Admiral Carey Foundation Names Prestigious Board of Advisors

{For Immediate Release: 10 a.m., May 7, 2008}

Washington, DC: May 7: At a meeting today at the Capitol Hill Club of Washington, DC, Rear Admiral [Ret.] James J. Carey announced the completion of the formation of the Board of Advisors for The Admiral James J. Carey Foundation, Inc. [Note: Complete List at www.AdmiralCareyFoundation.org then click on Board of Advisors link on left hand side of home page]. The foundation was formally incorporated in the Commonwealth of Virginia in 2007, the request for approval as a private foundation has been filed with the U. S. Internal Revenue Service, and Admiral Carey has now been serving as Chairman of the Foundation for the past year. The purpose of the foundation is to endow organizations, programs, and projects that are educational, charitable, scientific, or religious in nature and which are supportive of future generations who will hopefully lead America and the world as civilization progresses on Planet Earth.

Asked why he established the foundation, Admiral Carey responded, “Actually I’ve been working on it for the past five years. It has involved a tremendous amount of time in estate planning and legal work, first to 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. I finished that late in 2006 and then we went through an extensive parallel program to develop and structure the foundation and provide for it’s 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, why we have now established this Board of Advisors and one of the reasons why the foundation held this press conference today”.

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. Indeed, there is nothing like years of board service to learn the 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. Which have effective programs that you want to use your lifetime of earnings 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 program “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 funded by this foundation is truly worthy of being funded and can be counted on to provide a true service to the nation and mankind and civilization in future generations and for centuries to come. And I surely plan on seeking the advice and counsel and the tremendous expertise that our newly established Board of Advisors has so unselfishly volunteered to provide to the foundation”.

Documents were circulated at today’s 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, a equally broad range of national public policy organizations, and several religious Orders. Endowment plans are structured based upon each individual organization and subject to donor-intent restrictions as to how the 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 donor-intent restrictions on the endowment are strictly adhered to. Each endowed organization will be required to furnish an annual audit by an independent Certified Public Accounting firm to certify their adherence to the donor-intent requirements and restrictions of the endowment. Those that do not adhere are subject to having their endowment cancelled and those funds split evenly among the remaining endowees that, in fact, do adhere to the donor-intent endowment requirements and restrictions.

In closing today’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 pay 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 on our newly-established Board of Advisors that has agreed to help me bring these efforts to a successful and worthwhile level of accomplishment. We can do much good for America, and today we begin that effort together”.

The Admiral James J. Carey Foundation is located 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 the Foundation should he become infirmed or when he dies. It is the intent of the foundation to seek the advice and counsel of the members of the Board of Advisors regarding matters in which each member holds particular expertise and credentials. Further information on the foundation, including a complete listing of the Members of the Board of Advisors and a section on “Frequently Asked Questions”, is available at their web site: www.AdmiralCareyFoundation.org

– 30 –

Note: Media Inquiries are referred to Secretary@AdmiralCareyFoundation.org

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