PRINCETON
CLASS OF 1957
 
 

The Classmate Fund has been a very popular project of our class since its creation in 1987 and has served its purpose well over the years since.  It was established for the purpose of "extending financial assistance to destitute, disabled, ill or needy members of the Class of 1957 of Princeton University, their widows and children.”  The plan for the ultimate disposition of Classmate Fund’s assets, once we and our spouses are all dead and gone, is summarized below.


The Classmate Fund

 

The corpus of the Classmate Fund will be transferred to, held and administered by Princeton, and shall then be known as the "Classmate ’57 Scholarship Fund”.  Distributions from this Scholarship Fund will be made to one or more qualified lineal descendants of our classmates.  Annual distributions may be made in any academic year in a total amount not to exceed 9% of the value of the Fund determined as of the preceding December 31st.  The distributions will be made to such descendants who are enrolled on a full-time basis as a freshman or, thereafter, as a sophomore, junior, or senior who have maintained a cumulative grade point average of at least a ”B” or 3.0 or the equivalent if the grading system has been changed.

 

Each eligible descendant shall receive a distribution equal to or greater than $10,000, adjusted for inflation, subject to the 9% limitation on the total value of the Fund as indicated above. If there is more than one eligible recipient, the amount distributed may be apportioned among them as the University may deem appropriate. First priority will be given to students who would not otherwise be able to attend Princeton without financial aide.

 

Should the value of the Fund ever be less than $50,000, adjusted for inflation, on December 31st of any year, or if the value should be insufficient to permit distributions to qualified descendants through their senior year, then the assets shall be distributed to the University and added to its general scholarship fund.

 

Some classmates have wondered what the demand from our descendants for these funds will be many years into the future. It is entirely possible that some classmates and/or surviving spouses may live until they are 100 years old; that is, generally until circa 2035. Thus the Classmate Fund will need to be maintained substantially in its present form for approximately another 25 years in anticipation of the likelihood of need.

 

 At that time our class will have produced literally thousands of great-grandchildren.  Assume 90% of our 700 classmates each produced 2.5 children for a total of 1,575, and that these children produce at the same rate for a total of 3,500 grandchildren.  And if, in turn, these grandchildren demonstrate consistency with their forebears and also produced at the same rate, there would be more than 7,900 great grandchildren trodding the earth in the years 2032-2037 when most surviving classmates and spouses will have become centenarians.  While one may quibble with the specifics of this calculation, the point of this recitation is that the Classmate Fund will need to remain in existence until approximately our collective 100th year birthdays and that thereafter there will be a substantial number of our lineal descendants, at least some of whom will qualify for admission to Princeton and for distributions from the Scholarship Fund.


Trustees

Shep Davis, President

Nate Bachman, VP


George White, Secretary

Charlie Bernheim

Don Street

Rusty Swan


Agent

John Storm