The MMAF (the Foundation) is an independent not for profit 501 (c)(3) corporation created and organized pursuant to an Indenture of Trust dated 12/18/68 with the stated purpose of providing assistance to the MMA. The business, funds, property and affairs of the Foundation are managed by its Board of Trustees (the Board).
The Board is comprised of not more than twenty-five voting members elected for three-year terms and six ex-officio members from the Academy constituencies. Elected members include prominent Academy graduates as well as maritime industry and business leaders. The Foundation is the sole custodian of all permanently restricted as well as testamentary and life income gifts donated to the Academy.
The Foundation sponsors and hosts the MMA Admiral's Gala, the Academy's biggest special event, to raise funds for scholarships. All gifts to the Foundation are tax deductible. The Foundation is responsible for honoring the specific wishes attached to any gift. In addition, annually the Foundation decides on the amount and purpose of monies donated to the Academy.
In recent years, the Foundation has provided funding for prestigious Emery Rice Scholarships as well as underwriting the Academy's publication of the "Enterprise" magazine. In its fiscal year ending 6/30/07, the Foundation gave nearly $1.0 million in support of the Academy. The Foundation depends upon generous contributions from trustees, alumni, parents and businesses to fund its Academy support.
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last updated 8-28-2012 by email@example.com