The Admiral Carey Foundation Launches Internet Website

Washington, DC:  At a meeting yesterday on Capitol Hill in Washington, DC, Rear Admiral [Ret.] James J. Carey announced the completion of Phase II of the formation requirements for The Admiral James J. Carey Foundation and the launching of the foundation’s official web site at www.AdmiralCareyFoundation.org     The organization has now been formally incorporated in the Commonwealth of Virginia, the request for approval as a private 501.c.3 tax-deductible foundation is in the final stages of the approval process at the U. S. Internal Revenue Service, and Admiral Carey is now actively serving as the Chairman of the Foundation.  The purpose of the foundation is to endow organizations, programs, and projects that are educational, charitable, scientific, or religious in  purpose and which are supportive of future generations who will hopefully lead America and the world as civilization progresses on Planet Earth.

Asked why the launching of the web site is so important, Admiral Carey responded, “Actually we’ve been working on this entire effort for the past four years.  It has involved a tremendous amount of time and legal work to first establish the trust in which to hold my assets in order to provide for my wife and daughters should anything untoward cause my early demise.  That effort took over three years to research, develop, structure, and establish as a legal entity and then transfer my assets and holdings into that structure. We finished that process late last year and then we went through an extensive and equally intensive effort to develop and structure this foundation and the related systemics and methodology to provide for its funding by my trust once my family has been cared for and no longer has need of those assets.  That effort is almost completed and now we’re beginning to determine what organizations the foundation will endow, and that is, in part, the reason why the foundation met yesterday.  With the launching of our web site, the public now has an “easy to access” public web site where they can read about who we are and what we want to do, what donor intent parameters are in place that must first be met before any endowment will be considered, a broad and inclusive list of Frequently Asked Questions that covers all the questions we could anticipate, and several documents and agreements that either need to be read or signed for any related endowment process to begin.”.

Admiral Carey continued, “The foundation’s initial focus is going to be on those organizations and programs that I have been involved with and supportive of during my lifetime.  I have over 40+ years of service on organization boards of directors, with some of those experiences I consider as good, and some not so good.  Indeed, there is nothing like decades of board service to learn the true inner workings of an organization.  You see it all.  Which are fiscally sound and prudent and which are not.  Which treat their members with dignity and respect and which do not.  Which have effective programs that you want to use your lifetime of earnings and estate to support and continue, and which you do not want your money to be used for because you have seen first hand that all too many programs “do not do what they say they will do”.  Quite frankly, I’m looking forward to using that 40+ years of experience to ensure that what gets endowed by this foundation is truly worthy of being funded and can be counted on to provide a true service to the nation or to mankind and civilization in future generations and for centuries to come”. Documents were circulated at the foundation meeting indicating that among the organizations under consideration for endowment are a university, several fraternal organizations, several knighthood Orders, a broad range of youth groups, an equally broad range of national public policy organizations, and several Religious Orders.  Endowment plans are structured based upon each individual organization programs, policies, and projects and their track record over time as to performance, and all endowment decisions are subject to restrictions as to how this foundation wants it’s endowment to be used.  All Admiral James J. Carey Foundation endowments are structured so as to continue annual funding in perpetuity, so long as the agreed to restrictions on the endowment and the parameters of Admiral Carey’s donor intent are agreed to by written contract and then are strictly adhered to for the life of the endowment.  Each endowed organization will be required to furnish an annual audit by an independent Certified Public Accounting firm to certify their adherence to the requirements and restrictions of the endowment and its related donor intent.    Those organizations that do not adhere are subject to having their endowment cancelled and those funds then split evenly among the remaining endowees that, in fact, do adhere to the endowment requirements, restrictions, and donor intent parameters.

In closing yesterday’s meeting of the Foundation, Admiral Carey stated, “I’ve been particularly fortunate during my lifetime to have had numerous mentors and organizations that have taken an active interest in my life and whatever talents I may have been born with or taught by my parents and teachers over the years.  One of the reasons I have decided to dedicate my entire estate to this foundation is, in part, to give back to society in recognition of those who helped me succeed in life, since I am unable to repay these mentors individually as almost all are no longer living.  In recognizing them, and in endowing deserving organizations and programs that will serve society and our culture in future centuries, hopefully I will be providing for future generations to have some of the same successes in life that have come to me.  I truly hope so, and take these steps today as the beginning of the process to bring these endowments to fruition.

I thank everyone that has agreed to help me bring these efforts into this successful and worthwhile structure.  Together, we can do much good for America, and today we begin that effort in earnest.  So don’t forget to go to the foundation web site that we have launched today, to see “who we are and what we’re doing and what we seek to accomplish for our nation and our fellow citizens.”.

The Admiral James J. Carey Foundation will operate in the Commonwealth of Virginia.  It is Admiral Carey’s intent to spend the remainder of his life managing the assets and programs of the foundation, aided by his two daughters, Lynn Margaret Carey of Denver, Colorado, and Sarah Ann Carey Cancel of San Diego, California, who will succeed him as Trustees of both his Revocable Trust and the Foundation should he become infirmed or when he dies.   In the interim, the foundation may be contacted via e-mail at secretary@admiralcareyfoundation.org  and Admiral Carey may be contacted at his direct e-mail address:  RADMCarey@aol.com

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Download Document:  The Admiral Carey Foundation Launches Internet Website (doc)

The Admiral Carey Foundation Management Team

Will Brooks
Mr. Will Brooks
Director of Long Range Philanthropy
Admiral Carey Foundation
Jason Nguyen
Mr. Jason Nguyen
Director of Programs
Admiral Carey Foundation
Ms. Hanna Slomianyj
Ms. Hanna Slomianyj
Director of Women's Programs
Admiral Carey Foundation