Dolphin Swimming and Boating Foundation
Board Annual Report for 2023
Davis Ja, President
The year 2023 was significant as it hailed the successful accomplishment of our fund-raising campaign for the renovation of the Dolphin Club. The $2.75 million dollar goal was established in 2019 and launched a series of campaigns and fund-raisers led by various Dolphin Club committees and members.
Fund-Raising Committee
The current fund-raising committee working under the auspices of the Foundation began in the fall of 2020, and benefited from the strong leadership of Anthony DuComb, Robin Rome and honorary co-chairs, Elliot Evers and Don Reid. Supported and aided by volunteers from the Dolphin Club, their strategy and campaign successfully accomplished their mission by August of this year. At that time, 721 (130 donated to date in 2023) donors had given $2,753,053 for the renovation of the club. Although the fund-raising committee has ended their efforts, the foundation, buoyed by this successful endeavor, can meet the current projected needs of the Dolphin Club renovation plans.
Of course, fund-raising continues as the foundation projects future needs for capital improvement and for education and training. Education and training goals are still a critical part of the mission of the foundation. For this year through November, a total of $328,528 has been raised.
Youth Swim Fund
This year also marks the establishment of the foundation youth swim fund for educating and training youth in rowing and swimming. The youth swim committee of the Dolphin Club has been active in raising funds for this purpose since 1993. This year the funds raised by this group were transferred to our foundation to maintain this important function. Furthermore, the Ross Browne estate gifted $60,000 to the Foundation, with $40,000 earmarked for our youth swim education fund. This $40,000 serves as a match for donations to the youth fund. Already this year, the committee has been actively raising funds and has matched close to $15,000 of this fund as of the end of November, 2023. The Dolphin Club youth swim committee now serves in an advisory capacity to the foundation on youth swim and rowing education programs to be funded.
Foundation Investment Strategy
As funds are raised for multiple foundation goals and purposes, an investment strategy is critical given the extensive amount of funds raised. Two board members, Tom Dugan and Ryan Utsumi, have provided consultation and advice on investments that can maximize interest given the extensive funds on hand. Our treasurer, Regina Rus, has worked with Tom and Ryan to develop a written investment policy that guides how our funds would be kept to maximize returns with low risk.
Regarding the risks of investing funds, this year also marks the closure of banks due to financial difficulties. As most of our funds were kept with First Republic Bank, our investments were moved to ensure safekeeping under federal deposit insurance rules and regulations. Once deposit dates expired, funds were dispersed to ensure FDIC insurance adequately covers all funds.
Grantees
As in previous years, grantees this year included funding the renovation committee’s grant requests primarily for permit preparations and architectural fees, as well as costs related to the San Francisco Planning Department fees. Furthermore, funds were approved and provided to the YMCA youth swim program following a recommendation from the DC youth swim committee. Finally, the Spaulding Marine Center was funded for their youth summer sea camp for boat building training and shipwright activities.
Establishment of Administrative Account
Finally, as the foundation continues to support the needs of the Dolphin Club and of education, strategies around future funding of the foundation operations were a concern. As a non-profit 501(c) (3), the foundation attempts to minimize overhead expenses. Our primary costs are due to insurance, tax audits, credit card fees, fund-raising costs and a part-time bookkeeper. On an annual basis, this generally ranges between 2.5 to 3 percent of our annual budget, which is a small amount, but is necessary for the foundation to function successfully in managing donors and grantee funding. This year, we established an administrative account whereby interest gained from our accounts and a small indirect charge to the donor funds could serve to maintain our viability for the next decade or more.
Summary and Board Transition
As we near the end of 2023, we can take pride in having been highly successful in meeting fund-raising goals and in establishing a youth swim fund. We have developed an investment policy as well as a financial structure that maintains the foundation. Finally, this year also marks a transition for the board, as I will be leaving the board after serving the last three years as Foundation President. During this time, it has been my pleasure and honor in carrying out the mission of the foundation. This of course could not have been possible without the help and able assistance from our current and past board members. My deepest appreciation to them and to our current bookkeeper, Bernice Dea Szeto, for their energy and active participation in the activities and function of the foundation.
