The Admiral James J. Carey Foundation Announces Endowment Of Future Leaders for America Foundation

{Expanded Version: For Immediate Release: 11 July 2008}

Washington, DC: At a meeting today on Capitol Hill in Washington, DC, Rear Admiral [Ret.] James J. Carey announced the continuation of Phase III of the strategic plan to achieve the operational goals and objectives of The Admiral James J. Carey Foundation, including the selection of the second organization to be designated for an endowment from the foundation. In announcing this endowment, Admiral Carey said “I’m particularly pleased that Future Leaders for America Foundation is the second organization to be selected for an endowment from my foundation. Future Leaders for America Foundation has an outstanding and established track record of successfully operating one of THE MOST EFFECTIVE INTERNSHIP PROGRAMS in Washington, DC. I’ve met their interns and I personally know the entire leadership of their Washington Scholars Internship Program, which is 100% all-volunteer and comprised 100% of graduates of the Washington Scholars Program. These are very dedicated and very effective leaders and they have done America a tremendous amount of good through the effective young leaders of the next generation that have been brought to our nation’s capitol for their 10 week intensive internship program geared to help train the young men and women who will lead the USA in the 21st Century.”

Brian McManus, Vice Chairman of Future Leaders for America Foundation, remarked “the Foundation is extraordinarily pleased and grateful for Admiral Carey’s generosity. The Future Leaders for America Foundation looks forward to a long partnership with The Admiral James J. Carey Foundation. We share Admiral Carey’s vision of identifying and nurturing the next generation of leaders”

The Future Leaders for America Foundation, Inc. is an IRS-approved 501(c)(3) public charity dedicated 100% to youth training and youth leadership programs. [See www.futureleadersforamerica.org for further details]. Its Washington, DC internships focus on training some of the nation’s best and brightest young men and women from colleges and universities across North America and provides them with the experience, qualifications and credentials to become involved in lifetime careers in national public policy. This program, the Washington Scholars Internship Program, is one of the most prestigious such programs in operation in the nation’s capitol city and it’s graduates now hold public policy positions throughout metropolitan Washington. [See www.washingtonscholars.org for further information].

The Admiral Carey Foundation is incorporated in the Commonwealth of Virginia, and is approved by the Internal Revenue Service as a private 501(c)(3) foundation. Admiral Carey serves as Chairman of the Foundation. The purpose of the Admiral Carey Foundation is to endow organizations, programs, and projects that are educational, charitable, scientific, or religious in purpose and which focus on the training and education of future generations through internships, fellowships, and scholarships. This endowment for Future Leaders for America Foundation has been made to provide continuing support for one of their primary programs: the Washington Scholars Internship Program. The focus of this endowment will be on the training and leadership development of young men and women with a particular emphasis on involving them in national public policy and national leadership.

Asked why he considered the selection of this second endowment recipient as so important, Admiral Carey responded, “Because this continues to move us forward. We’ve now been working on this entire Foundation effort for over 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 in late 2006 and then we went through another 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 also now completed and we’re fully involved in the process to determine which organizations the foundation will endow, and that is, in part, the reason why the foundation met today. Future Leaders for America Foundation is the second of several organizations we plan on endowing where the focus will be on youth leadership training. And with this selection of our second endowment recipient, we are now well on our way to fulfilling the purpose of the foundation and all the reasons we’ve been working so hard these past 4+ years.”

Admiral Carey continued, “As I have stated during previous foundation meetings, my 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. The Future Leaders for America Foundation is one of those organizations. I have over 40+ years of service on a broad range of 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 your 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 my foundation is truly worthy of being funded and can be counted on to provide a true service to the nation and to our society in future generations and for centuries to come” And in my opinion, the Future Leaders for America Foundation is one of THE VERY BEST.

Documents were circulated at the foundation meeting indicating that among the other organizations under consideration for endowment are a university, a high school, several fraternal organizations, several knighthood Orders, a broad range of youth groups, an equally broad range of national public policy organizations, and a Religious Order. Endowment plans are structured based upon each individual organization’s programs, policies, and projects and their track record over time as to performance. All endowment decisions are subject to limitations as to which existing or new programs and projects this foundation wants it’s endowment to be used for. All Admiral James J. Carey Foundation endowments are structured so as to continue annual funding in perpetuity, so long as the agreed to commitments in the endowment and the parameters of Admiral Carey’s donor intent are committed to by written agreement and then are strictly adhered to for the life of the endowment. Each endowed organization is required to furnish an annual audit by an independent Certified Public Accounting firm to certify their adherence to the requirements and activities designated to be supported by the endowment.

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 and mentors over the years. One of the reasons I have decided to dedicate my entire estate to my 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 future generations with some of the same successes in life that have come to me. I truly hope so, and take these steps today in endowing The Future Leaders for America Foundation as another mile-marker in the process to now 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 continue that effort in earnest.”

The Admiral James J. Carey Foundation is headquartered in the Commonwealth of Virginia. Admiral Carey manages 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. 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. Additional information and a list of Frequently Asked Questions can be accessed on the foundation’s web site at www.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