Casque and Gauntlet Trust

“The treasurer and executive director review the 990 before it is filed to check for accuracy and correctness. They also provide a copy of the finished product to the board before filing.”

“The organization allows the public to request the documentation and it is provided upon request.”

“From sep 1, 2019 until march 15, 2020 (when the covid pandemic caused dartmouth college to cease in-person operations), the organization used its 1 south main st. Real estate and financial resources to provide housing and programmatic support for the casque & gauntlet, inc. Beginning in late march 2020, the trustees met several times to discuss how the trust could survive in the short term as well as what its longer term future might be based on the combined challenges of a) dartmouth's move to virtual operations which reduced to $0 the organization's real estate income even while expenses continued, b) multiple years of growing operating losses and diminishing assets which independently of the covid pandemic had raised serious concerns about the viability of the organization's financial model, and c) the inability of the organization to identify a compelling fundraising purpose upon which a successful capital campaign might be launched. On may 8, 2020, the trustees concluded as follows: 1. Reflecting continuing consideration of a) several years of increasing real estate losses that did not also include any provision for significant unfunded and accumulated depreciation, and b) greatly increased complexity of building operations, the trustees determined that it did not appear likely there was a sustainable go-forward financial model for the real estate as a residence for the casque & guantlet, inc.; 2. In order to avoid imminent financial insolvency based on a) the impact of the covid pandemic on the rental revenue for the real estate, b) impending increased monthly losses, and c) dwindling trust cash balances, the trustees decided to launch immediately an attempt to lease the real estate to the trustees of dartmouth college and to so inform the board and student delegation of the casque & gauntlet, inc.; and 3. Assuming that such a lease could be concluded, the trustees judged that they had at least 24 months to assess thoughtfully their questions regarding viable financial and operating models for the real estate as well as regarding the future of the real estate and the trust itself - all in the context of the mission and purpose of the organization and in coordination with the charitable trusts unit, new hampshire department of justice. On july 31, 2020, the trust signed a three-year, $1 per year lease for 1 south main st. With the trustees of dartmouth college whereby, on behalf of the several graduate school programs at the college, dartmouth would manage, utilize, and cover all operating expenses for the real estate with the initial intended use during the 2020-2021 academic year as covid quarantine housing for tuck school of business.”

“ROUNDING 1.”