Susie

Thu, Jul 21, 2016, 10:34 AM to me

Thank you so much. I can’t express how grateful and honored we are to receive such a thoughtful and generous gift.

Thank you.

Susie

On Jul 20, 2016, at 4:04 PM, adam weisler wrote:

Hi Susie,
It’s no problem. The information you already provided was welcome and sufficient.
I met with my attorney today. He’s a Scarsdale person so he’s familiar with the Scarsdale Foundation, and said that we won’t need any separate agreement; everything can be taken care of within the language of my will, which I expect to sign before the summer is out.
The gift will be a percentage of my estate. That percentage has a present-day value of roughly three hundred thousand dollars.
So, we are basically all set. There is nothing we need to do and no more information I need.
Thank you so much for your assistance with this and for appreciating how important the continuing confidentiality of this gift is to me
Warmest Regards,
Adam
On July 20, 2016 1:22:15 PM Susie Rush wrote:
I think the person who is able to answer those questions must be on vacation since I have not heard back from him. He may not check emails to his scarsdaleschools address during the summer.

Sorry I couldn’t provide more information.

On Sun, Jul 17, 2016 at 7:57 PM, Adam Weisler wrote:
Hi Susie,

This gives me a considerable amount of guidance. Thank you so much!

If you should hear anything re: “b” and “c” let me know.

Warmest Regards,

Adam

On Sun, Jul 17, 2016 at 5:50 PM, Susie Rush wrote:
See my responses in italics.

(a) Over the last decade or so, so that we include the years of the financial crisis, on average how much does the fund disburse in a given year and how dramatically can the average outlays fluctuate? Since the 2007 FY (our FY ends 6/30), the average disbursement from the fund was approx. $4,500. Disbursements do fluctuate from year to year with a high of $12,500 to no outlay in a given year (the fund did not make a disbursement this past FY).

(b) & (c) I’ve asked SSP&FAF to respond and hope to hear back before the 20th.

(d) Is there any kind of “endowment” associated with the SSP & FAF which, while not having its principal invaded, generates constant investment income at a conservative “draw-down rate” which can provide funding for assistance to school personnel?
Does the SSP & FAF retain a “reserve”? Or is the mandate of SSP & FAF that the Foundation disburse as much of what it takes in during a given year as it can, replenishing the fund with new contributions the next year? The SSP&FAF funds are managed like most of our funds… with our asset allocation, monies are meant to preserve a constant buying power in perpetuity while allowing for disbursements. The fund receives donations throughout the year from school personnel which are allocated to the SSP&FAF. There is no reserve nor is there a mandate that the revenue taken in during a year be disbursed in its entirety.

(e) Lastly, I know that the Scarsdale Foundation administers quite a few funds. Does part of that “administering” involve supervising the investments of endowments? Yes. The Foundation has an investment advisory committee comprised of 4 board members and the president ex officio that meets quarterly to review our investments.

Let me know if I missed any questions.

Thanks.

Susie

On Fri, Jul 15, 2016 at 5:43 PM, Adam Weisler wrote:
Hi Susie,

Thank you for getting back to me so quickly.

I couldn’t be more thrilled to hear that what I have in mind is something the Scarsdale Foundation is likely able to assist me with.

And of course you can inquire on my behalf so long as my name is kept out of it. And I will absolutely keep confidential anything you are comfortable sharing with me. I hope you understand the reason for my inquiry; I want to make sure that the size and nature of the gift I am going to draw up is as well-suited to the practical realities of how the SSP & FAF actually functions as it can possibly be.

I will look forward to hearing from you when you have more information.

Have a wonderful weekend!

Warmest Regards,

Adam

On Fri, Jul 15, 2016 at 5:35 PM, Susie Rush wrote:
Hi,

I’m out of town for a couple of weeks so I can’t respond with specifics regarding the Foundation until I get back, which unfortunately is after your 7/20 meeting. With respect to the questions regarding the SSP&FAF in particular, I do not have the information to respond to the first part of (b) or question (c). Would you mind if I made the inquiry to SSP&FAF without revealing your name? I would say only that an individual had expressed interest in possibly making a donation to the SSP&FAF and had a couple of questions, which I would then ask. My guess is that I will get responses, although it is likely that I will be told that the responses should be held confidential.

