipe Jr. Worlds in Rio de Janeiro, Brazil
- $250 grants to two fleets for development clinics (Fleet 532 and Fleet 77)
- Subsidy to the US Snipe Sailor to offset printing costs for class promotion
We strongly encourage direct contributions to the SCIRA USA Perpetual Fund, which is a trustee-managed fund dedicated to the long-term promotion of Snipe sailing in the USA and support of junior Snipe sailing. The Perpetual Fund has operated successfully now for over twenty years and only the annual income from this endowed fund is available for distribution and board use. The Perpetual Fund is moderately conservative in its investment approach and managed to generate both growth as well as income, as both objectives are required for the long term utility of the fund. The objective is to promote the legacy of Snipe sailing that we all have loved and gained so much from over the years. We want to make sure this experience lasts for future generations.
These contributions are entirely tax deductible, since SCIRA USA is an IRS-recognized 501(c)3 organization. Below is a list of typically accepted gift types which may be made directly to the Perpetual Fund through the office:
- Gifts of Cash (one time or periodic).
- Gift of publicly traded and marketable securities.
- Bequests (from a will, trust, retirement plan, insurance policy, or other instruments like a commercial annuity).
Donations of personal property such as boats and equipment may be considered on a case by case basis and, if appropriate, accepted only by SCIRA USA first and then potentially liquidated for the benefit of the Perpetual Fund.
Gifts can be made in memory of or in honor of a loved one or long time Snipe sailor. All of these types of contributions have been done by several Snipe sailors. It is a testament to what the Snipe Class has done for them and their families over the years.
Description and Purpose
Updated by the Trustees, November 2013
(John MacRae, Phil Richmond, and Brainard Cooper)
The Perpetual Fund was created by the SCIRA USA Board at their annual meeting on July 30, 1988, as an endowment fund to be held separate and apart from all other assets of SCIRA. It was created to exist in perpetuity and to hold funds donated by SCIRA members and friends over the years. The Board voted that only the income earned each year by the Fund (never the principal) would be used for the following purposes and no others:
Promotion of the Snipe Class in the United States, and/or Preferential support for junior US Snipe sailors participating in international Snipe competitions.
At the SCIRA USA Board of Directors meeting in July of 1998, all responsibilities for the Fund’s investments and income disbursements was delegated to a three-member “oversight committee” (now known as the “trustees”) consisting of the current U.S. National Secretary and two “at large” SCIRA members selected by the Board from time to time. Later that year, the assets in the Perpetual Fund grew significantly with the receipt of a generous bequest from the Estate of Chuck Loomis, a past SCIRA Commodore and chief measurer.
Today, the Perpetual Fund is invested to remain a strong source of income to help Snipe sailing in the US for generations to come. Income generated in recent years has, among other purposes, been used to pay for advertisements promoting the Snipe in Sailing World, Scuttlebutt and other publications, and has helped junior Snipe sailors travel to and compete in the 2003 Junior World Championship, where the US took 1st and 2nd place overall.
Periodically, the trustees of the Perpetual Fund receive grant requests via the US National Secretary. These grant requests are then evaluated by the trustees and awarded based on available income, anticipated investment returns, and the overall purpose of the grant request to ensure that the purpose falls within the Fund’s defined mission and restrictions.
Gifts to the Perpetual Fund
The Perpetual Fund welcomes charitable contributions to help further its mission of promoting the Snipe Class and helping junior Snipe sailors in the US. Like all gifts to SCIRA in the US, gifts directed specifically to the Perpetual Fund are fully deductible for US Federal income tax purposes because of SCIRA’s tax exempt status. For more information about making a current gift or leaving a bequest in your will to SCIRA or the Perpetual Fund specifically, please contact the US National Secretary, Art Rousmaniere. Checks may be made out to “SCIRA USA” and mailed directly to:
SCIRA USA Perpetual Fund
Attn: Danielle Richards
2812 Canon Street
San Diego, CA 92106