Fund-Raising Committee
The current fund-raising committee working under the auspices of the Foundation began in the fall of 2020, and benefited from the strong leadership of Anthony DuComb, Robin Rome and honorary co-chairs, Elliot Evers and Don Reid. Supported and aided by volunteers from the Dolphin Club, their strategy and campaign successfully accomplished their mission by August of this year. At that time, 721 (130 donated to date in 2023) donors had given $2,753,053 for the renovation of the club. Although the fund-raising committee has ended their efforts, the foundation, buoyed by this successful endeavor, can meet the current projected needs of the Dolphin Club renovation plans.
Of course, fund-raising continues as the foundation projects future needs for capital improvement and for education and training. Education and training goals are still a critical part of the mission of the foundation. For this year through November, a total of $328,528 has been raised.
Youth Swim Fund
This year also marks the establishment of the foundation youth swim fund for educating and training youth in rowing and swimming. The youth swim committee of the Dolphin Club has been active in raising funds for this purpose since 1993. This year the funds raised by this group were transferred to our foundation to maintain this important function. Furthermore, the Ross Browne estate gifted $60,000 to the Foundation, with $40,000 earmarked for our youth swim education fund. This $40,000 serves as a match for donations to the youth fund. Already this year, the committee has been actively raising funds and has matched close to $15,000 of this fund as of the end of November, 2023. The Dolphin Club youth swim committee now serves in an advisory capacity to the foundation on youth swim and rowing education programs to be funded.
Foundation Investment Strategy
As funds are raised for multiple foundation goals and purposes, an investment strategy is critical given the extensive amount of funds raised. Two board members, Tom Dugan and Ryan Utsumi, have provided consultation and advice on investments that can maximize interest given the extensive funds on hand. Our treasurer, Regina Rus, has worked with Tom and Ryan to develop a written investment policy that guides how our funds would be kept to maximize returns with low risk.
Regarding the risks of investing funds, this year also marks the closure of banks due to financial difficulties. As most of our funds were kept with First Republic Bank, our investments were moved to ensure safekeeping under federal deposit insurance rules and regulations. Once deposit dates expired, funds were dispersed to ensure FDIC insurance adequately covers all funds.
Grantees
As in previous years, grantees this year included funding the renovation committee’s grant requests primarily for permit preparations and architectural fees, as well as costs related to the San Francisco Planning Department fees. Furthermore, funds were approved and provided to the YMCA youth swim program following a recommendation from the DC youth swim committee. Finally, the Spaulding Marine Center was funded for their youth summer sea camp for boat building training and shipwright activities.
Establishment of Administrative Account
Finally, as the foundation continues to support the needs of the Dolphin Club and of education, strategies around future funding of the foundation operations were a concern. As a non-profit 501(c) (3), the foundation attempts to minimize overhead expenses. Our primary costs are due to insurance, tax audits, credit card fees, fund-raising costs and a part-time bookkeeper. On an annual basis, this generally ranges between 2.5 to 3 percent of our annual budget, which is a small amount, but is necessary for the foundation to function successfully in managing donors and grantee funding. This year, we established an administrative account whereby interest gained from our accounts and a small indirect charge to the donor funds could serve to maintain our viability for the next decade or more.
Summary and Board Transition
As we near the end of 2023, we can take pride in having been highly successful in meeting fund-raising goals and in establishing a youth swim fund. We have developed an investment policy as well as a financial structure that maintains the foundation. Finally, this year also marks a transition for the board, as I will be leaving the board after serving the last three years as Foundation President. During this time, it has been my pleasure and honor in carrying out the mission of the foundation. This of course could not have been possible without the help and able assistance from our current and past board members. My deepest appreciation to them and to our current bookkeeper, Bernice Dea Szeto, for their energy and active participation in the activities and function of the foundation.