DOLPHIN SCHOLARSHIP FOUNDATION THEN AND NOW

Like any well administered organization with dedicated employees and volunteers, the DSF requires time, team effort, professionalism, strong support, sound investment policies, continual advice from our legal counsel, sound recommendations from our financial advisors and up-to-date guidelines from our Board of Directors, and other distinguished members.

For over 40 years DSF has been the fortunate beneficiary of the generosity and tireless efforts of the many clubs and their members around the world. We have also received many personal, business and corporate donations, for which we at DSF are most grateful. All of us here at DSF, including the Board of directors, are committed to protecting this priceless foundation long into the future.

When I arrived in July 2000, the staff and I developed a list of objectives and goals to help improve efficiency, investments and corporate and foundation fundraising. We all wanted to better define our goals both short and long term. During the past two years we have been working very closely with the DSF Board of Directors and Distinguished Advisors to this end. Currently we provide 131 scholars with on going tuition grants of $3,000 per year for up to four years of undergraduate work. Our biggest challenge is to support 200 scholars by 2009. This seems like a daunting goal, but we can reach it if we follow our plan and find more corporations and foundations to support our mission.

I would like to explain very briefly who we are here at DSF. Currently we have nine members on our Board of Directors including myself. We meet every three months. We also meet at other times during the year for special meetings called by either the President or other Board members. This year we have been extremely busy working through a number of issues related to our objectives and goals and have made great progress. The Board consists of retired Navy submarine admirals, other retired officers, a former Mayor of Norfolk, and a retired Master Chief. Also, the Honorable Anita 0. Poston is our legal counsel. Our Distinguished Advisory Board is made up of 15 leaders in business and the military. We rely on these members for advice and recommendations from time to time and last met with them here in Norfolk May 10, 2001. Finally, the nuts and bolts of DSF, our office staff: we now have five pan time employees at DSF and myself. These women are jewels with special talents and backgrounds. They are in the DSF office nearly every day and are the walking encyclopedias of the history, structure and workings of the Foundation. In the next issue, I will highlight each of them individually so you will have an idea of how very fortunate the DSF is to have them here.

In closing, I would like to again thank all of you for your continued support for the auctions, cookbook sales, calendar drives, Dolphin Stores, etc.

The Dolphin Scholarship Foundation is the model for all other scholarships within the military today. YOU ALL and EVERYONE in the past 41 years should be most proud of this wonderful Foundation because you have made it the success it is. I will close with our mission statement which you will see on our updated stationery very soon.

The Dolphin Scholarship Foundation-Supporting the Children of the Submarine Force. Providing undergraduate scholarships for children and stepchildren of qualified active, retired and former members of the U.S. Navy Submarine Force.

Dolphin Scholarship Foundation 5040 Virginia Beach Boulevard Suite 104A Virginia Beach, VA 23462 (757) 671-3200

2002 DOLPHIN SCHOLARS

This year the Dolphin Scholar Foundation will fund 132 Scholarships, including 30 new recipients. Each grant will be $3000, totaling $396,000 in scholarship monies.

Declined the scholarship due to appointment to U.S. Air Force Academy.