At the Surety & Fidelity Association of America Annual Meeting in May of 2005, President Lynn Schubert announced the formation of The Surety Foundation, a stand-alone educational organization that now serves as the vehicle to fund and administer such former SFAA activities as the INROADS Surety and Fidelity Intern Program and the Surety and Fidelity Industry Scholarship Program, as well as develop and implement new educational and public service program initiatives.
In establishing this Foundation, the SFAA Board of Directors cited several advantages over continuing to run these programs through the Association. First, the Foundation is a 501(c)(3) tax-exempt status and this status allows tax-deductible contributions to its programs by companies and individuals. Tax deductibility greatly increases the funding that would be available for these programs and, for example, allows the Foundation to expand the scope of the scholarship program beyond funding only minority students. Second, it allows specific scholarships to be designated by contributor, by geographic location, or by school - something that could not be done under the former SFAA arrangement. Third, it allows tax deductibility for endowments, memorial contributions and other gifts.
As stated in the Articles of Incorporation, the specific purposes of the Foundation are:
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to assist in serving the educational and developmental needs of those individuals interested in pursuing surety and fidelity bonding as professional careers or who are seeking to enhance their capabilities while engaged in such careers;
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to foster and promote the surety and fidelity industries as viable careen choices and to recognize those in these industries who have made significant contributions to the furtherance of this objective;
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to provide financial and other assistance to exceptional students who might consider surety and fidelity bonding as professional careers or who are engages in such careers;
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to serve as a catalyst for enhancing interest in the surety and fidelity industries, and demonstrating the effectiveness of partnerships between The Surety & Fidelity Association of America, its member companies, educational institutions and communities throughout the country in identifying and nurturing talented students for careers in surety and fidelity bonding;
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and, to inform the general society, through a wide array of industry-related educational programs, about the importance of the surety industry and its role in managing risk and supporting our nation's construction needs, and the importance of the fidelity bond industry and its role in managing risk and supporting our nation's financial institution system.
The SFAA Board of Directors has appointed six outstanding individuals to serve as the Board of Trustees of the Foundation. These Trustees include Mark Vonnahme, executive vice president of Arch Surety and a former Chair of SFAA's Board of Directors; Edwin Hubbard, assistant bond manager for Liberty Mutual Surety and current Chair of SFAA's Development and Diversity Advisory Committee; Tom Kunkel, president and CEO bond, The Travelers Companies; Roland Richter, a Vice President for Marketing and Reinsurance at Liberty Mutual Surety; Dan Kirby (retired), former senior executive with CNA and Western Sureties; and Lynn Schubert, SFAA President. Mr. Vonnahme also serves as President of the Foundation's Board of Trustees, with Mr. Hubbard and Ms. Schubert serving as Vice President and Secretary-Treasurer, respectively.
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