If you are comfortable with that, I can proceed and hope to get responses by July 20. (I am not sure whether my contact person at SSP&FAF is on vacation or not.) I can also provide you with “a general sense” with respect to your other questions in the next couple of days.

Thanks so much for your continued interest in including the Foundation/SSP&FAF in your estate planning. I can answer wholeheartedly that this is “something that would be welcomed and well within the Scarsdale Foundation’s area of administrative expertise,” and we would welcome your asking your attorney to draft language that can be signed by both the Foundation and you regarding the administration and disbursement of the funds as you so generously intend.

Susie

On Fri, Jul 15, 2016 at 6:06 AM, Adam Weisler wrote:
Hi Susie,

Hope you’re having a wonderful summer.

I wanted to let you know that I have not forgotten about our correspondence in recent months. I have had several facets of estate planning on my agenda, and over the last 4-5 weeks – in-between writing college recommendations! 🙂 – have been working intensively with two universities to finalize planned giving with them. I wrapped up that process, which took longer than I expected, with both institutions a couple of days ago.

Having concluded that aspect of my estate planning I am meeting with my attorney again on Wednesday (7/20) of next week to discuss other aspects. At that meeting I expect to begin to address in specific detail how I am going to provide for the Scarsdale School Personnel and Family Assistance Fund, which I am thinking of doing through the language of my will. As I prepare for that conversation I will of course need to share with him ideas about the size and nature of the gift I have in mind.

In that context, I wonder if you are comfortable giving me a little context and guidance about how the fund operates so that I can work on crafting language and coming up with an amount that is most helpful. Might you – ideally before my meeting on 7/20 – be able to give me either specific information or a general sense about the following…

(a) Over the last decade or so, so that we include the years of the financial crisis, on average how much does the fund disburse in a given year and how dramatically can the average outlays fluctuate?

(b) In an typical year, roughly how many people associated with the Scarsdale Schools reach out seeking assistance? On average what is the amount of financial assistance the average recipient receives? Is there, by policy or by historical example, a maximum or minimum amount given (or that has been given) to individual applicants?

(c) Is it common for those making disbursement decisions on behalf of SSP & FAF to feel as if they would love to help a recipient more, but the resources simply aren’t there with which to do it? Similarly, are applicants for assistance ever turned away, not because their request does not fit the criteria, but because there simply aren’t funds available to help?

(d) Is there any kind of “endowment” associated with the SSP & FAF which, while not having its principal invaded, generates constant investment income at a conservative “draw-down rate” which can provide funding for assistance to school personnel? Does the SSP & FAF retain a “reserve”? Or is the mandate of SSP & FAF that the Foundation disburse as much of what it takes in during a given year as it can, replenishing the fund with new contributions the next year?

(e) Lastly, I know that the Scarsdale Foundation administers quite a few funds. Does part of that “administering” involve supervising the investments of endowments? I ask because I am contemplating is the following:

If I have learned nothing else in recent months 🙂 it is that universities are are using a five percent “draw-down” rate these days with their endowments, so I’ll work with their figure.

I have in mind to give a gift with the instruction that it be used to create an endowment, to be invested so that it existed in perpetuity without invading principal. If I gifted a percentage of my estate, which had a value of (to use a simple and round hypothetical number) one hundred thousand dollars, and the draw-down rate at the time of my gift were five percent, then the gift would generate assistance funds for Scarsdale School personnel in the amount of five thousand dollars annually on an ongoing basis, with no end date.

Would that be something that would be welcomed and well within the Scarsdale Foundation’s area of administrative expertise? Or is that very much outside the Foundation’s comfort zone?

If that is something that the Foundation does do, knowing that you are all volunteers there, would you have any problem if I asked my attorney (assuming he advises me that this is the way to implement this idea) to draft legal language, which both I and the Foundation would sign, to insure that the funds, when the Foundation received them, were used as I intended?

Warmest Regards,

Adam