30 April 2002IntroductionThis report presents the Special Operations Warrior Foundation's full-year results for fiscal year 2001. The Special Operations Warrior Foundation (SOWF) begins its twenty-second year of service to members of the Special Operations community. A tax-exempt 501(c)(3) non-profit organization, the SOWF is dedicated to providing college scholarship grants along with family, financial and educational counseling to the children surviving Special Operations personnel killed as a result of an operational mission or training accident. The Foundation is governed by a 21-member Board of Directors, which consults with a three member Board of Advisors. The Board has four standing Committees: Executive, Development, Audit & Finance, and Governance. General Carl C. Stiner, USA (Ret.), former Commander in Chief, United States Special Operations Command, serves as Chairman of the Board and Colonel John T. Carney, USAF (Ret.), serves as the President and Chief Executive Officer. The SOWF is headquartered in Tampa, Florida, home of the U.S. Special Operations Command at MacDill AFB. The NeedNone of us will ever forget the year 2001. It was an extraordinary time for our nation and a dangerous time for Special Operations Forces. At the Warrior Foundation it was a year of coming together with the community with a singular passion to relieve the surviving parent of one concern -- their children's college education. The recent losses from operations in Afghanistan, bring our total to over 360 children that will need the Foundation's help when they are ready for college. The need will be even greater between academic years 2004 and 2010. During this period we expect to have approximately 100 children attending college under the sponsorship of the Warrior Foundation. Fortunately, the Foundation has made enormous progress in the face of numerous unforeseen challenges for our nation and the U.S. military. Against our current need, we now have $2.6 million in the Foundation's Endowment Fund. Scholarship and Counseling SupportIn 2001, SOWF provided $300,106 in scholarship grants and academic and financial aid counseling. In addition, the Foundation qualified 41 students for total program services of $341,855 from outside grants thus, providing $641,961 in total student benefits. The Foundation continues its efforts to assist SOF families in furthering their children's education in other ways as well. One example is distributing the College Aid Resources for Education (CARE) book to Special Operations units located throughout the world. SOWF made the CARE book available to approximately 29,000 active duty Special Operations personnel. The 200-page financial guidebook provides "how-to" information on paying college bills and details scholarships that are available at 1,552 American four-year colleges. FundraisingThe Special Operations Warrior Foundation obtains its funding primarily from private citizens, corporations, and participation in the Combined Federal Campaign and State Campaigns in Florida, North Carolina, Washington, Texas, California, Maryland, and Virginia. Also, in October 2001, for the fourth consecutive year, Special Operations runners from several Army SOF units ran 335 miles from Fort Bragg, North Carolina, to the Pentagon. This volunteer and herculean effort involving eight runners raised $30,000, thus demonstrating the troops commitment to their buddies surviving children. Financial Overview
The year 2001 was another defining period in our 22-year history. Thanks to a committed Board of Directors, and the families and friends of Special Operations Forces, fiscal year 2001 revenue totaled $1.84 million. This represents an increase of 352% from FY 2000. Of this amount, $221,900 was donated through the Combined Federal Campaign and $1.64 million came from private sector donations. Expenditures for FY 2001 totaled $401,733 with $ 300,106 spent on programs and $101,627 expended on management and fundraising. An additional $1.44 million was added to the Foundation's permanent endowment fund. The administrative cost ratio for FY 2001 was 5.5% down 4.4% from FY 2000. As of 31 December 2001 the Foundation's net assets totaled $2,697,510. Foundation Registration Information
Tax payer ID # 52-1183585.
John T. Carney Jr. |
2001 Annual Report |
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