Financial Reports
Alumni League Finances (FY25/FY26)
The Alumni League manages two USC gift accounts. These are the main sources of income for the League, but not the only sources, as will be explained.
NROTC Midshipmen Success Endowment Fund – This fund is the accumulation of many years of gifts from NROTC alumni and friends to what used to be called the NROTC Endowed Scholarship Fund. (See the USC document below regarding the name change.) The principle of this fund is invested by USC and is never spent. Each year USC determines a “payout” based on the return on all University endowment investments as a whole. This yearly payout is made available to the Alumni League in a separate financial account to spend in support of NROTC midshipman subject to the restrictions in our agreement with the university. This is the source of our five merit awards presented to midshipmen each semester and may also be used to fund experiential learning programs as approved by the League Board of Directors.
Naval ROTC Alumni Fund – This fund is where your annual dues plus any additional gifts are deposited with USC. This forms the bulk of the annual operating budget of the Alumni League and is subject to a University management fee. Included in this fund are restricted gifts that the donor has specifically targeted to a selected program, such as the League’s Glider Fight Program.
Other income sources – Two additional USC endowment funds provide annual spendable income in support of the Alumni League: The Bob Benner Endowment Fund and the Parker Endowment Fund. See the Alumni League Financials table for details.
The USC fiscal year is 1 July – 30 June.
Update on the Alumni League Midshipmen Success Endowment Fund (September 2025)
As of September 2025, our NROTC Alumni League Midshipman Success Endowment Fund at USC has a principal balance of just under $300,000. The annual interest from this endowment funds the $20,000 in scholarships/financial aid awarded each year by the Alumni League to deserving midshipmen as well as other Battalion activities approved by the Alumni League Board of Directors. The midshipmen of the Trojan Battalion truly appreciate your financial support of the Success Endowment Fund. Any questions regarding the Success Endowment Fund’s scholarship/financial aid program should be directed to Jerry Vieau at jerryvieau@yahoo.com.
NROTC Alumni League Success Fund Endowment Modification
MODIFICATION TO THE USC NAVAL ROTC ALUMNI LEAGUE SCHOLARSHIP ENDOWMENT
RECITALS
Members of the NROTC Alumni League gave a total exceeding $275,000 to the University of Southern California between December 2000 and August 2024 to support the USC Naval ROTC Alumni League Scholarship Endowment (#9823304296). The Naval ROTC Board of Directors, governing the fund, and USC are requesting a modification to the fund as outlined below.
MODIFICATION AGREEMENT
1) Revised Name: The name of the fund shall now be the USC Naval ROTC Alumni League Midshipmen Success Endowment.
2) Revised Purpose: The purpose of the USC Naval ROTC Alumni League Midshipmen Success Endowment will be revised to support the following purposes:
The annual spendable income generated each year by the USC Naval ROTC Alumni League Midshipmen Success Endowment will be used to support activities contributing to the career and academic success of midshipmen enrolled at USC in the NROTC program, including but not limited to scholarships, internships, and/or expenses associated with experiential learning programs (e.g. travel, lodging, meals, etc.).
3) Except as changed in the Modification Agreement, all other terms and conditions of the Fund shall remain in effect.
4) Agreement of NROTC Board of Directors on behalf of the Donors. By proxy, Donors hereby accept this Modification of Agreement dated September 16, 2024, and agree to the terms and conditions as set forth hereinabove.
5) Agreement of USC. USC hereby accepts this Modification of Pledge Agreement dated September 16, 2024, and agrees to the terms and conditions as set forth hereinabove.