PEC Update, November 21, 2007

We learned this week that the injunction bond must be secured with full cash collateral. Thus, even with the Supreme Court of Virginia's 90 percent reduction in the original bond amount, this means that we must put up $1 million in cash to keep the art from being sold for six months while the cases proceed.

Grassroots efforts are already underway in Lynchburg and within the larger national arts community to help meet this fundraising challenge. The alumnae and friends of Randolph-Macon Woman's College now must also rise to the occasion. As a Randolph-Macon woman you can do the math – the $1 million can be segmented any number of ways and we would be delighted to receive 1,000 donations of $1,000, 20 donations of $50,000, or anything in between.

If just 50 alumnae in each class donated $150 we would be close to the halfway mark for the $1 million requirement. If 2,000 alumnae sent $250 we could reach the same halfway point.

Please give as generously as you can to the Art Defense Fund and rally your classmates and your R-MWC friends to send gifts to help fund the protection of the charitable art assets of R-MWC.

During an interview with the Lynchburg News & Advance last week, President John Klein revealed that one of his priorities is "selling artwork to lower the school's endowment spending." So even though the endowment has increased in value in each of the past five years, the four paintings that were pulled from this month's auctions at Christie's could be sold as early as December 4 (either through private or public sales) to add to the College's $153 million endowment.

Please send a donation to the Art Defense Fund today so that we receive it by November 28.

To donate, send your check to:

Preserve Educational Choice, Inc.
P.O. Box 29612
Richmond, VA 23242

Make the check payable to "Preserve Educational Choice, Inc." and write "Art Defense Fund" on the memo line. All donations to this fund are restricted to preserving the art, not the general restoration of Randolph-Macon Woman's College. You can also make a donation via PayPal through the PEC website (www.PreserveEducationalChoice.org). All donations are fully tax-deductible to the amount allowed by law.

If you have substantial resources that can remain untouched for at least six months and you do not need the tax deduction of a charitable donation, it is possible to help cash collateralize the bond and receive your money back if we win or if the College cannot prove damages. Please contact PEC's Treasurer Carol Curcio Lang ('68) at langcarolc@gmail.com if you would like to know more about this option.

We all have much to be thankful for this Thanksgiving holiday, but there is still much work to be done. Thank you all so much for lending your energy, ideas, and financial resources to the efforts to preserve Randolph-Macon Woman's College. We will keep you apprised of our fundraising progress in the coming week.

Vita Abundantior,

PEC Board

Diane U. Montgomery (R-MWC '85)
Carol Curcio Lang (R-MWC '68)
Anne Yastremski (R-MWC '05)
Madeline Miller (R-MWC '66)
Chantel Sheaks (R-MWC '91)

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